Here is what you need to ask yourself when seeking more profit from your business

A businesses desire to scale shouldn’t be entirely based on demand for their product or service. Demand will certainly play a large roll in how or when a business will scale. To Scale your business effectively means anticipating demand, not reacting to it.

If a company acquires two or three new clients and then realizes it can not fulfill their demands, business growth efforts are likely to collapse. This kind of activity leaves room for competition to move in and service unhappy or under-serviced customers.

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Predictable cash flow provides a business the flexibility it needs to stay competitive, grow quickly, fulfill new customer demands and generate more profit.  Do you know what your predictable cash flow is?

How Does A Business Realize Predictable Cash Flow:

Build in sustainability and scalability in order to make sure future cash flow is predictable. Examples;

  • Lock in customers – Offer incentives, sign contracts, improve customer experience to ensure customers are incline to work with you over the long haul.
  • Implement a consistent sales and marketing process – Design a process, train  your sales staff, put performance metrics in place and hold your team accountable.
  • Make delivery of your products and services scalable and repeatable – learn from your mistakes, identify cash flow gaps within your sales cycle and figure out how to eliminate existing problems.
  • Free up cash flow from slow paying customer accounts – Factor finance your accounts receivable invoices to get money your customers owe you today, instead of waiting 30 or more days.
  • Once future cash flow becomes more predictable, fulfilling new larger client accounts and efficiently servicing existing client accounts becomes much easier.

Don’t worry about the cost of doing business along the way. It takes money to make money and scaling a business successfully is challenging; mistakes will be made and you may even overspend occasionally. Learn from your previous business activity and implement a strategy to avoid similar mistakes the next time around. Hire people to help you strategize, attend local small business events to discover new ideas and most of all keep a positive frame of mind.

To get access to immediate working capital you may need to pay as you go so you can profit as your grow! Leverage assets within your business, like your accounts receivable invoices or promised payments, so you can increase cash flow and go after larger new customer accounts.

*Free Small Business Finance Resource:

When you’re ready to unlock money trapped in your accounts receivables, visit www.factorbid.com to compare invoice offers to buy your invoices. Factor bid is a free service for small businesses. Factors compete for the opportunity to earn your business and buy your invoices. You’ll get the knowledge and leverage you need to negotiate the best deal and most money when factor financing your accounts receivable invoices.

 

Canadian Distributor of a European Manufacturer Explore Invoice Financing to Avoid Cash Flow Shortage

Canadian distributors, U.S. distributors, etc.. working with European and foreign manufacturer can now access immediate funds for large orders.

The distributor’s products (Ground Screws) are used in construction to establish and secure a foundation in different terrain. As an alternative to concrete slab foundations, the screws allow quick and stable foundations to be installed where traditional solutions may not be ideal.  However, shipping the product from the Czech Republic meant that there was a considerable lag time between when payment to the manufacturer was due and when the distributor could collect from the purchaser.

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Traditional bank funding was not an option due to unusual hurdles such as international currency conversions, the innovative and non-traditional nature of the product and the involvement of somewhat risky construction projects.

Factor finance companies on the other hand are more flexible and are willing to structure a solution involving purchase order financing and factoring that will work well for the distributor, allowing them to create the cash needed to complete transactions for customers in both the US and Canada.
The challenges for the factor lay in working with multiple companies in different countries and funding while waiting a significant amount of time during transport. Once established though, a factor is able to fund and then manage all of the logistics and needs of each participant. A huge added benefit for all parties involved.
Financing solution like this allows particular distributor to capture business they would not otherwise be able to facilitate; while introducing innovative solutions to their customers for a more progressive growth cycle each quarter.
If you’re distribution company can benefit from out of the box problem solving like this, then use Factor bid to get a few competitive offers from the top factor finance companies and start taking on more new business right away.

Hold my check.. I can’t live like that

Cash flow is king. You need immediate access to money to run your business successfully in today’s uber competitive business world.

Capital tied up in your accounts receivable invoices in bad for business. The simple answer is Factor Bid.

www.factorbid.com

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  1. Submit your invoices at Factor bid website
  2. Submit your invoices using Factor App
  3. Complete your custom online application

Factor bid is fast and secure. Get a few competitive offers to buy your open accounts receivable invoices for immediate cash!

