How successful is the connection between you and your current invoice factoring company? Do you take the time to assess the services they are providing? There are many considerations to running your business, with financing obviously playing a major role, but all too often it is easy to forgo a regular overhaul of systems that are already established. It is possible that you are not getting the most from your current provider.
- Are the financial needs of your company being adequately met?
- Are you aware of changing fees and costs as you grow?
- Do you have a dedicated customer service team?
- Do you consider it too much of a challenge or too time consuming to change providers?
- Are you worried about being charged because you are contracted to your current provider?
- As your company grows have your financial priorities changed, and is your current factor keeping up?
It is common for the financial needs of your business to change as you grow. Likewise, you may have started in one niche area, and expanded into something new. There are obviously many different factors to choose from, and many work in specialized markets such as manufacturing, staffing, trucking, and government contracts to name but a few. Being able to handle invoice collections in niche markets makes a huge difference when your factoring company is responsible for the invoice collection for your company. Evaluate the following:
- The process to make sure it is working for you, are your current business needs being met?
- The level of service and communication, are you consistently informed of any changes in rates or services?
- The speed of funding - is your turnaround fast and efficient?
Switching factoring companies does not need to be a difficult task. Obviously all the pros and cons need to be considered, but the benefits may far outweigh the cost of changing. If you are worried about the challenge of moving to a new provider, bear in mind that doing nothing could end up costing your company more in the long run. There may be costs involved to change, but these costs may be worth it once you look at added options and benefits a new factor can provide.
Bay View Funding has been in the invoice factoring business for over three decades. We understand and value your business, and will carefully explain our process. Our turnaround on your accounts receivable is simple and efficient, and above all we enjoy the individual challenges presented to us on a daily basis. Our dedicated team continuously evaluates each client to make sure we are offering the most appropriate solutions to help companies continue to grow. We can discuss all the implications of changing from your current factoring company and help evaluate if a change would be the best option.