How to Request an Online Credit Approval

Getting online credit approvals with DSA Factors is easy!We have just published our first factoring tutorial video. Our plan is to create an entire series of factoring tutorials that our new clients can use as a reference. While much of this is nothing new for our long-time clients, for those of you new to DSA Factors or are considering factoring with us, these videos will walk you through the entire factoring process, from start to finish, and hopefully answer all of your questions. For our clients who have been with us for many years now, hang in there, we hope to create some videos featuring are online reporting tools that might teach you something you didn’t know before!

The first video we are publishing is how to request an online approval (for an existing account with DSA Factors). Of course, as a family owned business we pride ourselves on our excellent customer service. So if you have any questions, or want us to walk you through the approval process over the phone, please don’t hesitate to give us a call at 773-248-9000 and we will be more than happy to talk to you.

We hope you enjoy this video and the entire upcoming video series. If you have any ideas for future tutorial videos, please let us know. Thanks!

Cash Flow for You’re Business – Accounts Receivable Factoring

Factoring gives you the cash flow you need to grow your business.It can be difficult for any business to survive without proper cash flow. Having all your money tied up in receivables can hinder your ability to take on larger accounts and grow your business. The solution to this problem is accounts receivable factoring.

With factoring you get funded for your receivables the same day you invoice your customers. As an added benefit, since your factoring company is purchasing your receivables, you aren’t taking on any new debt. Plus all credit decisions are based on your customers’ good credit, not your own.

So what are you waiting for, give DSA Factors a call today at 773-248-9000 and start getting funded today. At DSA Factors we have money to make your company grow!

Alexa, open invoice factoring

Alexa now has a new Invoice Factoring skill.Alexa just got a whole lot smarter. Earlier in the month we introduced our Accounts Receivable Factoring skill which would tell you exactly how much it will cost to factor an invoice, and it was so popular it even got written up on the Small Business Trends blog. So DSA Factors is proud to introduce our newest Alexa skill, Invoice Factoring. Simply tell Alexa to open invoice factoring, and then start asking anything you have questions about.

You can ask simple questions such as what is factoring, or more complex questions about recourse vs. non-recourse, purchase order financing, credit checks, submitting invoices, and virtually anything else. Of course, you can’t expect Alexa to be able to give you the personalized service that you have come to expect from DSA Factors. Furthermore, Alexa can only answer questions about general knowledge and not about your accounts. That is why you can still give DSA Factors a call anytime at 773-248-9000 and one of our principals will be available to speak with you over the phone.

Alexa, open accounts receivable factoring.

DSA Factors introduces a new accounts receivable factoring Alexa skill.DSA Factors is proud to announce that we have published our first skill for Amazon’s Alexa service. If you own an Echo, Dot, Tap, or any other device that supports Alexa, you are no longer just limited to playing music, turning on lights, asking how to spell words, listening to a news report, or asking about the weather. You can now ask Alexa to open accounts receivable factoring and learn exactly how much it will cost you to factor an invoice. That’s right, DSA Factors has created the world’s first ever factoring skill for your smart home, and there is no telling how this skill may revolutionize the world.

You will of course have to tell Alexa how much your invoice is for and what you factoring rate is for the invoice. After that Alexa will do the rest for you and will tell you exactly what the factoring fees will be and how much will be held in reserve (assuming it is 10%), so that you can know exactly how much funding you can expect to receive.

So go ahead and make your smart home even smarter by activating the accounts receivable factoring skill today.

P.S. If this news wasn’t exciting enough, we have more skills in the works… stay tuned!

How Would an Amazon Furniture Store Impact the Furniture Industry

Amazon is expanding into brick and mortar retail.Amazon is already a retail giant, but up until recently all of their sales have existed only online. However, that is slowly changing. In November 2015 Amazon opened its first brick and mortar bookstore in Seattle, and has opened a handful more across the country in the last year. They also started experimenting with cashier-less grocery stores at the end of last year. Of course the big news came a couple of weeks ago when Amazon announced they would be purchasing Whole Foods for $13.7 billion. While Amazon is yet to open a brick and mortar furniture store, there have been reports that they are looking into doing so. If, or when, they do open a furniture store, you can bet that it will have some pretty dramatic effects on the furniture industry.

