Choosing the Right Factoring Company
The current economic climate has pushed businesses to look for alternative financing. Factoring has become a beneficial option for an increasing number of businesses in Canada.
However, the factoring industry is unregulated, and as such, it can be difficult to decide on the best factoring company for your business. There are plenty of financiers claiming to provide the utmost care and support for their client’s needs, but this is not always true.
There are several aspects to consider before choosing whether a factoring company is genuinely going to come alongside your business to help it grow and thrive. Some research on your part will go a long way to ensuring that your business is sufficiently supported by the right factoring company.
So ask yourself the following questions:
Is the Company Reputable?
Are they well known in the industry? Do they have good relationships with other companies within the same industry? Do they have good reviews or testimonials?
Express Business Funding (EBF) is a leader in the factoring industry. As such, we are up to date on the newest industry trends and implement them to bring about the best outcomes for businesses. We make it our goal to cultivate relationships with other companies within our industry, as well as with our clients, and you will see throughout this article that we have testimonials from both.
“I have worked in the business cash flow world for many years and have enjoyed my experiences with Anne Macrae and the staff at EBF, as I find them extremely responsive and respectful of client needs. Always on top of industry trends, it is a pleasure to refer them when the question of cash flow arises.” - Judi Johnstone
Is the Company Reliable?
Again, are they known amongst those in the factoring community? Are they
‘corporate controlled’ or privately owned? Are they local?
“Express Business Funding is a national Canadian finance company. They finance small to mid-sized businesses across Canada. As a direct lender and not a brokerage, it means there is no middle man involved or broker fees. Their staff are experienced, professional and care for their customers. EBF is focused on the success of their customers, as it is ultimately their own success.” - Frederick Paatz
Is the Company Best Suited to You and Your Business’ Needs?
Is it simple and easy to apply and be approved for factoring services? EBF provides funding to various companies simply based on the value of their assets and the credit strength of their clients. EBF prides itself in making it easier for new companies to qualify for financing.
Do they understand your specific needs as a business? Are they able to meet your specific needs?
Is your business growing? Is your business struggling with cash flow problems? Is your company on the brink of financial disaster? There are so many financial situations that are difficult to navigate alone. Find a factoring company who is aware of your needs and knows how to meet those needs.
“Express Business Funding has a very broad suite of products which really helps when it comes to obtaining the right financing solutions at the various stages of business growth.
- Ryan Meghdies
“I have had the pleasure working with EBF to fund our business which is going through an explosive growth phase. EBF not only have funded the company, but also helped us in areas where we needed help to allow us to manage the growth and succeed. We have developed a close working relationship with their entire team and could not ask for a better partner.”
- Riaz Pisani
Is the Company Flexible?
Do they provide 24-hour funding? Do they provide the funding your business needs when you need it?
“They have been fantastic to deal with, always offering flexible options and were always quick to provide funding when needed. They have helped us for a couple of years and been very responsive to our needs.” - Bindy Sangria
Do they provide support as your business needs help? Do you feel like you have an in-house financial team behind you and your business? Do they consider your business’ best interest and provide specific finance solutions as a result?
“EBF is a great help for businesses experiencing growth. Funds are available in a timely manner and communication is prompt and open. The staff are professional and understanding (in simple terms, they get it). They not only provide financing, but they are real partners.” - Patrick Ngoyi
"I believe the greatest value they offer is their flexibility. Being able to choose specifically which invoices to factor without long term contracts that take away control. Moreover, their ability to build customized finance offerings was a key differentiator.” - Ryan Meghdies
Is the Company Open and Transparent?
Do they have fair rates? Do they have hidden fees? Do they explain what is expected of your business as your relationship begins? Do they provide advice and clarification as they work with you?
“I’ve been working with EBF for quite sometime, needless to stay, the service is professional and efficient! The crew at EBF is awesome, to the point, trustworthy and friendly.”
- Robert Frafomeni
Every business is in a different stage or at a different size, so making sure you choose a company with the above qualities is key for your unique business. Once you have done your research and pick a factoring company, you can be confident that you have found the solution that best meets the needs of your business.
Express Business Funding