According to data from the Department of Veterans Affairs, the number of veterans with post-traumatic stress disorder is currently increasing by about 10,000 every three months, what experts call the cumulative effect of a decade of war. As the need for mental health increases, so too does the need for psychiatric professionals. Hence, now is the perfect time for a nurse staffing agency to break into temporary psychiatric nurse staffing. And when they do, they will look to factoring brokers to help them avoid cash flow issues during the transition.

Even though they have a specialized niche within the staffing industry, mental health nurse staffing agencies experience the same kind of cash flow problems that general nurse staffing companies do. For example, a mental health nurse staffing business owner staffs Advanced Practice Registered Nurses (APRNs) and/or Psychiatric mental health nurse practitioners (PMHNPs) at a medical facility and sends an invoice promptly after the nurses have completed their shifts. Unfortunately, it’s typical for large hospitals to take 30-60 days to pay those invoices, so the business owner is faced with meeting up to eight weeks of payroll before getting paid.

Talk about a cash flow crunch.

Luckily, there’s a solution.

Mental health nurse staffing factoring can easily fill in the cash flow gaps, and here are some invoice funding selling points for you to share with your potential mental health nurse staffing clients:

• When a business owner chooses to factor their receivables, he/she can get cash the same day he/she issues an invoice.

• Invoice factoring provides unlimited capital, as it is the only type of business financing that grows with a business owner’s sales.

•  A mental health nurse staffing factoring company assumes the risk of bad debt, which eliminates any expense from the business owner’s income statement.

•  Most psychiatric nurse staffing factoring firms handle all invoice processing (i.e. posting payments) and provides professional collections services, so the business owner can dedicate his/her time and resources to marketing and securing new accounts.

•  Unlike the bank loan application process, mental health staffing factoring is quick and easy. It’s rare that a factoring company will ask for a history of profitability, business plans or personal financials.

•  Moreover, mental health nurse staffing agencies don’t need good credit or a long-term operating history to qualify for AR factoring services—all they need are creditworthy customers.

Once you have the mental health staffing business owner convinced that accounts receivable factoring is the best financing option for his/her business, the next step is to pair them with a funding source that has experience funding various kinds of nurse staffing agencies. Doing so creates a win-win scenario for all parties involved—The business owner has access to immediate funds, the factor has the ability to work with a new company, and the broker receives a steady income of commissions.

Nikki Flores is a Consultant Liaison for PRN Funding, LLC, which is an extraordinarily focused niche player in healthcare factoring.

PRN Funding exclusively factors the accounts receivable of companies that sell goods or provide services to healthcare providers.

You may also enjoy these Factoring Training Articles by Nikki Flores:

How to Qualify a Factoring Prospect by Asking Three Simple Questions

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

How Factoring Benefits Private Duty Care Agencies

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.

After gathering the required documents we moved forward with our proposal to fund the prospect. The prospect accepted our terms and we proceeded with funding our new client’s invoices. For the first month or so we were able to verify, fund and collect without any problems. Since the client’s business was growing, he was looking for us to increase his credit line so we could purchase more of his invoices.

It was in the second month of funding when our team noticed that several of his invoices with one of his customers were still outstanding. This development struck us as odd since this particular customer of our client was very strong and the invoices with his other customers were paying in a timely fashion.

We contacted our client to shed some light on the issue and he informed us that he was not aware of any issues with the customer. We followed up with the client’s customer, who surprisingly informed us that they had never changed the payment address to our office even though they signed our notice of assignment.

Why Factoring Companies Use a Notice of Assignment When Funding Invoices

A “Notice of Assignment” is generally a written instruction to the client’s customer that the client’s accounts receivable have been assigned and is payable to the factor. This is an extremely important document for factoring companies. This document protects the factoring company in the event a payment is accidentally sent to the client instead of the factor. Even if the client skips off with your money, this document ensures you are still owed the funds from the client’s customer. Hopefully, you will never have to enforce this notice but it imperative you have it as part of your requirements before funding.

As it turned out, the client received our checks and actually deposited the funds directly in his company’s account. Believe it or not, this happens quite often in the factoring business. Many times, the client’s accountant or bookkeeper will deposit everything that comes into their office without knowing which check is the property of the factoring company.