Amazon and the Book Industry

Amazon of course started off as an online book store back in 1995 and didn’t turn a profit until 2001. The impact that Amazon has had on the book industry has been dramatic. They drove Borders, a 500+ store chain and former Amazon partner, out of business in 2010. Barnes and Noble has survived but is struggling. So it is interesting that the company that has been responsible for closing hundreds of bookstores around the country, and has no problem selling books online, would want to open up their own bookstores. Of course, for a company like Amazon, the cost of opening up a bookstore is insignificant, and it could be worth it to Amazon to open these stores even if the stores themselves are not profitable since they can be used as market research and for marketing Amazon’s other services such as Prime. The fact that these bookstores are popping up slowly and only in several cities may indicate that indeed the stores are not profitable on their own.

Amazon and the Grocery Industry

Groceries, however, unlike books, have been a much bigger problem for Amazon. While non-perishable foods can be shipped, they are also heavy and shipping them can be expensive. Of course fresh produce is much more problematic, not only does it have a short shelf life, but most consumers wouldn’t want someone else picking out which bananas or cut of meat they are purchasing. Then you have refrigerated or frozen foods, if it took Amazon two days to deliver your milk, it would go bad long before it arrives at your doorstep. At the end of last year Amazon started experimenting with several grocery store concepts in Seattle. Amazon Go offered cashier-less convenience stores. You simply walk in, take the food you want, and walk out, with your credit card automatically getting billed. Amazon Fresh Pickup allows customers to order food online and then pick it up at a nearby drive-thru. While Amazon Fresh Pickup still doesn’t address the issue of allowing consumers to pick their own produce, it at least addresses the issue of short shelf life and refrigeration. But just like with bookstores, which also started out in Seattle, these stores are being rolled out slowly and Amazon still has an insignificant market share of the grocery industry.

That of course has all changed with Amazon’s buyout of Whole Foods and its 460+ stores across the nation. In a matter of seconds Amazon made a major move not just into the grocery industry but into brick and mortar retail. They instantly gained hundreds of locations around the country where customers can pick up orders, drop off returns, and do their shopping all at the same time. They also can roll out some of their new technologies on a much larger scale than they have done so far.

Amazon and the Furniture Industry

The Challenges of the Furniture Industry

With Amazon apparently solving their grocery problems, that leaves only one other industry where Amazon is struggling to get their foot in the door, the furniture industry. While furniture may not go bad like fresh fruit and vegetables, it has its own challenges. First of all, it is a major purchase, even the cheapest pieces will cost you at least a hundred dollars, and if you are updating a room you can expect your bill to be in the thousands. When making such a large purchase consumers are going to take their time to shop around to make sure that they are getting exactly what they want. In the case of upholstery and bedding, consumers need to touch and feel the product to make sure that it is comfortable. Furthermore, many furniture purchases are custom orders where the consumer picks the colors and finishes they want. As a result retailers are not able to stock the merchandise but instead need to order it, meaning it could take anywhere from 4-12 weeks for the consumer to receive the merchandise. This doesn’t work well with Amazon’s goals of reducing delivery time from two days to two hours. But of course the largest problem with furniture is delivery. Furniture is bulky, heavy, and easily damaged. While it can easily be transported to distribution centers and stores, it is delivering it the final mile into the consumer’s home that presents the greatest challenge, along with assembly for items such as beds that would not be able to fit through doorways if they were delivered fully assembled.

How does Amazon Enter the Furniture Industry?

So of course the next question is what will Amazon do? Amazon has committed to selling furniture; they have opened up showrooms in both Las Vegas and High Point. While it is possible that Amazon may experiment with opening its own stores, it is likely that when they are ready to make the jump into brick and mortar furniture, they will buyout a furniture retailer. Of course, there are very few furniture retailers that have locations nationwide like Whole Foods, but Amazon doesn’t necessarily need to purchase a furniture retailer. Purchasing a department store might make greater sense as they are larger, have more locations, and would allow Amazon to sell other merchandise that is difficult to sell online, such as appliances and clothing.