When Factor Finance Companies Compete, YOU WIN!

Simple Benefits of Factoring Invoices

  • Increase cash on hand
  • Pay off debt, taxes, payroll tax and suppliers
  • Cover employee paychecks
  • Build your company credit faster
  • Bookkeeping assistance
  • Grow your business faster and stay competitive

ps. happy fathers day to all you hard working dads!!

Checklist “Factor Financing”, everything you need to know.

When deciding on which factor finance company is best for your business financing, implement this checklist to find out everything you need to know before factoring. It’s recommended that you get a few competitive offers to ensure you find the best factor financier match for your growing business.

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CHECKLIST | FACTORING

  1. Use Factor Bid to compare invoice finance offers.. Free!*
  2. Use Factor Bid to quickly match your business with factors that specialize in your industry!
  3. Does the factor have experience in your industry?
  4. How long is the factoring agreement?
  5. How fast do you get paid?
  6. Do you offer non-recourse agreements?
  7. What is the benefit of a non-recourse agreement?
  8. How will you communicate with the factor and what type of reports will you receive?
  9. How often will you and the factor need to meet or talk each week?
  10. How quickly does the factor collect debts?
  11. How does their debt collection process compare with your debt collection system?
  12. What is the factors idea of a ‘quick response’; hour, half-day, day, week?
  13. How do you get a customers credit limit increased?
  14. What happens if a customer breaches their credit limit?
  15. What accountability is in place if the factors performance is unsatisfactory – for example will you be penalized and forced to pay charges for debts the factor fails to collect?
  16. How will the factor handle debt collection? What is the process and methods used?
  17. When will statements be sent out?
  18. What happens if a customer disputes an invoice?
  19. How will the factor follow up with overdue debts? Daily, weekly, monthly?
  20. Does the factor send certified letters, make phone calls or send emails when payments are overdue by the debtor?
  21. What will happen when a customer’s payments are seriously overdue?
  22. What format will the final reminder take and when will it be sent out to the debtor?
  23. Does my company always get a copy of all communications, collections and final notices sent out to an overdue customer?
  24. What further action will the factor use to collect overdue debts?
  25. Will a collection agency be used to collect overdue debts?
  26. Will legal action be taken to collect overdue debts?
  27. What would happen if you wanted to change factors?
  28. Is there a notice period to stop factoring? If yes, how long (3 months) or longer?
  29. Is there a fee to stop factoring? If yes, what is that fee?
  30. What if you want to change the services provided by the factor?

Make sure and read the factoring agreement and ask questions about terms and conditions that you’re not familiar with or do not understand. What will it take to end the factoring agreement is their performance is unsatisfactory?

One thing to consider, if you’re not making money and increasing your business by then either is your factor finance company. Factors want your business to grow. They make more money in getting your fast cash if you’re more busy then when you started. Take advantage of access to immediate cash and use the factors money to grow your business instead of standing by while your customers use your money to grow theirs!

If you have additional questions that should be added to the checklist for factor financing, add them in the comment section for readers to review. Thank you.

Smart business owners know – it takes money to make money

If you’ve been in business long enough, it’s because you know it takes money to make money. You need cash flow to purchase supplies, hire employees, pay rent, cover payroll,overhead and other day-to-day expenditures that arise at a moments notice.

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What does the impact of FACTORING do for you?

Let’s take a quick look at your current business expenditures and profits and then add in factoring to see if the saying holds up “It takes money to make money!”

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As an example from the diagram above –  you can see that part of making more money each year is having more annual sales and additional labor costs to help facilitate company wide growth.

Factor finance companies want you to be successful. The better you do, the better they do. What it boils down to for most smart business owners that already figured out how to unlock cash tied up in their accounts receivable invoices is if you expect to grow at a competitive rate, then you need a financial backer like a factor finance company.

Factoring doesn’t add debt to your books, since accounts receivable invoices are an asset on your balance sheet. Unlock capital that’s trapped in your accounts receivables and start growing your business at a faster and more profitable rate today!

Remember – not all factor finance companies are the same. Visit www.factorbid.com to get a few competitive offers from the top factor finance companies that specialize in factoring invoices in your specific industry.

