David Tatge was quoted by the Commercial Finance Group, in “3 Things You Probably Didn’t Know About Factoring.”
Following is an excerpt:
Although it’s only recently become a very popular alternative to commercial loans, factoring is actually one of the oldest forms of business financing. According to a presentation about the history of factoring made by David B. and Jeremy B. Tatge of Epstein, Becker, Green to the International Factoring Association in 2012, the process began with the Mesopotamian traders way back in 2,000 BC.
“Merchants made cash advances to the agent, who gave the merchant a negotiable promissory note,” explain Tatge and Tatge. “The merchant could borrow against the agent’s note…or sell it…if the note was sold, always at a discount, the right to the ordered goods passed with it.”