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These are the headline findings of research conducted by financial analysts at Smartfundit.com. Using proprietary data as well as government and industry statistics, Smartfundit.com modelled the various costs involved in sourcing IT finance, including:

executive and administrative time, office costs and legal representation, broker fees, finance provider charges and higher interest rates.

The costs for three different scenarios – sourcing finance via a broker, via a technology vendor and direct with finance providers – were then compared against sourcing via an online IT finance marketplace to reveal the ‘cost of poor IT financing’.

“Sourcing specialist IT finance can be a complex task, made all the more difficult by the lack of transparent advice and information. Unsurprisingly then, businesses are falling foul of hidden costs and are unlikely to get the best deal possible,” said Suki Gallagher, CEO of Smartfundit.com . “Our research underscores the financial imperative for looking at alternative ways of sourcing finance, such as letting finance providers bid for your businesses online. It’s about time UK businesses took back control and turned IT financing into a borrowers’ market.”