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Finding a Reputable Provider

March 27th, 2009 · No Comments

It can be a challenge to evaluate all of your options when your business needs cash right away, but researching all of your options is the best way to make an informed and rational decision.  Many different types of companies offer alternative financing solutions. Some small businesses specialize in these types of transactions, and others offer business cash advances or factoring in addition to other more traditional financial products.  The most important thing to remember when searching for a provider is that the company should have your concerns in mind.  Luckily, business owners have become savvier with regard to predatory financial offerings and understand that taking out an advance you can’t afford is never a good idea.

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A reputable provider can guide you through the application process, explain your options, negotiate terms that best fit your business, and provide good customer service throughout the repayment process.  A cash advance or factoring company has access to your and customers’ credit and financial information, so it’s is important to choose a trustworthy provider.  Here is a short list of qualities to look for:

  • References and Recommendations: Try to get references from past clients.  A reputable provider can provide contact information for past and current clients.  If factoring, look at sample correspondences between the factor and clients, listen in on phone calls if you are able to.  Make sure that the company is one you and your customers will enjoy working with.
  • Responsiveness: You will be communicating with a provider throughout the repayment process.  Ask what hours representatives are available, and what the procedure is if you want to renegotiate terms or assign additional invoices in the future. 
  • Security: In both cash advance and factoring, a provider has access to very valuable information.  Make sure that your and you customers’ credit and financial information is secure.  Ask about security procedures such as encryption for credit card numbers on transaction reports viewed by the provider.  When factoring, make sure that customers are being billed the correct amount and that their information is not shared with outside sources.



    • Merchant cash advance providers do not usually charge administration or application fees, and  should not require that you use their other products, such as credit card processing software,  as a condition of awarding an advance.  A reputable provider should be able to discuss your concerns honestly and make you feel at ease using their service.

     

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