Columbus Money Factoring Company

Columbus Factoring Companies Provide 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).

1. Send your invoices to the invoice factoring company by fax or email
2. The factor will verify your invoices and advance you between 70 and 95% of the invoice within 24-hours
3. You can operate your business as usual while your factor works with your debtor to collect the invoice amount
4. 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 Columbus 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.

Columbus, OH Factoring Companies

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.