Posted by RayC_TX on 3/1/06 9:24am
Msg #100888

YOUR THOUGHTS REQUESTED. INVOICE FACTORING.

If you could turn your non-pay invoices over to someone that would cash them and go after those companies, would you use it ?

Reply by Ilona_OH on 3/1/06 9:27am
Msg #100890

Last year I would have kissed someone's feet to collect from some of the jerks that stuck me! Instead I wrote them off!

Reply by RickinVA on 3/1/06 9:31am
Msg #100892

Anyone tried this? Worked for me with Accurate Sign ups. (This is not advertising as I have no connection with them, except as a customer.

Associated Specialists
Bessemer, AL 35020
[e-mail address]
1-877-832-4156
25% of collection, NO amount too small.
No collection, no fee!
Anywhere in the country
7 years in business, serving the small office community

Rick

Reply by Karen_FL on 3/1/06 9:49am
Msg #100905

Thanks for the info - good to keep on hand. Years ago I collected on non-paid invoices for a company I worked for and was quite good at it. Consistantly calling and faxing has worked for me including receiving payment from Accurate Sign Ups. She was the hardest to collect from. She promised to send constantly but never did until I called the TC and told them that she had not paid. They called her and told her to pay me and she finally did two weeks later.

Reply by AngelinaAZ on 3/1/06 9:52am
Msg #100907

I haven't had many that I haven't collected on. There was one that took almost a year but I got the money.

If I was to the point of writing them off... I would personally rather submit them to an agency and... even if I didn't get a penny of it... at least they wouldn't get away with their dishonest practices... and you might even get lucky and get a little bit of it.

Thanks Rick for the tip... I'm definitely going to try these guys out on one particular PITA!

Reply by Cris_AR on 3/1/06 10:15am
Msg #100915

Yes, I would, collecting is a pain, for many years let it go, last year I became serious about collections and I WOULD prefer partial payment going towards a service if I did not have to do the collecting.

Reply by Charles_Ca on 3/1/06 10:21am
Msg #100918

Ray, I don't think that a lot of people understand what

you just asked. It is a rather foreign concept outside of manufacturing and shipping. Are you suggesting that there are some who might be interested in factoring small amounts such as those involved in notary signing work?? How about court judgementsin the 2-6k range?

Reply by Shane_OH on 3/1/06 11:01am
Msg #100941

I'm not sure there is a benefit to factoring in our line of work?
Maybe if you had a couple thousand dollars of outstanding invoices, but by factoring you generally lose 10-25% of the invoice amount (in my past experience), and if they fail to collect, they in some cases can turn around and come back after you for the invoice amount.

Collections is a better route to go, if you have enough to do it.

Reply by Charles_Ca on 3/1/06 11:44am
Msg #100965

I agree Shane. But Ray is in the freight business and

factoring is common there. I have no idea what the floor would be costwise and why someone would be interested because the amounts in notary work are usually small. Typicall in my business my minimum collection accoutn run $2500 to $5000. I use collection agents a lot in my business and they usually take 50% so 10% or 25% would be welcome relief! Just out of curiosity would you be "Freight Train Shane" from WCKZ?

Reply by RayC_TX on 3/1/06 6:20pm
Msg #101099

Sorry Charles .. i had a rootcanal/acidenema.. signing ....

Basically Factoring is letting a company take your invoices and present them to the company for payment. Usually up on acknowledgement of reciept and intent to pay, the factoring company turns around and pays you ASAP via PAYPAL or direct deposit less %3 to %8 percent of the Bill price.
AFTER THE FACT FACTORING usually between 10% and 20% if you present the bill then you decide to "THEY AINT GONNA PAY WHAT DO I DO". Some factoring companies will actually go after thier assest!

Reply by RayC_TX on 3/1/06 6:53pm
Msg #101117

Factoring

Basically you submit an invoice and a proof of services rendered.
The factoring company on confirming your claim <they attempt to be fair to all parties>
will pay you all but a percent usually its 3% to 5% .... depending on the level of intervention.
The factoring company usually will be cheaper if you consult them before taking the work. aka " they pull a credit report, they invoice the company, they usually charge the company requesting service 30days net 10%. If the Factoring company is unable to collect, many times they do back charge you then... your allowed to take that as a "write off".
Where the SS companies will fail with this .. is most factoring companies work with the VERY BANKS that they use as a company and personally. Factoring companies have enough clout that they can pretty much shut a company like SS <fly by cuff> right off. NO CREDIT .... NO SERVICE .... you type thier name in YAHOO and you get a listing under the DEADBEAT LISTING.