Information for the city of Akron
Akronis the fifth largest city in the U.S. state of Ohio and is the seat of Summit County. It is in the Great Lakes region approximately 39 miles (63 km) south of Lake Erie along the Little Cuyahoga River. As of the 2010 census, the city had a population of 199,110. The Akron, OH Metropolitan Statistical Area (MSA) covers Summit and Portage counties, and in 2010 had a population of 703,200. Akron is also part of the larger Cleveland Akron Canton, OH Combined Statistical Area, which in 2010 had a population of 3,515,646.Akron was co founded in 1825 when suggested by Paul Williams to Simon Perkins. In 1833, ""South"" was temporarily added to the name when Eliakim Crosby settled a bordering North Akron.
After Summit County formed from portions of Portage, Medina, and Stark counties in 1840, Akron succeeded Cuyahoga Falls as county seat a year later. The Akron School Law of 1847 created the K 12 system. In 1851, Sojourner Truth attended a convention and extemporaneously delivered the original ""Ain't I a Woman?"" speech. During the Civil War, Ferdinand Schumacher supplied the Union Army with oats produced by his mill along the Ohio Canal. Between the 1870s and World War I, numerous churches across the nation were built using the Akron Plan.
With a population increase of 201.8% during the 1910s, it became the nation's fastest growing city due to industries such as stoneware, sanitary sewer, fishing tackle, farming equipment, match, toy, and rubber. The companies l Tire, Goodrich, built headquarters, though only the latter remains. Airships, blimps, dirigibles, and zeppelins have been manufactured at the Airdock since World War II. The Polymer and National Polymer Innovation Centers are on the University of Akron campus, which anchors the Polymer Valley and is home to the Archives of the History of American Psychology. Akron also headquartered the N as one of ten Information Age high tech havens. Awarded by the National Civic League and National Arbor Day Foundation, it was named one of the world's most livable cities.
The All American are annually hosted by the city, which was a venue for some events of the 2014 Games. Tourist attractions include Stan Hywet Hall & Gardens and Lock 3 Park, where the American Marble & Toy Manufacturing Company once stood.Residents of Akron are referred to as ""Akronites."" Nicknames include ""Rubber City,"" ""City of Invention"" and ""Rubber Capital of the World."" Many industries in the United States either began or were influenced by the city. After beginning the tire and rubber industry during the 20th century with the founding of Good gained the status of, ""Rubber Capital of the World"". Akron has won economic awards such as for City Livability and All American City, and deemed a high tech haven greatly contributing to the Information Age.
Current Fortune 500 companies headquartered in the city include the Goodyear Tire and Rubber Company and FirstEnergy. In addition, the city is the headquarters to a number of other notable companies Jewelers. America's biggest tire manufacturer and the fifth largest private employer in Summit County, recently built a new world headquarters in the city. The project, Akron Riverwalk, will feature a large retail and commercial development area. The project began in 2007, but was put on hold due to the financial crisis of 2007 2010, and is now continuing. Bristone built a new technical center with state of the art R&D labs, and relocated its product development operations to the new facility in early 2012. The Eastern Ohio Division of Bank, which has six branches in the city, built a regional headquarters downtown. The city has a free WiFi corridor centered in downtown. Neighborhoods in range include Goodyear Heights, East Akron, North Hill, Firestone Park, Kenmore, and West Akron. Some frequented locations in the area include, Akron Summit County Public Library, John S. Knight Center, and the Robert K. Pfaff Transit Center.
Information for the state of Ohio
"Ohio is highly industrialized, yet it also continues to draw economic riches from the earth. Among national leaders in the production of lime, clays, and salt, it is a historic center of ceramic and glass industries. Ohio's soil supports rich farms, especially where it was improved ages ago by additions of glacier-ground limestone. Although most of the state's income is derived from commerce and manufacturing, Ohio also has extensive farmland, and large amounts of corn, soybeans, hay, wheat, cattle, hogs, and dairy items are produced, although the number of family farms is rapidly dwindling.
Railroads, canals, and highways crisscrossing the state have since the late 19th cent. provided the means for transporting large amounts of raw materials and manufactures. Lake Erie ports, chiefly Toledo and Cleveland, handle iron and copper ore, coal, oil, and finished materials (including steel and automobile parts). In spite of massive industrial decline since the 1960s, which has made Ohio the center of the ""Rust Belt,"" the state retains many manufacturing centers, with an emphasis on heavy industry. Leading products include transportation equipment, primary and fabricated metals, and machinery."
