With so much information readily available at our fingertips it is really easy to take shortcuts when trying to learn about the factoring industry. Although the factoring business model is very straightforward, you still need to understand basics before you venture out into the world and meet with prospects. One of the downsides to the factoring industry is that much of it is … [Read more...]
Five FAQs That Small Business Owners Ask About Factoring (And How YOU Should Respond)
If you’ve ever had a hard time convincing a business owner why he/she should use factoring, then I suggest you keep reading. I can assure you that if you’re prepared and possess the right attitude when approaching entrepreneurs about factoring, then you’ll be able making commissions in no time. In order to help factoring brokers better be able to sell the concept of “factoring” to incredulous small business owners, here are five common questions that that small business owners ask about factoring and more importantly, five answers to those questions. … [Read more...]
Listen and Learn – Insights To The Factoring Industry
By 1 Comment
After reading the title to this piece one would think that I have some great pearls of wisdom to dispense on one of the many facets about the factoring industry. Sorry, this isn’t going to be a tutorial on marketing your business or collecting the proper documents to close a deal. We’ll save those for another time or article. This time I’m going to try and keep it plain and simple and focus on something so many fail to do when working with a prospect – listen. … [Read more...]
IRS Issues Do Not Kill All Factoring Transactions
By
Factors rely on the accounts receivable for collateral against their funding activities. That is a non-negotiable item for most of us and will NEVER be compromised. So, what does that mean? Very clearly, the receivables must be free of any lien, levy, or claim by any financial institution, court or individual resulting in the factor’s not being able to … [Read more...]
How to Identify a Fraudulent Factoring Deal
By
Discover the 3 red flags a factoring broker or company should watch for that can be early warning signs of a fraudulent deal. Some of the specific due diligence procedures factoring firms perform on new factoring candidates are cumbersome and/or costly. Because of this, it’s very rare that a factoring firm would ask a cash flow professional to conduct a thorough analysis as part of an early pre-qualification process. Furthermore, a factoring company won’t even do an in-depth investigation on a prospect until after … [Read more...]
A Call to Factoring Brokers – What’s Up?
By
What makes some factoring brokers successful and others fade away? Get three important steps from Don D'Ambrosio in his Call to Factoring Brokers! In the past I’ve written about the pivotal role a factoring broker can play in the cash flow industry. In my November 2011 piece titled, “A How To Guide For Factoring Brokers”, we received an overwhelming response from interested people from all parts of the globe looking to get involved in the factoring industry. That’s the good news. Unfortunately, I have also found that a large percentage of these “new brokers” had … [Read more...]
Now is the Time to Sell Temporary Staffing Factoring
By
Discover why recent US labor statistics reveal that now is an excellent time for brokers to sell temporary staffing factoring in this article from Nikki Flores of PRN Funding. Did you know that many experts look at transitions within the temporary staffing industry to help make predictions about the future of our country’s economy? The reason is because the temporary staffing industry is deeply intertwined with all facets of Corporate America. Allow me to elaborate… … [Read more...]
Factoring Business Website and Survey Results!
By 1 Comment
That is right! We turned our recent factoring business marketing survey results into a video case study! Plus there's a special announcement on the new factoring websites you won't want to miss. … [Read more...]
Surprises in the Factoring Industry Aren’t Always a Good Thing
By 2 Comments
Factoring business owner reveals why he'd rather avoid surprises in the factoring industry in this month's article from Don D'Ambrosio of Oxygen Funding. When most of us hear the word surprise, it is usually associated with a good feeling that was unexpected. In the business world, surprises sometimes have a very different meaning that does not have the same good feeling associated with it. … [Read more...]
Making Sense of Medical Factoring
By 1 Comment
Many factoring brokers steer clear of medical receivables factoring because they think it’s too hard to get a health care deal funded. I’m here to tell you otherwise. All you need is a general understanding of the types of companies that can benefit from medical factoring and a couple of strategic partnerships with the right health care factoring firms. … [Read more...]