PAL Network Training
Sales Qualified Leads Program at IACFB
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Welcome to PAL Training
The PAL Program is an innovative initiative designed to empower home-based entrepreneurs to succeed in the commercial finance industry by leveraging their networking and lead generation skills. This program is ideal for anyone looking to establish a home-based business with the potential for significant financial rewards. By participating in the PAL Program, brokers can submit Sales Qualified Leads (SQLs) and be part of a supportive community that provides the tools and resources needed to thrive. Whether you are new to the industry or a seasoned professional, the PAL Program offers a structured and rewarding pathway to success.
One of the standout features of the PAL Program is its accessibility and ease of entry. Participants are provided with a dedicated web page to start their journey and, upon reaching a certain level of SQL submissions, can earn a comprehensive, full-featured website. This progression not only enhances their professional presence but also demonstrates the program’s commitment to their growth and success. With the PAL Program, you can build a thriving factoring business from the comfort of your home, backed by a network of experienced professionals and robust support systems. This is more than just a business opportunity; it’s a chance to take control of your financial future and achieve your entrepreneurial dreams.
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)
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)
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 subsequently is not paid, (Click Here)
While the vast majority of commercial factoring requires notification of account debtors (customers), special arrangements can also be made for creditworthy clients in certain cases. Learn the difference. (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)
Spot factoring is a niche factoring transaction usually involving a single invoice of relatively large size and that is out of the norm for a business. Many factors do not provide spot factoring services simply due to the additional risk of having “all eggs in one basket”. Others will provide the service but will virtually always charge a higher rate. (Click Here)
International factoring is one of the most used financial tools for not only financing international sales, but also assuring payment upon those sales. International factoring eliminates the need for expensive (and invasive) letters of credit and is a quick and painless solution for manufacturers and distributors engaged in cross border sales. (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)
For successful brokers ready to take their business to the next level, micro-factoring holds business opportunities that can be found in few other places. As a micro-factor, you will be faced will all of the same challenges as your larger brethren, but on a smaller scale. (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 consultant you need to know the differences. (Click Here)
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)
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)
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. (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)
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)
- Overview: All about factoring fees (Click Here)
- Factoring Fees in Windows Method (Click Here)
- Flat Fee Plus Interest Method (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.
Understanding: (Click Here)
Sample: (Click Here)
Certification for PAL is an important part of your training at IACFB and additionally provides certain lead generation and marketing benefits. The exam is 50 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.
- 50 Questions
- 70% Pass /Fail Score
- Enter your email, add a password (requires 10 characters), then enter your first and last name
- BEGIN...Good Luck!
Taking the Certification Exam
Broker certification is crucial in the factoring industry as it signifies a broker’s expertise, professionalism, and commitment to ethical standards. Certification ensures that brokers possess the necessary knowledge and skills to navigate the complexities of factoring transactions, providing clients with informed guidance and reliable services. It also fosters trust and credibility among clients and financial institutions, as certified brokers are recognized for adhering to industry best practices and regulations. This not only enhances the broker’s reputation but also contributes to the overall integrity and efficiency of the factoring market.
Business Setup and Basics for
All PAL Associate Types
No matter what your path into the industry, your business card and its design in critically important.
An email marketing accounts is important for any PALs taking SQL generation serios of the long haul. Here is a quick YouTube that is excellent on how to set up your FREE mail Chimp account to get started.
Introduction to Consultative Selling and Marketing Tools You Need
Career professionals focused on the business development side of the factoring and alternative commercial finance industry utilize consultative selling techniques rather than traditional. Factoring 202 will introduce you to this career approach to our industry and its many long-term benefits. (Click Here)
The process for mastering consultative selling is key to developing a plan for long-term success in the industry. It will mean the difference of becoming a true professional as a commercial finance consultant vs. operating as a lead-generator as a referrer or agent. (Click Here)
For those seeking to develop a true “career” in the business development side of the industry, you need to recognize that you will not be a broker to your clients but a true consultant. (Click Here)
Though all PALS enjoy exactly the same training and privilages, Pro-PALs elected to add a DataMax SA -Series webiste for marketing. If , after you have completed your training and want to add a professional WordPress webiste and blog, you can do so by logging in to your Client Dashboard at DataMax Hosting. (See how)
The original Directory of American Factors and Lenders database which was a private database is now public. For factors, lenders, and brokers/consultants, you now have the ability to create a listing as an IACFB Subscriber. (View Here)
PAL Pro Website
Selection and Operation
- What is cPanel?
