So, you decided to factor your invoices. You’ve discovered that factoring your invoices allows you to get funds immediately without the worry of acquiring debt. You’ve applied for accounts receivable factoring through a factoring company and you’ve been approved. Now that the hard part is over, what’s next? Many businesses aren’t sure what the next steps to take after being approved for invoice factoring and receiving cash. There are some smart ways to use the funds as a means to your cash flow problems and essential needs. 5 Steps to Take After Being Approved for Invoice Factoring 1. Assess the Needs of the Business It is important to assess what your company needs over what you want. The difference between wants and needs is … [Read more...]
2018 International Factoring Association Conference
The 24th Annual Factoring Conference will be held at Fontainebleau in Miami Beach, Florida May 9 - 12, 2018! The event, brought to you by the International Factoring Association, features industry information from accredited speakers, expert panels and roundtable events, networking opportunities and evening receptions. 2018 Speakers, Panels, Roundtable and More Speakers Chef Jeff Henderson -Leadership Lessons from a Hustler Robert Stephens - Disruption, One Industry At A Time Michael "Bret" Hood - Using Verbal Statement Analysis to Detect Deception Brian Center - Factoring 101 Ian Varley - Niche Industries 101 Senator Joe Donnelly - Senate Viewpoint on the Regulation and Oversight of the Finance and Small Business … [Read more...]
What Now? Moving Forward in the Factoring Business After Being Defrauded
Behind every successful entrepreneur there are A LOT of failures, especially in the world of factoring. Being defrauded is a part of the factoring industry and it’s only a matter of time until it happens to you on some level. However, there’s a difference between coming out on top and going under. Here are some ideas on how to deal with being deceived and what to do when you find yourself asking, “What now?” (This article is a follow up to Protecting Yourself From Liars in the Factoring Industry - Part 1) Add it to your business plan We know—this sounds a little crazy. But calculating losses into your expenses before they even happen is a smart idea. Think of this as your ‘rainy-day’ fund: just like you wouldn’t go into retirement … [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...]
IFA Announces New Factoring Training Classes
The International Factoring Association has just announced NEW training courses and meetings,giving you more options for continuing education and networking! Learn Invoice Factoring With IFA Mark your calendars for these upcoming training courses and events: Digital Marketing May 1 - Webinar The Law and Business of Factoring June 23 - 24 - Planet Hollywood - Las Vegas, NV Account Executive / Loan Officer Training Course June 26 - 27 - Planet Hollywood - Las Vegas, NV Meeting for Women in Commercial Finance July 14 - 15 - Paris Hotel - Las Vegas, NV Transportation Factoring Meeting September 11 - 12 - Omni Nashville - Nashville, TN Portfolio Operations and Monitoring October 13 - 14 - Planet Hollywood - Las Vegas, NV Credit, … [Read more...]
International Factoring Association Conference 2014
The 20th Annual Factoring Conference will be held April 9-12, 2014 at the Westin St. Francis Hotel in San Francisco CA. This convention is organized the by the International Factoring Association and attendance is on track to make this year's conference the largest gathering of Factors ever! Whether you are a Factoring Company, Broker, Asset Based Lender, Trade Finance Professional, Bank, or anyone that supports this group, join the top factoring industry professionals by attending this unparalleled networking and educational event. 2014 Factoring Convention Schedule and Speakers Sessions are designed to be educational, informative and entertaining. Speakers Dr. Christopher Thornberg - Economy Jeffrey Ma - Power of … [Read more...]
How To Select A Market For Your Factoring Company
As far as I can tell, every factoring company is an expert and is also the best in the market when it comes to transportation, staffing, and security guard deals. Everyone offers the best terms, service, and turnaround times. At least, that is what they claim. Unfortunately, from a client’s perspective, there is little difference between factors. They all offer similar plans with similar benefits. So, factoring companies fight tooth and nail for every deal in these industries. However, every year, new factoring companies flock to those industries because they are coveted by factoring companies. In doing so, they face brutal competition from more established and better funded factoring companies. They usually lose. In reality, they … [Read more...]
Top 7 Factoring Investor Articles of 2013
2013 was certainly an active year for the factoring industry. Given the economic roller coaster, it is no wonder that more and more companies were inquiring about invoice factoring services and seeking help from factoring consultants. Each week Factoring Investor publishes free content – all designed to help you in the area of factoring accounts receivables. As 2013 comes to an end we wish everyone a Happy New Year! To help get your 2014 off to a productive start, we share with you this list of the... Top 7 Most Read Factoring Business Articles on FactoringInvestor.com Six Tips For A Beginning Factoring Consultant or Broker Wondering why some factoring consultants fail and others succeed? Here are 6 tips for starting as a … [Read more...]
How Factoring Benefits Temporary Staffing Agencies
Temporary staffing has been a linchpin for recession recovery, representing approximately 14 percent of the nation’s job growth each month throughout 2013. As a result, temporary staffing agencies may feel the cash crunch of expanding recruitment and marketing efforts and meeting greater demands from their customers. For these agencies, invoice factoring is the ideal funding solution to keep them on solid financial footing. There are several benefits to factoring for temporary staffing agencies: Factoring is the most flexible financing option available to staffing agencies. Financial flexibility means they do not have to worry about submitting a minimum amount of invoices or hitting a monthly maximum. An agency can choose to factor as … [Read more...]
The Sales vs. Underwriting Factoring Dilemma
I’ve written a bunch of articles about what to look for when funding a new client. Whether it’s proper notification or having an ironclad factoring agreement, you should always have a consistent set of due diligence procedures that adequately protects your company in every factoring transaction. With any new deal there will regularly be nuances that are unique and test the funder. In many cases getting past these roadblocks can make or break a deal. With any factoring company, one the biggest challenges is to scale the company for growth while keeping the proper safeguards in place. The friction caused by this dilemma is usually felt by the sales and underwriting divisions within a company. Salespeople complain that the underwriters … [Read more...]