Invoice Factoring in Louisiana
Looking to expand your business in Louisiana but not sure where to get the funds? There is good news for all of you in the Bayou State—Factor Finders is here to help! Whether you are from New Orleans or Baton Rouge, invoice factoring from Louisiana factoring companies can give your enterprise prime opportunities for expansion. What about slow-paying clients? Do you feel as if your business is being dragged down by waiting for your customers and partners to pay off their outstanding accounts receivables? Trust Factor Finders to pair your business with the best factoring company in New Orleans or elsewhere in LA for your specific needs, and gain access to working capital that you can use to invest in growth.
How Does Louisiana Invoice Factoring Work?
Invoice factoring, sometimes called accounts receivables factoring, is the process of using a funder (called a factor) that provides you with nearly instant working capital by purchasing your outstanding invoices from you. First, a Louisiana factoring company buys your outstanding accounts receivables and provides you with up to 98% of the total sum within 24 hours of receiving and verifying your invoices. The remainder is held in reserve. Then, the factor works directly with your debtor and is responsible for collecting their payments on your invoice directly. Most Louisiana factoring companies collect the complete invoice payment from your debtor within 90 days. After the factor has received the complete sum of the invoice from your debtor, they provide you with the remaining percentage that wasn’t given to you at the onset, minus a small service fee.
Why Louisiana Businesses Choose Accounts Receivable Factoring
Louisiana businesses that choose invoice factoring emerge debt-free. Factoring is a great option for all types of companies because throughout the process, enterprises never take out any sort of loan or accumulate any further debt. Factoring companies do not lend you any money—they simply buy your outstanding invoices from you. All of the money that you receive is yours, you merely get access to it faster than you would if you were to collect directly from your debtor. Furthermore, the credit history of your business is not important when applying for factoring services. Your customers are the ones ultimately paying the bills, thus, your factoring company is only concerned with their payment history. If you have previously been turned down for financial help from a bank, or just don’t have the credit history or collateral to qualify for a traditional loan, factoring is a great option to get more funds.
Invoice factoring allows your business to grow because you have a nonstop supply of working capital. There is nothing more damaging for a budding business than waiting for your accounts receivables to be paid off. Factor Finders can help you find a Louisiana factoring company that can expedite this process and eliminate the notorious waiting game.
The factor works with your debtor directly—meaning that you do not have to! Additionally, your specialized account manager will be able to take care of any additional administrative tasks that your company needs help with, in order to streamline and maximize your time and efforts.