If you start looking at department stores, Amazon has a lot more opportunities as many of the department stores are struggling, mainly due to having to compete with Amazon and other online retailers. Purchasing Macy’s would give them access to 800+ locations around the country. JC Penny would give them over 1000 locations. But most interesting is perhaps the department store that has told its investors that it may not be able to keep its doors open. If Amazon were to buyout Sears, not only would they be able to purchase it at a bargain price, but they would immediately have access to over 1500 retail locations and a wealth of real estate all around the country.

Of course all of this is just speculation, what isn’t speculation is that Amazon is going to do something in the furniture industry. There is talk of them using technologies such as virtual reality or augmented reality so that you can picture what a particular piece of furniture would look like in your home. Another possibility is offering delivery windows within hours of when you make a purchase in their store. But whatever they do, it is going to be big and everyone is going to have to keep up with Amazon if they don’t want to lose out.

What will be Amazon’s Impact on the Furniture Industry?

Furniture Retailers

While retailers will face stiffer competition, they may also benefit from the new technologies that Amazon brings to the industry. If existing furniture stores are able to adopt Amazon’s technologies, they too could use those technologies to increase sales. Of course, the real advantage to traditional retailers comes in the area of customer service. A company like Amazon will never be able to provide personalized service and most likely wouldn’t have trained salesmen who know about all the products in their store, instead they will probably rely on Amazon reviews like they do in their bookstores, and perhaps a specific customer’s buying trends. While Amazon may already know if a customer is looking for a more traditional or contemporary look based upon their online purchasing patterns, a traditional salesman can simply ask the customer what they are looking for and forget about all the algorithms. By offering exceptional customer service and a knowledgeable staff, current furniture retailers should be able to compete with Amazon and would definitely do better in customer retention.

Furniture Vendors

From a vendor’s point of view, Amazon stores can potentially open up more possibilities. Smaller vendors, who have trouble getting floor space in the showrooms of larger furniture retailers, may have an easier time getting floor space in an Amazon showroom. While certainly Amazon could offer everything online, it will be limited in what they can display in their showroom by the amount of real estate they have. Unlike traditional furniture retailers who buy from a handful of vendors, Amazon purchases from everyone and that of course is what sets them apart.

If Amazon’s bookstores are any indication of how they do business, products that perform better online will have the upper hand. At Amazon bookstores there is a very limited selection of books, and the selection is not based on which books Amazon’s buyers feel should be on the shelves. Instead the book selection is all determined by algorithms which look at sales volume and customer reviews of each book. As a result, a category that has a more limited selection but sells modestly well may get more shelf space than a hugely popular category that offers a much wider variety of books to choose from. For example, Amazon bookstores have an excellent selection of recipe books which individually sell well online, but a very limited selection of fiction, a category that performs incredibly well as a collective group, but not as individual titles. Furthermore, where a traditional bookstore will feature every book that Dr. Seuss ever published in their children’s department, Amazon bookstores would probably only have one or two of his books that sell extremely well online, if any. There is no reason to believe that Amazon wouldn’t take the same approach in a furniture showroom.

This could be huge for niche manufacturers. While overall your sales volume may look insignificant when compared to someone like Ashley, if you have a single unique product on the market that sells very well, it is quite possible that it would get floor space in an Amazon showroom. While Ashley may offer 1000 different products, it means that each product only gets a thousandth of Ashley’s overall sales volume, and your single product receives 100% of your sales volume. As a result, your single product would have better sales numbers than any individual Ashley product, and if it receives positive customer reviews, it would perform better in Amazon’s algorithms.

If there is any lesson to be learned from this, it is quite simple, online matters. If you don’t want to get left behind, you need to bring your business online, and the more you offer the more you have to gain. Getting sales and positive reviews right now on Amazon could result in even greater sales volumes in the future when Amazon starts opening brick and mortar stores. If you are looking to get your product for sale online, DSA Factors is here to help.  We provide factoring for Amazon receivables, as well as Wayfair, Hayneedle, One Kings Lane, Zulily, and many other online stores. Give us a call today at 773-248-9000 to learn more about how DSA Factors can help you grow your online business.

How Does My Business Qualify for Accounts Receivable Factoring?

