In past articles I have addressed the need for understanding your client’s business as well as having a consistent set of policies and procedures to ensure you effectively manage the risk of factoring invoices. However, what happens when you run across those out of the box deals that do not fit nicely into your company’s comfort zone? Instead of immediately throwing these deals away you might want to consider some adjustments you can make to mitigate the risk. Although we all like to fund deals that are in our sweet spot in terms of size and industry, I have found that some of our best success stories were with clients in industries that we never would have imagined funding. Some past examples include speech therapists, a startup … [Read more...]
Archives for April 2014
Factoring Business on the Go: 10 Essential Apps for Factoring Professionals
Savvy factoring professionals understand the shifting landscape of business. Customers use mobile technology to engage with your company at all hours of the day and night, from all over the world. Since these tools are readily available, it’s important to use them to your advantage. Below are ten essential mobile applications for staying connected to the most important parts of your business. Add them to your arsenal to take your factoring company to the next level. Stay in touch with clients and contacts. Communication is the key to building a factoring business and serving your clients, so use these apps to follow up even when your desk is 1,000 miles away. • Salesforce1: Salesforce’s comprehensive app puts your lead and customer … [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...]
Should Factoring Intermediaries Double-Broker Deals?
The subject of double-brokering opportunities has been a hotly debated topic since I joined the industry, over a decade ago. The gist of the argument is as follows: factoring companies believe that brokers should not “shop” opportunities and place them with multiple factoring companies. On the other hand, many (but not all) brokers want to be able to place deals with two or more factors. Let’s look at both side of the argument. Summary: The factoring company point of view For several reasons, most factoring companies don’t like brokers placing the same lead with multiple factors. First and foremost, it increases their competition. It’s natural and understandable that companies don’t like the fact that they have to compete against other … [Read more...]