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...]
Receivable Funding Benefits Small Business
CHICAGO (BUSINESS WIRE) -- Bibby Financial Services recently provided a $2 million credit facility to a produce company in Northern California. The company buys and sells strawberry plants to growers in California, Florida, and Mexico. In addition, Bibby Financial Services extended a $1 million credit facility to a transportation and logistics company with many fleets and locations throughout the western United States. The company plans to use the funds to meet payroll for independent contractors hired to execute deliveries and service local accounts. Nick Hart, CEO, Bibby Financial Services (CA), states, As we see traditional funding facilities continuing to tighten up on credit, it is important that businesses have the finance … [Read more...]
Using a Factor’s Credit Risk Expertise
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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!
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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?
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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...]
Bibby Financial Services Funds $1.25 Million
TORONTO, Mar 05, 2009 (BUSINESS WIRE) -- Bibby Financial Services recently provided a $1.25 million funding facility to an Ontario-based transportation company. The funds were used to pay out the company's loan facility with a major Canadian chartered bank and provide it with working capital after the bank had placed it into a special loans unit due to the company's losses. Bibby Financial Services was able to work with those bankers to complete the transaction and provide the client with the cash it needed to continue to operate, meet its obligations and manage its growth. "It is important now more than ever that Canadian businesses receive the financial resources they need to continue to grow," said Kevin Westfall, VP Operations, Bibby … [Read more...]
Overcoming Cost Objections to Factoring
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We recently received this query from a factoring investor subscriber: "In the past, prospective clients complained about factoring costs being very expensive. How do we overcome this objection?" There are several ways to address the cost question as explained here by Mike Ponomarew. … [Read more...]
2009 Factoring Conference
Looking for in-depth information on factoring account receivables? The International Factoring Association (IFA) is holding their 15th annual factoring conference April 22-25, 2009, at JW Marriott Grande Lakes in Orlando FL. This 4 day conference is dedicated to banks, finance companies, and factoring professionals offering financing through factoring. Here are a few of the scheduled sessions that caught my eye: Funding Your Factoring Operation Tricks of the Trade for Entrepreneurial Factors Internet Marketing Factoring 101 Economic Projections affecting the Factoring Industry Factoring Around the World Small Factors Workshop The cost to register for the conference is $995 (plus an additional $50 for non IFA members). … [Read more...]
Free Webinar For Business Owners
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*****Webinar Completed...stay tuned for another!**** Free Webinar - "Creating Positive Cash Flow - When the Bank says No!" When: January 29, 9:00pm - 10:00pm (EST) Two words: Cash Flow. In these economic times it is not only survival of the fittest, it is also survival of the smartest. Cash Flow is your lifeblood. It can be the difference of making payroll or even keeping the lights on; and your bank may not be much help in 2009. Fortunately there are realistic alternatives … [Read more...]