Funding by factoring is definitely the way to go if you own a company, need access to more cash flow on a month-to-month basis, and want to avoid being drowned in debt. The factoring process is so simple, so easy — It can be completed with funding in your bank account within 24 hours!
BUT... You need to choose the right factoring company to help grow you, your business, and your financial future. When you choose the best factoring company for you, the process is 100% STRESS-FREE!
Here's what to look for in a factoring company —
No Application Fee
Why should any company charge you to fill out an application — let alone, a company that's supposed to be helping improve your company's finances? Don't put your trust in a factoring company that demands an application fee. Only put your trust in a factoring company that wants to help grow your business and see you succeed.
Quick Turnaround
The beauty of factoring is that it secures funding fast — or it should. Unlike other funding methods, the factoring process should be quick and easy. Look for a company that will respond to your application and fulfills funding in less than 24 hours. Any longer is simply a waste of your time.
Information at Your Fingertips
When it comes to your company's finances, you need to work with people who are trustworthy. So choose a factoring company that is transparent — one that will keep you informed on invoice payment status, changes in your clients' credit rating, approvals, funding, etc.
Experience
Of course, you don't want to be a company's guinea pig, especially when that company plays a part in your financial future. You want to work with a factoring company that knows exactly what they're doing to improve your financial status and your company's growth.
Here's what to avoid in a factoring company —
Low Advance Rates
A factoring company is meant to maximize your cash flow. A company isn't really working for you unless they're providing at least 85 percent of your invoice value upfront. Accepting anything less than that is just selling your business short.
Hidden Fees
Always investigate before choosing a factoring company. Hidden fees (for example, bank transfer fees, origination fees, cancellation fees, etc.) all add up to unnecessary hardships and a massive headache — these MUST be avoided.
Contract Restrictions
You should ALWAYS have control when working with a factoring company. Avoid any company that forces you to submit every single invoice for factoring. Work with a company that lets you factor in whatever's beneficial to you.
Invoice factoring should be quick, easy, and stress-free. Keep these qualities in mind during your search to find the BEST factoring company for you.
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