With this knowledge, we informed the client that all factored funds were the legal property of our company and needed to be returned to our company immediately. Our factoring agreement has a clause that specifically addresses misdirected payments. It basically imposes a huge penalty on the client if the funds are not returned to our office within a twenty four hour period once the client has been notified.

The client informed us he wouldn’t be able to return the funds to us for another week or so. He also stated that since it wasn’t his mistake he had every right to the money to take care of a few expenses and pay us later. We explained to him this was unacceptable since he was now paid twice on his invoices and informed him of the misdirected payment clause in his agreement. He brushed it off saying we would get our money in about a week or so. Finally, we informed him of the notice of assignment that he and his customer signed when we opened his account with our company. We also mentioned that his customer would be receiving a demand payment letter from our legal department explaining the situation and how they owed us the money for the invoices he deposited.

This was not the way we wanted the situation to play out, but unfortunately the client left us no other choice. Think about, if this legal document had reached his customer it would have portrayed him in a very negative light and severely damaged his relationship. Needless to say, we received our funds from the client (along with the penalty) the next day. We also ceased funding this client because we felt that when given the choice to do the right thing, he chose not to do so.

Always have a notice of assignment perfected with all customers you fund to ensure that any misdirected payments will be paid to you, the factoring company.

Don D’Ambrosio is the president of Oxygen Funding, Inc., an invoice factoring company located in Lake Forest, California.

For more information, he can be reached at don.dambrosio@oxygenfunding.com or you can visit his company’s website at www.oxygenfunding.com

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

(Source: Google Adwords™ Keyword Tool. *GOOGLE is a trademark of Google Inc. and not associated with this site or author.)

There is no question that the buying and selling of invoices is a people business. You need to cultivate a relationship, but…

  before there is a relationship, you need to meet each other.

More and more businesses are turning online to meet their researching needs… for everything. Finding a company to factor invoices is no exception.

So, how do you help give your factoring business an edge online?

Try these three things…

1. Have a Great Factoring Website

A quick, ready-made, one page site from “Website Tonight” on GoDaddy might seem like a good idea. Sure, it may be better than nothing…but not much.

At a minimum you are going to want to create a professional presence and a way for people to contact you. Professional, effective, and search-optimized sites can now be built for as little as $349.00 (Check out ExposureOne.com for affordable website ideas).

2. Claim Your Google Places™ Business Listing

Make sure you are on listed on Google Places™ for business. If you have been around as a factoring company for some time, you probably already have a “Places Page” created in Google* search – and just not claimed it. For some great info on setting up your page, go here Google Places Help for Small Business.

3. Be Social

There are plenty of forums and social media sites that have a variety of factoring related discussions going on. These include questions from new brokers as well as potential clients. To be seen and heard you can create a profile and check in with them (at least on a weekly basis) to contribute and interact. You can read more tips at Factoring Training: Social Media and Small Business.

No matter how you cut it, there are deals to be had online. Your business income may very well be determined by your ability to gain more clients from this media. It doesn’t take a lot of work – and very little ongoing work.

Now is as good a time as any. If you have been putting off starting (or improving) your online factoring business presence, why not start today?

Over the last year I’ve had the privilege and pleasure of writing several articles for Factoring Investor on the topic of how you can get involved in the factoring business.

In my July 2011 article, “Starting Your Own Factoring Business”, I discussed several resources to consider if you wanted to pursue your own factoring business as a direct funder. In our November 2011 article, “A How To Guide for Factoring Brokers”, we discussed selling points for brokers to use when approaching potential clients in need of cash flow. We even went as far to supply an instructional guide to help new brokers better understand the industry.

Fast forward to today and I am happy to report that we have received tons of feedback from interested parties wanting to get involved in the factoring industry. I can also report there are some fantastic folks out there which makes me feel confident that our industry’s best days are ahead of us. However, I do feel the need to address several recurring questions that I receive from both new brokers and funders.

1. Where do you find new clients for factoring?

This isn’t always the first question I receive but I can tell you it comes up in almost every conversation. Listen, if there was a magic wand to wave that could find new clients, we would all have one.

Your marketing plan is crucial to your success and it will either make or break your factoring business.

It doesn’t need to be a formal plan consisting of hundreds of pages of text with graphs and charts, but you do need a path to follow or you will get lost very quickly. Maybe you have experience with a specific industry or maybe you prefer to work with a particular client profile.