When factors know they’re competing to earn your business you get the most competitive offers to earn your business!

Factor App – invoice financing for business’ on the go!

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Download Factor App on your iPhone for Invoice Finance Offers

Download Factor App on your Android Smartphone for Invoice Finance Offers

Nurse Staffing Factoring (invoice finance) competitive offers

Nurse Staffing Factoring and the benefits for your growing staffing organization without adding any new debt to your books.

Tired of waiting months on end to be paid for your temporary nurse staffing services? Is your ability to meet payroll, hire new temporary nurses and new business expansion being affected by slow-paying clients? If yes, you’re not alone. In fact that’s why nurse staffing factoring exists.

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Nurse Staffing Invoice Finance – It’s easier than you think! Your nurse staffing agency can get the cash flow it needs quickly and without accruing any additional new debt or compromising your present obligations to payroll, taxes and vendor invoices.

The healthcare services industry continues to thrive and grow quickly. Take advantage of financing and give your company a chance to compete with other industry nurse staffing agencies in your market and local area. Grow your staffing agency at a higher percentage by accessing immediate capital and the benefits and flexibility that come along with it.

Factor finance companies understand the unique challenges faced by agencies staffing nurses in;

  • Hospitals
  • Medical clinics
  • Nursing homes
  • Long-term care facilities

Even the most well managed, profitable small to mid-size nurse staffing agencies experience cash flow gaps and some difficulties as rapid growth occurs, due to clients extension of payment on term invoices.

Easy steps to follow when seeking capital for nurse staffing agencies invoices:

  • Staffing Nurses, the factor verifies the invoice(s) and checks the credit of any potential new client prior to funding invoice(s).
  • Funding is available within 24 hours upon verification of invoices.
  • Nurse staffing agency’s clients pay the factor direct for purchased receivables.
  • Once the client has paid the invoice, the factor will release the reserve, minus any factoring fees.

Instant payroll funding is available for different nursing industries;

  • Private duty
  • Homecare staffing
  • General Nursing staffing

Stop stressing over slow-pay customers. Factor finance your invoices and focus on growing your business in the already rapidly expanding healthcare services marketplace. Don’t miss out on large opportunities because you can’t meet payroll and other weekly operating expenses.

*Choosing the right factor finance company can be difficult. However smart nurse staffing agencies use Factor Bid to get a few competitive offers for their invoices. When factors know they’re competing for your business, you get the best deal! Visit www.Factorbid.com and find out within a few minutes which factor finance company has the best offer for your invoices.

 

It’s Friday, “direct deposit day” (payday)

If you’re a business owner, you’re familiar with the excitement that comes with Fridays around the office. Employees are getting ready for the weekend and are exited for their paycheck! Some employees even get their check as “direct deposit” early Friday morning before work even begins.

What’s this mean for business owners – Payroll expenditures! See for business owners payday isn’t always as consistent and predictable as Friday employee pay is. Business owners have to wait for payment from customers and often times end up covering payroll and other daily business expenses right out of their own pockets.

Wouldn’t it be nice if your business could get paid on outstanding receivables before the work day even begins? 

What if you could have the same great feeling every Friday that your employees feel. Well you can! If your company is feeling the cash flow ‘squeeze’ from slow-paying customers and you want to get back on that good vibe kind of feeling when it comes to getting paid, then take a look at factor financing your receivables.

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Cash Flow “Squeeze”

What is Factor Financing and how do I get paid in 24 hours?

Companies sell their invoices or accounts receivables to specialized companies called factors. The factor advances most of the invoice amount upfront by simple direct deposit. You can get paid within 24 hours of invoicing your customers. Factoring will continue to provide your business with predictable cash flow everyday of the week, even Fridays so you’re able to cover payroll and other expenses without digging into your own pocket.

Be excited for Fridays, meeting payroll with confidence shows your business is a success. They always say “people sell people”, so if your employees are instrumental in helping drive new customers and maintain existing accounts then paying them is a good sign that your business is growing and on it’s way to becoming a great success.

Is your business Mobile? Check out Factor App – for invoice financing on the Go!

