In the spirit of the season, it’s time to file your taxes. Your tax returns verify your previous income level and are proof of the tax obligations you have fulfilled – both filing and payment. It is recommended to turn to a creditable tax agent to ensure everything is done correctly. For better understanding of your invoice factoring terms of agreement, reach out to your factoring company. There is a lot to be determined when determining if the receivables you factored are taxable. How a company treats its accounts receivable depends on what accounting method the company takes. If it uses the accrual method, then the company records revenue as soon as it makes a sale, which means accounts receivable get counted as income. The general … [Read more...]
“Show Me the Money”: How Do Your Factoring Partners Pay Commissions?
You’ve begun working with a factoring company that handles your leads well. They keep you updated, follow up on a regular basis, and they have successfully closed a deal. Now, you say, it’s time to show me the money…but just how much money will you get? We are not lawyers, and we don’t play them on TV, but we can’t stress enough the importance of thoroughly reading your broker agreement. The agreement should clearly define every question you might have about if, when, and how you are to be paid for your referred leads. Below are just some of the commission questions that you should have answered before you send any leads. Do you get paid for your leads? What are the circumstances under which you get paid? More importantly, are there … [Read more...]
Qualifying vs. Working For Your Receivable Factoring Referral Fee
What is expected of the receivable factoring referral source? As a direct funder, we have requirements of our factoring brokers. Our brokers make monthly residual income and for that, certain things have to be done. The basic minimum requirement is to introduce a potential client to us and to complete/submit the necessary broker agreement. Once that process is completed and the transaction closes the broker has qualified for his/her fee and once payments are collected from payers, fees are distributed. The question here is “Should the factoring broker be satisfied with this?” If a referral source is to be successful that individual must look after, or nurture the prospect. It should always be noted that the broker is the first line of … [Read more...]
Choosing The Right Factoring Partners
For a factoring broker, selecting the right factoring companies to work with can spell the difference between being successful in the business – and never closing many deals. Yet, most brokers don’t have a well thought out process to choose their factoring partners. Instead, they chose their factors based on the broker compensation package or how well they clicked with their broker representative. While these two criteria are important – they are among the least important criteria to select a factor. Actually, if you select a factor just based on compensation, you could end up losing money. Let me tell you a story. … [Read more...]
International Factoring Companies
US exports are on the rise leading to increased opportunities for international factoring companies and brokers. In January 2011 exports set a record 167.7 billion up 16% from a year ago and beating the prior high of 165.7 billion in July 2008, according to … [Read more...]
Is a Factoring Career Right for You?
Earning $50,000 - $250,000 per year? Full-Time, Part-Time, or even Spare Time! Today's Credit Crisis can be Your Opportunity for Wealth! To say times are tough would be … [Read more...]
Factoring Top Ten
The Top 10 ebooks provide keen insight to particular aspects of factoring that every newcomer must learn, and every veteran will appreciate. These four eBooks are available for purchase individually at $9.95 each or buy all 4 as a bundle for only $29.95 (buy 3 get 1 free)! These are Instant Downloads -- order them now, have them in seconds! Top 10 Insights about Factoring Prospects ($9.95) by Jeff Callender Questions to Ask and Truisms to Remember When Considering Potential Clients Choosing which prospects to approve and which to decline is one of the most important decisions you make as a factor. These 10 insights provide a perspective and understanding of just where you really do (and don't) want to invest your money and time. Filled … [Read more...]
How Can I Earn Commissions in Factoring?
Moneymaking opportunities abound for factoring brokers and cash flow consultants. … [Read more...]