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Factoring is thousands of years old. Factoring is the process of advancing you monies on your invoices while you wait for your customers to pay you.
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Who Does Factoring Work Best For?
Who Does Factoring Work Best For?
www.ifgnetwork.com The ideal factoring client is basically a small to medium sized business that's looking for short term financing and can't get approved through a bank or already has a line of credit or a loan that's maxed out and can't go any further with it. They have lots of accounts receivables or invoices standing around for work completed that they haven't been paid on. Because of the current economic circumstances, delays happen constantly. New companies are perfectly fine as prospects for some factoring companies. Now, of course, if you go to a standard factor, that might not be the case, but with spot factoring, client approvals for factoring an invoice on a one time basis, each time. So, with some factoring companies, business, who have been in business for just two weeks may be eligible.
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We Specialize In Construction Factoring
We Specialize In Construction Factoring
www.ifgnetwork.com Most factors don't want to touch the construction industry. Banks don't want to touch it. With everything that's happened in the housing market and the commercial building market, it's not a great place to be in, and being a builder is just such hard work these days. Other factors welcome construction factoring and have been doing so for over 40 years now. They specialize in construction factoring and know how to handle construction clients and talk to their customers to get the results they need. Often times, builders don't have enough money to pay their payroll, for the gyp rock or stone or concrete people working, not to mention the supplies that they sometimes have to pay for up front, and the owner is telling them, "well, just wait around. Just wait, once you finish this phase, once you finish that phase, we'll get you some payment," and they're sitting around waiting for payment for 70, 80 days at a time. They just don't have the kind of cash flow to support that.
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The Cost Of Factoring
The Cost Of Factoring
www.ifgnetwork.com If the small business can get a bank loan, they should go that route in most instances. Many factoring prospects apply even while they are in the process of getting approved for a bank loan. Which, by the way, of course, can take months. This is not the kind of economy where banks are going to sit around waiting to sign off on that loan today. They are going to take months to approve a company. And during that time, that client has to complete his work. It's not like the world stops because the banker is waiting around for more documentation or approval. The other aspect of spot factoring is that once the factor funds the small business, they are not being put into a contractual relationship with the factor where they must commit for a specific amount of time. They can come and go as they please. If they want to factor just one invoice and disappear, that's all right. If they want to come and do factoring for three months while the bank is approving a loan, that's all right.
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The Biggest Misconception About Factoring
The Biggest Misconception About Factoring
www.ifgnetwork.com The biggest concern small business factoring prospects have is, "Oh, you're going to contact my customer? I don't want the relationship between me and my customer to be jeopardized." That's a misunderstanding because if the small business is doing well enough to be pre-qualified and then qualified enough for the factor to send a notification to their customers, these customer will think that the small business is now an established business that can afford to get financing. Any established business has to have financing. Nobody works on a cash-only basis. It just doesn't work. Customers are usually very open to the idea of factoring.
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The Advantages Of Factoring
The Advantages Of Factoring
www.ifgnetwork.com Recently a client who has been working with a particular spot factor for almost five years now, came to them to buy out his bank line. The factoring company asked, "Tom, why would you want to do that? You're paying three percent annually on that line. Why would you want to do that?" He told the factor that the reason was that the bank constantly penalized him for things that he didn't understand. He could not get anybody to give him a call back. He couldn't get anybody to answer his questions. If he needed an increase, there was no one to talk to. Every single person would give him the answer, "I'll have to talk to someone and get back to you."
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Spot Factoring vs. Invoice Factoring
Spot Factoring vs. Invoice Factoring
www.ifgnetwork.com Spot factoring and invoice factoring are different. Spot factoring and invoice discounting are the same thing. But spot factoring is rare. With spot factoring, the difference is that, again, the small business in not getting locked into a contractual relationship. The spot factor is not going to penalize them for every little thing. There is one rate, a daily rate, that they get charged. There's no looking at fees and trying to figure out what they are going to have to pay and trying to figure out whether they're going to get penalized this month and whether they're meeting the minimums for the factoring line this month, none of that. You have an invoice. You sold it to the spot factor. There is a daily rate. The business pays the daily rate up to the date the customer pays us. That's it.
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Reducing The Costs Of Factoring
Reducing The Costs Of Factoring
www.ifgnetwork.com There are several ways to reduce the costs of factoring including passing along the costs to your company's clients. Also, with larger invoices, the spot factor will work with their clients, and figure out a rate that works for them so that their margins and the factoring rate don't interfere with each other.
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How Many Repeat Customers For Your Spot Factoring Services Do You Have?
How Many Repeat Customers For Your Spot Factoring Services Do You Have?
www.ifgnetwork.com One-offs are very rare. I think that speaks to the service and quality of service. Clients love the speed with which factoring works. Invoices can be turned around within 24 hours into cash in their bank account. These could be small, medium, large companies, or small companies that turned into large companies because they used our funding the right way and continued to grow, and then got a bank loan, but still, sometimes, may need factoring services because the bank loan is not sufficient to meet their needs during a high season, for example. In factoring, some 95 percent of the clients are repeat, just because they want to be, not because they're obligated to be.
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How Do I Get Started With Factoring?
How Do I Get Started With Factoring?
www.ifgnetwork.com The best way is to go to www.ifgnetwork.com and either click to talk with a representative, chat with a representative, fill out the application form, or call direct at 877-210-9748. New companies are perfectly fine as prospects for some factoring companies, like IFG Network. Now, of course, if you go to a standard factor, that might not be the case, but with spot factoring, client approvals for factoring an invoice on a one time basis, each time. So, with some factoring companies, business, who have been in business for just two weeks may be eligible.
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Factoring Financing For Your Needs
Factoring Financing For Your Needs
www.ifgnetwork.com When you're a small business, you don't have time for people to tell you, "I'll have to talk to someone and get back to you." You want to talk to the decision makers. At this factoring company, only the highest underwriters will take over files, and they make decisions. They don't have to ask anyone else for permission. They don't have to get authorization. They make decisions for the small business right at that moment.
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