Invoice Factoring in Washington
Are you tired of having to wait several weeks—if not months—for your customers/clients to pay off their outstanding invoices? Do you wish that you could get instant access to the money that you have earned? Well, we have some good news for you! Invoice factoring for Washington businesses can eliminate the proverbial “waiting game” and get you the cash flow that you need to succeed. Trust Factor Finders to get to know your business and set you up with the ideal Washington invoice factoring company.
From Seattle to Tacoma, Washington factoring companies can help your business grow and expand.
How Does Invoice Factoring Work?
The process is effortless. The paperwork and application are simple and only take 3-5 business days for review. If approved, a Washington factoring company will buy your receivables at a discount and advance you between 70-98% of its total value, usually within hours of verifying the work. The factoring company will then work directly with your customer and will invoice them based on the terms already agreed upon by you and your client. Once your customers pay the factor, the remaining amount is returned to you, minus a small factoring fee.
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Why Invoice Factoring is the Best Choice for WA Businesses
Also known as accounts receivable factoring, invoice factoring has many benefits to help your Washington business thrive. Factoring is favorable to many small businesses because of its accessibility– approval is based on your customers’ creditworthiness, not yours. Therefore, if you don’t have the best credit history or haven’t been established for a long time, you can still get the funding you need. Additionally, factoring your invoices will not add any debt to your balance sheet. Throughout the entire process, you are never taking money from the factor/lender– rather, they are simply advancing you your hard-earned money. While traditional bank loans are serviceable, they aren’t easy to acquire and don’t make sense for all companies. Banks often have strict and detailed requirements, perhaps even requiring collateral to cover the loan. What’s more, you still have to pay the loan back, often alongside high interest rates. By selling your invoices, you get working capital ASAP–giving you the freedom to explore new and exciting business opportunities that you might have otherwise had to pass on.
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Washington Factoring Companies Work with Nearly All Industries
Whether they are patrons of Seattle invoice factoring or Bellevue invoice factoring, companies from all over the Evergreen State and across all sectors of the economy use accounts receivable factoring. It is time to stop worrying about cash flow. Factoring puts you back in control and allows you the freedom to run your business profitably. While factoring, you will not have to turn down larger orders because of lack of funding; likewise, you will be able to hire a staff of top performers and further invest in your company’s assets. Some of the most frequent users of this mode of funding include companies from the following industries: