Factoring Investor (FI) caught up with Gina Frame, Assistant Manager Sales &  Marketing, to fill us in on how Monterey is helping businesses and cash flow brokers turn receivables into cash.

FI: What transactions will your company consider funding?

Gina Frame: Monterey specializes in purchasing consumer retail installment contracts. These could be contracts where consumers are making tangible purchases such as furniture, pets, jewelry, etc.

While real estate and auto fall outside of our parameters in most cases, we will consider just about anything that a consumer can purchase and finance. Intagible purchases qualify as well. Those could be vacation memberships, golf club memberships, and services such as wealth management, seminar/boot camps, and others.

Many of Monterey’s clients are nationally and internationally known as they may be advertising their products via television, satellite, magazines, radio, and news print. We have found some niche markets over the years where we are still one of very few funding sources will participate, such as the flex pay programs promoted in the direct response and infomercial industry.

FI: How did you get your start in the business?

Monterey Financial started over 20 years ago as a delinquent debt collection company. Our source of business at the time was in collecting delinquent timeshare mortgage and maintenance fee accounts, but we quickly added our loan servicing and consumer finance division which have grown exponentially since our inception.

FI: What unique benefits does your company provide?

We offer complimenting services under one roof including consumer finance, loan servicing, and delinquent debt collections. Many of our clients use all three services so that their receivables funding and management needs are completely satisfied, but note our loan servicing and delinquent debt program have the ability to service and collection notes which either consumer or commercial receivables.

FI: Can you please highlight a business you were able to help recently with your services?

Without disclosing too much, Monterey has recently purchased two large multi-million dollar portfolios from another finance company who needed to free up their capital. In less than 2 months we were able to add $10 million in receivables to our books because we are not only still in business, but well capitalized.

FI: Will your company work with cash flow brokers or consultants and how do you handle the commission structure?

We rely on consultants and brokers to bring new business leads to the table. We have been paying broker commissions since the beginning. We offer commissions to be earned in all three services and those commissions will last for the life of the client. It is not uncommon that brokers will earn commissions for years after one introduction.

FI: What do you consider the best methods for finding leads to make money in the cash flow business?

For consultants we see that the most successful brokers are those who have a strong Internet presence and who have made the rounds the hard way, knocking on doors and making calls.

Unless a broker starts out well connected, getting into regular networking circles, sending updates to everyone they meet, and attending networking events will all forge beneficial relationships as long as brokers follow up. A broker who sits back and waits for the phone to ring is likely to starve for new business.

FI: What advice would you give to new professionals just starting out in the cash flow industry?

Hit the pavement and use your daily hours as means to find local businesses who will meet personally with you and exhausted Internet search engines. When searching for new leads, plug in the types of businesses which are listed with each of your funding sources. Businesses who already use a funding source may not be happy and may be very open to exploring the possibility of getting a new deal, or finding a new company with better services.

Monterey works with many clients who are working with other consumer finance lenders. We could be splitting the business for very high volume clients or we may be reviewing and purchasing contracts which traditional lenders will not consider for approval. Either way, a successful consultant doesn’t immediately hang up the phone when a business says that they are already working with someone.

FI: What is the most common business mistake you see people make?

Trying to force a fit is by far the biggest mistake. Brokers are either not listening to the clients or their funding sources, or both. There are brokers who think that they can force a deal through, but it ends up being a waste of time for all involved.

FI: Given the current economy, have you made any changes in the way you transact business?

Monterey has made several changes in our financing parameters. For clients we have tightened up requirements, especially clients who deliver services over a long period of time. Those are high risk client and Monterey stands to lose a significant amount of money if they go out of business.

FI: Where can people contact you to obtain more information?

Our toll free number is 800.456.2225 and anyone can ask for the sales department. If a broker wants to revisit our program, or if one has never spoken with us, we are happy to provide a comprehensive broker package and answer any questions. Brokers may also contact us through our website, www.montereyfinancial.com, or by sending an email to sales@montereyfinancial.com.

FI: Is there anything else you would like to share with our readers?

If you haven’t read through our broker package in a while, request a new one and take a glance at our rates, industry list, and commission structure. The newest revision includes a jump on our max finance amount (per contract) from $15,000 to $25,000. This will open up new opportunities in many industries!

No matter what industry you are in, it is easy to get bogged down with the little things.  

Some people are so focused on their business name, business cards, stationary, website, and office furniture, they forget the biggest goal;  

Getting the Phone to Ring!  

Sure it sounds basic, but you wouldn’t believe the number of people who focus on everything but getting the phone to ring. Matter of fact, you should be spending at least 70% of your time looking for future business. If you fall below 40% you need to reprioritize or hire out some of your time consuming work.  

So how do you do it? Well, when it comes to marketing, you should be focused on three areas.  

1. Clear Message - Chances are you can ‘talk the talk” when it comes to your business. You might even be able to talk circles around colleagues, but that wont help you in your marketing. Oftentimes people create elaborate marketing messages that only confuse people. People don’t need any more confusion in their lives. Matter of fact, they will gravitate to the least confusing solution. Make sure your marketing message speaks, clearly, to the intended audience.  

2. Qualified Mass – Don’t send your marketing message out just random. Target your market. For example, if you wish to target staffing agencies, placing an advertisement in the newspaper is too costly for the off chance someone who runs a staffing agency is reading that part of the paper. Conversely, you need only open your phonebook, search the Internet, or go through a good list company to get all the names and addresses your want.  

3. You Just Want Them To Call – The goal of any marketing should be for the potential client to want more information. Sometimes consultants put too much information in their marketing. So much in fact the reader has already made a decision on whether or not they need your services. Your goal should be to include just enough information so they are curious enough to call you; that is where deals will be made.  

In the end, it doesn’t matter how great your product or service is if no one calls you to ask for more information. Focus your efforts on marketing, test different methods, and get that phone to ring. The rest will take care of itself.