Raul Esqueda, President of 1st Commercial Credit says “It is amazing to see some factoring companies turn away business rather than adjust a lender sided referral agreement.
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Austin, TX (PRWEB) April 23, 2014
1st Commercial Credit, LLC, its affiliate companies Capital Credit, Inc and Commerce Commercial Credit, Inc., are all participating in a new, never before seen referral agreement for factoring brokers and financial consultants promoting accounts receivable financing programs.
So what makes this referral agreement so different? Most compensation structures are limited to a percentage of the fees collected, and many times the so called “fees” are undefined. Some factoring companies offer commissions for a limited time instead of paying for the life of the account. Others may deem at any time an account in default and stop paying commissions or make the broker pay back money if the lender takes a loss.
Until now, no other factoring company has offered such a broker sided referral agreement. Raul Esqueda started as a factoring broker and has a lot of experience in dealing with factoring companies. To his surprise, some factors would prefer to turn away business from a referral source, rather than adjust the lender-sided referral agreement.
Another exciting benefit is an immediate payout for closed deals. Most financial consultants and brokers do not want to wait a long time to reap their earnings. 1st Commercial Credit has introduced a commission and closing bonus compensation plan to get the best of both worlds. Brokers will receive a bonus of $250.00 to $2500.00 upon closing an introduced prospect, plus a continued commission for the life of the account. The compensation program is exclusively for factoring and accounts receivable financing and does not include industries relating to construction, Medicare/Medicaid type receivables and inventory related transactions.
1st Commercial Credit believes that a referral agent should feel comfortable with the lender, and that in no situation is being cut out of commissions that should be rightfully earned.
If you are a factoring broker and would like to learn more about our new referral agreement, please make inquiries at http://www.1stcommercialcredit.com/brokers-consultants/.