If it is taking too long for customers to pay your invoices, a factoring firm can get you paid faster. Factors will purchase your receivables and advance you a large portion of the money right away so you don’t have a cash flow pinch. Factors also help you streamline your receivables collections process.

Our featured guest in this Episode of The Small Business Trends Radio is Tom Nort, CEO of Facteon, an Atlanta based factor. Tom explains how you can get paid sooner by cashing in your receivables to get funds for business expansion.

Topics include:

• Factoring can help small business — by providing funds up front for open receivables. You get the money now, and the factor waits for the check. This can be helpful for small and new businesses with limited opearting funds available.

• Speed is the number one advantage — and factoring firms can help small businesses grow. Many times, they can’t get ahead of the game but accelerated cash flow speeds business growth.

• Invoices are assets — that you can leverage and use. The work you have done has value and you can get liquidity out of it now. Your credit does not come into play and money received is not considered a loan.

Many small or home based business owners are so busy running their businesses that they do not have the infrastructure or resources to handle their receivables - an extremely important part of your business. A factoring firm can act like a receivables department for your small business. And when money flows - business grows.

So, can factoring help your small business grow? You can learn more and answer that question by clicking the red and yellow player below and listening to Tom’s full interview.

 

 Get Paid Sooner By Cashing In Your Receivables [24:01m]: Play Now | Play in Popup | Download

Posted by Staci Wood | | Permalink

1. Very nice interview. For someone like me who is not familiar with these type of collection procedures, Tom offered some really good advice and information.

   Comment by Amanda — 3/27/2008 @ 1:52 pm

2. The Benefits of Factoring - Radio Interview

   Tom Nort, the CEO here at Facteon (pictured right), was recently interviewed on Internet radio. It’s 24 minutes in which Tom discusses factoring in a conversational interview format.
   Tom notes that speed is probably the number one advantage…

   Trackback by Factoring Blog — 3/27/2008 @ 2:18 pm

3. Amanda, you not alone. I also am not too familiar with this type of collection procedures but always open to good infor which is what Tom gave me here. There is no doubt that factoring can help your business grow—with a lot speed—a big plus! Great interview Tom. Thanks

   Comment by EJMalyn — 3/27/2008 @ 8:02 pm

4. Amanda: Factoring services haven’t been so common in Europe. I think outsourcing your receivables (sales invoices) could be a good option for both smaller and bigger companies, depending on priorities.

   Comment by Martin Lindeskog — 3/29/2008 @ 11:47 am

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