The International Factoring Association released its 2021 IFA Business Profile and Performance Survey Industry Report. Now in its 15th year, the annual survey provides a snapshot of factors’ operations, client details, operating metrics, business development practices, human resources policies, the impact of the COVID-19 pandemic and other key items.
Industry Insights, a professional research and consulting firm, tabulated and analyzed the data for the 200-page report. Industry Insights is also hosting the cloud-based application of the report. The survey was sent to IFA member firms primarily based in the United States and Canada and was conducted between January through mid-March of this year.
“Mapping out future strategies requires knowing where you currently stand, as well as where the industry is heading,” Bert Goldberg, executive director of the IFA, said. “This report gives members all those valuable performance benchmarks they need to analyze their company and identify opportunities.”
- 8% of gross invoices funded during 2020 came from the transportation industry, followed by the energy and service industries.
- The median number of days receivables were outstanding was 40 days.
- 6% of respondents reported they lost up to 20% of their clients due to the Payment Protection Program or other government-based funding.
- 7% of respondents said they have not exited any sectors as a result of the COVID-19 pandemic.
- 8% of respondents said they did have not increased their reserve for bad debt over prior years due to the pandemic.
A copy of the survey, along with the online searchable results application, can be purchased by visiting factoring.org.