One thing I love about the factoring industry is that once we remove all the layers of speculation, it really is a straight forward business. People new to the industry, both brokers and companies thinking about using factoring services, have an uncanny ability of making things more difficult than need be. Terms like “hold back,” “reserves,” “advance rate,” and “points” can put people on edge. Add to the fact that just about everyone tries to compare "factoring vs. bank loans" and it is no wonder … [Read more...]
How to Qualify a Factoring Prospect by Asking Three Simple Questions
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It’s a factoring broker’s job to deliver companies with cash flow issues to the appropriate funding source. Although this task sounds easy enough, in reality, it’s not always so simple. Picture this scenario: You have a client in need of cash flow who has been in business for a year, has three large customers and … [Read more...]
Small Business Turns to Alternative Financing
While the demand for small business loans is up, a recent Federal Reserve survey shows the majority of banks are keeping credit tight. This is causing small business owners to turn to alternative financing options. The factoring industry is well-versed in how this need is fueling demand. Two recent articles in CNN Money covered the ongoing small business financing challenges and highlighted one possible solution... Merchant Card Advances … [Read more...]
Getting In the Factoring Business – Part Two
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Three important questions you will want answered before starting a factoring business as a broker, consultant, or funding company. Over the last year I’ve had the privilege and pleasure of writing several articles for Factoring Investor on the topic of how you can get involved in the factoring business. … [Read more...]
A How To Guide For Factoring Brokers
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About a month ago, I posted a discussion on LinkedIn about how to become a factoring broker or consultant in the invoice factoring industry. Specifically, we put together a guide for new and current brokers titled, “Guide to Wholesale Factoring.” The guide contains information on industry related topics including, benefits of factoring, factoring vs. bank financing, sample transactions, targeted industries, qualifying prospects, overcoming objections and more. The response was absolutely overwhelming! … [Read more...]
Factoring Brokers Need to Concentrate On Value, Not Just Money
The essence of offering factoring broker services is fairly simple. Help companies sell invoices to gain quick access to cash. But if you are only concentrating on the “money” side of the business, then you are only focusing on half of the issue. … [Read more...]
International Factoring Association Interview
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What changes are facing the Factoring Business? We are honored to get insights from Bert Goldberg, Executive Director and founder of the International Factoring Association, in this issue of … [Read more...]
5 Free Tools to Help Factoring Brokers Online
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Looking for marketing and factoring training to increase business? Take advantage of these... Free Tools to Grow Your Factoring Business Online! 1. Google Places Page for Factoring Believe it or not Google is providing a free web page for local businesses through their Google Places Pages. This allows … [Read more...]
Starting Your Own Factoring Business? It’s Your Call
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At some point in our working lives many of us think about starting a business and being our own boss. The thought of … [Read more...]
Factoring Brokers Get Paid Before a Deal Closes?
You have to hear about this... New Factoring Broker Promotion! We all know that factoring brokers normally get paid a referral fee after the factoring companies fund the invoices. But PRN Funding is currently running a special offer to factoring brokers that pays a $50 gift card upon referral of a qualified medical staffing lead! It doesn't matter if it turns into a closed deal... you still get paid! It just has to meet these requirements: Upon evaluation and approval that the following criteria have been met for a referral, PRN Funding will mail out a $50 gift card (of the broker’s choosing) directly to the referral source: The prospect must be an organized entity (Corporation, LLC). Sole proprietorships, … [Read more...]