Working with a Miami Factoring Company
Sunny Miami is the perfect fast-paced economy where a competitive business can thrive. If you have trouble with slow payers and rising operating costs, however, a Miami factoring company can close the cash flow gap and put more sunshine into your company.
Miami companies of all sizes and in all stages of development have benefited from Florida payroll funding and invoice factoring. Invoice factoring is more flexible than a line of credit and easier to obtain than a conventional bank loan. Best of all, by avoiding new debt on your balance sheet you can actually build your company’s credit by factoring invoices.
Invoice Factoring is Easy
The actual process is uncomplicated: Perform your work and invoice customers as usual. Send copies of the open invoices to the factoring company. Within 24 hours of verification, the factor will send you 70 to 90 percent of the invoice value, then the remainder once they collect. In the meantime, you can continue providing your services and invoicing as usual – you can even submit more invoices to factor!
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Invoice Factoring Provides More to Florida Companies
A Miami factoring company can do more than offer same day cash. Other benefits from working with factoring companies include:
- No minimum or maximum amounts to factor. You can factor as many or as few invoices as you need to cover your expenses. There is no limit to how often you can factor, so you can send in extra invoices if cash is tight or hold on to invoices to keep your factoring costs down.
- Your funding potential is unlimited. Instead of offering a static credit line, a factoring company sends you a percentage of your invoiced sales – as your sales go up, so does the amount you can receive!
- Administrative support saves you time and money. Your factoring company will handle collections efforts, credit and background verifications on your customers and online account reporting, allowing you to invest critical time and money into other areas of your business that need the attention.
- Qualification with poor or no credit. Are you just starting up, or are you recovering from a difficult financial period? Either way, a Miami factoring company can approve you for a reasonable factoring program even if you fall short of the stringent criteria that banks use in their lending decisions. Even better, use your factored funds to take advantage of early-pay discounts and pay off old debts and improve your credit by working with a factor!
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Invoice Factoring in Miami is Easy
The actual process is uncomplicated: Perform your work and invoice customers as usual. Send copies of the open invoices to the factoring company. Within 24 hours of verification the factor will send you 70 to 90 percent of the invoice value, then the remainder once they collect. In the meantime, you can continue providing your services and invoicing as usual – you can even submit more invoices to factor!
Your Cash Flow Solution is Fit for Any Industry
Factor Finders has an expansive network of Florida factoring partners that can customize an invoice factoring program for your company, no matter the industry. Depending on your industry, you may also qualify for special benefits to stretch your money even further. We partner with experts in the following industries:
- Temp Staffing
- Oil and gas
- Cable and telecommunications
- And more
Contact Factor Finders today to get started with a Florida factoring company and make Miami the true Magic City for your business! If you have a business elsewhere in the Sunshine State, we partner with factoring companies in Orlando, as well factoring companies in Jacksonville , Tampa and all over the state.