The International Factoring Association (IFA) released the 2021 IFA Business Profile and Performance Survey Industry Report. Now in its 15thyear, annual survey provides a snapshot of factors’ operations, client details, operating metrics, business development practices, human resources policies, COVID-19 impact and other key items.

The 200-page IFA Business Profile and Performance Survey  Industry Report was compiled, tabulated  and  analyzed  by  Industry  Insights,Inc., a professional research and consulting firm, which also hosts the cloud-based application. The survey was sent to member  firms primarilybased in the United States and Canada and was conducted between January through mid-March of this year.

“Mapping out future strategies requires knowing where you currently stand, as well as where the industry is heading,” said Bert Goldberg, executive director of the IFA. “This report gives members all  those valuable performance benchmarks  they  need  to  analyze  their  company  and  identify opportunities.”

A sample of metrics available in the report includes:

• 36.8% of gross invoices funded during 2020 came from the transportation industry, followed by the energy and service industries.
• The median number of days receivables were outstanding was 40 days.
• 80.6% of respondents reported they lost up to 20% of their clients due to the Payment Protection Program or other government-based funding.
• 81.7% responded they did not exit any sectors as a result of the COVID-19 pandemic.
• 78.8% responded they did not increase their reserve for bad debt over prior years due to the pandemic.

A copy of the survey, along with the online searchable results application, can be purchased on the IFA website at www.factoring.org.