Not everything related to the funding process can be done by the factoring company. There is a lot that you the business owner must attend to in order for financing to go smoothly. The factoring client has certain responsibilities to insure they get paid in a timely fashion.
1. Does the factor have the complete and correct contact information for the customer account payables department who will be verifying the invoice? Are you sure this is the right person to contact?
2. Have you contacted this customer contact and let them know the factor will be calling and you are giving them permission to discuss your account?
3. Is all the paperwork in order? Invoice made out correctly with the new proper “remit to” address displayed? The items on the invoice correct? Pricing correct?
4. Does the invoice reflect exactly what the customer ordered?
5. Have all the items in the invoice been fulfilled? Did the customer get the entire product ordered? Did the customer receive completed service as expected?
So you see, having this all done prior to an invoice being submitted to the factoring company will make our job much more efficient which will result in quick and easy funding of your invoices.