Invoice Factoring in North Carolina
Do slow-paying customers prohibit your company from thriving? Whether your business is located in Raleigh, Asheville, or Charlotte, factoring companies in North Carolina can help your enterprise expand and develop. Through the use of a funding process called invoice factoring, a factoring company can provide your business with a steady cash flow by purchasing your outstanding accounts receivables. Let Factor Finders match your business with the best factoring companies that the Tar Heel State has to offer!
What is Invoice Factoring, and How Does it Work for NC Businesses?
Invoice factoring, sometimes referred to as accounts receivable factoring, is a process in which a funder (called a factor) purchases your outstanding accounts receivables, giving you 70%-98% of its value within 24 hours of agreeing to fund you. Then, the factor works directly with your debtor, collecting the invoice within a 30, 60, or 90 day period. Once your debtor has paid off the invoice to the North Carolina factoring company, the factor pays you the remaining balance of the accounts receivable, minus a nominal service fee.
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Why Choose a North Carolina Factoring Company?
If your business is in need of operating funds, a North Carolina factoring company may be the solution. Whether you are a startup business or you are simply inundated with past-due invoices, Factor Finders can pair you with a factoring company in Raleigh, Charlotte, or elsewhere in North Carolina to meet your unique financial needs.
North Carolina factoring companies offer your businesses a wide array of benefits. Firstly, invoice factoring gives your enterprise ample opportunity for expansion, seeing as they expedite the collection process on your completed transactions. No longer do you have to wait for your clients to pay. You can move on to the next order of business immediately.
Secondly, North Carolina factoring companies offer you a debt-free way to obtain the working capital that your business needs to be successful. Factoring companies buy outstanding invoices; they aren’t lending or advancing you money that you have to re-pay.
Finally, North Carolina factoring companies can also take on any additional administrative support that your company may need. Collections, invoicing management, reports — you name it — our factoring partners are here to help. Services are flexible and customizable to whatever works best for your business. We want to take care of the little things, so you can worry about the big things!
Other Reasons to Consider Invoice Factoring:
Easy Application: Invoice factoring offers a simple, comprehensible application process. Using a streamlined underwriting process, you can qualify for invoice factoring with much less paperwork than a traditional loan. To get started, simply submit a current customer list, invoices you wish to factor, and your company’s Articles of Incorporation with a very brief factoring application.
Quick Turnaround Time: When you apply to work with a North Carolina factoring company, they can get you the capital you need in 3 to 5 business days. You no longer have to wait 30, 60, or even 90 days for a bank to approve your account and send you the funds you need.
Cash in 24 Hours: With invoice factoring, your factor will initiate cash advances within 24 hours of invoice verification. You can factor as many invoices as you need, as often as necessary in order to maintain a cash flow for your business.
No Credit Check Needed: Because the factoring process relies on your customer’s ability to repay their invoices within a specified time frame, your own company’s credit history is practically irrelevant! Once your North Carolina factoring company verifies your customer’s creditworthiness, you will begin to receive your funding.
Lowest Rates in the Industry: North Carolina factoring companies partner with us at Factor Finders to offer the lowest rates across all industries, some even as low as 1.59% for every 30 days an invoice is open. The specific rates your company receives, however, will depend on your sales volume and customer history.