Gil Oliva

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Why Should my Customers Have to Apply for Credit?

Posted by Gil Oliva on Wed, Sep 03, 2014 @ 08:11 AM

Every time you offer your customer terms on their invoices, you are extending credit. Do you have an application procedure in place in order for your customers to qualify for extended payment? Or do you offer 30-day payment terms or longer as a matter of course?

If the answer to the last question is yes, you may want to rethink your policy. No matter what, your customers should be applying for the privilege of paying anything from 30 to up to 90 days past the due date of their invoice. A well-constructed credit application tells your customers you are serious, and may also make them feel more comfortable about doing business with you.

Establishing that your customer is creditworthy means collecting all the information needed should the account become delinquent. It is always prudent to be prepared for late or non-payment from any of your customers. There are certain references that help establish the security of each account, such as bank references and trade references. Using these references enables you to establish past history with creditors, and also how well financial commitments are handled. In some instances, it may also be worth asking if good customers with less than healthy references are prepared to sign a personal guarantee. Should their business go into default, they will be held personally responsible for any outstanding payments.

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Topics: Cash Flow, Accounts Receivable Management, Credit Application

How do I pick a Collection Agency? – Five Hot Tips

Posted by Gil Oliva on Wed, Aug 27, 2014 @ 08:00 AM

Collection agencies can play a valuable role in accounts receivable management. The rules of engagement are not always clearly explained. Here are a few tips about when to use a collection agency, and how to go about picking the right one.

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Topics: Accounts Receivable Management, Collection Agency, About Invoice Factoring

Is Extending Credit to my Customers a Valuable Business Tool?

Posted by Gil Oliva on Fri, Aug 22, 2014 @ 08:00 AM

Does your company struggle to collect on payments from customers? Have you noticed a continuing slow payment trend? This could be because you have extended credit to the wrong customers.

Offering credit, or terms is certainly valuable. It can help your customers manage their cash flow, which could be the incentive they need to choose you for goods or services. Many of your competitors are more than likely extending credit to their customers, and it is important to keep up with your competition. But you do need to understand the limitations for your company before you decide.

  • Do you have a grip on your profit margins?
  • How much credit you can afford to offer to your customers?
  • Do you frequently track all outstanding transactions and their value?
  • Do you effectively project your cash flow?

Managing cash flow can be extremely challenging for a small to medium business, and we have discussed many times in previous blogs some of the best ways to manage cash flow. Collecting on delinquent invoices from customers to whom you have extended credit is not fun, so let’s review a few tips to make it easier.

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Topics: Cash Flow, Working Capital, Accounts Receivable Management, About Invoice Factoring

Is This Loan Too Good to be True? – Warning Signs!

Posted by Gil Oliva on Fri, Aug 15, 2014 @ 07:59 AM

In my last blog with Andrew Aquino, Executive Vice President at Bay View Funding, I mentioned that we would be chatting about the warning signs to look out for with some of the newer financial offerings on the market. Andrew also covered some of the major benefits of accounts receivable financing.

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Topics: Accounts Receivable Collection, Financing Government Contractors, About Invoice Factoring

How Can Invoice Factoring Help Importers and Transportation Companies?

Posted by Gil Oliva on Wed, Aug 13, 2014 @ 08:09 AM

Importers, as well as transportation companies, in many specialized fields can achieve their working capital goals with the help of invoice factoring.

Whether product is to be imported or transported, the main requirement for a healthy business is a healthy cash flow. From fresh flowers, water saving shower heads, or movement of heavy machinery, Bay View Funding can help.

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Topics: Manufacturing and Distribution Financing, Freight Factoring for Trucking Companies, About Invoice Factoring

How is Invoice Factoring Different from Other Forms of Financing?

Posted by Gil Oliva on Fri, Aug 08, 2014 @ 08:00 AM

I recently spoke again with Andrew Aquino, Executive Vice President of Bay View Funding about invoice factoring, and how it compares to traditional bank loans or lines of credit, and some of the newer forms of financing on the market today.

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Topics: Merchant Card Advance, Financing Government Contractors, About Invoice Factoring

Andrew Aquino Explains The Process of Invoice Factoring

Posted by Gil Oliva on Fri, Aug 01, 2014 @ 08:30 AM

I had the pleasure of talking with Andrew Aquino, Executive Vice President of Bay View Funding, about the process of invoice factoring. He was able to explain how easy the process really is.

Andrew talked with me about what is involved in getting set up as a client with Bay View Funding. He explained that basically they extend financing to businesses that provide goods or services to other businesses. Invoice factoring is a business-to-business transaction providing financing based on the underlying accounts receivable. If you have a business selling a product or service to another business and that business is creditworthy, then Bay View Funding could, for the most part, provide financing to your company.

I wanted to fully understand the process of getting set up. Andrew was able to tell me that the process is really simple – “If we can contract with you and work with your customers, we can provide financing.”

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Topics: About Invoice Factoring, Financing Government Contractors

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