Factoring: Getting Started

Factor Finders, LLC, offers customized financial solutions for businesses experiencing fast growth or unsteady sales. Accounts receivable factoring is often the ideal solution for firms lacking enough credit to obtain a bank loan. Funding decisions are based on your customer’s credit worthiness. If you would like to begin factoring online, Factor Finders will purchase your eligible sccounts receivable and advance you cash.

Our account managers promptly process your application so that cash reaches your account in about five business days. Unlike a bank approval process, there are no loan committees or complex financial analysis. Our account managers will guide you through every step of the process:

1. Fill out an application: Call 855-FACTOR-1 to learn about our financial solutions for every major industry. Your account representative can begin your enrollment process by forwarding documents if you are ready to begin factoring.

2. Send an Accounts Receivable Aging Report: Your account manager will review your invoices, categorize them, and assign a net value. The invoices will show the length of time the amounts have been outstanding, so that the account manager can process the long overdue invoices first. For example, your invoices can be categorized as “current,” “30 days,” “45 days,” “60 days,” “90 days,” or “120 days.”

3. Forward a Customer List with Credit Limit Request: Factor Finders will review your customer list in order to analyze their credit worthiness and ability to pay. We will take note of their credit limit and determine if it is appropriate based on their financials. In addition, Factor Finders offers credit checks on current and potential customers for no additional fee. We will also review your company for potential lawsuits or tax liens that could hold up the factoring agreement.

4. Sign on the Dotted Line: Factor Finders will send you documents discussing cash advance rates and factoring discount rates for your approval. Once we have those signed documents back in our hands, cash typically reaches your account in 3 to 5 days.

5. Submit Invoices to Factor: Factor Finders will begin funding immediately after receiving your approved invoices.