FROM MARKETWIRE May 13, 2009 BETHESDA, MD The Interface Financial Group (IFG), North America's largest alternative funding source for small business, reports instances where invoice factoring, when a business sells its accounts receivable invoices at a discount, has helped a company stay in business in the midst of the current global economic downturn. A recent report by BizBuySell.com, which tracks the health of small business, indicates that there has been a decline in business-for-sale transactions and valuations. Additionally, the number of closed transactions reported in the first quarter decreased by 36 percent as compared to the same 2008 time period. As many small business owners across the country are struggling, many … [Read more...]
Factoring Conference CD and Handouts
The International Factoring Association (IFA) wrapped up their 15th Annual Factoring Conference in Orlando, FL on April 25, 2009. If you missed this informative event IFA has made it easy to listen to the 2009 factoring conference sessions on audio CD. This year's session handouts are also available for download in PDF format. For more information visit the IFA site. … [Read more...]
Factoring – The “F” is for Flexibility
There are a lot of misconceptions about Factoring accounts receivable. The two biggest myths are It Costs Too Much and Lack of Flexibility. That may have been true in "the old days" but nothing could be further from the truth today. … [Read more...]
What Industries Use Factoring for Business Financing?
Any company generating accounts receivable with creditworthy customers can take advantage of the cash flow benefits offered through factoring. In factoring, like any industry, there are certain clients that make up the greater share of business. … [Read more...]
Factor Marketing – 5 Proven Referral Sources
A factoring broker has excellent earning potential referring business to factoring companies for accounts receivable funding. But before there are commissions there must first be prospects, which all stems from active marketing. Successful factoring brokers continually turn to referral based marketing as a key component of an effective marketing plan. Consider these five proven performers when developing factoring referral business: … [Read more...]
How to Select the Right Factor
Ok, you are sold on selling some invoices, you see the benefits, but you are just not sure how to select the right factoring company. Here are 7 essential factors to consider and compare: … [Read more...]
Using a Factor’s Credit Risk Expertise
You probably already know about the ability to sell invoices to a Factor. You may also know you don't have to Factor all your invoices - just the ones you want or need. But did you know a Factor could provide tremendous help on invoices that you don't even factor? … [Read more...]
Factor Marketing – Perfecting the Elevator Speech
Quick! Tell me what you do in two to three sentences. The elevator speech is a cornerstone marketing component for developing accounts receivable factoring clients. Like with most businesses, the elevator speech is a brief commercial describing your services that can be used when contacting customers in person or by phone. Here are five key elements of any successful elevator speech: Personal and Business Name Services Offered Who benefits What's In It For Them (WIFT) Duration of 30 seconds or less This introduction assumes there is a limited amount of time, like an elevator ride, to describe what you can offer. When putting the components together, a factoring consultant elevator speech might sound like the following … [Read more...]
Earn Consultant Fees Factoring Invoices with Millennium Funding!
Factoring account receivables is helping businesses through these tough economic conditions opening the door to earning opportunities for cash flow consultants. FactoringInvestor (FI) caught up with Michael Ponomarew (MP) from Millennium Funding to fill us in on how they are helping consultants earn fees by helping businesses sell invoices. … [Read more...]
What is Non-Notification Factoring?
When a factor makes an advance to a business on invoices or accounts receivable they want to be certain payment is received from the account debtor. Whether or not the account debtor is notified of the assignment differentiates between notification factoring and non-notification factoring. With Notification Factoring the account debtors are notified the invoices were purchased and are requested to make payment directly to the factoring company. In the case of Non-Notification Factoring the account debtors are not notified the business sold and assigned the receivables. Also known as confidential factoring, the invoices are generally paid to a lock-box. Factoring is primarily handled on a notification basis. In fact about 82% of … [Read more...]