7 Benefits of Factoring Your ReceivablesEvery year, tens of thousands of company owners across many industries discover the benefits that come with a proven cash flow solution: factoring receivables. Many businesses struggle with keeping up with expenses during those weeks or even months before customers pay their bills, yet the owners don’t want to take out loans or don’t meet borrowing requirements.
Factoring is an age-old way of turning those outstanding invoices waiting in the accounts receivable into ready cash for payroll, rent, and other fixed costs. Business owners also use that infusion of working capital to grow their companies, with new staff, new equipment, more space, better technology, increased inventory, and other ways to boost profits.
Business owners benefit from factoring their accounts receivables in many ways:
1. Fast payment on your accounts receivable
With factoring, the business gets paid upfront on work they have completed. The factoring company sends payment, via wire transfer, direct deposit, or other channels, as soon as a qualified invoice is submitted to the factoring company. The business no longer has to wait 30, 60, or even 90 days to get paid.
2. Professional collections services
When a business sells its invoices to a factoring company, it also turns over the work and challenges associated with the collections process. The factoring company’s professional collections team takes over this chore, freeing up the business owner and staff for other important tasks.
3. Unlimited potential for capital
While bank loans are limited by the established loan amount, factoring is a source of financing that grows alongside a company’s sales. As sales increase and receivables grow, more cash becomes available for the business owner to use.
4. Savings with volume and early payment discounts
Many suppliers offer early payment discounts or quantity discounts. With improved cash flow, businesses can take advantage of these savings opportunities which will directly affect your bottom line. At the same time, paying on time or early helps improve their own credit scores.
5. A non-debt solution
One of the best advantages of AR factoring is that business owners do not incur additional debt when they sell their invoices to a factoring company. They are not gambling on being able to pay back a loan based on their unknown future revenues; they are simply getting paid promptly on work that has been completed instead of waiting 30, 60, or even 90 days to be paid. This helps keep a company’s balance sheet in better shape, making it easier to obtain other types of financing or to sell the company.
6. Easy and fast application process
Applying to a factoring company is easier and the approval process is faster than applying for most bank loans. Applicants do not need to meet rigorous credit checks or put up collateral to qualify. The factoring company is evaluating the creditworthiness of an applicants’ customers.
7. Free credit screening
Factoring companies continually check the credit background of their clients’ customers and potential customers, which helps protect those clients against loss.
When you’re ready to enjoy the time-saving and money-saving benefits of accounts receivable factoring, work with a respected industry leader: Interstate Capital. Go to www.interstatecapital.com today for a free cash flow assessment and a look at how your business can benefit from invoice factoring.
Looking for an influx of capital? It can be difficult for small businesses and startups to get the financing they need from banks. Fortunately, factoring companies can help. Interstate Capital is among the best factoring companies you can find and they are, in fact, the #1 factoring company in North America. Give them a call today.
Interstate Capital Corporation
1255 Country Club Road,
Santa Teresa, NM
Phone No:(888) 979-1487
Fax No :(575) 589-1999
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