In April of 2013 Universal Funding’s Business Development Team commenced a campaign to broaden their broker network by engaging bankers, CPAs, brokers, and other business consultants to refer their clients to Universal Funding. In the past bankers and CPA’s would seek out the factoring services of Universal Funding when their clients needed commercial capital but were unable to secure funding through traditional banking sources.
“We had a few key contacts that continually referred their customers for our services. We wanted to implement a program that reflected what we were doing with those brokers, but do it on a much larger scale, “stated Monica Wozow, Universal Funding Principle. The efforts of the campaign grew their broker network by 38% by adding roughly 150 new contacts in the six month period between May and October 2013. A lot of these brokers are in the banking industry and refer their clients out to a factoring company because a bank loan would not be cost effective or the business needed the benefits that the factoring process provides by stabilizing cash flow, strengthening the ledger, and helping to strengthen credit ratings without incurring debt.
When asked why brokers are so eager to join Universal Funding’s broker referral network, Wozow insists, “Our commission rates are scalable; our brokers have an opportunity to earn more than a flat percentage fee. Once a business engages in invoice factoring, the trends show an increase in their revenues. The increase in revenue is mirrored by the volume that they factor with us which is reflected in higher commission opportunities for brokers. “
When a new broker joins Universal’s Broker Referral Network they begin a personalized experience, starting with building a relationship with one of the Business Development team members who gets to know the broker, their business, their customers and the customers’ needs. Universal Funding provides materials and tools to the brokers so that they can explain how factoring companies work, the benefits of accounts receivable financing, and why Universal Funding is the preferred solution to their financial needs.
The growth that was realized in the six month period exceeded any expectations the Universal team had with the Broker Referral campaign. This progress report comes out at a time right before the holidays when brokers are working hard to get funding for their customers and are also looking for ways to earn a quick commission boost to cover seasonal expenses that crop up around the holidays. Universal Funding expressed that any new clients that brokers introduce to them in the few weeks and fund, will earn a commission right before Christmas time!