What Now? Moving Forward in the Factoring Business After Being Defrauded

Behind every successful entrepreneur there are A LOT of failures, especially in the world of factoring. Being defrauded is a part of the factoring industry and it’s only a matter of time until it happens to you on some level. However, there’s a difference between coming out on top and going under. Here are some ideas on how to deal with being deceived and what to do when you find yourself asking, “What now?” (This article is a follow up to Protecting Yourself From Liars in the Factoring Industry  - Part 1) Add it to your business plan We know—this sounds a little crazy. But calculating losses into your expenses before they even happen is a smart idea. Think of this as your ‘rainy-day’ fund: just like you wouldn’t go into retirement … [Read more...]

“Show Me the Money”: How Do Your Factoring Partners Pay Commissions?

You’ve begun working with a factoring company that handles your leads well. They keep you updated, follow up on a regular basis, and they have successfully closed a deal. Now, you say, it’s time to show me the money…but just how much money will you get? We are not lawyers, and we don’t play them on TV, but we can’t stress enough the importance of thoroughly reading your broker agreement. The agreement should clearly define every question you might have about if, when, and how you are to be paid for your referred leads. Below are just some of the commission questions that you should have answered before you send any leads. Do you get paid for your leads? What are the circumstances under which you get paid? More importantly, are there … [Read more...]

IFA Announces New Factoring Training Classes

The International Factoring Association has just announced NEW training courses and meetings,giving you more options for continuing education and networking! Learn Invoice Factoring With IFA Mark your calendars for these upcoming training courses and events: Digital Marketing May 1 - Webinar The Law and Business of Factoring June 23 - 24 - Planet Hollywood - Las Vegas, NV Account Executive / Loan Officer Training Course June 26 - 27 - Planet Hollywood - Las Vegas, NV Meeting for Women in Commercial Finance July 14 - 15 - Paris Hotel - Las Vegas, NV Transportation Factoring Meeting September 11 - 12 - Omni Nashville - Nashville, TN Portfolio Operations and Monitoring October 13 - 14 - Planet Hollywood - Las Vegas, NV Credit, … [Read more...]

International Factoring Association Conference 2014

The 20th Annual Factoring Conference  will be held April 9-12, 2014 at the Westin St. Francis Hotel in San Francisco CA. This convention is organized the by the International Factoring Association and attendance is on track to make this year's conference the largest gathering of Factors ever! Whether you are a Factoring Company, Broker, Asset Based Lender, Trade Finance Professional, Bank,  or anyone that supports this group, join the top factoring industry professionals by attending this unparalleled networking and educational event. 2014 Factoring Convention Schedule and Speakers Sessions are designed to be educational, informative and entertaining. Speakers Dr. Christopher Thornberg - Economy Jeffrey Ma - Power of … [Read more...]

How To Select A Market For Your Factoring Company

As far as I can tell, every factoring company is an expert and is also the best in the market when it comes to transportation, staffing, and security guard deals. Everyone offers the best terms, service, and turnaround times. At least, that is what they claim. Unfortunately, from a client’s perspective, there is little difference between factors. They all offer similar plans with similar benefits. So, factoring companies fight tooth and nail for every deal in these industries. However, every year, new factoring companies flock to those industries because they are coveted by factoring companies. In doing so, they face brutal competition from more established and better funded factoring companies. They usually lose. In reality, they … [Read more...]

Top 7 Factoring Investor Articles of 2013

2013 was certainly an active year for the factoring industry. Given the economic roller coaster, it is no wonder that more and more companies were inquiring about invoice factoring services and seeking help from factoring consultants. Each week Factoring Investor publishes free content – all designed to help you in the area of factoring accounts receivables. As 2013 comes to an end we wish everyone a Happy New Year!  To help get your 2014 off to a productive start, we share with you this list of the... Top 7 Most Read Factoring Business Articles on FactoringInvestor.com Six Tips For A Beginning Factoring Consultant or Broker Wondering why some factoring consultants fail and others succeed? Here are 6 tips for starting as a … [Read more...]

How Factoring Benefits Temporary Staffing Agencies

Temporary staffing has been a linchpin for recession recovery, representing approximately 14 percent of the nation’s job growth each month throughout 2013. As a result, temporary staffing agencies may feel the cash crunch of expanding recruitment and marketing efforts and meeting greater demands from their customers. For these agencies, invoice factoring is the ideal funding solution to keep them on solid financial footing. There are several benefits to factoring for temporary staffing agencies: Factoring is the most flexible financing option available to staffing agencies. Financial flexibility means they do not have to worry about submitting a minimum amount of invoices or hitting a monthly maximum. An agency can choose to factor as … [Read more...]

The Sales vs. Underwriting Factoring Dilemma

I’ve written a bunch of articles about what to look for when funding a new client. Whether it’s proper notification or having an ironclad factoring agreement, you should always have a consistent set of due diligence procedures that adequately protects your company in every factoring transaction. With any new deal there will regularly be nuances that are unique and test the funder. In many cases getting past these roadblocks can make or break a deal. With any factoring company, one the biggest challenges is to scale the company for growth while keeping the proper safeguards in place. The friction caused by this dilemma is usually felt by the sales and underwriting divisions within a company. Salespeople complain that the underwriters … [Read more...]

How to Set Yourself Apart from Other Factors and Brokers

As far as I can tell, every factoring broker and every factoring company claims to have exceptional customer service, that they can fund clients quickly, and that their prices are the most competitive in the market. Everybody says and focuses on that almost exclusively. Because of this, factoring companies look the same from the outside. It’s easy for prospects to see how brokers market themselves and conclude that all factoring companies are the same – basically a dime a dozen. Is factoring a commodity? Let’s look at the other side of things. Most brokers and factors complain that prospects often don’t treat them well: prospects negotiate harshly, shop incessantly for better terms, and threaten to leave for a competitor at the … [Read more...]

5 Things Successful Factoring Brokers Do

As a factoring broker, you have the opportunity to work with both factoring companies and businesses looking for funding. This requires plenty of time, effort, expertise in an assortment of industries, and a knack for relationship building. Without a doubt, it’s hard work to become a successful factoring broker. Here are 5 things successful factoring brokers do to lay the foundation for a profitable operation. 1. Never Stop Learning Factoring brokers should always stay up to date on the factoring industry, marketing trends, technology, competitors, and current events. Success comes to active learners who are open to new experiences and willing to seek or create opportunities for growth. Build relationships with other factoring experts … [Read more...]