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Factor App for iPhone

Factor App for Android

The reality of coming up short -when the bills are due (business finance)

If you’re reading this, your business may be experiencing a cash flow problem. Maybe you’re business could be performing at a higher level, making more money with less effort and lower stress. Are you properly managing your business cash flow? Do you see more bills that are due then revenue that has been collected? This type of shortfall can effect the health of your business and even leave you feeling angry, unsure and frustrated.

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Accounts receivable represents sales that have not yet been collected as cash. When you sell your good and/or services to a customer in exchange for the customer’s promise to pay you at a later time, you’re leveraging your cash and business credit to extend terms to your customers. If your business normally extends credit to customers, then the payments of your accounts receivables are likely to be the single most valuable source of capital in your business.

What can you do to Better Manage your Company’s Cash Flow

To Properly manage your company’s cash flow, you must first analyze components that affect the timing of your cash inflows and cash outflows. By reviewing and analyzing key components within your business you can discover areas that leave cash flow gaps and may be costing you extra money from temporary solutions that don’t add up long term. Narrowing or even closing cash flow gaps for good, is the key to efficient cash flow management.

Important Components you need to Manage Include

Accounts receivable.  Accounts receivables represent sales that have not been collected in the form of cash. Businesses create an accounts receivable invoice after you’ve sold something to a customer in return for his/her promise to pay at a later date. To properly manage cash flow, you must realize the negative affects caused by the time it takes your customers to pay off their open-outstanding invoices.

Inventory. Inventory management is very important and describes the extra merchandise or supplies your business has on hand to meet the demand of current and even new customers. An abundance of inventory can hurt your cash flow by using up money that could be used to grow your business.

Credit term. Credit terms are the time limits you set for your customers promise to pay for the goods and/or services purchased from your business.

Credit policy. A credit policy is the formula you use when deciding to extend or not extend credit to a customer. Your credit policy should be used to make sure your cash flow doesn’t fall victim to a credit policy that is too strict or too generous.

Accounts Payable and Cash Flow. Your business accounts payable are monies you owe to suppliers that are payable or due sometime in the near future. Net 30-45 or sometimes even 60 days from the delivery acceptance date. Without accounts payable and trade credit you would have to pay for all goods and services upfront or at the time you agree to accept/purchase them. For efficient cash flow management you need to examine your accounts payable schedule monthly.

Worst Case Scenario

In the worst case scenario, unpaid accounts receivables will leave your business without the necessary cash on hand to pay bills, employees and daily expenditures. Late paying or slow-paying customers will create cash flow gaps and shortages, leaving your business without the necessary cash on hand to cover outflow obligations.

Fixing the Gaps in your Cash Flow cycle

Looking into partnering with a factor finance company will help dissolve any cash flow gaps. A factor is going to provide you funds within 24 hours of invoicing your customers, closing out any shortfalls or outstanding payments that are due.

The Factor finance company resumes the responsibility of collecting payments from your outstanding receivables so you can focus on running your business and generating new accounts to help drive more growth.

Accessing cash with 24 hours of invoicing customers can help define your predictable cash flow each month. You’ll have a good understanding of how much money you have on hand for purchasing, investing and efficiently operating your business. You’ll be able to reach benchmarks you’ve set faster, accept new customers with no hesitation and manage existing customers more efficiently.

I want the Best Factor Finance Company, Help me find one

All Factors finance companies are different. Some specialize in specific industries and are able to offer competitive rates within their fields of expertise. If you present your invoices to a factor that does not specialize in your specific industry, but may still be willing to help finance your invoices, you may not be getting the experience and best deal you could receive with a factor that better understands your industry. You don’t want to be the guinea pig in a factors attempt to wing their way through trying to finance invoices in an industry like yours that they know nothing about.

That’s where Factor bid comes in. Factor bid matches your business with the top factors in your industry, while getting you a few competitive offers at the same time. When factors compete for your business, you win! You’ll get the knowledge and leverage you need to negotiate the best deal with the right factors that specialize in financing invoices in your industry.

Factor bid is a free small business resource and only takes about 2-3 minutes to get you started in receiving competitive offers from the top factor finance companies. Get started today by visiting www.factorbid.com

or Download Factor App for your Smartphone

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Download Factor App for your Apple iPhone

Download Factor App for your Android Smartphone

 

Factoring (invoice finance) what is it and how to get the best deal

Accessing business capital for businesses of any size can be a stressful undertaking. Traditional bank loans can take weeks even months to become available, and even alternative lenders may charge high interest rates for the convenience of fast cash.

