One element of invoice factoring that isn’t discussed as often as it should be is whether a factoring company can contact your customers. It can sometimes take businesses by surprise if and when they do. Businesses also sometimes find themselves only thinking about this when they’re in the process of finalising an invoice factoring agreement.
How much contact can a factoring company have with your customers?
Usually a factoring company will communicate with your customers in order to confirm the invoice and its details, as well as make arrangements for payments. The factoring company will essentially take over communication with your customers in regards to the invoices that have been factored. Of course, you can still communicate with those customers as well.
Letting the factoring company do this saves you the time and effort of contacting your customers for payments. The more invoices and customers that are being factored, the more meaningful it becomes that the factoring company can do this work for you.
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