No matter what path you choose, find your niche and figure a way to penetrate it. There are endless resources you can utilize on the internet to research industries, markets, planning, you name it. It is up to you to figure out how to reign in this information and put it to use to grow your business.

2. Can I work in the factoring business part-time?

Of course you can. Although, I find this option is more suited for brokers than direct funders.

Our company’s experience has taught us that clients are demanding and rightfully so. While our office hours are typically Monday through Friday, I cannot tell you how many emails and calls we answer after hours and on weekends. When a business owner is trying to get his invoices funded to cover that week’s payroll you can understand why they are trying to track you down. Conversely, your company may have a limited number of clients or you only fund on certain days of the week. If this is the case, you may be able to manage your book of business on a part-time basis as a direct funder.

 3. Where do you go to find more information about the factoring business?

For those new to the factoring industry there are many associations, professionals and publications that provide educational guidance and useful information about the factoring industry.

To start, “Factoring Investor” is a great resource for information about the factoring industry. There are fantastic posts from “Factoring 101” with different points of view from a variety of experts in the industry.

The International Factoring Association is another great resource. They have a huge library of materials you can purchase for your business from legal documents to recorded teleconferences that can be downloaded.

Finally, I would recommend reading a series of books written by Jeff Callender collectively called the “Small Factor Series”. This series is made up of six books that pretty much tell you what you need to know about factoring account receivables.

At the end of the day it is up to you to determine how far you would like to go in this business. From my perspective there has never been a better time to get involved in the invoice factoring business. Chart your own course, plan accordingly and most importantly, enjoy the ride.

Don D’Ambrosio is the president of Oxygen Funding, Inc., an invoice factoring company located in Lake Forest, California.

For more information, he can be reached at don.dambrosio@oxygenfunding.com  or you can visit his company’s website at www.oxygenfunding.com.

Sooner or later, your efforts are going to turn to the Internet to find ways to leverage new clients.

In the beginning you will be faced with two big options…FACEBOOK® or GOOGLE+1™.

There seems to be a lot of confusion out there on whether your business should be using Facebook or Google+1 as a way to bolster up some marketing efforts.

Although both Facebook and Google+1 should have a place in your efforts (you don’t have to pick just one), most likely, one outshines the other as a good fit.

Here are a couple things to pay attention to when marketing your factoring company online.

If you are looking for interaction, you want Facebook.

But this assumes TRUE interaction. In other words, just because you have 3000 Facebook fans doesn’t mean they are reading anything you are putting up.

Are they leaving comments?

Are they sharing your posts?

If they are leaving comments, hitting the “like” button, and interacting, Facebook may be well suited for you. You just need to find a way to convert them to clients. If there is not a lot of interaction, you may just be wasting your time.

Fans work well when the “page” is a product or celebrity – not so much a company. A “company” is just too broad.

For example, how many raving fans would there be if I had a fan page on “Farms?” I am sure I would have some. Now, how many fans would I have if my page were the subject of “bacon.” – lots I imagine (who doesn’t like bacon) – and it is way more targeted.

The other downside on Facebook is that your efforts are limited to your ability to keep the content coming – and it won’t, for the most part, help you in the search rankings.

So, if you have interaction, go with Facebook. Otherwise think of Google+1.

Are you looking for “hands off” marketing?

Google+1 has two big advantages over Facebook when it comes to increasing your Internet exposure (and hopefully factoring business).

One, it does not require an ongoing amount of content from you. If people click the “+1” button their additional “circles” will be in on the action. It doesn’t require more content from you or more people “sharing” like Facebook.

Secondly, that little plus button can help you in the search rankings. Although Google does not formally release all the ins and outs behind their programming, one thing is clear: the more people “+1” your site, the higher up you may get in the search rankings.

As popular as Facebook is, it has yet to make a big “business” impact. Many Fan Pages are dead on arrival and do nothing for actual business.

Google +1 seems more in the thick of it when it comes to business. If someone is searching for your company the +1 can give you some extra credibility (Facebook can’t really help you there).

(Note: FACEBOOK is a registered trademark of Facebook, Inc. and GOOGLE is a registered trademark of Google Inc. This article was written based on research and professional experience.  This author, company, and website are not endorsed by or affiliated with either FACEBOOK, Inc. or GOOGLE Inc).