Saves yourself stress of thinking how to deal with your receivables.
Akron Factoring Companies
Companies of all different sizes, including start ups, use factoring; and today factoring has become common business practice across many industries. -Akron Factoring Companies
THE INSTRUMENT OF PROFITABLE COMPANIES
Akron Factoring Companies Articles
Receivables Factoring at receivablesfinancing.net
Important Points to Remember When Choosing Your Factoring Company
Now that you’ve decided that factoring would be a solid business decision for your company, the next step is to find the perfect factoring company for you. Once you start looking you’ll discover that there are many factoring companies (or ‘factors’) in the marketplace, and this is the perfect situation for you as a potential factoring client.
But it can also be confusing, because now you have to find the right factoring company to suit your business’s needs. To assist you in making the right decision we’ve listed below the main issues that should be considered when choosing a factoring company.
Factoring Fees and Terms
Before making your final decision and entering into a factoring agreement, check out the fees applicable and the terms of the contract. Both of these can vary a lot, depending on the factoring company and the industry it's serving. When you start your research you’ll discover that some factoring companies charge a flat fee: this fee is, in effect, a certain percentage of the total value of the customer invoices you sell to them; whilst others have additional charges to cover the general costs of doing business – such as, money transfers, shipping, collateral, and so on.
Ensure that the factoring company you’re considering working with is transparent and upfront with you about its fee structure. In addition, you may want to consider a long term contract with your factoring company if it includes flexible rates or a price break. If you’re receiving competitive offers from other factoring companies or you have increased factoring volume, you’ll discover that many factoring companies will be prepared to adjust their rates. A one year contract is the industry standard for most factoring agreements. Generally, unless you give your factor a 60 or 90 day notice, your factoring contract will automatically renew.
What’s the Difference between Recourse and Non Recourse Factoring?
It’s important that you understand the difference between recourse and non recourse factoring prior to choosing your factoring company, because you need to know what the best fit would be for your company and your customers. So, with non recourse factoring, all of the credit risks for the collection of the invoice belong to the factoring company; while recourse factoring means that, with you being the client, you’ll ultimately be responsible if the factoring company is unable to collect payment on your customers’ invoices.
There are benefits to recourse factoring, and perhaps the main benefit is that it’s less expensive than non recourse factoring. If you have a recourse agreement and the customer defaults on payment, it doesn’t automatically mean that you’ll be asked to settle the debt out of pocket. Generally, what happens is that the factor will hold back a portion of either future cash advances or payments being held in reserve, with the money being placed in an escrow account awaiting settlement of the debt.
Our suggestion is that you find a factoring company that offers both recourse and non recourse factoring, because not all of your customers will be good candidates for recourse factoring. An experienced factoring company working with a strong credit team can also behelpful in ensuring you’re working with good customers: this will relieve some of the pressure of being stuck with bad debt.
Experience and Capital: The Two PreRequisites
Your company should be looking for a factoring company with experience in your industry, including the capital structure to fund your business as it continues to grow. Once you start researching factoring companies you’ll discover that there are a lot to choose from; however, many of these are recent start ups with limited experience. Prior to signing any factoring agreement, do your research and look into the history and background of the factoring company concerned, especially its ability to provide financial services in your area of expertise.
The idea with factoring is that, as your company grows, the funding of your customer invoices will grow with you.Research the factoring company’s client base and their capital structure. What’s a typical account size? What’s the factoring volume of their largest client? Is the factoring company limited to how many debtors it can handle? In general, factoring companies that have been serving your industry for many years will usually be able to offer your business the best deal.
Additional Factoring Services
There are many more benefits to factoring than simply increasing your company’s cash flow. Because the factoring company will be handling the collection of your customer’s invoices, your company will be saving time and resources. A good factoring company will also be able to evaluate companies in your industry and provide credit information. In short, your factor will ensure that you experience excellent customer service. You’ll be matched with your own representative who’ll be able to address any questions or concerns you may have about your factoring account.
