Locating the best funding partner can be a challenging and overwhelming task. You may not know what to look for in a factoring company, or you may be fooled by an offer that is too good to be true. Before choosing a business, there are a few factors you should think about.
Fees and Costs
When a company gives you a proposal, make sure you read everything thoroughly. Pay close attention to the factoring fees, advance, and reserve requirements. You should also determine what, if any, additional fees the company may charge including processing, application, ACH fees, and more. Be sure to obtain multiple proposals from different companies so you can compare costs and determine which company will offer the best value.
Knowledge and Experience
Different businesses have different needs and there is not one factoring company that will be perfect for everyone’s needs. Try to find factoring companies in Atlanta that have experience working with businesses similar to yours. Though factoring invoices is a relatively simple procedure, some industries have special needs that may need different services or programs. Along with experience in your industry, the company should have a long record of happy customers and many years of experience.
You should also look for a company that will be flexible enough to meet your needs. Did you want to factor all of your clients or just a select few? Do you need seasonal accounts receivable factoring? You should also consider the length of the contract. If you do not want a year-long contract, do not sign one. Many factors in Atlanta offer month-to-month agreements.
This consideration can be difficult to judge on first meeting; however, it is essential. The factoring company should treat its clients fairly and with respect. They shouldn’t try to sneak in hidden fees or any other nefarious business tactics. When possible, read online reviews from past clients to determine whether or not a company is run with integrity. Also, if something does not feel right, you should trust your gut.
Great Customer Service
The last thing you should look for in factoring companies in Atlanta is excellent customer service. Email and phone support should be readily available, with face-to-face meetings available on request. Customer service agents should be polite and empathetic. Since their customer support will be reaching out to your clients, this is an essential factor to keep in mind.