Have a factoring deal but can’t find the right funder? Don’t lose out commissions!
Factoring brokers can turn to Factor Finders to take advantage of a unique opportunity.
Nikki Fores, Marketing Manager, explains how Factor Finders LLC is helping consultants succeed in this interview with Factoring Investor.
What unique benefits does Factor Finders provide?
Factor Finders, LLC is unique, in that we are not a funder. Rather, we are a brokering service that caters to helping other factoring brokers capitalize on commissions that might otherwise be lost. We have relationships with funding companies all over the world. Don’t lose out on a commission because you can’t find a funder to do the deal! If you have a prospect that you cannot find a funder to do, contact us, and we’ll find the factor for you, and then we’ll split commissions 50-50.
How did your company get started in the factoring business?
Factor Finders, LLC is a sister company to PRN Funding, LLC. PRN Funding is a specifically-niched factoring company that specializes in the factoring the receivables of vendors who sell to medical providers. Because of our small niche, we routinely receive factoring requests from companies that do not fall in line with our funding criteria. Establishing Factor Finders, LLC made it possible for us to send those misdirected leads out to factoring brokers and/or funders that are more capable of meeting the company’s cash flow needs.
Can you please highlight a business you were able to help recently with your factoring services?
Factor Finders specializes in finding factoring companies that can do difficult-to-place deals.
Even though we cannot mention specific names of our clients, here are just a few examples of the factoring clients we’ve successfully placed with a factoring firm:
- A small home healthcare client billing Medicaid less than $15k/month.
- A commercial construction client in need of spot funding a couple of times a year.
- A medical provider billing insurance companies $700k/month.
- A startup trucking company with one truck.
- And many more!
Here are a few examples of factoring clients we’ve placed, and will be funded soon:
- Chiropractor with numerous PI and WC claims to factor.
- An international construction company based in India.
- A home healthcare company billing Medicare.
- A produce company selling to grocery store chains.
- And many more!
Will your company work with factoring brokers or consultants and how do you handle the commission structure?
Yes. If you can’t find a funder for one of your clients, contact Factor Finders with the details. We’ll locate a factoring firm for your client and then split the commissions 50-50.
What do you consider the best methods for finding leads?
Most of our prospects come in via web site inquiries and through our strategic relationships with factoring brokers.
What advice would you give to new professionals just starting out in the industry?
Getting your foot in the door with one of the big players in the world of factoring can be difficult when you’re just starting out in the industry. That’s where fostering an alliance with Factor Finders comes in handy—We already have lasting relationships with a large network of reputable factoring firms. We can help you find a fit for your clients.
What is the most common business mistake you see people make?
One of the most common business mistakes we see factoring brokers make is when they try to shop a deal without fully understanding the company’s business model and/or the industry very well. The second most common mistake we see factoring brokers make is trying to refer a deal to a factor that falls outside of the factor’s criteria. (i.e. Trying to refer a medical receivable deal to a factoring company that does not factor 3rd-party medical receivables.)
Given the current economy, have you made any changes in the way you transact business?
We’re even more motivated to make help business owners in need of capital find factoring firms that can help them.
Where can people contact you to obtain more information?
Web site: www.factorfinders.com
Phone: 855-FACTOR-1
Email: nikki@factorfinders.com
YouTube: www.youtube.com/factorfinders
LinkedIn: www.linkedin.com/company/factor-finders
Twitter: www.twitter.com/factorfinders
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