Invoice Factoring in Utah
If slow-paying customers and rising operating costs are keeping your Utah-based company from reaching its potential, don’t turn to expensive and restrictive loans. Instead, begin a competitive Utah factoring program and get back on track today!
What is Invoice Factoring?
Utah invoice factoring is an alternative to conventional lending options. It is not a loan – a factor purchases your open invoices and converts them into immediate cash! There is no debt to repay and no additional liability on your balance sheet.
Everything about factoring is designed to save time and put more money in your company’s account. The invoice factoring process takes very little time and can be repeated as often as necessary:
1. Submit invoices – Unpaid invoices for completed work that are payable by other businesses and not pledged to another entity are eligible for funding.
2. Verification & advance – The Utah factoring company will verify that work has been completed and advance up to 90 percent of the invoice value within 24 hours.
3. Business as usual – While the factor collects, you run your company and pay your expenses.
4. Reserve release – The factor will deposit the remaining invoice amount, minus a small factoring fee, once payment is processed.
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Advantages to Invoice Factoring in Utah
Factoring for Utah companies is more than a simple financial transaction. Rather, it is the beginning of a business relationship that can completely renew your company. The financial freedom you can achieve through Utah invoice factoring will allow you to reach new heights, especially due to a number of additional benefits:
A steady flow of cash when you need it will help your company more than a lump sum that you begin paying for immediately. You choose when and how often to factor your invoices and how much to submit in a transaction, and fees are calculated based on an invoice’s purchase date rather than its issue date. The factoring arrangement as a whole is also flexible, with short terms that allow you to reevaluate your factoring needs on a regular basis.
What if factoring could help you save even more money? It can, in a number of ways!
Volume discounts – Utah factors may offer you a lower rate for invoices factored above a certain volume, especially if you experience rapid growth that greatly increases your factoring needs.
Administrative support – Your factoring company will run credit and background checks on your customers before approving them for funding, and will engage in collections on your behalf. Both of these back office functions are critical but can cost the average company thousands of dollars. When you factor you can get them for FREE!
Creditor discounts – Negotiate discounts with your suppliers with the confidence that you have the working capital to meet their costs. Creditors often grant bulk discounts for large orders with up-front payment or incentives to pay invoices before their due date.
Just as you can negotiate discounts from your creditors, Utah factoring also gives you the chance to offer those benefits to your customers! Reward their business with discounts and deals without sacrificing your cash flow.
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How to Qualify for Invoice Factoring
If you are ready to turn your cash flow around, it is easy to get started. Utah factoring companies offer fast approval – as little as 3 to 5 business days – with a streamlined underwriting process and industry-low rates.
Unlike the laundry list of required documents to apply for a loan, the paperwork needed to begin invoice factoring is simple and can be submitted in one batch. Along with a short factoring application, include the following:
Articles of Incorporation
Current invoice aging
List of current customers