NAICS Code 522299-09 - Factors
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NAICS Code 522299-09 Description (8-Digit)
Hierarchy Navigation for NAICS Code 522299-09
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Tools
Tools commonly used in the Factors industry for day-to-day tasks and operations.
- Factoring software
- Credit analysis software
- Invoice tracking software
- Financial statement analysis tools
- Risk management tools
- Customer relationship management (CRM) software
- Accounting software
- Payment processing software
- Electronic data interchange (EDI) software
- Online factoring platforms
Industry Examples of Factors
Common products and services typical of NAICS Code 522299-09, illustrating the main business activities and contributions to the market.
- Accounts receivable factoring
- Invoice factoring
- Freight bill factoring
- Medical factoring
- Construction factoring
- Manufacturing factoring
- Staffing factoring
- Government contract factoring
- Import/export factoring
- Small business factoring
Certifications, Compliance and Licenses for NAICS Code 522299-09 - Factors
The specific certifications, permits, licenses, and regulatory compliance requirements within the United States for this industry.
- Certified Factoring Account Executive (CFAE): This certification is offered by the International Factoring Association (IFA) and is designed for professionals who work in the factoring industry. It covers topics such as factoring basics, legal and regulatory issues, and risk management. The certification requires passing an exam and completing continuing education credits.
- Certified Receivables Specialist (CRS): This certification is also offered by the IFA and is designed for professionals who work in the accounts receivable management industry. It covers topics such as credit and collections, legal and regulatory issues, and technology. The certification requires passing an exam and completing continuing education credits.
- Uniform Commercial Code (UCC) Filings: Factors are required to file UCC-1 financing statements to perfect their security interest in the accounts receivable they purchase. The UCC is a set of laws that govern commercial transactions in the United States.
- Anti-Money Laundering (AML) Compliance: Factors are subject to AML regulations, which require them to implement policies and procedures to detect and prevent money laundering and terrorist financing. The Financial Crimes Enforcement Network (FinCEN) is the primary regulator for AML compliance in the United States.
- Fair Debt Collection Practices Act (FDCPA) Compliance: Factors are subject to the FDCPA, which regulates debt collection practices in the United States. Factors must comply with the FDCPA when collecting debts from customers. The Consumer Financial Protection Bureau (CFPB) is the primary regulator for the FDCPA.
History
A concise historical narrative of NAICS Code 522299-09 covering global milestones and recent developments within the United States.
- The Factors industry has a long history dating back to the 14th century when Italian merchants used the practice of factoring to finance their trade. The industry continued to grow in Europe and the United States in the 19th century, with the establishment of the first factoring companies. In the 20th century, the industry expanded globally, with the establishment of the International Factors Group in 1963. In recent years, the industry has seen notable advancements in technology, with the development of online factoring platforms and the use of artificial intelligence to streamline the factoring process. In the United States, the Factors industry has a more recent history, with the first factoring company established in the 1920s. The industry grew rapidly in the 1980s and 1990s, with the establishment of new factoring companies and the expansion of existing ones. In the early 2000s, the industry faced challenges due to the economic downturn, but it has since recovered and continued to grow. In recent years, the industry has seen increased competition and the development of new technologies to improve the factoring process.
Future Outlook for Factors
The anticipated future trajectory of the NAICS 522299-09 industry in the USA, offering insights into potential trends, innovations, and challenges expected to shape its landscape.
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Growth Prediction: Stable
The Factors industry in the USA is expected to grow in the coming years due to the increasing demand for factoring services from small and medium-sized businesses. The industry is expected to benefit from the growing trend of outsourcing non-core business functions, which is driving demand for factoring services. Additionally, the industry is expected to benefit from the increasing availability of technology-based factoring platforms, which are making it easier for businesses to access factoring services. However, the industry is also expected to face challenges such as increasing competition from banks and other financial institutions, as well as regulatory challenges. Overall, the industry is expected to grow at a moderate pace in the coming years.
Industry Innovations for NAICS Code 522299-09
Recent groundbreaking advancements and milestones in the Factors industry, reflecting notable innovations that have reshaped its landscape.
- Invoice Factoring: This innovation involves the use of technology to streamline the factoring process, making it faster and more efficient. With invoice factoring, businesses can upload their invoices to a factoring platform and receive funding within hours. This innovation has made factoring more accessible to small and medium-sized businesses.
- Non-Recourse Factoring: This innovation involves the use of non-recourse factoring, which means that the factor assumes the credit risk of the invoices. This has made factoring more attractive to businesses that are concerned about the creditworthiness of their customers.
- Spot Factoring: This innovation involves the use of spot factoring, which means that businesses can factor individual invoices rather than their entire accounts receivable. This has made factoring more flexible and cost-effective for businesses.
- Supply Chain Finance: This innovation involves the use of supply chain finance, which means that businesses can use their invoices as collateral to obtain financing for their suppliers. This has made it easier for businesses to manage their cash flow and strengthen their supply chains.
- Online Factoring Marketplaces: This innovation involves the use of online factoring marketplaces, which connect businesses with factors. This has made it easier for businesses to find the right factor for their needs and has increased competition in the industry.
NAICS Code 522299-09 - Factors
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