What Customers Say About Westfactor
Fast processing to repay bank loan
"We needed cash quickly to repay our bank loan. WestFactor responded. The cash from the sale of our receivables allowed us to meet our repayment obligations. With WestFactor handling collection follow-up, we now have time to market and expand our business."
Immediate cash for growth based solely on credit worthiness of customers
"Knowing that WestFactor is there to purchase our invoices lets us concentrate on growing the company without worrying about how to finance it."
Credit assessment before sales to new customers
"By referring all prospective customers to WestFactor, we accept orders only from those who will pay for our services. We've grown but our bad debts have not!"
WestFactor's courier picks up payments reducing factoring costs
"With large payments often being mailed to, we had significant cash in the mail. Of course we couldn't use it until we received it. WestFactor's approach of using its courier to pick up cheques not only lowers WestFactor's charges to us, but it increases the cash available to us."
We only pay for the cash needed to operate the business
"The arrangement with WestFactor works well for us. By selling all invoices for specific customers, WestFactor completes its verification and accounting work for those accounts, and is then ready to pay us for those invoices when we need the cash. This keeps our costs as low as possible but it ensures we have the cash when we need it."
Credit management reduces bad debt risk
"We believed that our customer would be refinanced and able to pay us. That was not the case; we had to write off the entire account. We should have followed WestFactor's recommendation and stopped working for the customer."
All accounting, collection and banking is done without increasing staff
"As we grew, accounts receivable functions were not being completed on a timely basis. Employees were working overtime to keep up with the increasing volumes. Having WestFactor handle our accounts receivable freed employees for other responsibilities. We did not have to add accounting employees as we grew."
If business declines we don't lay off staff
"Before we started dealing with WestFactor, we had surplus staff in the slow period and not enough people when we were very busy. Using WestFactor's services, we keep a core staff, and look to WestFactor to handle all accounts receivable functions as our volumes build in our busy period."
We reduced investment in accounts receivable with resulting lower costs
"Despite our best efforts we were not able to collect certain accounts on a timely basis. WestFactor's staff was able to do it without any adverse impact on our relationship with our customer."
We reduced out of pocket mailing costs
"By taking responsibility for mailing all our invoices, WestFactor has removed a significant clerical task from our office. WestFactor keeps sufficient postage in its postal meter."
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