So, who is right for your factoring business?

As we mentioned in the beginning, we really thing you need to keep both on your radar…but for now, we give the edge to Google +1 if you are talking about getting more business.

Facebook is personal. But until users can separate business from personal on Facebook (as in two separate accounts) the business side just seems to be an after thought.

Nearly 50% of Retail Executives say their ability to secure financing has not improved or has worsened in the past year, according to a recent study released by CIT Group and Forbes Insights.

As banks continue to restrict business lending the need for factoring invoices remains strong.

Overall the study shows retailers generally pessimistic about the U.S. economy with 76% expecting the financial crisis to extend into 2012 or beyond.

Here are some additional results from the news wire that may also impact your factoring business.

Press Release: October 19, 2011 08:30 AM Eastern Daylight Time

NEW YORK–(BUSINESS WIRE)–Middle market retail executives are bearish on a short-term U.S. economic recovery, even though many expect their own companies to improve faster than the industry, according to the third annual Retail Finance Outlook study released by CIT Group Inc. (NYSE: CIT) cit.com, a leading provider of financing to small businesses and middle market companies. While a majority of retail executives expect business to improve in the coming months, they remain cautious when it comes to increasing staff levels, building inventory, and assessing the availability of credit—especially for their customers.

These are some of the findings detailed in the research study, “Retail Finance Outlook 2011” (cit.com/retailoutlook2011), which was prepared in association with Forbes Insights. The study gathered the views of more than 100 middle market retail executives to assess their opinions on the U.S. economy and retail financing, as well as their views concerning prospects for their own companies and the retail industry as a whole.

“Retail executives maintain a sense of optimism about their own business growth prospects, even while they continue to sour on the idea of a quick recovery of the U.S. economy,” said Burt Feinberg, Group Head of CIT Commercial & Industrial. “This study highlights some of the key factors affecting the retail sector, including the price-conscious consumer, waning consumer confidence, the increased influence of social media, rising commodity costs, and consumer access to credit.”

Key Findings from the Study:

• NO END IN SIGHT TO FINANCIAL CRISIS: Retail executives remain pessimistic about the U.S. economy, with three-quarters expecting the crisis to extend into 2012 or beyond. A return to growth in the financial markets is also seen as taking some time, as 58% of retail executives don’t see growth resuming until 2013 or later.
• FUTURE SALES GROWTH TO INCREASE: Retail executives remain cautiously optimistic about their outlook for the coming 12 months. Nearly 60% predict sales will either grow (51%) or grow significantly (8%), with just 9% of executives predicting a sales decline in the next 12 months. Compared with the Retail Finance Outlook 2010 study, retailer optimism has been tempered. Last year, 22% of executives foresaw significant growth, and 68% predicted overall expected growth. The number of executives who predicted any decline in sales was just 2% in 2010.
• CAUTIOUS OPTIMISM FOR THE HOLIDAY SEASON: Nearly three-quarters of executives see sales improving slightly (38%) or staying about the same (36%) as last year for the overall season. Sensing that price-conscious consumers will be looking for bargains this year, 37% of executives predict an increase in last-minute shopping, while 38% expect post-Christmas shopping days to be stronger. On a related note, nearly half of executives believe both broad discounting and the price of fuel will be driving factors in consumers’ decision to spend.
• NEW MEDIA MARKETING LEADING GROWTH OPPORTUNITIES: Nearly six in ten executives report their companies are shifting marketing dollars away from old media toward new media, such as social media campaigns. As part of that shift, 68% of respondents report increases in marketing and deals through social media channels, including Facebook and Twitter. In addition, 63% report that their Web sales are growing (28%) or growing faster than other channels (35%).
• SHIFT TO NEW MEDIA WILL CONTINUE: In a sign that this trend will continue, some 58% of retail executives believe they need to improve their new media marketing strategies, while a further 7% characterize their companies as “late starters” in the new media game.
• HEALTH CARE COSTS AND REGULATIONS WIDELY SEEN AS NEGATIVE: More than any other topic presented, health care costs and regulations appear to weigh most heavily on the minds of retail executives. Over the next 12 months, nearly two-thirds of executives believe changes in health care costs and regulations will be negative (38%) or strongly negative (25%) for their businesses. Just 6% of executives view them as positive for their businesses.
• RETAIL FINANCING AVAILABILTY: Nearly half of retail executives say their ability to secure financing has not improved or has worsened in the past year. For the year ahead, half of executives expect the availability of financing to be stable, while 30% expect availability to improve and only 10% expect it to worsen.
• SKEPTICISM AROUND CONSUMER ACCESS TO CREDIT: Retail executives expressed concern about consumers’ ability to finance their own purchases and household costs. When looking ahead to the next 12 months, a third of retailers see consumer access to credit worsening and 22% see it improving, while the remaining 44% expect little change. Interestingly, 22% of executives expect to increase the lines of credit they can extend to consumers in the coming year as well. A smaller percentage (17%) foresees restricting credit to their customers.
• COMMODITY COSTS CAUSING CONCERN: More than half of retail executives see rising energy costs as being negative (47%) or strongly negative (8%) for business in the 12 months ahead. When asked about raw materials costs, 59% of executives said they feel either negative (48%) or strongly negative (11%) about non-energy commodity costs in the coming year.

