Balancing Customer Relationships
Have you recently experienced the pain of having to acquire payment from outstanding invoices? It’s a balancing act, maintaining a good relationship with your customers, while pressuring them to be timelier with their payments, which may cause them to take their business elsewhere. Meanwhile, your suppliers are also waiting to get paid.
Are you looking to eliminate some of this administrative headache, and some of the costs? Factoring can certainly provide the benefit of reducing some of these costs to your company by providing the following:
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Let your factor manage your account receivables
Keeping account receivables current can be simple, but the process can often create headaches if invoices are not paid on time. If a factor manages your account receivables, you have more time to concentrate on positive aspects of your business, such as growth from existing accounts, and new account generation, making more money and not worrying about when an invoice is going to be paid.
Keeping your credit standing with suppliers by ensuring cash is available to pay bills on time
Once the worry of receiving payment on outstanding invoices is a concern of the past, you can make sure your suppliers are paid in a timely fashion. Prompt payment leads to happy suppliers who are willing to extend more credit, better rates, and allow more time between payments.
Customer credit monitoring
Many factors also check the credit of your new customers, reducing the possibility of less than favorable credit performance, another administrative responsibility that takes valuable time away from more profitable tasks. Factors can run checks quickly and efficiently, and are trained to understand the results and how they may impact both you and your customers. Knowing that you have invested energy on customers who have favorable credit ratings simply helps every aspect of your business to run more smoothly.
Unlike larger banks that focus on large corporate accounts, invoice factoring companies are here to help businesses stay current, enabling you to do what you do best—keep your customers happy. Every client has their own personal account executive to handle their business account.
A factor can remove the vast majority of the administrative burden by managing every aspect of your account receivable from submission to acquiring payment from outstanding invoices. And with Bay View Funding, you can monitor all your transactions that are up to date online.
Every business has different financing requirements. Payment processing and customer credit monitoring are a just a sample of the benefits that we have to offer to get you paid in a timely manner.
To find out what is possible, and how much of the administrative process you would like to worry less about, contact Bay View Funding to discuss your options.