Approved for immediate funding with accounts receivable factoringUnlike applying for a loan or line of credit with bank, accounts receivable factoring is very simple to qualify for. If your business bills other businesses for either a product or a service, and you offer them payment terms, then you qualify for accounts receivable factoring. Best of all, with accounts receivable factoring, credit decisions are based on your customers’ good credit rather than your own, and you don’t take on any new debt.

Accounts receivable factoring is available to a large variety of industries. All manufacturers and importers qualify, whether you sell furniture, bedding, rugs, wall decor, giftware, housewares, kitchenware, toys, electronics, food, apparel, hardware, or anything else, accounts receivable factoring can work with your business to provide you with the working capital you need to grow. Service providers can also qualify for accounts receivable factoring, this includes marketing, staffing, IT, consultants, or anyone else who provides a service for other businesses.

Startup businesses, rapidly expanding businesses, well established businesses, and even foreign businesses that are entering the North American market all qualify for accounts receivable factoring. It doesn’t matter how long you’ve been in business for or what type of credit your company has, with account receivable factoring we look at the credit worthiness of your customers to make credit decisions.

Furthermore, with accounts receivable factoring there are no credit limits. As your receivables grow so does the amount of funding you receive. So regardless of how long you’ve been in business or any credit problems you may have had in the past, with accounts receivable factoring the sky is the limit.

Sound to good to be true? Give DSA Factors a call today at 773-248-9000 and find out just how easy it is to qualify for accounts receivable factoring. All it takes is one call, and we can be funding you in as little as 24 hours!

Accounts Receivable Factoring Services

Accounts Receivable Factoring ServicesCash flow is typically the main concern for any company that is looking for accounts receivable factoring. However, there is a lot more that goes into accounts receivable factoring than just cash flow, and it is these other services that are also important to consider when selecting the correct factoring company to work with. While common services include credit approvals, collections, and credit insurance, there are other services that factoring companies can offer as well.

Credit Approvals

Every factoring company should provide you with credit approvals; after all, one of the main benefits of factoring is that funding is based on your customers’ good credit rather than your own credit. By providing you with credit approvals, your factoring company is making sure that your customers are credit worthy and will pay their invoices when they become due. Not only does this take the responsibility of credit checking off your back, it also saves you money as you don’t need to subscribe to expensive credit agencies such as Dun and Bradstreet.

Of course, it is one thing to provide credit checking of your accounts; it is another thing to provide you with credit approvals. At DSA Factors we are proud to offer our clients an over 98% approval rate. Unlike banks and many other factoring companies who look for reasons to turn down your accounts, we look for reasons to approve your accounts.  Furthermore, we will work with your customers to build up their credit, so as long as they make timely payments, we will be willing to raise their credit limit over time.

Collection Work

It would be nice if everyone would just send you a check on the day that an invoice is due, but in reality we all know that this isn’t the way things work. Reminding your customers that payment is due is just a normal part of doing business. Whether you are sending out letters or making phone calls, collecting your receivables is a very time consuming process and can be frustrating at times. Since your factoring company is purchasing your receivables, they should also handle all of your collection work for you. This includes, sending out account statements, e-mailing copies of invoices, and making phone calls.

The most obvious benefit of having a factoring company handle your collections for you is that it may be able to save you some payroll as you won’t need to hire someone to manage your accounts receivable. However, another benefit is that factoring companies actually have more leverage in collecting prompt payments than you would have in collecting on your own. If a customer doesn’t need any new merchandise from you they may reluctant to pay you in a timely manner. However, factoring companies have many clients and not paying a factoring company in a timely manner means that they won’t be able to order new merchandise from a handful of vendors.

While it may seem scary to let another company deal with your customers, it is important to keep in mind that factoring companies are not collection agencies and will always treat your customers with respect. A factoring company is purchasing current receivables, not past due receivables, so there is no need for them to be rough with your customers. Furthermore, your factoring company’s success is tied directly to your company’s success, getting reorders is what allows both you and your factoring company to grow. In fact, if an account becomes seriously past due, your factoring company will probably hand them over to a collection agency just like you would.

