AAA Factoring Group works with businesses and cash flow brokers to provide accounts receivable financing.
Factoring Investor (FI) asked Duane Marchant, founder and president, to share some information on working with his company.
FI: What transactions will your company consider funding?
We handle the following receivables:
- Spot Factoring
- Manufacturers
- Temporary Employment Services
- Consulting
- Import Distributers
- Janitorial Services
- Defense Contractors
- Food
- Communications
- Government Vendors
- Computer Hardware/Software
- Professional Services, and Others.
We also partner with other factoring affiliate companies on Transportation, Construction, Medical and Other transactions.
We prefer deals $250 to $50,000 Account Receivables (AR) per month but will consider funding larger AR per month.
FI: How did you get your start in the factoring business?
Duane Marchant:
After 25 years of professional business management experience over two public companies, I stepped down as CEO to start a private funding business in 1997 to provide alternative financing for businesses in need of working capital to sustain and grow their business.
I was first introduced to factoring by attending an “American Cash Flow Training Seminar,” in 1995.
FI: What unique benefits does your company provide?
Our professional commitment to aggressively provide prompt client financing solutions, even when other lending institutions have said “no”.
FI: What do you consider the best methods for finding deals?
• Strategic referral partners
• Small commercial bankers and mortgage brokers
• Writing and posting articles
• Networking on and offline
• Technological tools in cyber space
• Brokers and consultants
FI: How do you handle commissions to cash flow brokers or consultants?
We welcome the opportunity to partner with brokers and consultants and offer competitive industry commissions.
Due to strong demand, we will be offering a “6 week Broker Factoring Taining Course” to help new brokers learn the factoring business and how to market their services more effectively.
FI: What advice would you give to new professionals just starting out in the industry?
1. Learn the factoring business so you can both talk the talk, and walk the walk.
2. Establish a relationship with several factoring companies, learning their submittal requirements and establish a personal relationship with their representative. Factors are always willing to help the new professional learn and earn.
3. Recognize this is not a get rich quick program and the new professional must have staying power. Remember you are building a business which takes time and consistent effort.
4. Get mentoring and training from successful Master Brokers and learn from their experience.
5. Don’t get sucked in by every new bell and whistle and don’t spend thousands of dollars. Most advise and training is free or minimal dollars.
FI: What is the most common business mistake you see people make?
* Not having a written marketing plan.
* Failing to recognize the necessity of CONTINUOUS MARKETING, professionally, effectively, affordably, and consistently.
* Too many think of marketing their factoring services as an event, rather than as a constant repeated process.
FI: Given the current economy, have you made any changes in the way you transact business?
We believe technology advancements in our economy have permanently changed the marketing arena.
The marketing audience is splintered among many different online media outlets. We are using online technology and social media as a significant part of our marketing efforts to reach a broader customer base, also to improve our customer service.
Bank financing is still very constricted and many businesses are seeking alternative financing. As a result, we have been busier factoring accounts receivable, than at any time in our 13 year history.
The federal government policy decisions and controls recently instigated may have changed bank financing for the unforeseeable future… the Factoring Industry is the beneficiary.
FI: Where can people contact you to obtain more information?
AAA Factoring Group
364 West 1500 North, Suite 100
Centerville, Utah 84014
Phone: 801-292-1220
Email: duane@aaafactoring.com
Website: www.aaafactoring.com
FI: Is there anything else you would like to share with our readers?
We’d like to share a recent press release on our efforts in helping Haitian Amputees and Small Businesses Get A Leg Up From AAA Factoring Group.
FI Summary: Helping businesses raise cash through factoring account receivables is one of many cash flow categories where consultants can earn commissions by referring transactions to funding sources. For a full listing of factoring companies please refer to the 2010 Directory of Factoring Companies and Service Providers.
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