So, when researching factoring companies, look for a factor who not only offers additional products but provides a high level of customer service that will help your business grow by assisting you in making smart business decisions.
Saves yourself stress of thinking how to deal with your receivables.
Akron Factoring Companies Articles
Questions You Need to Ask Your Factoring Company
In today’s marketplace we’re seeing more and more factoring companies, and factoring fees, rates and agreement terms have become very competitive. This means that, as a potential factoring customer, this competitiveness should work to your advantage. However, there are some issues you must consider when choosing a factoring company to suit your specific requirements.
Before entering into any factoring agreement, here are some important questions you should ask –
What Are Your Terms?
As a factoring customer, you’ll be looking for as much flexibility in your factoring agreement as possible. It may be that you choose a long term contract with your factoring company if it includes flexible rates or a price break. In today’s competitive market, many factoring companies are agreeing to adjust their rates based on competitive offers from other factors or increased factoring volume.
The majority of factoring agreements are a one year contract, which appears to be industry standard, and this contract will renew automatically unless you provide the factoring company either 60 or 90 days notice.
What’s Your Fee Structure?
The fee structure may vary depending on both the factoring company involved and your industry. Some factoring companies charge a flat fee, which is calculated as a percentage of the total value of the invoice. On the other hand, other factoring companies charge additional fees to cover costs associated with doing business, such as money transfers, software, and so on. Ensure that the factoring company you’re considering working with is completely upfront and transparent with you about its terms and fees.
Are You Able to Offer Both Recourse and Non Recourse Factoring?
Recourse factoring is less expensive than non recourse factoring. With recourse factoring, you (being the client) are ultimately responsible if the factoring company is unable to collect on your customers’ invoices. However, you’re not necessarily required to pay the debt out of pocket if you have a recourse agreement and the customer defaults on payment. It may be that the factoring company will withhold a portion of future cash payments or payments held in reserve, with the money being placed in an escrow account until such time as the debt has been paid.
Non recourse factoring:
When you have a non recourse factoring agreement, the credit risk for the collection of customers’ invoices lies with the factoring company.Therefore, we believe it’s to your advantage to use a factoring company that offers both recourse and non recourse factoring, simply because you may find that some of your customers are more suitable for recourse factoring than others. In addition, you need a factoring company with a strong credit team because they can work with you to ensure you’re dealing with good customers: to a certain degree this will relieve some of the pressure of being responsible for bad debt.
How Long Has the Factoring Company Been in Business?
With the marketplace becoming increasingly competitive, today we’re seeing the creation of more and more factoring companies. However, many of these companies are recent start ups, with limited industry experience. Make sure you research the factoring company’s history prior to entering into any factoring agreement: also research its background into providing financial services in your specific industry.
Do You Have the Capital to Grow with Me?
The fact that there’s no limit to the level of financing is the major advantage factoring has over traditional bank lending. As your company continues to grow, so too should the funding of invoices grow with you. Do your research and learn as much as possible about your potential factoring company’s client base and their capital structure.
Does this factoring company have a limit to the number of debtors it takes on? What’s a typical account size? What’s the factoring volume of their largest client? You’ll probably find that factoring companies who have been serving your industry for many years will have greater capacity to finance your company as it continues to grow.
Is There Anything Else You Can Do for Me?
Obviously, factoring is more expensive than a conventional bank loan, and this is partly due to the back office services that your factoring company is able to provide. Besides collections and financing, many factoring companies will evaluate companies in your industry and provide credit information. Therefore, when looking for a factoring company for your business, make sure the one you choose offers additional services and products that can assist you in making good business decisions.
How Do We Start Factoring?
Fortunately, factoring companies are not unduly concerned about your balance sheet before they decide to work with you, unlike banks. However, they do have a process to follow when selecting new clients, so be sure you understand what the factoring company is looking for when it’s considering you as a client. Are they looking at your credit ratings and/or your customers’ payment histories?
Are they looking at your personal credit score?
In many cases a company will start factoring because it’s looking for a quick injection of cash, so you need to know how many days the factoring company will take to review and process your application.
Akron Factoring Companies Articles
A ‘Factor’ is a third party commercial financial company who purchases the Accounts Receivable from businesses: this transaction is known as ‘Factoring’. Factoring exists so that businesses can receive a quick injection of cash, as opposed to waiting the 60 or 90 days for customers to pay their invoices. Factoring is also known as Accounts Receivable Financing, and Invoice Factoring.
