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Do you have any idea about what factoring means or what exactly it can do for your company?

Factoring, also called as accounts receivable financing, is a type of asset-based lending that can enhance a firms short-term flow of cash. It is neither a debt nor a loan and the funds are also unrestricted.

Firms basically sell their invoices to a factoring firm in exchange for an immediate cash advance. Factoring companies can advance your funds in as less as 1 day, providing you advances up to 98% of the net amount. 

Who offers factoring?

All the different sizes of firms such as from large size companies, to individual-employee operations, it provides quick cash. Companies can use this cash to grow rapidly, pay off their debts, invest in a new technology, hire new work staff, or anything needed to strengthen the business.

Understand factoring better with the following example:

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Cash flow is major key for the growth of your business and success in the upcoming year. When your bank cannot provide the needed working capital, factoring can offer a quick solution and provide working capital just like traditional bank loans.  

These days, many business organizations are utilizing factoring to boost their business and leave the competition behind.  It is very important to understand how invoice factoring can speed up your cash flow and move your company forward. 

Know the top 10 benefits of factoring accounts receivable that you can derive:

  • Get your funds on immediate basis- in less than 24 hours.
  • There no long term contracts such as for 6 months, 1 year, or even longer.
  • No restriction on funds- unlike a traditional bank loan or line of credit, use the funds for any reason.
  • No minimum requirement; You can choose how many invoices you like to submit for factoring.
  • Not take on debt; You are allowed to receive cash without incurring debt.
  • Alleviate or eliminate debt; Enhance your ability to pay the bills.
  • Firm financials not needed- factoring is not identified by your companys financial reports neither it is needed.
  • We welcome new and non-bankable businesses- It aids businesses with little or even no credit history.
  • The fee for factoring is quite low at 1% to 3% discount fee on average.
  • Alleviate or eliminate stress; No need to be anxious about when will you get paid or how would you pay your bills.

With such benefits why not give accounts receivables factoring a look. Our expert financial consultants are here to serve you round-the-clock.

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