Source: Press Release and full copy of the Retail Finance Outlook Study are available at: http://www.cit.com/media-room/press-releases/index.htm

When business owners need access to working capital without bank loans they can turn to accounts receivable factoring.

To learn more about the factoring business check out the Small Factor Series by Jeff Callender of Dash Point Financial in the Factoring Investor training center.

We are honored to get insights from Bert Goldberg, Executive Director and founder of the International Factoring Association, in this issue of the Factoring Company spotlight.

Dedicated to providing training, information, and valuable resources to members of the factoring industry, IFA is well-known for its annual conference and publication of The Commercial Factor magazine.

1. How did you personally get started in the factoring business?

I began my factoring career in 1982 as a computer programmer for Distinctive Solutions (DSC). DSC was developing a new Asset Based Lending System, a product similar to factoring.

About 10 years later, DSC decided to develop a Factoring software product. I was initially as a programmer, but I worked my way up the corporate ladder and was promoted to President in 1994.

2. What prompted you to start the International Factoring Association in 1999?

When I became President of Distinctive Solutions, I started conducting user group meetings to help educate our customers on both our software and Factoring. I brought in experts from the factoring industry to lead some of the sessions. The speaking sessions turned out to be so popular that factors that did not have our software wanted to attend our meetings.

So that we could market the meetings to non customers, I created the International Factoring Association. From those humble beginnings, the IFA has grown to be the largest association for commercial finance companies in the world.

3. Please share some of the unique benefits the IFA organization provides to members.

Some of the benefits that we offer are:

• Access to FactorSearch, a service designed to let businesses that are seeking factoring the ability to e-mail specifics regarding their business to IFA members
• Membership in the IFA’ Social Media Website
• Access to IFA web site Forums
• Access to the IFA Membership List
• Discounts from IFA Preferred Vendors
• Annual Factoring Conference discount
• Discount on IFA Conference Calls
• Discounts in the IFA Store
• Discount listings on the IFA Job Board
• Discounts on IFA Training Classes
• Ability to submit legal briefs to the Amicus Brief program
• Use of the IFA logo for advertising, web sites, etc.

4. Who is eligible for membership and can factoring brokers participate?

Membership is open to any companies that conduct factoring or asset based lending. Brokers may participate in any and all of the courses and meetings that the IFA offers.

5. What factoring training events are scheduled for the year?

Account Executive / Loan Officer Training
October 18 – 19 – Planet Hollywood – Las Vegas, NV

Small Factors Meeting
October 20 – 21 – Planet Hollywood – Las Vegas, NV

Sales & Marketing
October 27 – 28 – Planet Hollywood – Las Vegas, NV

Negotiations with Märianne Eby, Esq.
December 8 – 9 – Planet Hollywood – Las Vegas, NV

Presidents & Senior Executives Meeting
January 26 – 27 – JW Marriott Guanacaste – Costa Rica

6. Where will you hold the 2012 IFA convention and how many people usually attend?

We are expecting over 600 attendees at the 2012 convention to be held April 18 – 21st at the Hyatt Regency Resort & Spa in Huntington Beach, CA.

