CONQUERING FACTORING FEARS
From time to time we speak with clients with a fear of factoring. For
clients that are new to factoring receivables, perhaps some of the
worry comes from beginning a new process. More often however, we find
that client anxiety revolves around the impact of factoring on their
customers. After all, strong customer relationships are the life blood
of most businesses. Below are two common concerns associated with
factoring as well as resolutions to these concerns that will empower
business owners and leaders to conquer their factoring fears.
Fear: Factoring has a stigma. I don’t want my customers to think less of my business when they learn that I factor.
Customers understand that many companies have a need for financing, and
factoring is now a widely accepted part of the commercial financing
industry. Although there may have been a period in time when factoring
was associated only with businesses in significant financial trouble
that is not the case today. Factoring is a great solution for many
businesses, including those that are looking to grow quickly. In fact,
many large corporations have come out in support of factoring, including
Costco. In an article from the Costco Connection of June 2011
entitled “Surviving the Cash-flow Crunch,” Don Sadler mentions that
factoring is a good option for businesses looking to optimize cash flow.
Most of your current and potential customers are already familiar with
other businesses that use factoring. The fact that you have chosen
factoring as your financing solution should not deter customers. If
your customers are unfamiliar with the factoring process you can explain
that the relationship will not be hampered. If you like you can also
point out that factoring receivables provides the cash flow needed in
order to continue to provide excellent service to your customers.
Fear: My customers will be overwhelmed by collection and verification calls.
At TAB Bank we are sensitive to the busy schedules of your customers.
Our Collection and Collateral Analyst teams work with your customers to
ensure that the time spent on the phone is used efficiently. Indeed,
these calls can ensure good customer service. During verification and
collection calls any missing paperwork that your customer needs can be
sent right away. Additionally collection calls can serve as a courteous
reminder to customers to pay invoices that are past due. If you
encounter customer complaints about the verification or collection
process, please address these concerns with your Relationship Manager.
Hopefully this information has helped to allay some factoring fears. If
you are a current factoring client with TAB you are always welcome to
contact your Relationship Manager to discuss any factoring issues you
encounter. Alternatively, if you are not a current client and you would
like learn more about TAB Bank’s factoring process and how it can
benefit your business and empower you to better serve your customers
please contact our sales team at (888) 440-4541. //
THANK YOU FOR HELPING TAB REACH 15 YEARS
Yes, 1998 was a very good year!
Washington National Airport was renamed Ronald Reagan National Airport,
Elton John was knighted, and TAB Bank was created. Back then, TAB Bank
was known as Transportation Alliance Bank, a natural offshoot of the
Flying J travel plaza and fuel distribution business that entrepreneur
Jay Call had founded in Utah 30 years prior. Carved on Flying J’s
October 1998 milestone is the phrase, “Transportation Alliance Bank
begins operations, offering an entire suite of financing products
designed for the transportation industry.”
From 1998 to 2008, TAB focused on meeting the financial
needs of the trucking industry. During this period, TAB offered to its
trucking company customers and their drivers such essential products as
Accounts Receivable Financing, Business Banking, Fuel Cards, Deposit
Accounts, and Equipment Funding. With this comprehensive approach, TAB
Bank developed an extensive network of trucking alliances.
With 2008 came the downturn in national and global
economies, which directly affected TAB’s truckers and their world. This
created a pressing need for TAB to expand its offerings and its circle
of clientele. Building on its impressive portfolio of trucking
relationships, TAB embraced other commercial industries. Before long, by
applying the same level of determination and expertise that made TAB a
transportation financing leader, TAB grew a noteworthy portfolio of
relationships outside of the transportation industry.
Over the years, we have learned what works and what does
not work. By working closely with our clients, we better understand the
nature of their business and can better assist them in the various
stages of their business cycles as they respond to economic challenges.
We like to say we really get down in the trenches with our clientele.
Mutual trust and respect cause TAB’s business to grow, as our actions
help our customers’ enterprises grow and they begin referring their
business partners to TAB.
Integral to TAB’s success has been defining who we are. We
are a commercial bank, and do not offer the traditional consumer
products. We provide specific solutions to small- and medium-sized
commercial businesses across the United States. We focus on Accounts
Receivable Financing, Asset Based Lending, Transportation Finance,
Equipment Finance, Business Accounts, and Treasury Management Services.
Future growth will expand into other areas, but always with a commercial
emphasis and a desire to grow with our clients and better serve them.
TAB operates without a stable of brick and mortar branches. This
approach greatly reduces our overhead and allows us to pass on
competitive rates to our customers.
We greatly appreciate the many businesses and partners
that we interact with on regular, if not daily basis. There would not
be a TAB Bank if it were not for your loyalty and contributions. We
genuinely recognize the part you play in the TAB story and we sincerely
express our gratitude for your business and your trust. In the years to
come we look forward to further enhancing these existing relationships
and creating many new ones.
10 WAYS TO PROTECT YOUR MOBILE DEVICE
Your mobile device provides convenient access to your email, bank, and
social media accounts. Unfortunately, it can potentially provide the
same convenient access for criminals. TAB Bank recommends following
these tips to keep your information — and your money — safe.
1. Use the passcode lock on your smartphone and other devices. This will make it more difficult for thieves to access your information if your device is lost or stolen.
2. Log out completely when you finish a mobile banking session.
3. Protect your phone from viruses and malicious software, or malware, just like you do for your computer by installing mobile security software.
4. Use caution when downloading apps. Apps can contain malicious software, worms, and viruses. Beware of apps that ask for unnecessary “permissions.”
5. Download the updates for your phone and mobile apps.
6. Avoid storing sensitive information like passwords or a social security number on your mobile device.
7. Tell your financial institution immediately if you change your phone number or lose your mobile device.
8. Be aware of shoulder surfers. The most basic form of
information theft is observation. Be aware of your surroundings
especially when you’re punching in sensitive information.
9. Wipe your mobile device before you donate, sell or
trade it using specialized software or using the manufacturer’s
recommended technique. Some software allows you to wipe your device
remotely if it is lost or stolen.
10. Report any suspected fraud to your bank immediately. //
|RECENT FUNDING ACTIVITY
accounts receivable line of credit for a warehouse and logistics provider in California
asset based line of credit for chocolate manufacturer in the Intermountain West
asset based line of credit for an aerospace machining company in the Northeast
accounts receivable line of credit for a transportation company in the Intermountain West
MARGINAL GAINS IN SALES PREDICTED FOR 2013 HOLIDAY SEASON
As many know, consumer spending accounts for a large percentage of the
nation’s economic activity. Many more know that the majority of this
spending occurs during the holiday season each year. So what is the
forecast for spending for the upcoming 2013 holiday season? The
National Retail Federation expects sales in the months of November and
December to marginally increase 3.9% to $602.1 billion, over 2012’s
actual 3.5% holiday season sales growth. The forecast is higher than
the 10-year average holiday sales growth of 3.3%.
Click here to read more about the National Retail Federation’s forecast for the upcoming holiday season.