There are so many factoring companies in the market place these days. From banks to giant credit card
companies to small boutique shops….the business owner has a plethora of options. When factoring your
accounts receivables it’s important to carefully define your needs and weigh your options. Here are a few
Is Having a Local Presence Important?
Most small business owners are great sales people. At some point in their past there was a vision. The vision
became reality and all along the way personal business relationships played a big roll in keeping the doors open
and achieving success. How important is having business colleagues that are operating in your same
geographical market? I believe the answer is “it’s extremely important”. I’m not talking about a local sales
representative or business development people…. I’m talking about having access to the decision makers. Being
able to have a face to face meeting with the people that are making the decision on YOUR credit availability is
an incredibly good thing. Too often, the interpersonal factor is absent when it comes to somebody deciding
whether or not your business is credit worthy. So narrow the choices down to a factoring company where you
can meet with the management team in person and meet some of their employees you will be working with. You
matter as much, if not more than, the paper application.
Is Cost the Most Important Factor?
How many times have you heard negativity about the cost of factoring? If you’re operating in Houston, Texas
and a factoring company in New York City is offering you the cheapest rate do you take it? Look, you get what
you pay for and very often the cheapest factoring company will not always be the best. There are many
gimmicks and clauses in the “fine print” of contracts that you may overlook. I’ve seen that happen so many
times….low rates that come with hidden fees, long term contracts and horrible customer service. Find a few local
factoring companies, compare proposals, ask questions, meet the decision makers and get references.
Who Referred the Factoring Company?
The source of the information we use to make decisions is so important. Do you trust the source? When choosing
a factoring company you must ask yourself “Where did the factoring company come to me from?” A friend, a
banker, an accountant, the Internet…..whatever the source you should still check out the background of the
factoring company and ask for references. We always offer a prospective client the opportunity to speak directly
with one or two or three of our customers, our banker and our accountant. Our management team has been in
the factoring business since 1994 and we are easy to check out.
What Else Comes with the Package?
Catamount offers so much more that just financing. In reality, we serve as a quasi credit department for all of our
customers. Many times a client will ask us to check out a business they are considering selling to or buying from.
We’ll perform background checks, analyze credit information, make phone calls, etc…..for no extra charge. We
also serve as a sounding board and will assist in budgeting and forecasting. We also have an extensive network
of service providers that are proven and tested that we are comfortable in referring. We also offer existing
customers credit extensions to fund purchase orders, surety bonds, and equipment purchases. We are always
thinking of ways we can help the client. We are great at customer service. We are sensitive to the client’s needs
and value the relationship.
Are You Locked In Too Long?
How many times have you heard the business owner complain about being “stuck” in a factoring relationship
that was impossible to get out of without paying a huge penalty? We offer contracts with no minimum volume
requirements and no terms that lock the client into a defined time period. Other than the complaint about
terrible customer service this is the most common complaint we hear….”I am locked into a factoring agreement I
cannot get out of”.
Is cash flow a concern? Have you any interest in factoring your invoices? Are you looking for a Texas factoring
company to work with? We would love to hear from you.
Are you ready? Give us a call today 877-647-8577.
Catamount has always been there for us and has been very instrumental in helping us succeed.
Without Catamount we would not be where we are today...period. They have been a tremendous help and are very supportive!
When we needed help Catamount stood up to the plate for us. Their service is outstanding...great people to work with!