We ask ourselves a simple question: Who would we want to work with if we were in your shoes?
We collect data from company websites, reviews, and interviews.
For each of the 5 major criteria mentioned above (contract flexibility, pricing, customer support and reputation, funding speed, and accreditations), we generate ratings based on a variety of factors. Next, we use the weighted average of each criteria to calculate the raw score for each of the companies. Lastly, we take the raw score, divide it by the maximum score a company can receive and multiply that by 10 in order to get the final score.
The goal of this criteria is to understand how flexible a company’s factoring contracts are. We evaluate elements such as contract lengths offered, minimum volume requirements, and the ability to choose which invoices to factor. Each company receives a point for having each flexibility offering.
The goal of this criteria is to understand how competitive a company’s factoring prices are. Each company receives 2 points for minimum factoring rates that are 2% or lower, and no points if their minimum rates are >2%. In addition, each company receives a point for having no contract termination fees or application fees.
The goal of this criteria is to understand what customers think about the company based on their experiences and how well the company manages its customer relationships. In order to do this, we used public reviews from well respected review sites like BBB and Google. We combined reviews from public review sites to get a score from 1 to 5, and gave an additional point if the company has a dedicated account manager.
The goal of this criteria is to understand how quickly each company is able to turn around an invoice and get you funded. Companies that are able to get their customers funding within 4 hours receive 3 points, less than 24 hours receive 2 points, and those greater than 24 hours receive 0 points. We give an additional point if the company is able to get its customers funding 7 days a week.
The goal of this criteria is to understand how each company is recognized by trusted organizations within the factoring and business communities. For this, we check to see if the company is accredited with the Better Business Bureau (BBB) or International Factoring Association (IFA). Each company received 1 point for each accreditation. We also added a point for companies with fewer than 10 BBB complaints in the past 12 months.
If you’d like to learn more about these ratings, have questions, comments or feedback, please feel free to contact us here.
