Columbus Factoring Companies for Your Business
Factoring is an ideal funding alternative for businesses of all sizes that need extra cash to meet their everyday expenses while waiting for customers to pay. Instead of waiting 30, 60, or even 90 days to receive payment, working with a Columbus factoring company can put cash in your account in as little as 24 hours from invoice verification!
How Invoice Factoring Works
Invoice factoring is a simple and low-risk process that Columbus business owners can repeat as needed to ensure a healthy cash flow:
- Submit invoices for completed work to the factoring company. They will verify your invoices and deposit a percentage of the face amount into your specified bank account within 24 hours.
- Your customers will pay the factoring company directly; then, the factor will send you the remaining value of your invoices minus their fees.
The Columbus factoring companies that we work with can offer your business 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, Ohio 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, Ohio 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! Request a free quote
Yes, I want my free quote! Complete the form or call 855-323-5660
Columbus Factoring Provides Easy, Fast and Debt-Free Financing
Unlike conventional lending, factoring your accounts receivable will not create new debt on your balance sheet! In addition, you can use the cash you receive however you need to meet your company’s goals. You can fund payroll; provide health care and other benefits to your employees; engage in marketing campaigns to recruit new customers and talent; catch up on outstanding expenses and take advantage of early payment discounts; purchase new equipment or supplies; or invest in expanding your business without taking out a business loan!
How Does Invoice Factoring Work?
The invoice factoring process is simple and caters to the needs of any company. Submit invoices for work completed to the Raleigh factoring company, which will verify the invoices and your customers’ creditworthiness before advancing your company 70 to 90 percent of the invoice amount. Once your factoring relationship is established you can expect to receive your funds within 24 hours of invoice approval, at which point you can use the money however you need to run your business.
While you make payroll, purchase supplies or market to new customers, the invoice factoring company will follow up with your customers to collect on the open invoices. When the invoices are paid the factor will forward you the remaining invoice amount minus their fees.
The Process to Start Invoice Factoring
The Factoring Process for Ohio 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
Qualifying for Invoice Factoring
You can be approved for an Ohio 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 the Cleveland area 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.
Ready to Find a Factoring Company in Columbus?
Don't put it on hold any longer. Give us a call: 855-322-8671
Factor Finders Knows Columbus, OH Factoring
Factor Finders has an extensive network of Ohio factoring companies that specialize in industries across the board, including (but not limited to) healthcare, retail, manufacturing, trucking/freight (haulers and freight brokers), and telecommunications. Our partners are experts in their industries and can customize the perfect invoice factoring program to help your company succeed. If you’re seeking Ohio payroll funding or a factoring company for your business in Cleveland, Dayton, Toledo or Cincinnati, we can help you find the best factor for your financial needs.Get a Free Quote
Benefits of Working with a Columbus Factoring Company
• Peace of mind about your company’s cash flow.
• Most accounts approved within 1-3 business days.
• Industry-low factoring rates, so you get more of your money.
• Non-recourse funding available in some industries
• Back office support including credit verification and collections support, saving you time and overhead.
• Get approved even with poor credit.
Industries We Can Work With
Businesses in Columbus often find they need extra capital to cover expenses during periods of rapid and unexpected growth. Working with Factor Finders guarantees your business will be matched with the best factoring company in Ohio or throughout the U.S. to fulfill your funding needs.
Discover why so many businesses are turning to Factor Finders for invoice factoring. Local businesses interested in benefiting from our network of Columbus factoring companies, or any across the nation, can get a free online quote today.