You’re going to ultimately be placing a great deal of trust in the firm that you choose to be your accounts receivable factoring company. You need to choose a factor that you know will be able to deliver on all of your and your company’s needs. At Universal Funding Corporation we encourage and expect that all of our prospective clients do their due diligence in researching the many options of factoring companies that they have to choose from so that they’re confident in knowing that when their decision is made, it’s the right one.
Some Things to Consider
While every firm is unique in the way that it does its business, there are certain universal factors that can greatly influence any factoring company’s success. As you begin your search for a factoring partner, keep a close eye on how each of the prospective companies you’re considering emphasizes the following principles:
- Dependability: Ultimately, you need to know that your factoring partner has the capability to deliver on its promises. Thus, any prospective company should be able to demonstrate that capacity through the resources that it has at its disposal. Do they advance you the percentage they told you would? Does the factoring rate fluctuate on unforeseen variables?
- Availability: Whether you need to submit new invoices, have a credit check done on a prospective client, or you simply want to review your last statement, you should be able to have immediate access to your client representative or the tools needed to retrieve such information.
- Stability: The financial stability of your factoring partner can greatly influence your own company’s bottom line. You want to ensure that cash flow is never an issue with a prospective partner. If you are factoring with a company that is not the direct funding source, your wait time to get funded could be delayed.
- Speed: The speed of business won’t slow when you need cash, and when it comes to securing capital, even a delay of a few hours can be disastrous. Your factoring partner should be able to deliver you funds in a matter of hours, not a matter of days.
Choosing a firm to partner with as your accounts receivable factoring company is no small decision, as it can drastically influence the financial future of your company. By paying close attention to the aforementioned factors and getting a feel for just how well a prospective factoring partner is able to deliver on those standards, you ensure that you’ll end up partnered with a firm that’s well-equipped to meet all of your needs. We’re confident that you’ll find that with us here at Universal Funding Corporation. Fill out a rate form, or contact a representative today at 1.800.405.6035 to schedule an initial consultation.[hs_action id=”1489″]