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How to Grow Your Business Using Chicago Factoring Companies

Is your Chicago-based company facing unexpected cash flow problems? Do you want to expand your company but don’t have the funds? Try invoice factoring.

What is invoice factoring?

Accounts receivable factoring, also known as invoice factoring, is the process of selling your active invoices to a factoring company for a cash advance.

How does factoring work?

Factoring is a multi-step process. It starts out with you giving us a call or submitting a form.

The factoring process:

  • We match you with a Chicago factoring company that can best serve your business.
  • The factoring company puts your business through a short approval process.
  • Your business submits invoices for work completed or services provided.
  • The Chicago factoring company gets in contact with your customers and verifies the service was completed or the order was filled.
  • The factoring company advances your business up to 95 percent of the accounts receivable, keeping the rest as reserve.
  • Your customer pays the factoring company on their normal payment terms.
  • The factoring company then releases the reserve to your business, minus a small factoring fee.

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Does my business qualify for invoice factoring?

If your company is B2B, it most likely qualifies for invoice factoring. We cover businesses in the following industries, plus many others.

Factoring serves as an effective growth strategy for businesses by enhancing their cash flow. This influx of immediate cash allows companies to pursue new opportunities without waiting for slow-paying invoices. Here are some ways Chicago factoring facilitates business growth:

  1. Expansion Opportunities: Companies can easily expand into new markets or territories without the usual cash flow restrictions.
  2. Product Development: Ready capital enables businesses to invest in research and development, helping to bring new products to the market faster.
  3. Staffing Solutions: Access to funds makes it possible for businesses to hire additional staff to handle increased demand or expand operations.

Why should my business work with a Chicago factoring company?

1. Factoring is simple.

All your business has to do is reach out to us by phone or form. We do the rest for you. The factoring company even handles your business’ billing and collecting so you can focus on growing.

2. Factoring is fast.

Your business won’t be waiting weeks or months to get the capital you need. Unlike a bank loan, your company can receive funding within 24 hours of being approved for factoring.

3. Factoring is not debt.

That’s right. Factoring is an advance on your unpaid invoices, not a debt. Your company also doesn’t have to put assets down as collateral.

Not in Chicago? That’s okay. We can match you with a factoring company in Illinois or across the nation.

Chicago Factoring Companies:
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Need capital to market your business? Don't blend in--stand out!--using Chicago factoring companies. All you have to do to get started is contact us.

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