Fund your Startup with Invoice Factoring
Slow paying customers can make growing your small business almost impossible. Waiting 30 to 90 days to get paid can be extremely stressful for you and your company. We want to put a stop to this.
Startup factoring companies are the best way for small businesses like yours to get the funding it needs to pay bills and grow at the same time.
Invoice factoring offers advanced payments so that you don’t have to wait for an invoice to be paid. Within 24-hours, you can have your money in-hand and use it on whatever business expense you choose.
Focus on your Startup’s Growth
It can be hard to find a funding option that is the right fit for your business and needs, which is why we make it easier for you. We are partnered with factoring companies for trucking, telecommunications, healthcare and many others industries, who have different terms and additional programs.
We work to match you with the best factoring company in your industry and niche that can seamlessly fund your startup company. Let us do the search for you to get you funded, so you can spend your time and energy focusing on your business as a whole.
Request a Quote
We know how to get your business funded. If you’re not sure which funding product is best, we’ll walk you through the options.
Working with a Factoring Company: What to Expect
If you’re a startup new to factoring, there might be some confusion about how factoring works in general. After we connect you with a factoring company based on your industry and needs, here’s how it works:
1
Provide the goods/services to your customers as usual
2
Submit the invoices you want to be advanced for to your factoring company
3
The factor will verify the invoice with your customer
4
You will be advanced the cash for that invoice
Within 24 hours
Benefits of Factoring your Invoices
- Funds for overhead expenses
- No long-term contracts
- Low rates
- Funds for utilities
- Capital for payroll
- Financial cushion as your business grows
- Ability to pay your taxes on time
- No hidden fees
- Funding within 24-hours
- Back office support depending on industry
Invoice Factoring in Four Easy Steps
Approval
Submit your application to the staffing factoring company and get approved within 3-5 days. Once approved, send your invoices to the factoring company.
Payment
Once the factoring company receives your invoices, they will advance you up to 80-90% within 24 hours. The remaining percentage will be held in a reserve.
Release
Invoices will be paid directly to the factoring company by your customers. Once the payment has been received, your reserve will be released minus a factoring fee.
Success
Advanced payments free up working capital your business can use on important expenses. Repeat steps 2-4 as frequently as you need.
Your Startup Needs the Cash Now?
One of the main reasons that businesses of all sizes use factoring is because the process is fast and simple. Typically, businesses get advanced within a few days.
The first step to getting funded is finding the right factoring company to do it. With our network of factors, we are experts at that part.
Our service is 100% free, so get started now and get funded sooner.
Understanding the Fees and Requirements for Choosing a Factoring Company
When selecting a factoring company, knowing the costs and requirements is crucial. Here’s a comprehensive guide to help you navigate these details:
Factoring Fees and Discount Rates
First and foremost, examine the factoring fee or discount rate. This is the percentage the factoring company charges for advancing funds on your invoices. Fees can vary widely between companies, so it’s critical to compare and understand what you’ll be paying.
Advance Percentage
Next, look at the initial advance percentage. This is the amount of each invoice you’ll receive upfront. Typically, factoring companies will advance between 70% and 90%, with the remainder (minus fees) paid once the invoice is settled.
Personal Guarantee
You also need to consider whether the factoring company requires a personal guarantee. This essentially means that you, as a business owner, may be personally liable if your business defaults on its obligations.
Required Documentation
Finally, be prepared for the documentation you’ll need to provide. Common requirements include tax returns, financial statements, and possibly additional business records. Each factoring company will have its own set of required documents, so it’s best to inquire upfront.
By taking these elements into account, you’ll be in a strong position to choose a factoring company that best suits your business needs.
Startup Businesses We Work With
No matter what your trade, we can get you matched with a business factoring company to meet all your needs.
Startup Funding FAQs
Have more questions? Check out our general invoice factoring FAQ page
Q: What if my startup has poor credit?
A: The financial history of your business will never be questioned. It comes down to the creditworthiness of your customers.
Q: What can my startup use the the money from the factored invoices for?
A: Whatever business expense that your startup needs can be paid with factored invoices. For example, paying your employees, purchasing new equipment or office space, taking on new larger projects and more.
Q: What kinds of businesses qualify for factoring?
A. Factoring can be used in many different industries, for businesses of all sizes.Some of these industries include staffing, transportation (trucking), healthcare, manufacturing, telecommunications and more.
28000000
Small Businesses in the United States
There are millions of small businesses throughout the U.S., but yours is one in a million to us. We treat each small business differently because no two are the same. Our marketplace has various factoring companies that specialize in different industries. Regardless of where your business finds its niche, we’ve got you covered. Give us a call to get access to small business factoring companies today.
Small business factoring experts, at your service. (216) 279-5144
Are You Ready to Take Your Firm to the Next Level?
Our funding referral services are at no cost to you. YES, we mean it!
I’m Ready
