If you’re looking for a financing option to help fund your company’s immediate growth or to simply support your daily operating expenses, then using your accounts receivables as a funding tool may be for you. Yet you’ll quickly discover that not all of the potential factors that you have to choose from are created equal. Successful receivables financing requires that you find the right factoring partner, yet the top factoring companies often aren’t the ones with the highest numbers of clients. Rather, their success is due to the effective and efficient relationships that they share with them.
The Importance of a Shared Vision
Establishing such a relationship with your factor requires that you and your partner share an appreciation for those business aspects that benefit the most from factoring. These include:
- A respect for the provider-client relationship: You’ve spent a number of years cultivating a good working relationship with your clients. Your factoring partner should understand this need to maintain that relationship while still pursuing outstanding payments for invoices.
- A willingness to think “outside of the box”: Factoring itself is a non-traditional financing option. Your willingness to pursue such options and your partner’s willingness to offer them shows that neither of your visions is limited by traditional schools of thought.
- An emphasis on customer service: Just as you want to enjoy the financial payoff of your invoices without resulting to alienating your clients in doing so, your factor should demonstrate the desire to help you optimize your AR while also showing understanding in the repayment of your invoices by your clients. This mutual emphasis on comprehensive customer service will serve you both well going forward as you take on more invoices from new clients.
Your Ideal Factoring Partner
Your search for your ideal factoring partner will lead you to research a number of different financial firms. At Universal Funding we are confident that research will lead you to discover that we are your ideal factoring partner. Our team brings decades worth of collective experience in helping companies like yours to optimize their AR and cash flow. That experience can pay off for you in ways that you cannot imagine. To get started on the road to a successful factoring partnership with our firm, simply fill out our online rate form today.