Factoring Product Training for Sponsored Agents and Guests
Welcome to the IACFB Academy and the Agent Training area. This section of the Campus Academy is dedicated to providing IACFB agents with training in factoring and factoring related products. Many lessons and classes also include short videos with detailed information. If available, a link is available on topics which includes articles published as the IACFB Magazine as well as YouTube VIDEOs on topics that we feel explain the topic exceptional well and supplement the content here at the Academy.
Get Started: Agent Setup
All classes and lessons are available below to IACFB Members opting for the Agents (Referrers) Factoring Program. Additionally, related content in the form of articles at the magazine and lessons at the IACFB’s YouTube Channel are accessible. Make certain you have logged into the IACFB Magazine as well as many lessons are password protected.
About the Program
Available to all IACFB members.
The agent “Referrers” program is a career development program sponsored by IACFB. The program acts much like an appreniceship for those seeking to launch a career as a commercial finance consultant. The program is complimentary and without cost.
You have been sponsored for access to this factoring training area by…
- Am IACFB Approved Lender
- An IACFB Commercial Finance Consultant
- IACFB as an Agent
Through your sponsor, you have Registered Guest priviliges (30 Day Access) at the Academy.
During this training course, we will frequently reference articles that are published in IACFB’s magazine for commercial finance consultants. Take a moment to view our magazine and book mark its URL. (click here)
As a Registered Guest of this program, you may have access to the Factoring 101 product area. Through your sponsor. you may have also been provided access to the other financial product areas of 101 as well as Facoring 202 marketing training and support, website discounts, free hosting, etc. based on your productivity. Check with your sponsor on any program details.
IACFB provides several “certifications” one of which is IACFB’s Factoring Certification provided by Class Marker. As a Registered Guest, you have access to the exam. (more)
The IACFB Directory of American Factors and Lenders is one of your most powerful tools available to you. Not only is it an expansive resource of factors and lenders, it is also available to you as a an advertising channel for your business.
Member Setup / Operation
Available to all IACFB members
Your access to this factoring training area is through our “Guest Program” and allows complimentary training access for 30 days. You can, at anytime, join IACFB as an Academy member for complete access to Factoring 101, 202, and 303. (click here)
All IACFB members that become “active” in the industry will require a professionally designed broker website and these are available through DataMax on a discount basis for members. Learn more about important features and options of these standard websites here. (Review Your Choices)
If you are taking this course with a career in mind as a true “Freelance Commercial Finance Consultant”, you will, without question, require a CRM (Customer Relationship Manager) to manage your Productivity (Marketing and Prospecting). We support Pipedrive CRM due to its low cost and ease to use. As a professional business finance consultant, you will end up with thousand of valid prospects over time. You CANNOT possibly manage that number of leads without a CRM. Pipedrive is our choice. ( Click here )
Deal submission are always made through your “sponsor” directly. If your sponsor is IACFB. simply click here to view this deal submission page at www.iacfb.com.
When submitting a deal / prospect for consideration as a client, that submission is always with your sponsor.
If your sponsor is IACFB, you can download your Agents Agreement here.
Basics of Commercial Finance Consulting
There is no question that a career as a freelance commercial finance consultant is exceptional by any measure. This IACFB course will provide you with all that is required to launch a career in this enormous industry quickly and successful for those entrepreneurs and mobile creatives with what it takes to meet the challenge.
Agent / Regstered Guest
Factoring Product Training
Commercial Factoring
Invoice finance and how to deal with problems of cashflow dealing with slow paying customers.
