Massachusetts Invoice Factoring
Do slow-paying customers compromise your ability to cover every day operating costs? If the gap in your cash flow is expanding and you need immediate working capital, Factor Finders can find you a Massachusetts factoring company to help!
Qualifying for Massachusetts Factoring
You can be approved for a Massachusetts factoring program in as little as 3 to 5 business days with a minimum amount of paperwork and an abbreviated underwriting process. Fill out the factoring application and submit the following:
- Copies of invoices you wish to factor
- Current list of customers
- Articles of Incorporation
- Invoice aging report
You can qualify for factoring in Massachusetts even if you have poor or little business credit or have had other financial problems in the past. Invoice factoring relies mostly on the credit of your debtor, not your personal or other financial road bumps.
The Factoring Process for MA businesses
It has never been easier to begin a factoring relationship, and once your account is established the process is streamlined for convenience. There are four simple steps to factor your open invoices. In order to qualify for funding, invoices must be payable by another business that the factor has approved, for work already completed, and unpledged to a third-party entity (for example, not used as collateral for a third party loan).
- Send your invoices to the invoice factoring company by fax or email
- The factor will verify your invoices and advance you between 70 and 95% of the invoice within 24-hours
- You can operate your business as usual while your factor works with your debtor to collect the invoice amount
- When the invoice is paid, the factor will remit the remainder of the balance to you, minus a small fee for factoring
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Massachusetts Factoring Benefits
Why Work with a Massachusetts Factoring Company?
Invoice factoring is a viable lending alternative for Massachusetts companies that need a fast infusion of cash without the stringent terms associated with a traditional bank loan. Whether you are just starting up and need to finance your first invoices, recovering from prior financial difficulties, or looking to expand, factoring offers a number of benefits that can transform your business.
No Loans to Repay
Factoring is not a loan, so there is nothing to repay! Instead, a Massachusetts factoring company will purchase your unpaid invoices and advance you cash against their face value – up to 90 percent of qualifying invoices. This also means that you can avoid adding new debt to your balance sheet.
Industry-low Rates
Factor Finders works with expert factors that offer some of the lowest factoring rates available. You can begin factoring for as little as 1.59 percent for every 30 days your invoice remains open!
Flexible Terms
Factoring is designed to work with your business, not throttle its ability to operate. To that effect, there are no minimum or maximum amounts to factor each month and no rigid timeframes to meet. Factor the invoices you want, when you need the money most. Also, there is no long-term factoring agreement – contracts are for as little as six months to a year and can be renewed on an open-ended basis.
Back-office Support
Additional support from your Massachusetts factoring company will help you save more time and money. Factors offer free credit and background checks to approve your customers as well as complimentary collections support so you can spend more time focusing on other areas of your company.
Credit-building Opportunities
Not only does immediate cash flow allow you to pay down outstanding debts, but it also gives you negotiating power to further build your credit. Work with suppliers to negotiate early-pay incentives and volume ordering discounts to use your money most effectively.
Massachusetts Factoring Industries
Don’t see your industry listed? Don’t worry — we can accommodate nearly any industry.