When it’s all said and done getting access to ongoing business capital to run your business can be challenging. If you take into account all the paperwork and time involved in setting up a relationship with a traditional lender, not to mention -it may take months before you even get an answer of whether or not you’re approved.

If you’d rather not have to wait and go through all the hassle of traditional loans and le, you may want to consider factoring (invoice financing).

WHAT IS FACTORING

Factoring is a financial transaction and a type of debtor finance in which a business sells its accounts receivable (i.e., invoices) to a third party (called a factor) at a discount. A business will sometimes factor its receivable assets to meet its present and immediate cash needs. (see full details at wikipedia)

Factoring is an alternative method of financing that allows business owners like you to sell your invoices, aka your accounts receivables for immediate cash!

HOW TO GET THE BEST DEAL

If you’ve made up your mind and are ready to start factoring your invoices for immediate cash, visit www.factor.bid to get started. At Factor bid -factor finance companies compete for the opportunity to buy your invoices. You’ll get a few offers from the top factor finance companies. When factors compete to buy your invoices, You Win!

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Not all factors are created equal. Different factors specialize in specific industries, and can’t always give you the best deal in your industry. Trying to locate a few factors online that do specialize in your industry is time consuming and can be a frustrating experience.

Factor bid quickly matches your submitted invoice with a huge database of factors that specialize in your industry. You’ll be contacted by a few of the top factors with their most aggressive offer. With Factor bid you’ll get the knowledge and leverage you need to negotiate the best deal when choosing your new factor finance company.

When factors know they’re competing to earn your business (factor bid) they’re going to give you a competitive offer when offering to buy your invoices. Factors want your ongoing business for as long as you need cash flow to grow your business, cover daily expenses, cover payroll, buy supplies and even invest in new business opportunities. If you contact a factor on your own by calling them or filling out a form on their website, you’re only going to receive one offer, instead of a few competitive ones!

Having access to cash within hours of invoicing a customer is a smart business practice. Even if you don’t need cash now, get set up with a factor so when you do need it, you can get paid immediately and access your cash, instead of waiting weeks or even months like you would have to with traditional bank loans.

HOW FACTORING FUELS GROWTH

Business owners with capital tied up in large purchase orders can benefit from factoring. For example -If your business doesn’t have cash to purchase supplies needed to fill an order or money to pay the employees salaries to fill new orders, then factor financing can help. If your outstanding invoices are making it difficult to keep up with new orders and even putting your growth trajectory at risk, then find out how factoring your invoices for immediate cash flow can help keep your business on the track.

Factoring your open receivables will unlock cash trapped in your invoices. You’ll also receive help from factors in simplifying your accounts receivable process. There is no collateral required to work with a factoring service, and the factor uses your customers credit rating and payment history, not yours. So if you’re a new business and are thinking you won’t qualify for financing with a factor, you’re wrong. Factors use your receivables (which are an asset) in order to get your the cash you need to make important business decisions today. Stop waiting 30, 45 or even 90 days, get paid as soon as today!

CONCLUSION

Factoring may not be the right fit for your business. However, if your day-to-day operations are suffering due to large cash flow gaps from outstanding invoices, then the option of getting a few offers for your receivables should be considered.

When you use Factor bid to connect with factors that specialize in your industry, you’re under no obligation to factor. You’ll get a few competitive offers from factors that are eager to earn your business. You decide if the offers are right for your business and then use the competitive offers to negotiate the best deal when accessing immediate cash for your business.

You want to work with someone that you trust and is transparent. The best way to do this is to use Factor bid. When factors know they’re competing for your new business, they’re going to be more likely to give you their best offer right out of the gate, because they know if you’re using Factor bid, you’re getting competitive offers at the same time.

