If your business client is losing the battle with cash flow, our Working Capital Finance program is just what your business client may need. With the Working Capital Finance program, your clients can turn their receivables into cash almost overnight. Then they can use the funds to pay off existing debt, purchase new inventory, buy needed equipment, or even expand their facilities. With Working Capital Finance on the team, your clients call the shots, and we take care of the receivables. It's like adding an accounting department without the cost.
When you discuss Accounts Receivable Financing, do the following:
Discuss Features and Benefits
In order to feel comfortable selling products or services or even referring individuals to CCB, it helps to know what the product or service is (feature) and how it helps individuals (benefits). Below are the features and benefits of our Accounts Receivable Financing program, Working Capital Finance.
Features
- Funds are available within minutes of invoice purchase
- Client can choose which invoices to sell (no fee for unsold invoices)
- All invoices, sold or not sold, can be sent directly to Capital City Bank, for which itemized statements can be sent
- Provides support for reporting and collection processes
- Businesses can manage their client's credit limit
Benefits
- Allows businesses to take advantage of supplier discounts, pay down debts, and offer flexible payment options
- Provides an opportunity to save money on those invoices that can be paid immediately
- Makes reconciling receivables easier, thus saving time and money
- Saves money by redirecting staff and capturing new opportunities
- Cuts costs by reducing uncollectible receivable
Identify Opportunities
Always be on the look out for those business clients who may benefit from our Accounts Receivable program, Working Capital Finance. There is no one set of examples for this product because virtually any business that does business to business transactions may fit the criteria. Below are examples of the businesses that have used, or are currently benefiting from this product.
- Engineering
- Security
- Transportation
- Pine straw
- Manufacturing
- Installation
- Repairs
- Firewood
- Advertising
- Sign repair/maker
- Restaurant equipment repair
- Medical equipment repair
- Landscaping
- Floor construction
- Construction equipment rental
- Electrical
- Awnings installation
Note: This program is for business to business transactions.
Discover Client Needs
Before you recommend a product or service to a client, prospect, or friend, it only makes sense to recommend things they might actually need or like. This is why it's important to ask questions that help us gain insight about an individual's banking preferences.
Sales Associates
To identify the best checking account for each prospect based on his or her needs, ask some discovery questions. Some examples include:
- Is limited cash flow keeping your business from growing?
- How long does it usually take to receive payments from your business clients?
- What is the average of your outstanding receivables from month to month?
- Would having access to more cash flow help your business to save or make money?
- Is having to reconcile and collect receivables keeping your business from taking advantage of new opportunities?
- Could you attract new clients by offering more flexible payment options?
- Would you be interested in a product that allows you to sell receivables?
- Will using your outstanding receivables as leverage benefit your business?
Some common statements you may hear from clients are:
- "Can you deposit these (large) checks? I have been waiting for them so I could fund payroll."
- "I wish it did not take so long for us to receive payments from my customers."
- "Can you pull a record of the checks that I have deposited the last 60 days? I need to see who has paid."
- "You would think that these bigger companies (or government) would not take so long to pay."
Non-sales Associates (Take it to 10)
If you do not feel comfortable with accounts receivable finance product information, but are working towards your Take it to 10 goals, do not focus on a specific product. Instead, ask if the prospect is interested in the services provided at CCB. To do this you might say:
I work at Capital City Bank and we offer credit products and services designed to meet your banking needs, including an Account Receivable Finance program for your business. Would you be interested in learning more about them with an associate of mine?
Recommend Products/Services
When you have identified a need or learned about a prospect's banking preferences, you are ready to make recommendations that align with his or her goals.
Sales Associates
Below are examples of what you might say when recommending Working Capital Finance after having used the qualifying questions.
Mr. Williamson, I know running a business can be challenging when you are waiting for invoices to be collected. Did you know that we offer a product that allows your business to sell us outstanding receivables, giving you access to cash? You can then use the cash for a variety of different needs. Some of the additional advantages of this product are that we will assist with collection of payments and send you reports to help reconcile your receivables. Do you mind if I contact our Working Capital Finance expert to see what we need to get started?
Non-sales Associates (Take It to 10)
If you are simply trying to make a referral to CCB, then you are recommending the bank, and even a specific banker. Below is an example of how you make this recommendation.
I recommend that you check out Capital City Bank. I work there and I know it's a great place to bank. CCB is a stable, community bank that can help you with your financial needs as they arise. I don't know too much about the various options, but I can certainly connect you with a friendly banker who would be willing to help you. His name is _______________.
Handle Objections
It is highly likely that once you make a product or service recommendation, you will receive objections. Before responding, keep the following points in mind:
- Make sure you understand the question or objection
- Be empathetic
- Address the question or objection even if you can't change the product or service
- Check with the prospect to make sure he or she accepts your response or explanation
To respond to objections, use Feel, Felt, Found to structure your responses. Below are examples of Working Capital Finance objections and suggested ways of responding.Sales Associates
Client Objection: "Currently we cannot afford to take on the additional costs associated with that service."
Feel: I understand that you are concerned that the costs will outweigh the benefits.
Felt: Many business owners feel the same way.
Found: After signing up for the product, they have found that having more financial flexibility allows them to save more money than they spend, by using the newfound cash flow to take advantage of supplier discounts, pay down debts, and reduce/refocus staffing to capture new opportunities. Does this sound like something your business is interested in?
Non-sales Associates
Client Objection: "I don't think that my business is big enough."
Feel: I understand that you feel your business may not fit this product.
Felt: We have had other business owners who have felt the same way.
Found: Some business have found that this product fits their needs after going over the details with one of our bankers. Would you mind if I gave your information to someone who can call you about your business needs? What day and time is best for you?
Ask for the Business
If you did not receive an objection or have already come to an acceptable resolution with the client or prospect, you are ready to ask for the business. Asking for the business is how we move the sale forward. Below are some examples of what you might say to ask for the business.
Sales Associates
- May I contact someone that can help us get started?
- When would be a good time for us to schedule a meeting with our Working Capital Finance specialists?
- Great! Let me call our expert so we can get you started.
Non-sales Associates
In the case of an associate who is making a referral for Take it to 10, you are trying to get the prospect to agree to meet with a banker about a need. Below are some examples of what you might say to do that.
- I would be happy to connect you with a banker who can help you. What is your name and number?
- May I have a banker call you to give additional details and get you started?
- Can I get your name and number so I can have a banker call you about our Working Capital Finance program?
Make a Referral
If you are a sales associate or non-sales associate who cannot process a Working Capital Finance application, but have identified someone who is interested in Working Capital Finance, remember to refer him or her to an associate who can help.
Making referrals at Capital City Bank is as easy as A B C! Below is an example of the ABC method to making referrals.
Acknowledge or Ask questions about a need.It sounds like your business could use additional access to cash while waiting to collect revenue that is owed by your clients.Bridge with a transition statement highlighting how Capital City Bank can meet that need.I work at Capital City Bank and we offer a product that does just that.Connect to a Capital City Banker that can help.Our Working Capital Finance representative can provide you with all the details and what is needed to get started. May I have one of them contact you at a time that works for you?Process the Sale
Contact or make an appointment with a Working Capital Finance specialist.
