• Characteristics that Make Great Spot Factoring Companies

    Filed under spot factoring
    Aug 29

    spot-factoringProduct quality is one but service is another thing. Still, both must come hand in hand to achieve an entirely worthwhile experience for customers and that’s exactly what great spot factoring companies do. But how do we even identify the good from the mediocre? Check out the following characteristics and see to it that you tick each one off before you employ a certain provider.

    • TIMELINESS – Spot factoring has become a favorite because it allows businesses to choose a specific invoice and sell the rights to its collection in exchange for an advance of its value. Unlike other financing options, it is relatively fast with majority of providers able to release cash in just a day’s time. That’s the standard and anywhere beyond it is mediocre and below par.
    • FLEXIBILITY – It is also important that they be able to handle a diverse set of clients. Even if let’s say their expertise lie in a particular client industry, they should have no trouble serving companies of different financial backgrounds, sizes and kinds.
    • SYSTEMATIC – Check and inquire about their standards and procedures. Does their process seem streamlined? It should be otherwise we’re getting ourselves in a tangled mess. That kind of situation would be a headache. Besides, we want spot factoring companies that’ll make everything run in as smooth as possible.
    • CUSTOMIZED – Standards must be there but when it comes to serving clients with various needs, they need to be able to fine tune and tailor fit their services to those. Each business entity is unique in their own ways so it is necessary to work alongside a company that has no trouble shifting their gears to meet your necessities.
    • RELIABILE – Always choose providers that are reliable and trustworthy. Their professionalism and ethics need to be far and above otherwise it’ll be hard to work with them. Plus considering that they will handle the collection for the invoice factored, you’ll want someone who will likewise treat your customers right if not better.
    • REASONABILITY – Last but not the least, great spot factoring companies come with reasonable and sound fees. Keep in mind that since the financing method is a onetime transaction, the fee should be a onetime thing as well. Regardless, the amount should be at a sweet spot, neither expensive nor cheap. The former is never a guarantee of quality while the latter is always a case for red flags.

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