Factoring Companies in Mississippi
Did you know that factoring companies in Mississippi can give your business the working capital that it needs to expand?
It is true. So often, businesses are prevented from growing and reaching their potential because they are waiting for their customers to pay off outstanding invoices. Waiting weeks or months to collect your hard-earned money is not only annoying, but it is also harmful to your ambitious business plans. This unwanted waiting game leaves you with a lack of working capital, keeping you from investing in growth. If you are tired of this problem, contact Factor Finders and get set up with the right Mississippi factoring company for your business’s financial needs.
How Factor Finders Can Help
Some invoice factoring companies require a significant amount of paperwork from you and feature a long, drawn out application process. Factor Finders is not one of these companies.
Our goal is to make things as easy as possible for you so that you can receive the cash needed to make an impact on your business. We take the time to listen to your business financing goals and connect you with one of our factoring partners. Factor Finders works with account managers that are experts in multiple industries. Our objective is simple: we want your business to succeed just as much as you do.
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Why Use Invoice Factoring Services in Mississippi?
Mississippi invoice factoring companies can help your business in a number of ways:
- Firstly, and perhaps most obviously, Mississippi invoice factoring companies increase your enterprise’s cash flow. Use the service to stabilize your cash flow and have access to the money that you need to invest in infrastructure, make new business arrangements, etc.
- Getting funding through a Mississippi invoice factoring is much safer than taking out a bank loan because there is no chance for you to accumulate any debt. Mississippi factoring companies are buying a valuable asset from your company–your invoices! By purchasing your outstanding receivables, the money that you get is money that you would be collecting anyhow—yet you don’t have to wait for slow-paying customers!
- Because invoice factors do not loan you any money, your credit history is irrelevant and just about any business can qualify. Even if you are just starting up, or have had a rocky past, invoice factors are more concerned with your clients’ payment history. Ultimately, your customers are the ones paying the bills–so your factoring agency will run credit checks on them–not you!
- You no longer need to badger your clients to make their payments on time. This can be a very stressful endeavor that prevents you from focusing on business expansion. Factor Finders will set your company up with a Mississippi factor that has a proven history of professionalism and proper business etiquette, so that your clients will have a pleasant experience throughout the process. You’ll be assigned an account manager who will be there every step of the way and will be more than happy to take care of additional administrative duties as well.
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Invoice Factoring: What is It?
Invoice factoring (sometimes called accounts receivable or business factoring) is an alternative financing method to help businesses gain a stable cash flow. You have no-doubt heard us talk about how it is different from a bank loan — but how does it work, exactly?
- The Mississippi factoring company purchases your outstanding invoice, giving you between 70%-98% of its face value within 24 hours of verifying your invoices. This assures that you get working capital as quickly as possible.
- The factor works directly with your debtor and assumes the responsibility of collecting payments from them, alleviating you of that task. Generally, your debtor’s entire installment is collected within a 30, 60, or 90 day period.
- The Mississippi factoring company gives you the rest of your money (the 2%-30% of the invoice’s face value that wasn’t given to you at the start of the transaction), minus a small service fee.
Mississippi Industries Served
Our invoice factoring services can help secure funding for Mississippi businesses in various industries in as little as 3 to 5 business days. Don’t see yours in the list? Check out the full list here, or give us a call!