One of the biggest frustrations for most big and small businesses is waiting to get paid and none better than those with sluggish cash flow, seasonal business and long and extended payment cycles can particularly relate to this. Every business has a long list of customers who are in dire need of extremely generous payment terms or are slow payers. With the right process of invoice factoring, you can turn invoices into working capital which you can leverage in operating your business, hiring new workforce or even for expanding operations.
Invoice factoring is ultimately one of the best solutions for short term problems in business cash flow. When you need immediate cash but customers don’t pay you on time, this is where invoice factoring comes in along with invoice financing. You can soon convert your unpaid invoices into immediate cash. Though this shouldn’t be deemed as a loan, yet they are extremely useful for any company, big or small. The factoring company will own your invoice and they will get paid when they get payments from the customers. If you’re thinking of which invoice factoring resource to choose from, here are some that you may take into account.
#1: Factoring Club
FactoringClub is a website which offers you in-depth details on companies which offer invoice factoring, their locations, credit facilities, descriptions, services, terms, businesses they’ve served, contact details, features, benefits and more. If you’re a business owner who is desperately looking for an accounts receivable funding company to run your business, you can be sure about finding the right invoice factoring company from the web directory site FactoringClub. You can locate the right company based on the name, location, industry and keywords.
FactoringClub helps you in saving your money, time and stress of physically visiting such companies. People usually tend to depend on the reviews while hunting for realistic opinions on companies and here in FactoringClub, all reviews are true and tested. Once you offer the details of your own business, you may compare the cost of various factoring companies which decide on the cost that you can spend in a month.
#2: FundBox
If you want to know why you should work with FundBox, you should know that they offer loans from just $100 to $100,000 and they charge you pretty low factor rates of around 0.5% of the value of the invoice per week during which the invoice goes unpaid. The fund application process also takes as little as 24 hours and is completed within a day.
FundBox is one among the best invoice factoring companies for small business firms to work with. They offer financing options to any kind of business and the entire procedure is extremely easy to comprehend. One more thing about this company is that they are perhaps the only one who will advance you 100% of the value of your delinquent invoices.
#3: American Receivable
American Receivable offers an excellent invoice factoring service with no extra fees, strong support and worthy rates. However, the eligibility requirements and customer care system is solid enough and offers business-friendly features like no fixed minimums, non-recourse factoring and many more which makes this company a great one for most businesses. You’ll be appointed a dedicated representative for managing accounts who will have all sorts of information that is needed for processing.
This particular company offers flexible services for both small and big and long term and short term businesses. They are the ones who have made it extremely easy for small businesses with moderate credit ratings for qualifying for factoring. They usually concentrate on the creditworthiness of the customers and not on the revenues and credit history of the business. They have no limit or restraints on the total number of invoices that you can submit to them. The time for recovery is up to 120 days.
So, if you think you’re in dire need of invoice factoring to keep going with your business and keeping it afloat in the competitive environment, you may choose any of the above resources. Work with them to find out which the best one in the market is and how they can help you with working capital during a time when you need cash the most.