Deciding to support your business with a factoring company relationship is a big decision. The right organization can radically improve your financial situation and business plans. The wrong organization can do just the opposite.
You’re right to want to dig deeper.
We want to help. Below are a few questions we believe you should be asking about any factoring company you’re considering. Even if you wind up choosing another organization (although we can’t see how you would), first Financial Factoring is always available to you to help explain this financial instrument and how factoring can, with very little cost or effort, absolutely transform your cash flow and ultimately your business.
Call us anytime with any kind of question at 1-866-654-8314.
Now, here are those questions to which you should know the answers:
Does a factoring company have experience in my industry?
How long will it take to fund me the first time?
How difficult is the approval process?
Does a factoring company charge per-item fees, per commission fees, administrative fees, minimum monthly fees, per diem fees, application fees or any other hidden fees?
Is it a large size financial institution or does it depend on a bank credit line?
Does a factoring company own any other business or businesses related to my industry?
How long it will take to write me a proposal?
Is a company committed to customer service?
Is a company’s software adequate and modern?
Will a company go over the closing documents with me?
Does a company charges up-front fees to close and fund my account the first time?
Does it require minimum volumes per month or certain sizes of invoices?
How frequently does it disburse my reserve (remaining balance) to me?
How long will it take to advance my company funds against its invoices, once I am a client?
Let first Financial Factoring answer all your questions for free.