Hi,
I am a co-owner of a small staffing business in Dallas, TX, and I am looking for a reliable factoring (invoice factoring) business to sell my invoices to. Any help will be greatly appreciated.
Thanks You!
Invoice factoring is right up my alley. Tell me more
The best rates may be at commercial banks if you qualify, but they can be tough, of course. Very conservative. Hint: offer “cross-collateral”, something they can sink their teeth into, like a truck. They like that.
More to your point, watch out. My first move would be to talk to your local trucking organizations, see if any members have had good results with a particular outfit. That company would know your industry and be a proven performer.
I don’t know if many trucking companies use factoring; my next thought would be small manufacturers. They are a target market for such services. Rather than go up and down the street looking for them, go to the chamber of commerce or better business bureau in town, talk to officers (who may be a pain but also want to look good so they may push your project).
The amount of receivables you generate is not my concern, but your collecting on them. Do you need to get tough there?
Hi,
Amegy Bank of Texas is great with factoring. good luck