Credit Insurance

If your factoring company offers non-recourse factoring, then that means that they provide you with credit insurance on your accounts. This means that if a customer is unable to pay for merchandise due to financial problems, that you still get to keep the funds that your factoring company provided you with. Of course with any insurance it is important to look at what is covered. Some factoring companies will only cover you in situations where a customer files for bankruptcy or goes out of business, other factoring companies will cover you for deadbeats as well. At DSA Factors, no matter what your customer’s situation is, your invoices are insured.

While it is possible to get credit insurance from insurance companies, generally they will require you to deal in very large volumes and to be dealing with very credit-worthy accounts. As a result, if you have small invoices, or sell to independent retailers and not major corporations, it will be very difficult to get credit insurance through an insurance company. With non-recourse factoring, you can rest assured that all of your accounts and all of your invoices will be covered, regardless of how small they may be.

Real-Time Reporting

Many factoring companies provide their customers with real-time reporting on their accounts. At DSA Factors, we will send you an aging of your accounts once a week; however, you also have access to real-time aging from our web page 24/7. Furthermore, we give you access to remittance advice from all payments we ever sent you directly on the web page. Other reports give you the ability to track open approvals and retrieve sales reports so you can see how much volume you’ve done with each of your accounts over a specified period of time. Plus, if there is something you would like to see that isn’t available on our web page, just give us a call and we will do our best to provide it for you, and maybe even add it to our web page.

Purchase Order Financing

While you do receive improved cash flow with accounts receivable factoring, there are times when that improved cash flow may not be enough. This is often times the case when you get a large purchase order from a major retailer. If you manufacture overseas, often times your factory will require a 30% deposit to start production and the other 70% prior to shipment. This results in you paying for the merchandise 30-60 days prior to when you are able to invoice your customer and factor the invoice. In situations like this, purchase order financing can provide you with a short term loan so that you have the additional funding that you need. At DSA Factors we can provide you with incremental purchase order financing so that you receive the funds you need when you need them and are able to minimize the amount of interest that you need to pay.

Cost of the Service

Of course the accounts receivable factoring isn’t free, and you are going to have to pay a factoring fee. It is important to keep in mind that when comparing rates, you need to compare all of the costs, and not just the factoring fee. Many factoring companies lock you into long term contracts and require that you factor all of your receivables with them. Another common cost to look out for is the minimum volume requirement where a factoring company will require you to reach a specified sales volume and if you don’t they will still charge you fees based on those volumes. At DSA Factors there is no need to worry about any of this. Of course we will charge you a factoring fee, but we don’t have any long term commitments, we don’t require you to factor all of your receivables, and we don’t have any minimum volume requirements.

Another thing to look at is whether you are getting a fixed-rate factoring fee or if you will be charged interest for as long as the money is out. With a fixed-rate fee the fee is higher, but you don’t pay interest even if your customer pays you late. Factoring companies that charge you interest typically offer incredibly low fees, but from the day they fund you until the day they get paid by your customers they will charge you interest. Typically when you do the math you will find that both rates are comparable, although typically companies that charge interest don’t tend to advertise the interest charges, but rather focus on the lower factoring fee. A company that charges interest also has less motivation to get paid on time, and may wait longer to contact a customer that becomes past due than a factoring company that offers a fixed-rate. At DSA Factors we offer fixed-rate factoring to our clients. We find that it not only saves you money, but that is more honest and much easier to understand.

Quality of Service Provided

Just like with any other company that you deal with, it is one thing to provide you with service, but another thing to provide you with fast and friendly service. While there are many factoring companies out there, many of the larger ones are owned by banks or other financial institutions. You may even find factoring companies who are subsidiaries of overseas companies. Furthermore, the fintech factoring companies not only have to answer to their investors, but most have been in business for less than a decade. While they may provide you with most, or all, of the services above, it is important to think about the quality of those services. DSA Factors is a family owned and operated business based in Chicago, Illinois that has been factoring for over 30 years. Whenever you call you will always be able to speak with one of our principals. As a result, we can provide you with a much higher level of service than the other larger factoring companies out there. Best of all, not only do we offer you with exceptional service, but we also offer very competitive rates that often times are lower than what the bigger guys have to offer.

Is Amazon Lending Right for My Business?

