Tips for Working with The Interface Financial Group

If you want to raise working capital from invoice factoring services, the following tips which could help your chances of getting approved for services.

1) IFG factoring services are for companies want to make the underlying debts against which they are providing funds are recoverable, so that it is easy to collect or recover the finances that they have provided. The factor will want to know the average size of invoices, the number of debtors that you deal and the turnover of your business.

2) Simply make sure invoices are only sent for IFG factoring after the services are provided and/or the goods have been delivered. Keep good records to support the debts, such as proof of providing the service or proof of delivery. A factoring company does not favor businesses that take deposits in advance or businesses that invoice single transactions in several stages.

3) It is a good idea to clean up your sales ledger which will improve your chances of being approved for factoring. Also track down any outstanding debts to minimize the level of overdue invoicing which will be something that might deter a factoring company. Make sure you issue any due credit notes and clearly identify any old debts.

4) Make sure you are clear about why you would like to work with a factoring services firm like IFG. Make sure the funds for business are not mixed with personal expenses. If this were to happen, the cash that was available within your business will be reduced and your factoring application will be less attractive.

5) Tell the IFG if you have a outstanding County Court Judgment. Offer full details of any potential issues in advance. This way your first meeting with the factoring company will go smoothly.

These are just a few of the key aspects of your business that any factoring company will consider when looking to approve your business for a factoring facility.

Contact IFG about invoice factoring at US: 877-210-9748 or Canada: 877-598-9851.

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  1. Pingback: Factoring News – May | IFG Network Press Room

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