- Accessing Your cPanel
If you are seeking to elevate factoring and alternative commercial finance to professional career status, content marketing will one of your important keys to success. In short, you must post informative articles to get leads and build relationships. When it comes to content creation, Searc Engine Optimization is how you get noticed. Having an SEO plugin for your WordPress webiste will make the job of optimizing your posts a breeze.
As you become more proficient as ablogger, you’ll want others to share your content for more leads. Social sharing plugins make it easy for visitors to forward your content. Click Here
PAL SQL Deal Submission
Deal submission for referrers and agents through the IACFB Network is at www.iacfb.net
If you are a freelance broker or consultant, you will use out “Company Profile” and you will submit your deal to the factor/lender of your choice.
Though every sponsor is slightly different, sponsors receive duplicant web form submissions from your web page.
Website Setup (Pro-PAL)
Basic Web Page Operation for PALs
As a PAL Associate, you web page is completely set up and operational for you. You site is house in IACFB’s website and domain at…
You have a domain to provide you agent account with a “domain-related email box”. You domain also provides you with a “home” when you have generated enough clients successfully to purchase (or have been awarded) a full standing website. Having a business related domain also means you can operate fully under that domain and feel comfortabe ordering business cards and marketing materials with that domain visible.
Since you have a web apge and not website, you do not have a blog perse. As a PAL, your leads will come from social media (LinkedIn, Facebook, and Twitter and also from your face-to-face networking opportunities in you local area.
Changing contact information (phone number, address, etc. from time to time is done for you by IACFB. To request a change or any web page problem, simply,
- Log into your account at DataMax Hosting
- From your Client Dashboard, create a SUPPORT TICKET
The Biggest Mistake Made by Brokers and Consultants
One of the biggest mistakes made by factoring brokers and consultants is not setting up and actively using their WordPress blog. Every WordPress website comes with a built-in blog feature, but all too often, brokers and consultants neglect this powerful tool. Instead of leveraging the blog to share industry insights, success stories, and helpful tips, many leave it untouched, with only the default “Sample Post” visible from when the site was first set up.
Marketing Concepts, Strategies, and Campaigns
(PAL and Pro-PAL)
Marketing Concepts and Strategies
Fortunately, there are many marketing and prospecting methods you can use to become an industry success and in the Factoring 202 training areas of the Campus, we will provide you with many options to help you along your way. Studies show that both networking and various methods of direct marketing are effective in generating leads for business. The more sales skills you develop, however, the more successful you will become.
Campaigns for PALs
For PAK Associates, focusing the vast majority of your spare time on mastering LinkedIn is the key to a certain level of success.
Social Media Campaigns are not only important but also FREE. We highly recommend both LinkedIn and Twitter. (Find out more)
Out-of-the-Box campaigns represent unique campaigns that will provide you with actionable ideas that are used by successful marketers and, in particular, consultants. We often post these campaigns as “Case Studies” and they are all posted on the IACFB Magazine. (click here)
Industrial Park Campaigns are powerful lead-generation list building campaigns and there are many strategies to employ for your touchpoint goals.
The quickest method of becoming successful as a Freelance 101 broker or consultant is be recruiting lead-generating agents. This Amazon Guide campaign is a perfect tool for helping you build your agent networks.
Marketing for PALs
For the vast majority of PAL Associates, lead-geration for SQL revolves around social media and especially on LinkedIn. Some PALs, however, want to take marketing to a slightly higher level. We do, therefor, provide you with some direct marketing tools and campaigns if you like to drive leads through direct mail, door hangeers, etc.
