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What’s New in the 7th Edition
 This edition provides new material, as
well as many updates throughout the
book. Here’s a summary of what’s new:
At the suggestion of readers, the
seventh edition has returned to the
spiral binding used in the second edition
, though it has retained the six by nine
inch size. This makes keeping the book
open for easy reference much more
convenient.
The new chapter “Banking and Funds Transfers” was previously
a section in the chapter, “Bits of Wisdom for the Small Factor,”
and now has been expanded considerably. It includes much new
information on both subjects in the chapter’s title. A new
section has been added to the “Bits of Wisdom” chapter as
well: “How to Make Your Three Most Common Office Tools
Highly Efficient.”
The chapter “Factoring Software” has been completely
rewritten and includes the software product FactorFox. Rather
than trying to cover other packages extensively, this chapter
simply mentions them with contact information.
Updates have been applied to the chapters “UCCs,” “Due
Diligence,” “Factoring and the USA Patriot Act,” and “Factoring
Resources.” A Due Diligence Checklist has been added to the
“Credit Reports” chapter, and the chapter on the Patriot Act
now includes the complete text of the two sections of the Act
that pertain to factors. The other chapters include numerous
updates of web sites and web information on these subjects,
which constantly change.
Terminology has been updated throughout the book. What were
extensively referred to as “factoring fees” in previous editions –
the income factors make when buying invoices – are now more
accurately called “factoring discounts.” Likewise, many of the
author’s factoring practices which continue to evolve with time
and technology have been brought up to date as well.
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