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Bank Factoring Products, Is It For You?
By Staff Writer
Have you noticed that a lot of banks are getting into factoring? And it may seem as if banks are giving factors a run for their money, but the fact remains that a bank is an FDIC regulated institution with tight restrictions, and therefore cannot be as competitive as a factor in many situations.
It is likely that if you go to your local banking branch and ask the branch manager about their factoring services, the branch manager would not know what you are talking about. Why waste your time with tight restrictions or inexperience?
If you need factoring, going to a factor should be your best option. But like everything else, shop around and once you have the best quote, work with it, factors want your business and they will do their best to beat the competititon. Factors offer quick funding with a simple qualifying process.