This is the largest gathering of people and companies involved with the factoring industry in the world.

7. What do you consider the best methods for finding factoring leads?

Network, Network, Network.

Meet with accountants and attorneys in your area. Attend business meetings such as chamber of commerce mixers. Also, be persistent with your message, timing is important.

8. What advice would you give to new factoring professionals just starting out in the industry?

Do what you know.

If you’re background is in manufacturing, contact companies in that industry. You will know the buzzwords and be able to communicate with them more effectively than you could in an industry that you don’t understand. Also, spend the time to learn about factoring. Attend an IFA training course or meeting. The knowledge you gain will enable you to talk intelligently with both the factoring community and businesses.

9. What is the most common business mistake you see factoring companies make?

Factors should always follow their procedures and then not get too greedy. Factors go out of business because their insufficient due diligence and they were over concentrated with a single client / debtor.

10. Are there any changes or concerns currently facing the factoring industry?

The biggest concern to the factoring industry is the threat of being legislated out of existence. Fraud may put one factor out of business; legislation could put all factors out of business. I created the American Factoring Association (AFA) for the sole purpose of educating policy makers in Washington DC on the benefits of the factoring industry. Information about the AFA is at www.americanfactoring.org.

11. Where can people contact you to obtain more information?

International Factoring Association Website: www.factoring.org
Email: bert[@]factoring.org
Phone: 805-773-0011 x 12

12. Is there anything else you would like to share with our readers?

Factoring is a wonderful industry, but it does have its own set of challenges. If you become involved with this industry, learn all you can about it. If you plan to broker, learn what factors do and how they run their business.

The more you learn, the better broker you will become. The IFA offers a Sales & Marketing course specifically for the factoring industry. If you are serious about this industry, take the time to educate yourself by attending our training courses and our annual factoring conference.

Every business owner wants to succeed and have their company flourish which is why we took the leap of faith in the first place. Sometimes however, our actions or lack thereof can answer that question in ways that may surprise even the savviest entrepreneur.

Anyone familiar with the asset based lending industry knows there are numerous risks associated with invoice factoring. How many times have we heard from our salespeople,

“This prospect is a no brainer and we should be able to fund him in less than a day.”

Those of us that fund accounts receivable know that what may look like the perfect prospect could be your worst nightmare.

As I have previously written in our June 13th  article, “Factoring: Is It Always About the Account Debtor?” we all know that there is no substitute for good underwriting policies and procedures that focus your due diligence on both the client and the account debtor. However, besides focusing strictly on underwriting guidelines, every now and then common sense can play a very large factor in determining if a certain deal is right for you. Below are a few common sense suggestions you may want to consider before you send out that next ACH or wire:

1) Does the factoring deal make sense?

I realize this may sound foolish, but I cannot tell you how many times there are conflicts between what the prospect says and the paperwork gathered with the application. If you cannot understand the deal flow, run it by a colleague or professional in that field who may have more experience and continue to ask questions.

2) How long has the prospect been in business?

Even though the debtor has excellent credit, if your client has no track record and produces faulty goods or delivers shabby services, chances are pretty good that you will wind up in a dispute and not get paid.

3) Why is the prospect looking for a new factoring company?

Whenever a prospect is leaving a factor and wanting to start a relationship with a new factor, be cautious. The prospect has every right to shop around because they may have received poor customer service or they feel they can get a more competitive rate from another factor. It may be worth your while to put a call into the current factoring company to see if they could provide some background on the client. Even though it may be an uncomfortable call, you will be surprised how many times factors cooperate with one another in buyout situations.

4) Is it best to just walk away?

This is probably the toughest one of all. You’ve worked so hard to bring in this lead, gather the paperwork and the returns look amazing. Unfortunately, the deal just doesn’t fit your company’s profile. As a very good friend and colleague of mine once told me when I first started my business, “Sometimes the best deal is no deal.”

Don D’Ambrosio is the president of Oxygen Funding, Inc., an invoice factoring company located in Lake Forest, California. For more information, he can be reached at don.dambrosio@oxygenfunding.com or you can visit his company’s website at www.oxygenfunding.com

Take advantage of these…

Free Tools to Grow Your Factoring Business Online!

1. Google Places Page for Factoring

Believe it or not Google is providing a free web page for local businesses through their Google Places Pages. This allows a business to be found on Google Maps and also helps ranking for local search results.

