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Working with the Top Factoring Companies

If you have never worked with a factoring company before, it can be difficult to know where to start when it comes to searching for one. Do you look for a company that specializes in your industry, or do you settle for a more all-inclusive firm?

What kind of terms are the most appealing? Should you refuse to budge on percentage rates, or come to a compromise to close a deal with one of the top factoring companies?

This guide will help you to find a deal that is perfect for your business.

Draw Up a Shortlist

You wouldn’t buy a house without seeing it, so don’t think about agreeing to a factoring deal without having assessed the firm first. This is very straightforward. You just have to know what you are looking for, what terms you are willing to be flexible on, and which companies appeal to you the most.

Once you have two or three candidates lined up, arrange to either speak with an advisor on the phone or head in to the office for a consultation. This is your chance to determine the eligibility of the firm and make sure that it is one of the top factoring companies before you agree to set up a deal.

Make sure that you ask the following questions during this meeting.

  1. Do you charge application, due diligence, or setup fees?

You will find that a lot of factoring companies do charge a modest fee for setup and application. This is fairly standard, but it is up to you whether or not you are happy to accept it. It should always be a small charge. If you are surprised at the size of this fee, it is probably best to look elsewhere for a deal.

  1. Do you have minimums?

It is also common for some of the top factoring companies to carry ‘minimums.’ Essentially, this is just a minimum invoice amount. It means that you have to sell a certain amount of goods or services every month or pay a penalty. If you are a large company, with a lot of monthly payment activity, this could be a viable option. For small businesses and startups, however, minimums should be avoided.

  1. Will one person handle my account?

Ideally, you do want to be speaking with the same person every month, because this makes it easier to deal with any unexpected problems or complications. Again, this will always be a more accessible option with smaller business factoring companies, but it does depend on how much flexibility your chosen firm can offer.

  1. Do you have experience of my industry?

This is very important. You should always try to work with a factoring company that is currently, or has in the past, worked with other businesses like yours. You can get this information very easily, by simply asking the advisor or representative who handles your initial consultation. You also have a right to ask for references, accreditations, and industry specific insights.

Reliable Business Factoring with CFS

At Capital Funding Solutions, your business is our top priority. We have worked with thousands of SME’s, startups, and consultants in Florida, Texas, New York, Georgia, Michigan, Virginia, and beyond. And, we would love to help your business solve its cash flow problems today.


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