It’s important that you view factoring as a financing strategy conducted over a period of time. Within this time, realize that factoring can help your business expand or recover while achieving long-term goals. The potential downside to any source of financing is that the fees may add up over time, and end up being more expensive than a traditional bank loan; that uses your home or some other large asset as collateral. However the higher cost upfront, may be worth it for immediate access to cash you need to secure new customers, cover business expenses and pay employees that are working to make your business more profitable. It may also be worth it not to use your personal savings and/or assets, like your home as collateral. Factoring your invoices don’t require any form of personal guarantee and may be just the solution to help your business reach the next step in your growth plan.

FACTORING TYPES YOU SHOULD KNOW

There are two classifications of factor finance services:

Non-Recourse factoring: NonRecourse factoring releases the business owner from liability for delinquent receivable accounts. In a non-recourse agreement the factor is taking on more responsibility and legwork in collecting outstanding owed receivable money. This type of factoring requires more attention to your account, more in-house and outsourced resources they may need to use to collect the debt, therefore is more costly. Also the creditworthiness of a business’ clientele will be more closely scrutinized in nonrecourse factoring.

Recourse factoring: Recourse factoring is the most common type of factoring today. Factors fund your invoices but require you t provide a refund on any invoices that remain unpaid past a certain amount of time, that they have fronted you money on. Since the business owner assumes the risk with recourse factoring, there is a wider range of more competitive rates and a lower cost to you to access immediate cash as needed for your business.

Bottom line is, business owners want to get paid for their work right away. The job isn’t considered complete until the customer has paid the invoice and the check has cleared the bank. So to keep your cash flow predictable and your stress levels low, visit Factor bid, submit an open invoices from your business and within the hour you’ll have offers from the top factor finance companies, eager to buy your invoices.

Once you’ve selected the best offer from the factor finance company that best fits your needs today, you’ll have a savvy partner (factor finance company) that will help you streamline your accounts receivable collection process, check the credit of new potential customers you’re considering doing business with and access to cash within hours of invoicing customers.

Get going on increasing cash flow for your business today, Get Factor.bid

Is your business mobile? Download Factor App and submit your accounts receivable invoices via your Smartphone or Tablet.

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Factor App for your Android Smartphone

Factor App for your Apple iPhone

Invoice financing, also know as factoring, helps companies get cash in exchange for their outstanding accounts receivable invoices.

Could your business benefit from an injection of new cash flow? Invoice financing, also know as factoring, helps companies get cash in exchange for their outstanding accounts receivable invoices.

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How does invoice factoring work?

There is no big secret to factor financing (selling your invoices for immediate cash). To access invoice financing a business simply needs to providing goods and/or services to other creditworthy businesses on terms (invoicing)

What does the typical Factor Financing cycle look like for your business?

  • Once you’ve completed your service or delivery of goods you’ll invoice customers as usual.
  • Depending on how much capital your business needs to access, will determine which customer invoices you decide to factor.
  • You’ll submit your open invoices to the factor along with any additional supporting docs you’ve agreed to provide for specific customers.
  • Within 24 hours of verification, the factor finance company will wire or ACH up to 85-95 percent of the gross invoice to your account.
  • In the normal course of business, check from your customers will continue to be payable to your company, however may be mailed to a specific mailing address that your factor finance company has set up. There are also other ways a factor will accept payments on your behalf – this is an important detail you need to discuss with your new factor finance partner.
  • Once the factor receives payment from your customer (in full) they will post it to your account. They then remove the amount that was initially advanced to you (to cover what they fronted you) plus their agreed upon fee.
  • You’ll receive daily comprehensive accounting information so you can review the factors advances and customer payments.
  • You’ll also have access to a suite of tools that can help you check the creditworthiness of potential new customers you’re considering working with.

Factoring your outstanding invoices is a symbiotic relationship for your company and the factor finance company. Factoring is not like a bank loan, where you need to put up personal equity or credit. The factors are using your receivables as collateral and the more your business grows the better you and your factor finance company does.

Also don’t forget that factoring your invoices and getting paid within 24 hours for your open invoices reduces your liability in collecting outstanding, late or non-payments from your customers. Make sure you talk to your factor finance company about non-recourse factoring vs recourse factoring before deciding which type of agreement is best for your business needs.

Now that you’re ready to start factoring – visit www.factor.bid to get a few offers from competing factor finance companies for your open invoices. When factors compete you get the best deal. Factor bid is free, enjoy!

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