Direct Marketing Templates (Pro-PAL)
About the ANNEX for Direct Marketing Campaigns
The ANNEX at Factoring 202 provides articles and templates for commercial finance consultants engaged in direct marketing. Though most referrers and agents do not participate in direct marketing due to it’s cost, you may find some areas helpful as well.
StockLayouts is a premier provider of professionally designed templates for various marketing materials, including brochures, flyers, postcards, newsletters, and more. Founded with the mission to empower businesses of all sizes with high-quality design resources,
StockLayouts offers a comprehensive library of customizable templates that cater to a wide range of industries. These templates are designed to work seamlessly with popular design software like Microsoft Publisher, Adobe InDesign, and others, making it easy for businesses to create polished and professional marketing materials. (Click Here)
Templates for Mailers, Scripts,
and More
No matter how you devise your marketing campaigns and even if you plan to use networking exclusively, you will likely find you need to have a standard 3-panel brochure to use for initial meetings but even more for follow up mail to a prospect. Below are four print-ready brochures that can be quickly printed on HP Brochure Stock found at any office supply or PDF print ready to send to a professional print shop for larger orders. (Click Here)
Your Registration Fee is paid one-time only so long as your monthly “tuition” is current. If your tuition is 60 days in the arrears, your account is automatically closed. If you opt to join the Academy at a future time, you will be charged a new Registration Fee at the going rate. (Click Here)
Annex Mail Stuffers are designed to be used in conjunction with an appropriate cover letter in direct mail marketing campaigns and, most importantly, during the relationship process. Use the mail stuffer to get your point across, while your accompanying cover letter makes the mailing more personal in nature. For most consultants, these mail stuffers are not utilized for mass mailing campaigns. They are powerful tools for consultative marketing strategies and will typically be followed up on with a personal phone call. (Click Here)
Cold calling is an essential tool for lead-generation. As a PAL, you will virtually NEVER make a tru “COLD CALL”. You will alrways have your prospect “ward” by having received one of your mailings. here are some scripts as samples for PALs. (Click Here)
ANNEX Direct Marketing Materials
The Direct Marketing materials and templates available in the Academy ANNEX are provided to assist commercial finance consultanmt with successfully launching their consultative selling and relationship building efforts.
Setting Up Your Directories Listing (Pro-PAL)
With the ADD a LISTING form displayed, there are some basic features of importance. (Click here)
- The IACFB Directory of American Factors and Lenders is a Searchable database of factors and alternative commercial finance and lenders. It is also a powerful marketing tool for IACFB members. View the Directory Here.
- Your Listing: As an IACFB Member, you have a FREE listing on the directories. (More Info and how)
Your eligible to be listed in the IACFB Lenders Directories as long as you…
- are an IACFB Academy member and maintain your active status
- have an active website with it own domain**
- add you listing in the Broker / Consultant category
**You are NOT required to have an IACFB or DataMax website or hosting. You must, howver, have a live website that contains your contact information.
To ADD your listing, simply…
- Visit: www.lendersdirectories.com
- From the HOME PAGE MENU select ADD A LISTING
- From the “Add a Listing Page” select BROKER or CONSULTANT
- Complete the form
More basic build details on this YouTube Video (click here)
There is much more to think about when completing your “Description” area. In the directories, this is a prospects “First Look” at you. Learn how to get the most out of your “Description Area” (click here)
Selecting your preferred industries to work with is one of the most important areas for lead-generation. We provide you with up to 30 business types to include. This article will provide you with some insight when selecting your preferred industries to work with on your listing. (click here)
Just as some factors offer in-house training, consultants and sponsored agents can offer “referrer” training through IACFB. In fact, Factoring 303 is all about building your network of referal sources and advertising for referral candidates. The two primary resources for recruiting for your agency are your Lenders Directory listing and LinkedIn using the IACFB’s LinkedIn Group. More detailed information is in Factoring 303 (click here)
The New “Searchable” Lenders Directories not only provide you with access to hundreds of factors and lenders for your business, but the directories also provide you with a listing for your consultancy as well. Once your site is operational, make certain you immediately add you listing to the new directories.
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