The majority of factoring companies purchase invoices and advance money to the business within 24 hours; however, the nature and terms of factoring can (and do) differ among financial service providers and industries. Depending on your customers’ credit histories, your industry, and other specific criteria, the advance rate on your invoices can range from 80% to as high as 95%. The factoring company not only collects on your invoices; it also offers back office support to your business.Once the factoring company has collected on your customer’s invoice,you’ll be paid the balance of the invoice – less the factor’s fee for assuming the risk. The primary benefit of factoring is that businesses no longer need to wait anywhere between one and three months for a customer to pay their accounts: they now have access to cash in hand so they can operate and grow their business.The Advantages of Factoring
There are a few reasons why factoring has become an invaluable financial tool for many businesses, including start ups. As mentioned above, the main benefit is that businesses can now receive a quick boost to their cash flow because factoring companies, in general, will provide cash on accounts receivable within 24 hours. This resolves the problems businesses experience with short term cash flow, and in many ways this injection of cash can help to grow a business. Besides handling your customer collections, factoring companies can also evaluate your customers’ payment and credit histories.Other benefits of factoring include:
• It can be customized to a business’s needs and managed to ensure that capital is available when it’s needed;
• It’s not based on your own business or credit history: it’s based on the quality of your customers’ credit;
• It’s not based on your company’s net worth: it provides a line of credit based on sales;
• There’s no limit to the amount of financing, unlike conventional bank loans;
• This financing will not show up as a debt on your balance sheet, because it’s not a loan.Who Uses Factoring?
Companies of all different sizes, including start ups, use factoring; and today factoring has become common business practice across many industries. Factoring is now widely used in the transportation industry, including manufacturing, textiles, trucking, oilfield services, wholesale and distribution, and staffing agencies. Interestingly, factoring receivables is practiced in many countries around the world and has a long history of success.
Can I Factor? My Company’s New, with No Financial History
Yes, you can! In fact, factoring has become an excellent tool for start up companies because no company credit history or balance sheet is required. It’s not really your company’s finances that the factoring company is concerned with; they’ll base their financing on your customers’ payment histories and credit scores.
What Percentage of My Invoices Should I Factor?
The answer to this question really depends on the unique needs of your business. Some companies only factor invoices for customers who typically take a long time to pay, while others factor all their invoices. The receivables that a company can factor range anywhere from a few thousand dollars to millions of dollars each and every month.
What’s the Difference between Factoring and a Bank Loan?
• The difference between factoring and a bank loan is that you’re not assuming any debt with factoring because it’s not a loan;
• With factoring, there’s no emphasis on your balance sheet – it’s all on your customer’s invoices;
• In addition, a bank loan is typically one lump sum, whereas factoring provides a steady flow of funds;
• Factoring companies can also help improve your company’s balance sheet by assisting with your credit and collection functions;
• A bank loan adds to your debt, whereas factoring converts receivables (an asset) into cash (another asset);
• And of course, bank loans can be very difficult to get because they’re limited by your balance sheet.How Do You Start the Factoring Process?
The factoring process can be very simple to set up. The customer will be asked to complete a short application form, and may be required to follow up with other reports and documents.
Recourse and Non Recourse Factoring: What’s the Difference?
• With Recourse factoring the client is ultimately responsibility for the payment of the invoice; whereas
• With Non Recourse factoring, the factoring company accepts responsibility for the risk of collecting the invoice.It’s important to note that some factoring companies over offer both types of factoring – recourse and non recourse.
What Are the Contract Terms and Fees Applicable with Factoring?
There are different fee structures with different factoring companies: some factors charge an overall factoring fee which is determined by the creditworthiness of your customers and the monthly volume of invoices; while others charge additional fees to cover shipping, money transfers, and other costs associated with doing business. Before signing with any factoring company make sure you understand the fees and terms applicable to your contract. Also note that most factoring contacts are renewed annually.
Do I Need Credit Insurance on Debtors?
Insurance is not typically required, but in specific circumstances it may be.
You Can Find More Information at http://fastbusinessloan.org/
and at Factoring Company Reviews at factoringaccountreceivables.org