Archives for June 2013

The Do’s and Don’ts of Factoring Trade Shows

It’s that time of the year again… tradeshow season is upon us. Tradeshow exhibiting is a great way to attract new factoring business, but it’s also time consuming and expensive. Since relationship building is hard to quantify, sometimes it’s difficult to determine the value of attending industry shows or marketing events. PRN Funding has attended many shows across various industries. Based on our experience, we have compiled a list of trade show do’s and don’ts to help make your next trade show exhibit a rewarding experience. Do... Research Ask questions before considering any trade show. What’s the audience demographic? What types of companies will be exhibiting? How will the trade show contribute to business goals? Being … [Read more...]

Is Invoice Factoring Right for All Businesses?

So many authors, including myself, have written about the benefits of invoice factoring explaining how we help businesses in need of working capital. Just type something like, “benefits of invoice factoring” into your favorite search engine and you will find pages of articles telling you how factoring works and why it is the best solution for your business. As the owner of a factoring company I can definitely say that factoring is an extremely useful tool to help businesses grow by unlocking cash in the form of an account receivable. But is factoring a one fit all tool for all businesses to achieve growth? As a featured speaker and panelist at small business workshops over the last several years, I’m fortunate to be given the … [Read more...]

Fast Pay Factoring For Digital Media Receivables

Working with digital media receivables? It helps to know a factoring company that specializes in online deliverables. Meet Jed Simon, CEO of FastPay, in this recent Factoring Investor interview. What receivables will your factoring company consider funding? Jed Simon, CEO: FastPay primarily funds digital media receivables. We’ll advance on invoices signifying completed work including, but not limited to, ad campaigns, creative campaigns and delivered impressions. How did you get your start in the business? While I was responsible for digital media at DreamWorks, I recognized a universal pain point in the digital media industry - many big brands and agencies have onerous payment cycles (Net 90+) that hamper the growth of smaller digital … [Read more...]

Are They Really a Factoring Prospect? The Telephone Interview

In my early days in the factoring business, prospect calls were few and far between. Whenever the phone rang, I grabbed it quickly and hoped for the best. In those days, the process of qualifying a prospect could take me up to an hour. I would have long detailed conversations, learning everything I could about the client’s business. After these detailed calls, I would hand the client off to the factoring company I thought would help them best. But there were two problems with this strategy. First, it was not a very effective use of my time. Especially when I found out, 45 minutes into a call, that the prospect would not qualify for factoring. And second, it did not scale well. It wasn’t long before I was on the phone eight hours … [Read more...]