How to Run a Small Factoring Business (The Small Factor Series Book 3)

I’ve found a straight forward approach to work well: “My advances usually start at 75% to 80% and my discount rate is 1% per week up to 90 days. If

Be clear from the beginning that payments will always come to you or you won’t be able to be their factor. Sweet and simple.

find a current list of providers, Google “UCC filing services” and “UCC search services.” CT Lien Solutions www.ctliensolutions.com Capitol Services, Inc. www.capitolservices.com Corporate Services Company (CSC) www.cscglobal.com All-Search & Inspection, Inc. www.all-search.com National Corporate Research, Ltd. www.nationalcorp.com Parasec www.

Make certain your address appears prominently on the invoice as the “Remit to” address. This is discussed further in the chapter, “Record

Likewise, set a limit on the total money invested in the invoices of any customer, and establish the dollar amount of the largest invoice you will buy.

“My company provides financing for very small business owners who are turned away by banks. Instead of providing loans, we purchase our clients’ invoices for immediate cash which enables them to meet payroll, pay bills, accept larger customers, and many other business necessities.” 2. “My business supplies something every company needs: money! Our

A helpful web page is provided by Capitol Services at www.capitolservices.com. On that site, click the Resources link, then the link named Links to State Websites. There you select any state from the dropdown field to go to that Secretary of State’s website’s UCC information.

stages of larger factoring operations: startup, growth, and exit. The website states the material will help in the startup stage with the following: Formulate your business plan and budgets Provide and customize a policy and operations manual Locate Start-up Capital and Funding Set up your operation Build your website Identify the best vendors to f

In short, keep your factoring clients local when you start. It’s much easier and will enable you to be successful more quickly. It will also lead to contacts with bigger clients whom you can refer for nice commissions.