Instant Cash for Outstanding Receivables
Working capital is the lifeblood of a business – and usually also its biggest problem. However, companies of all sizes in all industries have found a simple and effective solution through accounts receivable factoring. Factor Finders helps business owners turn their accounts receivable into the working cash they need to revitalize their operations.
Selling Accounts Receivable: A Wise Funding Decision
If you provide goods or services to other businesses and have to wait 30 to 60 days or longer to receive payments, you can count on accounts receivable factoring to close your cash flow gap. Rapid infusions of working capital will help you reinvest in your company for future success. Recruit new talent, take on new projects or purchase the materials you need to complete your work, all without the frustration of delayed payments.
Beginning a competitive accounts receivable factoring program is as easy as picking up the phone. With a quick application and a short list of documents, your business could be approved within 3-5 days.
The Process of Factoring Receivables is Simple
Invoice your customers for completed work and submit a copy of each invoice you wish to factor to the accounts receivable factoring company.
The factor will verify the invoice(s) and advance you up to 95 percent of the total amount within 24 hours.
Continue operating as usual, including the submission of new invoices for funding, while your factor works with your customers to collect.
Once invoices are closed, the factor will send you the remaining dollar amount minus a small factoring fee.
You can factor as few or as many invoices as you need in a single transaction, and there is no monthly transaction limit to meet. For even greater control over your accounts receivable factoring relationship, you can choose which customers’ invoices you want to factor.
Benefits of Accounts Receivable Factoring
If immediate access to working cash hasn’t already convinced you, consider the following advantages of selling receivables.
Enjoy unlimited funding potential
Unlike a traditional bank loan or line of credit, the funding potential of invoice factoring is only limited by your sales! The amount of working capital available to you depends on the amount you invoice, so each new customer you gain and new project you complete opens up new cash for your company.
Finance your accounts receivable even with poor credit
You do not need a perfect credit score or strong collateral to factor accounts receivable. Rather, factoring companies base their approval on your customers’ creditworthiness and can work with a number of financial situations.
Build your company’s credit
Not only can you qualify for factoring with poor credit, but you can also use the cash you receive from selling accounts receivable to build your credit! Keep open accounts current and pay down existing debt to raise your credit score for future financing opportunities and greater peace of mind.
Stretch your working cash further
With cash on hand, you can pay your suppliers and vendors earlier and qualify for early pay or bulk purchase incentives. Even your factoring company may have its own volume discount program, which rewards you for factoring a larger number of invoices with a lower factoring rate.
Receive personalized back office support
A dedicated account manager will help you navigate your factoring account through every step of each transaction. You can access information about your open invoices and transaction history with your factoring company’s 24/7 online reporting system. Further, your factoring company will help you save more time and overhead by handling your collections and running credit checks on your current and prospective customers for no additional fee.
Plan for long-term growth
With the peace of mind that accounts receivable factoring brings, you can stop worrying about the day to day and begin focusing on the future of your company. Seek out talented professionals to fill employment gaps, attract reliable and creditworthy customers, and position yourself for successful long-term growth.
Turn Receivables into Working Cash
It's easy to get funded. Call 855-322-8671 to get started.
Industries We Serve
A streamlined underwriting process and business-friendly approval criteria will help you get funded faster. We work with companies in nearly every industry, including:
- Oil and Gas
What Documents are Needed for Accounts Receivable Factoring?
- Articles of Incorporation
- Copies of invoices you wish to factor
- Current customer list
- List of open invoices
- Completed application