Anyone know anything about the factoring business?

In the current economy, more and more businesses are interested in fast cash. If you have a really good understanding of the financial markets, then factoring would be a good way to go. Only a person with experience in finance should consider it.

Where can I learn more about factoring?

Want some real world experience? Asshole hasn’t paid me for writing I did a year ago, and I’d sell the $1,000 receivable gladly.

Interesting @frdelrosario. When you put it that way I’m not sure the difference between factoring and collections.

Yes….I have no idea why I am unable to copy the link here, something is preventing it. Sooo…google factoring. Then choose the fourth item down “Factoring (Finance) Wikipedia” This gives you a good explanation of what factoring is. It makes a difference whether you are in the US or Europe. Most of the factoring in the world goes on outside of the US and predominantly in Europe, where it has been around for about 2,000 years. Most people in the US, including knowledgable business people, have no idea what it is.

It’s a good business. I owned a small factoring business a few years ago via a franchise with Liquid Capital out of Toronto. I had another business and could not devote the necessary time to it. There is a HUGE learning curve. But it is interesting and profitable…..AND virtually no government regulation. It’s the purest form of free enterprise.

There are many factoring companies, each one seemingly in it’s own niche. One of the biggest and best known is Bibby Financial. Google it.

You need two things if you are thinking of doing this. One is an intimate knowledge of the business and the other is money. It is YOUR money that purchases the receivables and it is YOUR money that you want to collect when the deal comes to a close. If you know nothing about the business, I would suggest you work for a factoring firm for a few years until you have a knowledge and some money.