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invoice factoring company reviews

TransAm Financial Services Invoice Factoring Review

Pros

One of TransAm Financial Services’s greatest attributes is they provide funding incredibly quickly once you factor an invoice. You can use this capital to meet payroll, invest in new technologies, or anything else that might help grow your business.

TransAm Financial Services sports another positive trait, which is that their website is easy to use and has helpful information explaining what factoring is, how it works, and how companies can benefit from it. Our research indicates that companys with better websites are more likely to have high marks for customer service and satisfaction.

Finally, they received excellent marks for customer service. We found their representatives to be well informed and knoweldgeable, and were able to answer our questions. Better customer service usually leads to better customer satisfaction according to our researc

Cons

However, there are some issues with TransAm Financial Services. The first is they lack the information that businesses interested in factoring need to be able to compare their services to their competitors. As a result, we don’t have the information we need to do a fair apples apples comparison, costing them points in our review.

TransAm Financial Services also suffers because their discount rate is on the high end, reducing the amount of money your company gets from its invoices. This can be a problem if your business runs on a tight profit margin, and knocks them down a bit in our review.

Finally, their fees are more than you would expect from an invoice factoring company, and that may be a deterrent for many small businesses. Moreover, fees usually indicate that there might be other issues with pricing transparency or customer service.

See also  Aerofund Financial Invoice Factoring Review

Verdict

TransAm Financial Services isn’t quite up to the standards of what we expect from an invoce factoring company. They have some good consumer advice on their website, but don’t have enough information listed about their discount rate range or fee structure.