Topics Included in Bankers Factoring Broker Webinar
Become a Best In Class Financial Intermediary
Table of contents
- 1-hour intro to factoring brokering
- How to quickly size up a deal and place it at the correct funder
- Know the difference between PO Funding and Invoice Factoring
- Networking with factoring referral sources
- How to generate leads through your own website
- Using Credit Insurance & Tax Issues as Marketing Tools
- Know invoice factoring terms and important points
- Wrap Up with Q&A
FACTORING 101
We will start our factor broker training school & factor ISO training course with a little invoice factoring and PO Funding 101. If you are a veteran of brokering invoice factoring, then this might be a little rudimentary for you. Additionally, our goal is for you to take something from this PO & factor broker seminar to grow your business, widen your capital sources, and increase your cash flow knowledge.
A Purchase Order is a nice piece of paper, but…
How to be an effective purchase order financing broker and Factoring broker.
Invoice Factoring is:
- All about the Account Debtor & their Vendor Agreements
- All about the Invoices, Purchase Orders & Contracts
- A little about the Prospect
Training Program Topics Include:
- Bad vs. Good Invoices and Purchase Orders
- Invoice Factoring vs. PO Funding
- Sell Accounts Receivable Management, Credit Protection, Customer Service, Free Credit Manager & Peace of Mind.
- How to become a Full Service Financial Intermediary versus just a loan broker
- What is a working capital “Burn Rate”?
- Can Merchant Cash Advances & Factoring Companies play nice together?
- Learn to read a Balance Sheet
- Learn to read an A/R Aging
- Learn to read an A/P Aging
- Learn to read a Contract, Vendor Agreement & Purchase Order. The Prospectโs contract becomes Bankers Factoringโs contract.
- Greed vs. Fear (Fraud: the dark side…)
Chris Curtinโs Networking Rules
- Don’t sell or talk too much about yourself at networking meetings. Your goal is to build your sphere of influence by meeting new people who will educate you and become reliable resources for your clients and pillars. So this is not the time or place for a sales presentation.
- The best way to get something from networking is to give something. So do not expect to get leads when you never give others leads. Networking is like any relationship: You get out of it what you put in it.
- Listen and ask the magic questions, โSusan, who is a great prospect or referral source for you? How can I briefly describe what you offer to others?
- The people you meet are either:
A- Potential clients, or
B- A source of referrals
Realize that not everyone will be a prospect. That’s because Networking is more than prospecting. It also finds people who could lead you to potential new customers or other referral sources. Thus, keep growing as a commercial finance broker known for having all the answers to tough funding situations. - Networking is more like farming than hunting. It takes time to cultivate and harvest. However, once the harvest season starts, you will be well compensated.
We have all seen professionals come only once or twice to group events and then give up because they did not receive a lead. That’s because they do not realize they are being tested and judged by the long-time members for their โstaying power.โ - Did you miss me or am I just another number? Remember the first date you went on? You waxed the car, put on your best clothing, shaved, or put makeup on. You then opened the door for the other person and paid them a compliment. But after you see them a few times, the extra efforts are gone. Keep all your meetings like the first one!
- To quote Martien Eerhart, โRemember, it is net*work*, not net*eat* or net*play.* It takes energy and effort to make networking work for you.โ
- Volunteer on the membership committee for trade groups of your best referral sources. So give yourself, and people will find a way to send you business.
- Keep track and take care of your โSuper Pillarsโ; those who have sent you 2+ leads in their life. With enough Super Pillars, you will be set for life!
Now, letโs open the webinar to questions about factoring deals, commercial finance consulting, small business financing, other products and services, and the overall ISO and factoring industry.