Factors Verification - Process by which the factor verifies that the product or service provided by the client was received and accepted by the customer, and that the customer intends to pay the factor the money due under the invoice. This process takes place before the factor sends the advance to the client.

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Frequently Asked Questions

Q. When I use factoring services, where does my customer send the payment and who is the payment written to?

A. The payment is mailed to the Factor, and the check is written to the Factor. The Factor is the collector of the payment.

Q. How will my customer know to send the invoice payment to the Factor?

A. When you open a factoring account, your company will send a letter to your customer identifying the factoring company and ask to accept their requests for payment on your behalf. Afterwards, the Factor will subsequently send letters to your customer asking them to redirect payment for each invoice you choose to factor.

Q. What will be the impact on my customer, and how might it change our existing relationship?

A. The only difference to your customer is where to send the payment and who the payment is made out to. In fact, your customer relationship will most likely improve with factoring services. You no longer have the uncomfortable task of collecting payment from your customers, the Factor will now assume that role as an independent third party. Now you can keep your conversations with your customers strictly about business and leave the topic of collecting payments to the Factor.

Q. How does the Factor treat my customer? How do they present themselves and communicate?

A. The Factor treats your customer with the utmost business professionalism and presents themselves as an accounts receivables management service that has just given your business an unlimited credit line. After all, the Factor has a vested interest in your customers satisfaction and would never want to do anything to upset them and loose their business (and yours). The Factor communicates to your customer through letters and telephone calls. The letters ask your customer to redirect invoice payments and the phone calls are only to verify the existence of an invoice. Should your customer begin to default on payments the Factor will raise the issue with you first before speaking to your customer.

 

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