Get Paid Faster with Accounts Receivable Factoring
End the Waiting Game
It’s no secret that slow-paying customers can strain your cash flow. Any small business owner knows that waiting for customers to pay while trying to cover expenses and payroll is frustrating. It’s even worse if the outstanding receivables are holding your business back from taking on new opportunities. Accounts receivable factoring is a simple way to get paid faster – typically within 24 hours – for outstanding receivables.
Factor Finders specializes in offering flexible accounts receivable factoring solutions for both start-ups and long-established companies. Businesses in almost every industry can turn their outstanding invoices into cash with AR factoring.
What is Accounts Receivable Factoring?
Also known as accounts receivable financing, factoring is a transaction in which a business sells its receivables to a factoring company. The AR factoring company pays the business owner (you) up to 97% of the value immediately. Then, the factoring company gets paid by your customer.
Receivables factoring is used to smooth out the gaps in your cash flow caused by slow-payers. It’s a debt-free way to get paid sooner by unlocking the cash tied up in unpaid invoices. Since it’s not a loan, there is nothing to repay. Rather than waiting 30+ days for payment, factoring receivables helps your business get paid immediately for goods and/or services you’ve already provided.
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What Types of Businesses Factor Accounts Receivable?
If you’re a B2B company, you’re likely eligible to factor. It doesn’t matter if you’ve been operating for one month or ten years. It doesn’t matter if you have less-than-perfect credit. It doesn’t matter if you’re billing $5k per month or $500k per month. No collateral? That’s okay. You can obtain the financing you need by selling your accounts receivable.
We work with a variety of industries, including:
- Oil and Gas
- Government Contractors
Is Factoring Right for Your Company?
Does waiting for customers to pay stress you out? Is your business growing too fast that your cash flow can’t quite catch up? Could you use some extra working capital within the next week? If the answer is “yes” to any of these questions, then you should contact us to get more information on our receivables factoring services.
If you have outstanding invoices from credit worthy customers and could benefit from some additional working capital, then yes, AR financing can work for you. Since approval is based on the creditworthiness of your customers, factoring services are a great option for business owners who have been unable to obtain bank financing. If you need additional funds to take on new clients, purchase new supplies, invest in marketing, etc. and don’t want to deal with extra debt on your balance sheet, then factoring is definitely an option your business should explore.
The Receivables Factoring Process
How Does AR Factoring Work?
Check out this short video to learn more about our factoring services:
Good Clients but Slow Payers?
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The Perks of Factoring Accounts Receivable
Accounts receivable factoring features a number of benefits that can help you streamline operations and make your money go further. Far more than a simple financing option, factoring is a total-business solution. You will work with a dedicated account manager who is committed to helping your business grow and has the expertise to assist you every step of the way.
The many advantages of factoring accounts receivable include:
Unlimited funding potential
Unlike a traditional bank loan, accounts receivable factoring companies do not offer a fixed credit line. Instead, as your sales increase so does your access to immediate working capital.
No monthly minimum or maximum amounts
You do not have to factor a set dollar amount each month to keep your account active. Factor as much as you need, as often as necessary to maintain sufficient cash flow to cover your operating costs.
Qualify with prior financial difficulty
Another significant edge that accounts receivable factoring holds over traditional lending options is its accessibility by companies with poor or unestablished credit. Even if you are just starting up or have encountered previous financial issues you can still be approved for a competitive accounts receivable factoring program without pledging collateral – or even adding any debt to your balance sheet!
Most companies devote a large portion of their time and working capital to handling back office functions, from collections to vetting new and current customers. Depending on your industry, this investment could vastly reduce the resources you are able to devote to your core functions and make it difficult to grow. Factoring accounts receivable allows you to enlist your factoring company’s help with a number of these administrative tasks, eliminating overhead and freeing you up to do what you are paid to do. Back office support may include any or all of the following:
- Collections calls
- Invoice management
- Credit and background checks for current and prospective customers
- 24/7 online account reporting