For business people who work in sales heavy industries, the term SPIFF in commonplace. SPIFF is the acronym for Sales Promotion Incentive for Force typically used as an incentive program to drive an increase in sales. While these types of incentive programs are usually focused on a sales force, Universal Funding has decided to create their own brand of sales force by recruiting their current clients. The new program is the ROC which is an acronym for Referral of Client. “Our current clients tend to be the best advocates for our services. They’re the ones who experience the benefits of our receivables funding and tend to be our greatest advocates,” relays Monica Wozow, principal.
When a client refers another business for factoring services they will receive either $250 in cash or they can get their processing fee discounted by 0.25% once that referral starts funding.
The clients who benefit the most from the ROC are the ones who recognize when their customer becomes a slow payer. The slow paying customer can cost the client money in terms of additional fees accrued when invoice are outstanding beyond 30 or 60 days. The factoring fees are affected by slow payers and add up as incidental costs to the factoring client. When their customers also participate in a factoring program it means that their balances will be paid sooner, ensuring that there are no late penalties and fees. It’s a trickle-down effect that continues to free up cash and reduce wasted expense.
Universal Funding already has an extensive referral program in place that works with independent brokers and consultants, but this plan focuses on giving back to their current clients.
All of their clients are encouraged to earn $250 with one phone call by recommending our services to other companies that would benefit from factoring their invoices. They should contact their Business Development Associate at Universal Funding by calling 1-800-901-2418.