Soliciting ideas for reaching cash starved small businesses - ideas, suggestions?
by cashforbiz, Performer
- Created: September 13, 2010, 3:10 pm
An investor asked me to market a service he is providing. He is buying recent (and legitimate) uncollected invoices from businesses ($10,000 to $1 million) in Tennessee at a discount. The idea is that businesses are suffering from extended payment cycles from their customers, simultaneously reduced credit from their bankers, and hard deadlines for payroll, sales tax, and other obligations. He can buy invoices at an 80- 90% discount, free up immediate cash for the business and collect the invoice. I am paid from his collection of the invoice.
My question is how to look for an efficient method to reach potential client businesses. I am contacting bankers and accountants for referrals but am wondering if there might be a faster or more efficient way of identifying potential client businesses or searching by customers with slower pay cycles (larger corporations and municipalities seem to be instituting slower pay responses on invoices).
Our service is only available in Tennessee and is NOT FACTORING. The investor is only buying invoices as a short term service to investors - not wishing to engage in long term contracts or arrangements.
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