Although invoice factoring has become a bit more apparent in business finance today, misunderstandings, fears and objections are still quite common. Being prepared to hear and address objections or questions is the most professional approach to these encounters. Fortunately, the issues discussed herein are the most common concerns expressed by prospects and from my experience in both commercial and healthcare factoring will arise in almost all presentations or conference calls. … [Read more...]
The Factoring Business Notice of Assignment – Never Fund Without It
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Real life scenario explains why factoring companies require a Notice of Assignment to fund business invoices in this article from Oxygen Funding. A few years ago we had a factoring business prospect referred to us from a broker that was affiliated with our company. The prospect was engaged in the business of logistics, working with several well known automotive companies. His business was growing and he needed cash flow to hire additional employees and take on more jobs. … [Read more...]
Invoice Factoring: An Alternative Financing Option for Outsourced Medical Billing Companies
It’s no secret that vendors who sell to medical providers make great factoring candidates. Typical vendors who benefit from invoice factoring include: temporary medical staffing agencies, medical transcription services, janitorial companies, and even medical supply companies. All of these businesses routinely provide services and/or sell goods to medical providers and then have to wait weeks or months to be paid. However, there is another type of vendor that can benefit from invoice factoring that you may not know about—Outsourced Medical Billing Services. … [Read more...]
Factor in Some Good News for the Factoring Industry
The New Year has arrived and with it comes the hopes and expectations for results to exceed those in previous years. Let’s face it, we all want to increase sales and profitability whether it’s in January or the middle of the summer. With traditional financial institutions continuing their stranglehold on lending to businesses, the factoring industry has experienced a renewed interest from companies seeking … [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...]
Looking For New Factoring Deals? Look Inside First!
Where are the invoice factoring deals? Whether I’m conducting a cash flow workshop or networking with colleagues, this question seems to come up at least once per event. … [Read more...]
Is Your Factoring Business In It For The Long Run?
I realize this question may seem obvious to anyone who owns a factoring business. Every business owner wants to succeed and have their company flourish which is why we took the leap of faith in the first place. Sometimes however, our actions … [Read more...]
Healthcare Staffing Funding – Bank Loan or Accounts Receivable Factoring?
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When prospective healthcare staffing businesses compare factoring fees to bank lending rates, factoring almost always seems more expensive. Oftentimes, factoring prospects annualize the percentage charged by factors, extrapolating three percent per month to an interest rate of 36 percent per year. In the world of healthcare staffing financing, this scenario is like comparing apples to oranges. … [Read more...]
Factoring: Is It Always About the Account Debtor?
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We all know that factoring has been around for ages and due to the recent changes in the economy its popularity has increased dramatically. With financial institutions constricting credit to businesses, the increased demand for cash flow has created an opportunity for the asset based lending industry especially for … [Read more...]
Invoice Factoring News
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Weren't able to make it out to Washington DC this month for the Invoice Factoring Conference? You can still get all the great factoring news and training from the event. The International Factoring Association has now made audio CDs and handouts available for purchase from their 2011 Factoring Conference at a reasonable $100 price point. Head on over to the IFA website to check out the great information. … [Read more...]