SOURCE: The Interface Financial Group (IFG)

Factoring companies

February 15, 2011 19:24 ET

The Interface Financial Group Holds Annual Conference in New Zealand

BETHESDA, MD--(Marketwire - February 15, 2011) - The Interface Financial Group (IFG) announced that its New Zealand regional 2011 Annual IFG conference took place last week. In addition to addressing the future of many small to medium sized businesses (SMEs), the focus was on overcoming the results of global financial crisis and outlining the plan for the next couple of years. 

Many SMEs are in jeopardy because their managers are failing to adopt basic business practices, according to recent research. In a survey conducted recently by Simply Business, the UK's leading insurance broker for small businesses, there was widespread evidence of inadequate financial management, an absence of basic business planning coupled with uninformed decision-making and totally inadequate employment policies.

Having a source for capital, via accounts receivable factoring, can be a safety net when payment delays occur. The ability to obtain cash quickly and easily can make a big difference in the operation of the business and can often be the difference between life and death for the sub-contractor. Factoring can turn most any business into a cash business without it having an impact on customers because once a small business has delivered its product or service, there is a significant cash investment in that transaction. The investment may come in different forms including: labor costs, inventory, marketing, packaging, etc.

"If you have a source for capital, such as accounts receivable factoring, you will have a safety valve when problems occur. The ability to obtain cash quickly and easily can make a big difference in the operation of the business," said George Shapiro, chief executive officer, The Interface Financial Group, Inc.

Furthermore, according to the U.S. Census Bureau, three quarters of all U.S. business firms have no payroll. Most businesses are self-employed people operating unincorporated businesses. Because non-employers account for only about 3.4 percent of business receipts, they are not included in most Economic Census business statistics.

A slow economy is causing many businesses to stretch their credit terms and stretching out 'net 30' to net '90.' Invoice factoring could assist many SMEs. Factors like IFG provide funds of up to 90 percent against the value of a company's receivables. The main benefits of accounts receivable factoring include: the ability to take funding from the factor at an agreed upon initial payment percentage; improvement in cash flow by releasing working capital to a business' and a provision of finance for growth.

A factoring company like IFG will review the quality and spread of the debtors before making an offer, and they typically also look at any bad debt record, such as the overall collection performance and the aging of the sales ledger.

IFG's private label factoring solutions include export factoring, providing factoring services for companies who export from the United States and Canada; P.O. Funding to finance purchase orders when a company receives a purchase order and needs to purchase supplies to fulfill the order; and Inventory Financing, a solution promoting a company's growth by funding them when they must expand and purchase inventory.

IFG does not expect to buy 100 percent of a company's receivables, and there are no minimum or maximum sales volume requirements. In addition, the company's professional rates are competitive because each client's circumstances vary, which may have an impact on the fees charged. The program allows choices of invoices to be factored, enabling customers to retain most of their money, to guarantee adequate cash flow while spending the minimum fees.

About The Interface Financial Group (www.ifgnetwork.com)

The Interface Financial Group (IFG) is North America's largest alternative funding source for small business, providing short-term financial resources including invoice factoring (invoice discounting). The company serves clients in more than 30 industries in the United States, Canada, the United Kingdom, Australia and New Zealand, and Singapore, offering cross-border transaction facilities between the U.S. and Canada. With more than 140 offices across North America and over 35 years of experience, IFG provides innovative invoice factoring solutions by offering short-term working capital to growing businesses. Single invoice factoring, or spot factoring, is an extremely fast way to turn receivables into cash.

IFG was founded in 1972 to provide short-term working capital to help small to medium-sized businesses grow. The IFG organization operates on a local level, providing clients with local knowledge and experience and business expertise in numerous diverse areas in addition to accounts receivable factoring, including accounting, finance, law, marketing and banking.

Contact Information

  • Kristin Gabriel
    MarCom New Media
    T: 323.650.2838
    E: Email Contact
    Headquarters:
    The Interface Financial Group
    7910 Woodmont Avenue, Suite 1430
    Bethesda, MD 20154
    T: Toll Free: USA -- 877.210.9748
    T: Toll Free: Canada -- 877.340.6893