If you are sure that invoice factoring is the ideal solution for your enterprise, you must be in search of the best invoice factoring Singapore company. Now, while choosing an invoice company, you need to look into several things before signing up with any company. We have listed below a few of such things below.
Fees and Penalties
When discussing with any factoring company, it may claim to charge the lowest factoring fees. What they won’t feel you are the additional charges that are levied, which highly increases the cost of factoring. So, when consulting with any company, enquire about the following things:
- Reserve requirements
- Processing fees
- The advance percentage
- ACH fees
- Factoring fees
A lot of companies require clients to sign long term agreements. Breaking the terms of contact causes serious penalties. So, before you proceed further, make sure you know in detail every term and condition of the company.
Experience
You must be wanting to work with well reputed, experienced people. Hence, the company that you choose for your business must have abundant financial reserves and experience to deliver you the best services. Ideally, you should hire one such factoring company which specialises in providing services to the type of business you run. That would ensure their knowledge in handling cash flows in an appropriate process.
Value-Added Services
You must also enquire that in addition to the factoring services, what other services can you avail of. Various companies offer various value-added services. For example, online reporting services, invoice management, etc. Some companies take care of the invoices that haven’t been paid within the deadline. If you give the task of handling your invoices to a reliable invoice factoring company they would ensure that all your invoices are paid within the time.
Customer Service
Before you proceed to sign in any agreement, you must check that they provide satisfactory customer service. You need to be sure of the fact that they would professionally handle your invoices. You must know a few things before deciding:
- Do they provide instant responses to queries and complaints?
- Do they discuss their policies openly?
- Do they assign a customer service in charge to every client?
- Duration of customise service hours
Apart from the above-mentioned ones, you must make sure that the company is trustworthy enough. Hence, you must take time to research and make an informed decision. Whatever you do, make sure your investment pays off in the long run.