Amazon Lending vs Accounts Receivable FactoringYou may have noticed Amazon Lending in the news recently. According to Bloomberg, Amazon has given out more than three billion dollars in loans since the inception of the Amazon Lending program in 2011, with one billion of those dollars being lent in the last twelve months. They have reportedly given loans to 20,000 businesses throughout the US, UK, and Japan in amounts ranging from $1000 to $750,000. Their loans supposedly carry a very modest APR between 6% and 14%, which would make them cheaper than most other Fintech lenders out there. But just like with PayPal Working Capital, there is a catch. While the APR may be low, Amazon makes up for this by taking a large sales commission. As a result, Amazon Lending may work for very small businesses, but if you’re ready to take the next step in growing your business, accounts receivable factoring may be the better option.

Who qualifies for Amazon Lending?

You can not request a loan from Amazon Lending, rather Amazon makes loan offers to sellers on Amazon Marketplace, and those sellers can either accept or ignore the offer. It is unknown what criteria is used to determine when a loan offer is made, how much the loan offer is for, what the term of the loan will be, or what the APR on the loan will be. However, Amazon bases the loan on the seller’s sales history on Amazon Marketplace, so you can probably assume that if you don’t have large and steady sales figures, you probably won’t be offered a loan. Furthermore, if you sell directly to Amazon, then you do not qualify for these loans.

What is the difference between Amazon and Amazon Marketplace?

While shoppers who use Amazon will see all the products available from both Amazon and Amazon Marketplace every time they search for something they want, the platforms are very different from a wholesale point of view. If you sell direct to Amazon, it is like selling to any other retailer. They give you a purchase order, you ship the merchandise and invoice them, and when the invoice is due Amazon pays you. However with Amazon Marketplace, it is kind of like selling your product on eBay. Amazon will list your product on their site, and will take a commission for each sale you make. If you would like your product to qualify for Amazon Prime, then you need to ship your product to Amazon warehouses, pay storage fees, and when the product sells, you are charged a shipping fee as well. Basically you are giving Amazon merchandise on consignment, and you may be paying them additional fees as well.

How much are Amazon Marketplace commissions and fees?

Commissions are based on what type of product you are selling. Commissions can be as low as 6% if you are selling computers, and as high as 45% if you are selling an accessory for an Amazon device, for example a Kindle cover. In general, commissions are typically around 15%. In addition to these commissions, Amazon may charge you either a monthly fee or a transaction fee on each sale. If you let Amazon warehouse your product so it qualifies for Prime, you will be paying storage fees and shipping fees as well. If you ship yourself, then you are responsible for paying for shipping. Additionally, Amazon will also charge you a closing fee for each item sold.

Should I accept a loan offer from Amazon Lending?

Only you can decide whether or not a loan is correct for you. If you sell your merchandise on Amazon Marketplace and wish to continue doing so for the term of the loan they offer you, then you are already paying their commissions and the loan may carry an attractive APR. The loan gets repaid automatically as you sell more merchandise through the Amazon Marketplace, so as long as sales volume remains steady you won’t need to worry about paying off the loan. However, if you would like to start selling directly to Amazon or any other retailers, then this loan probably isn’t right for you.

Are there other options for financing my small business?

Accounts receivable factoring is another form of alternative lending that works with small businesses. Unlike Amazon Lending, accounts receivable factoring works with companies who sell directly to Amazon or other retailers, both online and brick and mortar. With accounts receivable factoring you get funded for your receivables the same day you invoice your customers. Plus, since your factoring company is purchasing your receivables, you aren’t taking on any new debt.

What’s my next step?

Amazon Marketplace may be a great way to introduce your product to the market, and Amazon Lending might allow you to purchase more product to increase your sales volume. However, if you really want to grow your business and want to take the next step, you will have to start selling direct to Amazon and other retailers. If you are ready to take that next step, then give DSA Factors a call today at 773-248-9000 and find out how we can help you fund your growing business.

