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In very broad strokes ... Factoring services are useful for companies with uneven cash flow, for example in the garment manufacturing business when most income comes in late in the year, or physicians with large practices who receive substantial insurance reimbursements (or in the US, Medicare/Medicaid payments) on a delayed basis. The factor advances a portion of the receivables to their client and retains the rest as a factoring fee. There are very few translators – if any – who have turnover levels that would be of interest to a factoring company. Factoring companies decide their rate based on the quality of the receivables (billing to insurance companies, Fortune 1000 companies, etc.). Money owed by the typical mom and pop translation shop wouldn't interest a loan shark much less a factoring company.
Maria Teresa Borges de Almeida
Kuochoe Nikoi-Kotei
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Like everybody else in this business over the years I had my highs and lows and everything in between but never had a serious cash-flow problem and if I had I would rather ask my bank for a loan than use a factoring service.
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Mario Freitas ブラジル Local time: 04:12 2014に入会 英語 から ポルトガル語 + ...
Never
Oct 11, 2021
If you need to advance payments only 30 or 60 days, this is a big sign of financial disorganization. You must bear in mind that you only advance your payments ONCE. From that point on, you'd be living as you should have been before engaging a factinring service, but you'll be paying interest and fees evey single month for all payments you advance. Once again, a good way to thow money in the trash can.
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Create customer quotes and invoices from within Trados Studio
Trados Business Manager Lite helps to simplify and speed up some of the daily tasks, such as invoicing and reporting, associated with running your freelance translation business.
Manage your TMs and Terms ... and boost your translation business
Are you ready for something fresh in the industry? TM-Town is a unique new site for you -- the freelance translator -- to store, manage and share translation memories (TMs) and glossaries...and potentially meet new clients on the basis of your prior work.