Focus and Keep It Simple in the Factoring Business

As much as I hate to admit it, I was never a fan of multi-tasking. Not in the factoring business or any industry.

Unfortunately in today’s texting, video conferencing, blogging and emailing business world you sometimes have no choice.

Do you too find it annoying when Read more

Common Objections Encountered From Invoice Factoring Prospects

Although invoice factoring has become a bit more apparent in business finance today, misunderstandings, fears and objections are still quite common.

Being prepared to hear and address objections or questions is the most professional approach to these encounters.

Fortunately, the issues discussed herein are the most common concerns expressed by prospects and from my experience in both commercial and healthcare factoring will arise in almost all presentations or conference calls. Read more

Factoring News, Trainings, Conferences, and Bibby Updates

Here’s a look at the latest factoring news including upcoming trainings, conferences, and updates from Bibby Financial.

Factoring Conferences

The International Factoring Association (IFA) finished up their 2012 conference April 18-21 in Huntington Beach, CA.  If you missed the event keep an eye on the factoring.org website for the the release of the conference cds.

They have also announced the IFA 2013 Factoring Conference April 24-27, 2013 at the Fontanebleau Hotel in Miami Beach Florida. Registration will be available mid October.

Factoring Trainings

There are several factoring trainings still available for 2012 from IFA.  One of these, The Small Factors Meeting, is moderated by Jeff Callender President of Dash Point Financial.  Jeff is also the author of How I Run My One Man Factoring Company and the Small Factor eBook Series.  Starting as a factoring broker in 1994, Jeff now owns his own factoring company and shares his knowledge with others interested in the factoring business as a broker or investor.

This training is being held October 25-26th in Las Vegas NV and will also be moderated by Ryan Jaskiewicz, the founder and President of 12five Capital. The workshop is designed to give small factors a forum to discuss and learn with emphasis on round table discussion, networking and education.

Factoring News From Bibby Financial

Bibby Financial Services has announced several news worthy items in April.  The following excerpts were taken from the formal press releases.  Please visit the Bibby Financial website to read the full version of the articles.

Bibby Financial Services Provides a Group of Businesses With $3 Million Factoring Facility

TORONTO — (Marketwire) — 04/10/2012 — Bibby Financial Services said today that it has funded an Ontario, Canada-based temporary staffing company that provides staffing solutions across the light industrial and financial services sectors.

The company already has two operating units that are current clients of Bibby Financial Services. This latest addition will use the increased cash flow to stay ahead of payroll expenses — a major concern for any staffing firm.

“Factoring is a smart choice for staffing companies due the pressure of meeting weekly or monthly payrolls,” said Bob Lall, Managing Director, Bibby Financial Services (Canada). “A staffing company might have 30-day terms for payment while its temporary employees expect weekly payroll checks. Factoring bridges the gap between invoicing and receiving payments. With increased cash flow and a factor following up on invoices for its clients, a staffing company has the time and working capital it needs to take on new business.”

They have also announced a new promotion in Canada.

Bibby Financial Services Names Hardy Kang Canadian Head of Sales

TORONTO — (Marketwire) — 04/16/2012 — Bibby Financial Services announced today Hardy Kang has been promoted to Head of Sales, Canada. In his new role, Kang will develop and lead the Canadian region’s sales team while continuing to take on new business and provide small and medium-sized companies with flexible cash flow solutions. He will report directly to Bob Lall, Managing Director.

Bibby Financial is a worldwide market leader in business cash flow solutions to small and medium-sized companies. With offices in eight North American cities and 14 countries around the world, its product portfolio includes accounts receivables finance, factoring, export finance, purchase order finance,  and specialist solutions for the staffing and trucking sectors. They are also one of the factors listed in the 2012 Factoring Company Directory.

New Healthcare Staffing Factoring Niche to Consider: Mental Health Specialists

I’m sure that many of you are aware that our nation is facing an imminent nurse shortage, and truth be told, there are a lot of cash flow opportunities within the temporary nurse staffing industry. With that said, there are also a lot of factoring brokers Read more

The Factoring Business Notice of Assignment – Never Fund Without It

Real life scenario explains why factoring companies require a Notice of Assignment to fund business invoices in this article from Oxygen Funding.

A few years ago we had a factoring business prospect referred to us from a broker that was affiliated with our company. The prospect was engaged in the business of logistics, working with several well known automotive companies. His business was growing and he needed cash flow to hire additional employees and take on more jobs. Read more

Should You Be Marketing For Factoring Business Online?

Wondering if there is an opportunity to find factoring business online?

Consider the average number of times per month someone searches these terms online:

• Receivable Financing – 12,100
• Invoice Factoring – 14,800
• What is a Factoring Company? – 18,100
• Factor Company – 27,100 Read more

Factoring 101: Don’t Make It Difficult

One thing I love about the factoring industry is that once we remove all the layers of speculation, it really is a straight forward business.

People new to the industry, both brokers and companies thinking about using factoring services, have an uncanny ability of making things more difficult than need be.

Terms like “hold back,” “reserves,” “advance rate,” and “points” can put people on edge.

Add to the fact that just about everyone tries to compare “factoring vs. bank loans” and it is no wonder Read more

Factoring For the Tortoise and the Hare

How often have you heard the catch phrases, “Same day funding”, or “Invoices funded in 24 hours or less”?

Whether you work in the factoring industry as a direct funder or consultant, we all know that quality customer service is a cornerstone for any company’s long term success. Lately however, it seems that customer service is measured more on speed than any other factor. Read more

How to Qualify a Factoring Prospect by Asking Three Simple Questions

It’s a factoring broker’s job to deliver companies with cash flow issues to the appropriate funding source. Although this task sounds easy enough, in reality, it’s not always so simple. Picture this scenario:

You have a client in need of cash flow who has been in business for a year, has three large customers and Read more

Small Business Turns to Alternative Financing

While the demand for small business loans is up, a recent Federal Reserve survey shows the majority of banks are keeping credit tight. This is causing small business owners to turn to alternative financing options. The factoring industry is well-versed in how this need is fueling demand.

Two recent articles in CNN Money covered the ongoing small business financing challenges and highlighted one possible solution…

Merchant Card Advances Read more

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