One question we get asked from time-to-time by our clients who choose to factor their invoices is, "How should I approach my customer about my partnership with FundThrough?"
This question is totally natural and one that our customers usually have the best answer to. Getting paid for the work you do should not be hard, and your buyer knows that, too.
Over the years, our clients have approached this conversation with a few key things in mind:
- Transparency. Be honest with your customer about what not-having-to-wait will do for your business. For example, some clients focus on how factoring will help them pay their vendors on-time to get access to better terms.
- Context. Most of our clients have a close relationship with their customers, and less so with the buyer's Accounts Payable department. If you sell to a large customer, chances are that the intro you make is to a team that's pure business.
- Expectation. While many larger buyers have worked with factors before and have their own procedures to set it up, you may have smaller customers new to invoice funding. In these cases, our clients have found it helpful to describe to their customer how working with FundThrough will impact the customer's workflow, if at all, and customers are very receptive to this.
Just remember - if this were a hard or complex thing to do, or if customers weren't comfortable with invoice financing - companies like FundThrough wouldn't exist. Our team specializes in working with our clients and their customers through this simple process. To speak to a Funding Specialist today, call +1 (800) 766-0460 or start a chat.
Looking for general tips about discussing payment terms with your customer? Here's an old blog post from our CEO.