Apparel Invoice Factoring: Your Business Solution
Is your brand the next big thing in apparel? Don’t let slow payments cut the fashion show short – Factor Finders’ apparel factoring program can provide the working capital you need! Invoice factoring for apparel companies is a business-friendly alternative to traditional lending. Spend less time jumping through financial hoops and more time executing your vision without worrying about cash flow.
How Does Apparel Factoring Work?
Unlike a traditional loan, apparel factoring allows you to receive advances on your unpaid invoices. The process begins when you submit invoices to the factoring company, which will verify that the work has been completed. They will then advance your company between 70 and 90 percent of the invoice amount – you receive the remainder when the invoice is paid.
Invoice factoring is a viable option for apparel companies and their supply partners:
- Apparel manufacturers
- Fabric companies
- Textile and apparel acquisition
As long as you are working with corporate clients and issuing a collectible invoice, you can begin working with a factoring company today.
Factoring for Apparel Companies: More Than a Cash Advance
A factoring relationship offers immediate working capital that you can use to cover your expenses, but there are many more great benefits that will help your company succeed and grow:
Factor as much or as little as you need to maintain the cash flow that works for your company. You choose which invoices to factor and when, without worrying about minimum or maximum amounts.
You can qualify for apparel factoring even if your company has poor or little established credit, and you can even build your credit by factoring! Apply your cash to paying down old debts and staying current with your suppliers, and in no time your credit score will be the envy of apparel companies everywhere.
Back Office Support
Save money and time by allowing your apparel factoring company to assist with your back office needs. Apparel factoring companies will offer complimentary background and credit checks to ensure that you are working with the most reliable customers, as well as direct collections efforts to schedule and process payments.
24/7 Online Reporting
Never question where your account stands – instead, take advantage of online reports that you can use to reconcile your own records. A unique login allows you to see current invoices, your last transaction, and so much more!
Begin Apparel Factoring
The approval process to begin apparel factoring is streamlined to get you the working capital you need quickly. Rather than submitting stacks of paperwork and waiting weeks or months for a funding decision, you can apply for a factoring program with just a few documents and receive a decision in as little as 3 to 5 business days!
Once you fill out a short application, submit the following:
- Articles of Incorporation
- Current aging
- Customer list
- Copies of invoices you wish to factor
The apparel factoring company will remain in contact while they review your paperwork, and they can get you approved even with an unimpressive credit score.