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5 Tips on Factoring

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  • 5 Tips on Factoring

    1. Know what the term means. It’s a way to turn your accounts receivable into cash by selling them to a finance company called a factor.

    2. Make sure you understand the fees you will pay for this service. They typically include the cost of funds and making the collections.

    3. Balance the cost against the gain. Factoring can be expensive but it may fuel your growth, improve cash flow, or enable you to take advantage of supplier discounts.

    4. Ask your bank or CPA to recommend factors. Check their references.

    5. Visit www.cfa.com, the Web site of the Commercial Finance Association, and the International Factoring Association at www.factoring.org for a list of factors. The CIT Group site, www.cit.com, provides information on factoring (click on “Business Financing,” then “Commercial Finance,” to access the search feature).
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  • #2
    Re: 5 Tips on Factoring

    good information . . . thank you colin12 ... Factoring is a financing alternative in which firms lift up cash by selling their accounts receivable at a reduction from face value . . . for the most part factoring transactions made today actually are structured to be more like short-term loans with receivables pledged as collateral . . .
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    • #3
      Re: 5 Tips on Factoring

      here are huge advantages to factoring. You can focus on running your business not worrying whether your clients will pay you. Because your cash flow is more predictable, it will let you make better business decisions and plan growth strategically. And bad debts can become someone else’s problem.

      Some factoring companies will also give you free credit information on your suppliers and clients.
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      • #4
        Re: 5 Tips on Factoring

        The factoring services consist of four main functions:

        1.Finance for the supplier
        2.Maintenance of the receivables account
        3.Collection of receivables
        4.Protection against the default in payment by debtors
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        • #5
          Re: 5 Tips on Factoring

          Factoring is a financial transaction whereby a business sells its accounts receivable to a third party at a discount in exchange for immediate money with which to finance continued business.
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          • #6
            Re: 5 Tips on Factoring

            Unlike traditional bank financing, Factoring relies on the credit-worthiness of your customers, not you.
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            • #7
              Re: 5 Tips on Factoring

              Some of the great benefits to Factoring are

              1.Improve Cash Flow without adding debt
              2.Improve Customer Credit Services
              3.Flexibility
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              • #8
                Re: 5 Tips on Factoring

                You can use factoring to:

                1. Get money quickly
                2. Avoid the hassle of collecting bad debt
                3. Smooth your cash flow
                4. Borrow money, secured by your debt
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                • #9
                  Re: 5 Tips on Factoring

                  Factoring boosts cash flow but there are costs and it reduces control over business finances.You have to pay extra to remove your liability for bad debtors and some customers may prefer to deal directly with you.
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                  • #10
                    Re: 5 Tips on Factoring

                    Many businesses have Cash Flow that varies. A business might have a relatively large Cash Flow or small Cash Flow. Because of this, firms find it necessary to both maintain a Cash Balance on hand, and to use such methods as Factoring.
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                    • #11
                      Re: 5 Tips on Factoring

                      Factoring finance may be the enabling tool for more capacity, more flexibility, more fluidity, more efficiency, and more sales if you have to give credit.
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                      • #12
                        Re: 5 Tips on Factoring

                        You have to know about these points for factoring
                        1.Know what the term means.
                        2.Make sure you understand the fees you will pay for this service
                        3.Balance the cost against the gain.
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                        • #13
                          Re: 5 Tips on Factoring

                          Factoring allows you to raise finance based on the value of your outstanding invoices and also gives you the opportunity to outsource your sales.
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                          • #14
                            Re: 5 Tips on Factoring

                            You can focus on running your business not worrying whether your clients will pay you. Because your cash flow is more predictable, it will let you make better business decisions and plan growth strategically. And bad debts can become someone else’s problem.
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                            • #15
                              Re: 5 Tips on Factoring

                              Hello,

                              Undoubtedly, the word “factoring” has spread throughout business and economic circles. In other words, factoring became integral part of business and economic. Many of us deal with it. But, unfortunately, not always we know how to act in this or that case. So, it would be useful for you to read offered information about the benefits of factoring and cash flow financing. Everyone wants to find useful and competent money factoring tips.

                              Thank You
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