Visit Google Places and click on the link for “Get Your Business Found on Google”. Follow the instructions for claiming your site. If your business is not currently listed it will walk you through adding the business.

Google then sends a confirmation letter to your physical address to verify the party claiming the business is really the owner (that is a good thing). The letter will have a confirmation code you’ll need to go back and input later. Once your business is verified you can optimize the page with photos, videos, keywords, services offered, and a link to your company website.

 2. WordPress Platform

If you think blogs are just for sharing what you had for lunch…then you haven’t been on Facebook.

On a more serious note, the blog has matured and it provides a cost effective way to build an Internet site. WordPress makes it easy and free to use their open platform. Check out some of the impressive business sites that have been built in their WP showcase gallery.

Just one word of caution. While you can set up a free blog hosted on their site, you are better off using the free WP software to install under your own domain name and hosting account. For about $10 to register your domain at GoDaddy and $9 a month hosting fees at HostGator, you can now have a professional looking site with your own URL. That means your web address will be www.yourcompanyname.com and not www.yourcompanyname.wordpress.com

3. Keyword Research Tool

Wondering just what words and phrases people are using online to find factoring help? The Google Keyword Tool will tell you exactly how many people search for a certain phrase along with other related phrases. This knowledge will help optimize your company website and marketing materials so they can be found by the Internet search engines.

4. Linked In

Want to network with over 100 million business professionals? Linkedin provides a free professional profile that helps you manage your online identity. You can also network with specific groups like business owners or factoring companies. There are over 50 groups on Linked in that are related to factoring.

 5. Factoring Company Sites

I’m always impressed with the amount of free factoring broker training some of the factoring companies make available online. Here are just a few of the ones to check out:

6 Common Factoring Objections and How to Answer

Factoring News Quarterly Magazine from IFA

Old School Factoring Broker Tips That Still Work in Today’s World

Find hundreds more with a simple online search or get our top picks in the Factoring Company Directory. Want to receive the latest in factoring news first? Set your profile in Google Alerts (yes that Goliath again) to receive an automatic email notification whenever a new factoring article is published online.

So what are you waiting for? Start using these free tools to boost your factoring broker business online!

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 late night television. Rather it is your practiced introduction that lets people know what you can do for them!

Commonly called the “elevator speech,” it is the mainstay of networking groups and a must for any one-to-one marketing. A great elevator speech should generate quick interest from people that need your service or know someone that does. It should be short, direct, and ready to deliver with a friendly handshake and business card.

Jeff Callender, Owner of Dash Point Financial and Author of the Small Factor Series, shares four elevator speeches he has used in his factoring business:

Factoring Speech #1

“My company provides financing for very small-business owners who are turned away by banks. Instead of providing loans, we purchase our clients’ invoices for immediate cash which enables them to meet payroll, pay bills, accept larger customers, and many other business necessities.”

Factoring Speech #2

“My business supplies something every company needs: money! Our clients have invoices that take 30 days to pay, and we purchase their invoices with cash advances within 24 hours of the invoices being created. We’ve helped hundreds of businesses get started, grow quickly, and operate profitably.”

Factoring Speech #3

“I finance very small companies by buying their receivables at a small discount, as soon as their invoices are created. This enables my clients to increase their cash flow quickly, without generating debt. Our clients are small-business owners who have been turned down for bank loans.”

Factoring Speech #4

“My name is Jeff Callender, my company is Dash Point Financial Services, and I get paid to wait! My clients are very small-business owners who wait 30 days to receive payment from their business or government customers. I buy the rights to their payments, give them an up-front advance, and then wait for their customers to pay me. This enables my clients to give 30 day terms yet still get paid tomorrow.

Source: Small Factor Series by Jeff Callender Available in the Factoring Bookstore

Now take these ideas and personalize them for your business and targeted clients. Just remember these important points:

• Make it benefits oriented

• No more than 2-4 sentences.

• Keep it 30 seconds or less.

• Practice saying it out loud, before a mirror, and in front of friends and family until it rolls off your tongue with ease.

Over time you’ll develop several versions of your personal factoring broker commercial depending on the type of business contacts you are meeting.

Have your own favorite elevator speech? Please share in the comments section below!

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