Factoring Receivables Company, Universal Funding, Announces Plans to Participate in the Factoring Industry’s New Certification Program

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Universal Funding, one of the industry’s leading factoring receivables company, announced today it plans to actively participate in the factoring industry’s new Account Executive Certification program administered by the International Factoring Association.

factoring receivables
We are very excited to participate in this long awaited certification. It will give our Account Executives the credibility that they have earned through many years of serving our factoring receivables clients.

Universal Funding, one of the industry’s leading factoring receivables company, announced today it plans to actively participate in the factoring industry’s new Account Executive Certification program administered by the International Factoring Association.

This is the first certification program of its kind for the factoring receivables based finance industry, and those who complete in it will receive the Certified Factoring Account Executive designation.

Applicants who sit for the certification must answer a 100 question exam that will be administered in over 375 locations across the United States and Canada. The IFA Account Executive Certification exam measures a candidate’s competency and skill in the factoring profession.

Those competencies and skills, and the weight assigned to each skill addressed in the exam, were determined through a rigorous process that involved the participation of a dozen industry professionals nationwide. Then those findings were further reviewed by credentialing experts hired by the International Factoring Association.

“We are very excited to participate in this long awaited certification. It will give our Account Executives the credibility that they have earned through many years of serving our factoring receivables clients,” says Monica Wozow, one of Universal’s principals.

The minimum qualification for taking the exam is that the candidate must have a minimum of two years factoring receivables experience at an Account Exec level (the majority of Universal’s Business Development professionals fit this qualifier). The cost is $299 to sit for the exam and there are cancellation and retesting fees.

Study materials are not provided for the exam as the IFA wants a true assessment of the factoring professional’s knowledge. The test content measures knowledge on the following topics:
             Collateral
             Credit
             Legal
             Red Flags

Those who sit for the exam will receive a pass/fail finding on the spot. Once the exam is passed, the Account Executive will receive a certificate of completion. A comprehensive continuing education program will begin in 3 years.

So far, 15 people have taken the test with a 93% pass rate.  The pass rate is a little skewed to long term results as the people who have sat for the exam all have 10+ years’ experience. 

There are more people signed up to take the exam in the next few months. Universal Funding is considering having one of their leading Business Development associates take the exam in the near future. Universal is interested to see if this certification becomes an industry standard and how it adds value to their clients.
 
The factoring invoices and factoring receivables services provided by Universal Funding are a very attractive alternative to traditional bank loans. In this case, the client company’s accounts receivables can be advanced up to 90%. With low fees and fast turnaround, often in a matter of days, more and more businesses are turning to this attractive alternative.

Not all businesses are the same, nor are their financial needs. Because of that valid point, Universal creates highly tailored factoring receivables programs to fit the specific needs of any business. With Universal Funding’s executive family having over 65 years of combined experience in factoring receivables, businesses can be confident that they are in good hands.

For additional information about factoring invoices and factoring receivables, contact Universal Funding at http://UniversalFunding.com or call (800) 769-0054.

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Russell Volz
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