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...]
Archives for September 2013
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...]
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...]
Top 3 Mistakes That Factoring Intermediaries and Brokers Make
Although factoring is not a seasonal business, per se, it does have its high and low periods during the year. We are about to enter what is often the busiest period for the factoring industry – mid-September to mid-December. This is an important period for your business, and it’s critical that you operate efficiently in order to capitalize on as many opportunities as possible. To achieve this result, you need solid factoring partnerships in place, a well-developed sales technique, and a process to manage your sales channels and increase your closing ratios. At the same time, you must be careful to avoid these common deal-killing mistakes. Not knowing your product well enough This very common problem primarily affects newer factoring … [Read more...]