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Will you purchase invoices to companies outside of Canada? Yes, almost half of our clients sell to the U.S., Europe or Asia. How popular is factoring in Canada? “In 1682 the Hudson Bay Company built its first permanent trading station on the shores of Hudson’s Bay and named it York Factory after the Duke of York. It was called a “factory” not because anything was manufactured there but because this was where the factor lived” (Peter C. Newman, The Company of Adventurers). The industry now factors over $3 billion a year!! We’re looking for A/R Funding – do you provide venture capital? We only provide funding based on your accounts receivable. But aren’t you more expensive than the bank? Yes, however included in our fee is the management and collection of your accounts receivable and the free advice from our group of Associates. And we hold your accounts receivable as security but never your house. As part of the process we will work closely with your company to arrange a fee that ensures that you will, after payment of our fee, make more profit than you will currently without the benefits we offer. What do you tell my customers? Our clients write a personalized letter of introduction to all of their existing customers and introduce the new partnership with Pyx. We actually have a positive impact on your payment terms. To ensure that we protect the close relationship you have established with your customers, we will contact your customers by phone and handled in a professional manner. |
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