Invoice Factoring – An Alternative Form of Financing Your Business

Alternative Financing Options - Accounts Receivable FactoringIf you are fed up with having to deal with banks, can’t deal with the slow process of applying for an SBA loan, or are simply tired of being rejected, why not try an alternative form of financing. With accounts receivable factoring you can get immediate funding for your invoices that aren’t due for another 30, 45, 60, or 90 days. Best of all since you are selling your receivables, you aren’t taking on any new debt and credit decisions are based on your customers’ good credit instead of your own. Give DSA Factors a call today at 773-248-9000 and we can be funding you in as little as 24 hours.

How Accounts Receivable Factoring Fits Into the Fintech World

Accounts Receivable Factoring in many ways predates Fintech in the field of financial technology.It may seem strange that accounts receivable factoring, a form of financing that dates back further than the Silk Road, could fit into the modern world of Fintech, an industry that is less than a decade old. However, like any business that has survived since antiquity, accounts receivable factoring has constantly evolved with changing times and in many ways pioneered the path for the new Fintech industry. While you would be hard pressed to find an a true factoring company that only exists in the online realm, you would be just as hard pressed to find a traditional factoring company that doesn’t offer a large variety of online tools.

In the same way that online banking and ATM machines have made it so many Millennials never had to write a check or step inside a bank branch location, accounts receivable factoring can now provide your business with the financing that you need without needing to walk away from your computer. In fact, here at DSA Factors we’ve been offering online tools to our clients for over a decade now. So in many ways, we were a Fintech company before Fintech even existed. But unlike Fintech, we haven’t stripped down our factoring program to only offer the services and benefits that a web page can provide. Plus we are still happy to work with clients who prefer doing things the old fashioned way, via phone, mail, and fax.

Online Credit Approvals

For years now, offering online approvals has been a standard service that accounts receivable factoring companies have offered. What this means is that when you get a purchase order, you just login to your factoring company’s portal and request an approval. Often times the computer is able to make an actual credit decision on the spot and offer you an instant online approval. Of course, as in any business, there is a limit to what can be completely automated, so in the case where the computer can’t approve an order, it gets sent to your factoring company’s office for review. When this happens at DSA Factors, we do our best to get back to you with a credit decision within 30 minutes, and will e-mail the credit decision to you.

Real-time Aging Statements

Most factoring companies will provide their clients with aging statements each week so that they know where their accounts stand. At DSA Factors we take this one step farther. At any time our clients are able to login to our portal and view a real-time aging statement.

View Transmittal Sheets

Just like how banks and credit card companies allow you to view statements online, at DSA Factors we give our clients to view transmittal sheets from our online portal. And unlike banks or credit cards that may limit you to only one or two years of statements, here at DSA Factors you can go back as far as you want to that very first payment we sent you when you first started factoring.

Access to a Variety of Online Reports

In addition to aging statements and transmittal sheets, at DSA Factors we offer our clients a variety on online reporting options. This includes being able to pull account statements for any customer. Viewing all open or used approvals. Pulling sales reports that show you how much volume each of your customers gave you over a specified period of time. Plus, if there is a report that you would like to see on the portal, all you need to do is give us a call and we will do our best to create it for you. As a family owned business, we pride ourselves on the quality service we provide our clients with, and that extends to the online services we provide as well.

Allow Customers to Pay Online

At DSA Factors we don’t just extend online benefits to our clients, but also to their customers. At any time your customers may login into our portal with a login and password we provide at the bottom of every account statement we send them so that they can view a real-time statement and make payments online. After all, don’t your customers deserve access to the same online conveniences as you.

Why Choose Accounts Receivable Factoring Over Fintech?

If the online services that we offer at DSA Factors doesn’t seem like enough, keep in mind that we offer one huge benefit that no Fintech company is able to offer. At any time you are able to pick up a phone, give us a call, and one of our principals will be able to talk to you and help you come up with a solution that works for you. That isn’t something that you will get from a large Fintech company, that is something that you can only get from a family owned accounts receivable factoring company. And the value of being able to speak with someone who can actually help you and cares about your business, is much greater than the inconvenience of being limited to only the functions that a web page is able to handle.

If you want to improve your cash flow, outsource you accounts receivable, get credit insurance, and have the convenience of being able to work online, but still want the personalized service that you deserve, give us a call today at 773-248-9000. Or if you want to go “Fintech”, feel free to send us an e-mail at info@dsafactors.com or chat with us right now on this web page.