How Accounts Receivable Factoring Functions October 12, 2009
Posted by janey in : business loans , comments closedHi, this is Phyllis Rector. Yes, you have at least 1 other video of me so far. But, I’d like to tell you an anecdote about a customer that we have, a client of ours that we helped out through factoring. So, typically, we had actually, up until recently target customers, organizations with around 250,000 in sales up to about 5 million.
The recession has opened a lot of opportunities though, and last December, we have financed a windows installer and distributor, who for the first six months, had earned up to 8 million dollars. He had contracts and orders but often, especially in the field of construction, these don’t mobilize. Bad news is, many of those contracts did not mobilize and many of his competitors went out of business. He put his show as well as building up for sale. And then all of a sudden, a general contractor came to him and asked him to install windows for commercial and residential projects.
Of course, this guy agreed. Then the time came when the buildings were ready and they’re to install the windows. His supplier, on the other hand, said that they will ship the windows Cash on Delivery. What did the guy do? Well, thank goodness, you know he called one of my colleagues who called me - so I went over and I talked to him and we’re able to structure a transaction where we could lend him money so his supplies did get shipped and his supplier was paid as agreed. Our client, the windows installer, finished the installation, billed his general contractor, took that over. After around 50 days, our customer paid us, rebated the difference between the discount and our charge, and kept him in business.
So just as a reminder, we do have some minimum requirements and they’re pretty basic. Our clients must have at least two customers, and they should be in at a minimum of a $20,000/month run rate in revenues. So if you’re in a business that’s starting to pick up after the recession, call me. It is always better to start the process sooner than later so that you’ll be ready to take on that big order as it comes. So call me, email me, whatever way, do contact me. We at the Interface Financial Group would love to try to help you out.
Five Reasons Why You Must Select Factoring October 11, 2009
Posted by janey in : business loans , comments closedJoe here of IFG - and I’d like to discuss with you 5 reasons as to why you would want to factor with us. The very first reason why we’re the best option for factoring is about speed. If you need money in two or three days, we can give it to you promptly. Need money yesterday? We can even give you that!
Second, Interface Financial Group is tremendously flexible. We don’t require you to sell your invoices to us at 80-90% advance rate. Truth be told, we can get you 20-30% of that invoice in funds if that is what you only need now. On the other hand, if you want 30% of that invoice today, and another 30% the following week, that is not a problem. In fact, the flexibility of the Interface Financial Group’s spot factoring product is unmatched in the factoring industry.
The 3rd reason, freezing the Interface Financial Group is that we don’t make you sign any long term contracts. It always surprised me that other companies would require you to sign a long term contract. Are they afraid you’re going away? Well, let me say that Interface Financial Group isn’t scared. We’ll be here anytime you need us and if you prefer to get out of our agreement, we will not charge you for that.
The 4th reason is the absence of hidden charges. No small print. We charge one rate to our clients and that rate covers all of the costs. Application fees, don’t have them, termination fees, don’t have them, Do diligence fees, don’t have them, wiring fees, don’t have them. That is right. It is only when our clients are actually using our money shall we charge them.
The last reason to use the Interface Financial Group for invoice factoring is that we don’t have a sales team. You’re talking to partners in the business. You are talking to owners in the business. There is no loan committee. There’s no board of advisors that we need to submit your loan to, to get approval. Indeed, these are the 5 reasons why you should use our services. Again, this is Joe from Austin, Texas and we wish to do business with you soon.
