Making partner with a factoring service is actually a good idea as long as we can manage to choose the right one. Looking at the service we will use, several things are essential to consider when we choose. The consideration includes the following:
#1. The Credit Department
The service should be clear if it serves for several business kinds, if the entire rules are good and logical, and if they only work for stable company or for all. It will also define how their factoring service will lead us to failure or success.
#2. Management and Personnel
We need them to be professional. Their management should have solid and responsive system and it should be conducted by professional people with at least finance background, expertise, and high skill.
#3. Expertise and Years of Experience
Several services are expert but they are not on the business long enough yet. This is fine. However, it will be ideal if they are expert with years experience on the field. It ensure their understanding on the business.
The service should have specialization on our industry. It prepares them and it makes them ready with challenges and issues on our industry and they know how to help overcoming it. It influences our performance and business flow.
#5. Other Customers Testimonials
A good service commonly gets good feedback from their customers. Check on this. If our service work on a good attitude and is highly recommended, they should be good enough. Direct discussion with a representative of other client shows us their working manner too.
Of course, it takes time for us to find out the entire things above while they are not yet all. Let us take time to select. This is going to be a big step, so let’s be really careful and choose very wisely.