In order to generate factoring and inventory finance from within the Australian market, we will need to liaise with you (and possibly your accountants) to collate and analyse key financial information. Ideally if we are able to get the information in digital format - for example produced directly from MYOB - it enables the process of raisisng factoring and inventory finance to be speeded up.
The final thing we require from our clients and their contacts is OPENNESS.
The Need For Openness
When there are problems it is often the hardest thing to be open. Indeed in discussions with a factoring lender recently they said to us “the harder the factoring case, the more unlikely someone is to be open”...........it is very true. But why openness?
All banking and lending is based on trust.....in fatoring the lenders are paranoid about a trade term they call “fresh air invoices” - i.e. invoices against which no goods have been shipped..... If there is a lack of openness at the front end of a transaction the lender will not be in a position to help. Problems DO get discovered, and if they are discovered in due diligence a lender will walk away immediately. As Oscar Widle said :
"Confidence is like virginity - you lose it only once”
If you have issues or problems (e.g. previous poor credit, failed businesses, tax arrears) tell us - then we will know how to structure a factoring transaction and which factoring company would be most appropriate to help you - if you are open with us and a lender, they will be open towards you - its a risk - but its a risk definitely worth taking.
