Considerations when selecting factoring companies

Key Considerations:

• What are the service levels of the factoring companies?
• What are all the fees of the factoring companies?
• What is the location of the factoring companies?
• Factoring companies should be willing to let you talk to some of their customers. Please ask for references.
• The general reputation of the factoring companies is very important.
• Does the factoring companies you are considering have a good record in collecting debts quickly and efficiently?
• How exactly does the list of the factoring companies you are considering operate?
• What are the procedures in detail and do they suit you?
• How does the factor handle disputes and queries?
• As the factor will become an ‘insider’ and be in frequent contact with you and your staff, do you see eye to eye on issues that are key to your business?
• Will you get on with the factoring company?
• Does the factor have experience of your industry?
• How is the factor likely to communicate with your customers?
• You must make sure that the factoring company will not upset your customers and lose your business?
• What will happen if a customer goes over the credit limit?
• What happens if you want to end the factoring agreement?
• What period of notice must you give the factoring company?

The factoringhelpline.co.uk can assist companies to make an informed choice before making a decision on which factoring company to use. Call 0800 597 4757 for advice today on all the considerations when choosing a factoring company.

Please note that the factoringhelpline.co.uk that will negotiate on your behalf and will not charge a fee you because we receive a commission from the factoring company.