Many factoring companies offer extra services beyond buying receivables and accounts receivable financing.
These services include:
Invoice Processing. The task of this service is to generate an invoice as you normally would and the factor takes care of the rest. Factors will also mail out your invoices to your customers, pay for postage, post invoices in a computer system, make deposits, enter payments, and produce regular reports.
Credit Management and Consulting. Most factors offer credit and accounts receivable help at very competitive rates and is often less costly than keeping out your own in-house credit department. A factor can serve as your credit department, accounts receivable department, and your collection department.
Collection Services. Because factors understand the relationship you have with your customers, Many factors offer polite collection services that do not involve heavy-handed techniques to collect your invoices. They understand the relationship you have with your customers. Factors will work with your customers so they understand factoring and how it helps you serve them better.
Back Office Support. Consulting services will be offered to you by factors. These offices can help you improve the collection time of your receivables and establish credit policies to belittle bad debts.
There are such services for transportation clients:
Message Center. Many factors offer messaging services to help relay messages to you while on the road and not easily reached.
Load Matching Database. Many factors can help you in finding loads so you do not deadhead half of your trip.
Fuel Card Assistance. Many factors can help you in obtaining and managing fuel card accounts.
So, now your task is to find out if these services are useful to you. All you have to do for this is to talk with your factoring partner.
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