Factoring 101 is a comprehensive training program that introduces the various products used by business finance consultants and brokers in the alternative commercial finance industry (Click Here)
Consultants will be interested in all types of business finance from asset-based lending to purchase order finance. But, with residual commissions paid by factoring, let’s explore factoring first. (Click Here)
Commercial Factoring is one of the oldest forms of business finance that can trace its roots of 4,000 years. Learn about this time honored financial product. (Click Here)
Like all types of businesses, many include their own jargon and terminology and factoring is the same. Here we discuss the terms of the industry so you can speak professionally with factors. (Click here)
When it comes to factoring, what requires the need for a factoring facility is because of the liberal terms of payment one company affords to another. It’s the terms of payment that cause the problem (Click Here)
Let’s measure your progress with a short Class Marker Quiz. (Click Here)
While most factoring arrangements can seem to be “plain vanilla”, there are, however, some types and styles that are needed to provide the unique financing requested. Learn more. (Click here)
Recourse and non-recourse determines what occurs when a factor purchases an invoice that is subsequently is not paid, (Find out more)
In factoring, the “Verification” process refers to the validation of the invoice requested for purchase. Unlike a bank with hard collateral, a factor is only secured by invoices. They must be real (Click here)
When financing a company based on an asset or assets, a lender will file a “security interest” in the assets as collateral for the loan or financing. This filing document, called a UCC-1 Financing Statement, is said to “perfect” the lender’s security interest in the collateral. (Find Out More)
Let’s check out your proficiency on the last 3 lessons with a Class Marker quiz. (Click here)
Advance, Collection, and Rebates refers to the the basics of how a standard factoring transaction works in everyday life. For brokers, this is the “nuts and bolts” of a transaction. (Click here)
Most factoring is very straight forward and falls into the category of “Plain Vanilla”. There are, however, certain types of industries that require special handling by special factors. (Click here)
- Overview: All about factoring fees (click here)
- Factoring Fees in Windows Method (click here)
- Flat Fee Plus Interest Method (click here)
Great! Now that you’ve completed those lesson, lets visit Class Marker and view Quiz #3. (Click Here)
Commercial Factoring
Representing trillions of dollars in financing worldwide, factoring is recognize by all central banks.
While all those that understand that factoring is all about invoice finance, it is also important that the kinds and types of invoices are also critical. In short, all invoices are not the same (Click here)
While invoices need to be verified before purchase, another problem can surface if a factor purchases two many invoices from a single customer making the transaction too risky (Click here)
Reverse Factoring (supply chain finance) is a factoring arrangement that is requested by the customer (the debtor) rather than the service or goods provider. A powerful tool for brokers (Click here)
As a consultant / broker, you will likely find many small business owner ask you what the benefits there are about factoring and why a company like theirs will factor accounts? ( Click here)
Because factoring is a purchase and sale arrangement and not a loan, qualifying tends to be much easier than qualifying for a loan. As a factoring broker you need to know the differences. (Click here)
When financing a company based on an asset or assets, a lender will file a security interest in the assets as collateral for the loan or financing. (Click Here)
Take this last factoring proficiency exam. Do well and you will be ready to get “Certified” (click here)
One of the best ways to cement your knowledge about factoring is to view some examples and case studies. (Click Here)
Brokers who submit clients to factors receive commission reports monthly. Although each report can be slightly different based up the factor’s invoice tracking software, this is a sample. (Click Here)
Certification in Factoring
Certification is an important part of your training at IACFB and additionally provides certain lead generation and marketing benefits. The exam is 125 multiple choice questions and all questions are taken from the Factoring 101 Brokers Guide or from the online e-learning above. You have 120 minutes.
STEP 1: Request your exam PASSWORD
STEP 2: Take the Factoring Broker Class Marker Exam
What is Secured Financing?
In the simplest terms, you, as an industry agent / broker, provide access to “Secured Finance” to business owners typically unable to access a traditional bank loan. Secured Finance is a business loan backed by collateral. The collateral can be a business asset such as…
- cash
- accounts receivable
- inventory
- machinery
- equipment
- real estate
In some occasions, even intangibles such as patents, copywrites and trademarks can be used for financing. In Secured Financing, the value of the collateral is most important in determining the amount of the loan.
Lead Generation for Your Sponsor
Generating Leads and Commissions
If you have entered our industry with launching a true career in mind, one of the most lucrative goals you can set from day one is to build your business as an “AGENCY”. Like so many popular multi-level business models that take advantage of “downlines”, structuring your consultancy as an agency rather than a simple “owner operated one man shop”, means you enlist hundreds of individuals that, through their normal every day channels, can send significant business your way. Simply put, your “AGENTS” are sponsored by and trained by you to recognize financing opportunities regarding business owners and send them your way. They are “REFERRERS”. And for their referral, you pay or share your commissions.