Authored by Phil Cohen
As a business owner, you know the stress that comes when customers are late with payments. It creates a domino effect where you subsequently get behind on your own payments, payroll and purchases since you are short on working capital. You may not want to deal with the hassle of traditional lending or you may have previously been denied based on your credit history or aspects. There is an alternative to banks where you can have cash in hand within 24 hours and your credit history is not considered. It is called factoring and it can change the way you do business.
Invoice Factoring Process
With factoring, a business owner partners with a factoring company. The factoring company purchases outstanding invoices from the business owner. The business owner receives a cash advance from the factor and the factor collects payment from the clients. Once the clients have paid, the factor will release the rest of the funds to the business owner, minus a small factoring fee. Not sure how to find the right factoring company for your business? This is where Factor Finders can help. As a factor broker, we have years of experience and a vast network of factors. We will assess your needs and match you with a factor that is a perfect fit.
Advantages of Invoice Factoring
Factoring offers advantages that are not shared with traditional lending. Factoring is debt-free and there is only a small factoring fee associated with the process. The application is streamlined and easy to complete. You will be asked to submit documents, such as invoices and customer lists, but the process is simple. After applying for factoring, most people receive cash within 24 hours. This is compared to the time spent waiting for a bank to approve a traditional loan and release funds. By working with a factoring company, you can save time and effort while having quick access to the cash you need.
Contact Factor Finders Today
If you are ready to start factoring, contact Factor Finders today. We will respond within minutes to connect you with a factor and get cash in your hand within 24 hours.