If you have decided that you need to use invoice factoring for your company, perhaps because you waste too much time chasing debts or you just need to improve your cash flow, then you will need to decide which of the invoice factoring companies is best for you.
There are a good selection of companies out there and this means that you will be able to find one that suits you. Of course, most people will be tempted to go with the company that offers them the best payments for their invoices. However, this is not the only thing to consider, despite the fact that this is why you are using them in the first place; to get money.
You need to also think about the customer service and the time it takes you to get your money. Obviously you need the money pretty quickly, which is why you are not waiting for the customer to pay the invoice and so you will need to go with a company who is prepared to pay you quickly. How fast you need them to be, will depend on your financial situation.
Another consideration is their customer service. They will be approaching your customers for money and you want to make sure that you are happy with the way that they do that. It is likely that they will be professional, but you will want to have your mind put at rest, that the customers will be happy with them.
You could always choose a company that offers invoice discounting, where it will still be you that approaches your customers for money, rather than them. This could eliminate this worry. However, you still want a company that has good customer service towards you.
It can be worth asking other companies if they use this sort of service and whether they can make any recommendations. There may also be some online reviews that are worth reading too. Doing some research can be a great way to put your mind at rest. Reading the companies website and their testimonials and then any reviews or information online can be useful. You might find information on forums or discussion boards or you could leave a question on a relevant one and see what type of response you get. It should not take too long to do this research, maybe just a few hours and it is worth the effort as this is an important decision to make.