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Six Tips For A Beginning Factoring Consultant or Broker

May 6, 2013 By Marco Terry Leave a Comment

If you are new to the factoring industry or are considering becoming a factoring professional, this article is for you. I have been involved in the industry for a decade and through the years have seen a number of consultants do well. However, I have also seen a large number of consultants leave the business – unable to make ends meet. Many of those consultants made critical mistakes that could have been easily corrected. These tips are intended to help you avoid making those mistakes. Tips For Starting as a Factoring Consultant or Broker Tip #1: Know your product This is the cardinal rule for success in any industry. You have to know your product, and know it well. However, most beginning consultants don’t spend enough time … [Read more...]

Filed Under: Consultants, Factoring 101 Tagged With: factoring broker training, factoring consultant, starting a factoring business

Factoring Brokers Unite!

April 29, 2013 By F. Leder Leave a Comment

We have all heard the expression that “half of something is better than all of nothing.” Along with that as a “given,” let’s also realize that we all have our strengths and weaknesses. The combination of these two statements leads us to a discussion on how and why factoring brokers can join forces with others. Many financial consultants have contacted us asking about ideas for marketing their factoring businesses. Of course, we provide as much help to our brokers as we can so we go through the entire litany of ideas and strategies. All aspects are discussed and responses generally vary. We’ve heard “No, I don’t like networking events because I’m shy.” Another common response is “I do not do phone cold … [Read more...]

Filed Under: Consultants Tagged With: factoring brokers, Factoring Marketing, Fred Leder

Common Sense Advice for Factoring Brokers

April 15, 2013 By Don DAmbrosio 4 Comments

One of the reasons why I enjoy working in the factoring industry is that almost every day presents a challenge when it comes to looking at prospects and finding new ways to close a deal. As great as that sounds we all know too well that most prospects do not make it past the application review to the due diligence process. In many cases we find the applicant needs some other type of financing or they have some past derogatory issues that cannot be cured. … [Read more...]

Filed Under: Consultants Tagged With: Don DAmbrosio, factoring broker, factoring broker training, factoring industry, learn factoring business

How To Forecast Your Factoring Broker Revenues

March 30, 2013 By Marco Terry 2 Comments

In this article you are going to learn about a simple technique to forecast future revenues as a factoring broker based on your existing portfolio of prospects. This technique is useful because it allows you to determine, at the beginning of a month, the approximate revenues that you will earn from your efforts. And more importantly, it helps you evaluate whether your sales efforts are working as well you’d like. Setting up Revenue Tracking This method of forecasting is based on the simple premise that … [Read more...]

Filed Under: Consultants Tagged With: factoring broker training, Factoring Consultants, how to make money as a factoring broker

Best of How To Start A Factoring Business

March 11, 2013 By Don DAmbrosio Leave a Comment

Over the past few years I’ve written several articles about starting your own factoring business. Much of the information referred to resources, capital, due diligence and general topics related to the asset based lending industry. To this day I am still amazed over the response we have received on this topic. Today alone I’ve received calls from Europe, Asia and the U.S. about factoring. Since the interest level on this topic has remained so high I felt that it would be a good idea to do a "Best of How To Start A Factoring Business” compiled from previous articles and questions we have received over the last few years. 1. Should I begin as a factoring agent or broker rather than starting a direct funding company? First, … [Read more...]

Filed Under: Consultants, Factoring 101 Tagged With: factoring agents, factoring brokers, Factoring Marketing, International factoring association, starting a factoring business

Choosing The Right Factoring Partners

March 4, 2013 By Marco Terry 4 Comments

For a factoring broker, selecting the right factoring companies to work with can spell the difference between being successful in the business – and never closing many deals. Yet, most brokers don’t have a well thought out process to choose their factoring partners. Instead, they chose their factors based on the broker compensation package or how well they clicked with their broker representative. While these two criteria are important – they are among the least important criteria to select a factor. Actually, if you select a factor just based on compensation, you could end up losing money. Let me tell you a story. … [Read more...]

Filed Under: Consultants Tagged With: factoring broker fees, Factoring Brokers training, factoring commissions, Factoring Consultants, Factoring Leads, Factoring Marketing

How to Optimize and Increase Your Factoring Brokerage Revenues

February 4, 2013 By Marco Terry 9 Comments

Most factoring brokers are consummate sales professionals who spend their time talking to small business owners and trying to generate leads. Brokerages come in all varieties. Some brokers focus on a single leads source, such as referrals, and work that source for all their leads. Other brokers run more complex businesses that focus on many sales channels at the same time. An example of the … [Read more...]

Filed Under: Consultants Tagged With: factoring brokers, Factoring Marketing, Marco Terry

The Financial Professional’s Vocabulary

January 28, 2013 By F. Leder Leave a Comment

It's time for factoring professionals to consider, "What's in your vocabulary?" All of us get caught up in linguistic shorthand that apparently works well between financial professionals in the factoring business but very often becomes a usual and customary part of our parlance. When we talk we have choices of words, phrases and nuances that are available at that time. It is a common mistake (in my view) to use the same choices for all listeners. It is with this in mind that we look at how we use words. Factoring Financial Transactions (Not Deals) My first complaint is with the term “deal.” If one looks through my articles, underwriting notes and comments you can see that I noticeably avoid that word. … [Read more...]

Filed Under: Consultants Tagged With: factoring brokers, Factoring Consultants, factoring transactions, Fred Leder

How Factoring Brokers Earn Fees

September 27, 2010 By Factoring Investor 1 Comment

With numerous factoring courses and factoring books available online, many people wonder just how factoring brokers earn their fees. While factoring commissions are paid in a variety or ways, there are some standards to start with. … [Read more...]

Filed Under: Consultants Tagged With: factoring books, factoring brokers, Factoring Brokers training, factoring consultant, factoring course

Could You Tell a Client They Don’t Need Factoring Help?

July 12, 2010 By Fred Rewey 4 Comments

I witnessed an odd exchange of dialogue the other day on the Internet. It would have been humorous except neither of the cash flow consultants came to the right decision – over a long period of opportunity. The “Dilemma” The exchange started with a simple post from a factoring broker that had a “dilemma” with a new soon-to-be client. In going over the client’s information, the consultant discovered that the client really did not need factoring help. He had two other alternatives that were clearly better choices for the client , with no additional risk. The consultant was concerned how he was going to keep is his client focused on factoring so he could get the deal. “Any feedback would be helpful.” Enter the … [Read more...]

Filed Under: Consultants, Nuts and Bolts Tagged With: factoring brokers, Factoring Help, Factoring Receivables, factoring training, invoice factoring