Four Terrific Productivity Tricks for Factoring Broker

We all know how amazing it feels to be productive. How come sometimes it feels like we’re the most productive on Saturday mornings when we don’t necessarily have to be? Being productive at the office can be a challenge, but it’s not impossible. Setting yourself up for success is crucial to getting the most out of your time. The following tips include small changes that factoring business owners can make in their day-to-day activities to maximize their productivity. Turn on an alarm clock Most of us only use our alarm clock once a day (or more if you’re a repeat snooze-offender): when we wake up. However, most of us have different periods of ‘peak productivity’ throughout the day. Ask yourself: when do you feel like you’re consistently … [Read more...]

Factoring Leads: Shifting from Marketing to Sales

Marketing is the key to generate leads, identify future prospects and convince others of the value of working with you. It follows that most articles on marketing focus firmly on getting the most benefit from your marketing methods – should you purchase pay-per-click ads? How should you incorporate social media? Do email blasts really work? However, once your marketing is successful – as measured by a prospect reaching out by phone or contact form – how do you transition from marketing to sales? Sales strategies vary greatly between different companies, between prospects working with the same company, and even at times in working with a single prospect. With that in mind, below are several questions (and a few suggestions) to consider … [Read more...]

Peel Some Layers Back Before Funding Invoices

You’ve read the books, attended the training classes and finally have landed your first real prospect. They are eager to get started factoring their invoices and you can’t wait to get this deal closed. Whether you are working as a broker, business development officer or direct funder, this is the starting point where you will need to connect the dots to see if the deal will move forward or be declined. What Is The Business Trying To Achieve By Funding Invoices? Before the credit reports are generated, UCC-1(s) filed, or any other piece of due diligence is started, it is really important for you to understand what the prospect is trying to achieve by obtaining your services. Sure, we all know the easy answer is that the applicant is … [Read more...]

The Factoring Company Waiting Game

Whether you’re in line at your local grocery store, sitting in a doctor’s office or just looking to grab a bite at your favorite restaurant, we all have to wait. In our modern world of instant text messaging, mega fast downloads and next day deliveries we’ve become a society that expects everything when we want it and the faster the better. The same is true in the factoring industry. How many websites (including yours truly) boast phrases like “Same Day Funding” or “Approvals in 24 Hours or Less”? Let’s face it, with almost any service provider, speed is king. The first question we usually get from new prospects is how long will it take for them to get funded. In most cases they expect to be funded in a few days or less. Brokers … [Read more...]

5 Traits of Highly Effective Factoring Salespeople

Anyone can get on the phone and talk to potential customers, but it takes a special person to excel at closing deals. Sales are a vital part of the factoring industry—without sales there would be no new customers, and therefore no growth. No factoring company wants to remain stagnant, so finding and cultivating highly effective salespeople is important. Using firsthand experience and the knowledge of experts, we have identified 5 traits to look for when hiring sales representatives for your factoring business. 1. Goal Orientation Success comes to those who want it most. Because sales are relatively objective and therefore easy to measure in the factoring industry, setting clear goals is a simple way to measure achievement. The best … [Read more...]

Social Media: Worth the Time for Factors?

Factors and brokers know that time is everything when it comes to factoring. In order to find and close deals, connecting and following up with a lead quickly is essential. Marketing is an important part of growing any business. That’s why factoring companies often devote a substantial amount of time to marketing, advertising and branding efforts. Social Buzz Social media seems to be the new hot thing when it comes to online marketing—after all, there is a huge audience available, it’s targeted, and it is about as cheap as it gets. Current marketing research from HubSpot shows that social media produces double the leads of trade shows or pay-per-click advertising. Also, companies that generate over 1,000 Facebook likes are also likely to … [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...]

Challenging Changes in the Factoring Business

A tough economy, increased competition, and new technology are some of the challenges (and opportunities) being faced in the factoring business. We recently talked with Jeff Callender, President of Dash Point Financial, to get his insights on significant changes experienced by factoring brokers and companies.  Jeff answered two important questions and you'll enjoy his straight forward answers! … [Read more...]