Factoring Companies in Minnesota
Are you frustrated by having to wait for your clients and customers to pay their accounts receivables? Do you ever wish that there was an immediate way to get the cash that is owed to you? Factor Finders can help! Through the use of invoice factoring (sometimes called accounts receivable factoring), your company can access working capital very quickly.
The Gopher State has an array of different industries that use Minnesota factoring companies. From Minneapolis and St. Paul all the way to Duluth, Minnesota factoring companies can get your business the steady cash flow that is necessary for expansion.
Invoice factoring is an alternative to bank lending. It’s hassle-free, flexible and requires no long term contract.
How the invoice factoring process works:
1. You perform a service and/or deliver goods to your client.
2. Instead of waiting for your clients to pay, send the invoice to the Minnesota factoring company and receive an advance of up to 95% within 24 hours. The remaining portion is held in reserve until your client pays the invoice.
3. The factor notifies your clients to send payment to a different address and your clients will then pay the factoring company.
4. The reserve amount is returned to your business, minus a factoring fee for the services provided.
5. Repeat as needed!
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Minnesota Factoring Companies Can Help Your Business Grow
- Start-up companies that need funds to purchase better technology, equipment or other supplies
- Businesses with bad credit
- Companies going through rapid expansion
- Businesses struggling to meet payroll
There are a number of benefits to working with Minnesota factoring companies. Your factoring company can also offer you any further administrative support that you need. From invoicing to payroll, from credit checks to background checks, your account manager will be more than happy to work with you and your clients for a completely satisfying and happy relationship!
Factor Your Invoices Anywhere in the North Star State
Here at Factor Finders we are committed to being your leading source for locating Minnesota factoring companies to help your business secure the additional funds it needs — and quickly!
Don’t see your city? That’s no problem!
Factor Finders works with a nationwide network of factoring companies that are eager to purchase your unpaid invoices. Call Factor Finders and talk to one of our team members today or fill out a form for a free quote to see what we can offer your business.
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Invoice Factoring Boosts Working Capital for Businesses in MN
Invoice factoring is a great way to fund a growing business in Minnesota. By selling your accounts receivables to a factoring company, you are free to collect your money quickly, rather than having to wait for you debtor to slowly pay you back. With this cash, you can invest in growth, pursuing other interests and endeavors. Having working capital means that you can take advantage of early-pay discounts from vendors, take on new clients and larger projects or extend more generous payment terms.
Is Invoice Factoring Different than Financing Through a Bank?
Yes! Invoice factoring is not the same thing as taking out a loan. You never borrow money from the factor, and thus no additional debt is acquired. Rather, the funder simply purchases your accounts receivable from you. The money that they give to you belongs to you. Funding through bank loans can be tough, especially for start-ups and businesses with not-so-perfect credit or lack of collateral. However, factoring approval is easy, even with credit problems.
No Matter the Industry, There's a Factoring Solution for You!
Nearly any industry in Minnesota can benefit from this cash flow solution. We work with a wide range of industries:
Invoice factoring is a dynamic, safe, efficient way to increase your cash flow and collect your money without having to wait. Trust Factor Finders to set you up with the best factoring companies in the Land of 10,000 Lakes.