Should Factoring Intermediaries Double-Broker Deals?

The subject of double-brokering opportunities has been a hotly debated topic since I joined the industry, over a decade ago. The gist of the argument is as follows: factoring companies believe that brokers should not “shop” opportunities and place them with multiple factoring companies. On the other hand, many (but not all) brokers want to be able to place deals with two or more factors. Let’s look at both side of the argument. Summary: The factoring company point of view For several reasons, most factoring companies don’t like brokers placing the same lead with multiple factors. First and foremost, it increases their competition. It’s natural and understandable that companies don’t like the fact that they have to compete against other … [Read more...]

Common Sense Advice for Factoring Brokers

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...]

Like Apples to Oranges: Why You Can’t Compare Factors

When the clock is ticking and your business finances are at stake, how do you sift through your options to find the best factoring company? Locating great services for any type of need is challenging, so we often generalize to make things easier: for example, only considering location and cost vs. quality to find a good value. Sometimes this works, and to some extent you may be able to compare factoring companies in the same industry by fees, rates, and contract perks. Choosing a factor based on value is a disaster for your company when the factor isn’t … [Read more...]

Listen and Learn – Insights To The Factoring Industry

After reading the title to this piece one would think that I have some great pearls of wisdom to dispense on one of the many facets about the factoring industry. Sorry, this isn’t going to be a tutorial on marketing your business or collecting the proper documents to close a deal. We’ll save those for another time or article. This time I’m going to try and keep it plain and simple and focus on something so many fail to do when working with a prospect – listen. … [Read more...]

Invoice Factoring: An Alternative Financing Option for Outsourced Medical Billing Companies

It’s no secret that vendors who sell to medical providers make great factoring candidates. Typical vendors who benefit from invoice factoring include: temporary medical staffing agencies, medical transcription services, janitorial companies, and even medical supply companies. All of these businesses routinely provide services and/or sell goods to medical providers and then have to wait weeks or months to be paid. However, there is another type of vendor that can benefit from invoice factoring that you may not know about—Outsourced Medical Billing Services. … [Read more...]

Factoring Broker Training – Making the Most of 30 Seconds

Ready to market your factoring business? It’s time to perfect your intro with these… Factoring Broker Training Tips! One of the first marketing skills to master as a factoring broker is creating and delivering your personal 30-second infomercial. No, we’re not talking about … [Read more...]

Starting Your Own Factoring Business? It’s Your Call

At some point in our working lives many of us think about starting a business and being our own boss. The thought of … [Read more...]

Factoring Brokers Get Paid Before a Deal Closes?

You have to hear about this... New Factoring Broker Promotion! We all know that factoring brokers normally get paid a referral fee after the factoring companies fund the invoices.  But PRN Funding is currently running a special offer to factoring brokers that pays a $50 gift card upon referral of a qualified medical staffing lead! It doesn't matter if it turns into a closed deal... you still get paid! It just has to meet these requirements: Upon evaluation and approval that the following criteria have been met for a referral, PRN Funding will mail out a $50 gift card (of the broker’s choosing) directly to the referral source: The prospect must be an organized entity (Corporation, LLC). Sole proprietorships, … [Read more...]

Comparing Factoring Companies

Whether you are looking to sell invoices you own or you have a client that is considering factoring, choosing the right Factoring Company to fund your deals can be challenging. Here are key items to consider when... … [Read more...]

Building A Factoring Broker Business? Bigger is Not Always Better!

In my very first sales experience, my book of business was compared to a bathtub half full with water. Additionally, I was told that this bath tub had no plug in the drain, so water was continually escaping from it. The riddle was finally completed with the question, "How therefore can you maintain water in half the tub with the constant outflow of water?" … [Read more...]