Have you ever found yourself waiting for that magical payment to appear from a customer just in time to meet your own Business expenses or payroll? It’s an all-too-common scenario that small-to-medium businesses face every day.

It reminds me of the movie “The Paper Chase” in which law students are constantly chasing after an elusive law review award and putting off their general studies and work in favor of more immediate goals and activities (actually, that is not too far off from the realities of college!). Like these students, businesses find themselves putting off necessary activities and purchases, while waiting for customer payments to show up.

Just as waiting to do all of your studying and essay writing at the last minute is stressful, so is this mode of business operations. You never know what is going to get paid when and how much cash you will ultimately have on hand when your invoices get paid.

It’s at this point that companies turn to Factoring for help, seeking a solution to their short-term cash flow needs. But waiting until the last minute is a trap that can lead to poor decision-making – which you’ll end up paying for.

Don’t Let Desperation Guide Your Decisions

Businesses may start to get a little worried about cash flow and start researching factoring companies. They get an idea of the fees they’ll be paying and what factors are available to them, but don’t move forward in the process. This is their first mistake.

As time progresses and paid invoices still don’t show up in the mail, companies get a bit more desperate and start to reach out to the first factors they find and sign agreements, not taking the time to research all of their options. This is mistake #2 and the biggest mistake a business seeking a factor can make.

There are factors that actually prey on businesses in these types of situations. These factoring companies do what they can to make sure their ads and names show up in online searches. It’s not until after the agreement is signed that the cash-strapped company realizes they only qualify for higher charges and fees than advertised — and a less than ideal factoring arrangement. Unfortunately, this type of bait-and-switch behavior happens every week and it’s the same businesses that can’t afford to pay for it who end up paying the most.

National Factoring Group Offers a Better Way

There’s a better way to do things. National Factoring Group is the only factoring service that puts YOU in the driver’s seat. After submitting your criteria, you will receive a list of up to 10 factors that match your needs, allowing you to closely compare the options and benefits of each. From there, choose up to 3 of those factors to compete for your business. After providing them with additional information and supporting documentation, they’ll each submit a comprehensive bid for you to review.

Using our process you will be able to quickly evaluate up to 10 factors at a time, drastically reducing the amount of time you need to spend on research. What’s more, all of those factors will have already been vetted to ensure they meet your criteria (and our quality standards), saving you even more time. The fact that factors must compete for your business ensures they offer fair and competitive terms that you are not likely to find on your own.

Finally, our time-saving matching process means your decisions won’t be driven by desperation. They will be driven by sound decision-making that makes sense for your business.

No More Paper Chase

National Factoring Group can help you say goodbye to the paper chase, waiting game, and desperate decision-making. Let us do the research for you so you can spend more time evaluating bids and choosing the right one for your needs.

To learn more about factoring and our factoring service, visit our Q&A page.