Knowing the Language of Factoring Helps Close Deals

According to Fred Leder from Xynergy Healthcare Capital LLC, factoring brokers can close more deals if they dress professionally and are knowledgeable about factoring. Clients are going to assume that the broker is a banker, and it is up to the broker to dress and act the part. Leder offers several tips for meeting with new clients:

  • Bring a “checklist” to see if the client qualifies for factoring and have them fill it out before you begin.
  • Speak industry lingo to improve credibility. For instance, always refer to factoring as “selling” rather than loaning, refer to interest rates as the discount fee, etc.
  • Accurately describe the process of factoring.

Credibility is key to closing factoring deals, and credibility is all about perception. Factoring is a relatively unknown and misunderstood industry- the average consumer or company might have trouble saying exactly what the process is. A factoring broker may be in charge of factoring invoices personally, but they need to know exactly how it is done in order to communicate effectively with a client. This includes learning the language of factoring, and being a fluent speaker.

For the full original post, see Learning the Language of Factoring