Factoring article archives

Here are some links to some archives that should be beneficial for you:

Tips on Choosing a Factor

Do you Qualify for Factoring

Factoring Warning

What kind of Companies Use Factoring

The Factoring Process

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Factoring Application Warning

We have all heard it said before that it is in the fine print, read the details.

While seeking a factoring company you fill out several forms and have numerous conversations with so many different companies you forget who is who. The conversations start sounding the same and you know a decision needs to be made.

A common question that you should have been asked is about any liens against your receivables and of course you said no. You then pick the factoring company you want to use and they begin due diligence. You are eagerly waiting for this process to get over so you can receive your 1st funding only to receive a call from your factor that a lien has already been applied against your receivables. Not only that but another factoring company has a 2nd position because they filed a lien also.

Trust me, I am not making this up....it happens every day. As a matter of fact this exact situation happened just last week to one of the clients that decided to go with one of my recommended funding sources. They had filled out some applications with several other sources they contacted and did not realize that in the signature release the factoring companies had language that gave them the right to go ahead and file a lien against their receivables.

So instead of getting funding on the day the due diligence process was over, two liens were returned and funding had to be put off until the lien was cleared up!

I do not understand this tactic and I personally think it is very underhanded. Would you want to do business with a factoring company that does this?

So if you are looking for a relationship with trustworthy funding sources just Click this Link for a free factoring quote.

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Low Factoring Rates

So what is going on with these advertised factoring rates?

Do not get confused or tricked by low advertised teaser rates. If you see 0%, 1% etc for the 1st 30 days asked for the fine print.

1st of all you need to look at your average aging. We see that 30 days in the real world usually means 35 to 45 days. This of course are the fees you will be paying.

Asked these questions when faced with teaser rates:

• What is the fee schedule for 31 to 90 days?
• Any monthly fees?
• Any per invoice fees?
• Any minimum fees?
• Any Application or Administration fees?
• Any renewal fees?
• When are reserves released?
• Are invoices bulk assigned?

Also remember to not make the mistake of just shopping rates, see our blog on this topic for some reasons Click this Link

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New Year same topics

I hope everyone had a great 2006. On we go to 2007 and I hope it brings you everything you hope for.

Here are some past articles worth revisiting so enjoy. I hope it helps.

What will it cost you not to factor?
Factoring Contracts
Factoring warning before you sign
What will your customers think?
Do you qualify for Factoring?
Do you have any financing?
Choosing a factor

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The Factoring Industry Continues to grow

Factoring volumes worlwide continue to grow at double digit pace!

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Factoring around the World

Factoring is a very popular form of commercial finance around the world. See what is happening with a bank in Chile.

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Factoring Fees!

I have been amazed at some of the rates I see advertised for factoring services online. I mean come on get real. I sure hope that the quality of service comes with those rates.

I think we all have experienced in life those things that seem too good to be true and once we take the bait we once again are disappointed.

Another example is looking for a new car. Every dealer is grappling to get us to come in to buy from them because they are the best dealer on the planet and have the most selection etc. But we all know that the dealer has a cost for that vehicle and they can only go so low on the price. Well if all of a sudden we opened up the paper and read an ad on the automobile we were interested in and it was way less than anything we have come across in our endless search for the best deal.

WARNING....WARNING what is up with this picture. Well we get to the dealer and find out it was actually a demo with 5 thousand miles, always a catch.

So my advise to you is to proceed with caution when you see extremely low introductory factoring rates advertised and get to the low down facts of what you are really getting. Most Factoring companies have a cost of funds just like the dealers have a cost for the vehicles on the lot.

May I suggest reading one of my previous post titled Factoring Warning, before you sign: Click this Link for the article

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