Daily News: November 12, 2012

CIT Factoring University New Educational Video


CIT Factoring University (CITFactoringUniversity.com), a website that offers a comprehensive education-based approach to the financial services industry, known as accounts receivable factoring, launched “How to Manage Collections Efficiently.” This is the third in a series of animated videos created to educate small and middle-market business owners on how the various aspects of factoring can benefit their business.

“Managing collections efficiently is the lifeline of any business and is critical to the financial success and liquidity of any company,” says Jonathan Lucas, president of CIT Trade Finance. “This 90-second video explains the benefits of outsourcing the accounts receivable management process so companies can spend their valuable time and resources on growing and building their businesses.”

Quite often, business owners feel they are spending an inordinate amount of time tracking customer payments, monitoring customer credit and making uncomfortable collection calls. The problem facing many businesses is that it can take weeks, if not months, to collect payment on shipped goods. These delayed payments can cause a liquidity crunch that could lead a company to miss its own financial obligations, like paying suppliers or employees. As the video demonstrates, one solution is to have a factoring company handle the accounts receivable management process for them.

Additional tutorial videos for business owners on Factoring University include “What is Factoring?” and “How to Minimize Bad Debt Losses.” Individuals interested can join the discussion about factoring on the Factoring University LinkedIn group.