Indiana Factoring Companies Can Help Your Business
If your business works with companies that take an upwards of 30 days to pay you, consider invoice factoring. Invoice factoring can give your business the money it needs to make payroll and continue operation.
What is Accounts Receivable Factoring?
Accounts receivable factoring, also known as invoice factoring, is the process of selling your business’ unpaid invoices to a factoring company for a cash advance.
How Does My Business Start Factoring?
1– Tell us about your business by either filling out an online form or giving us a call.
2– Using the information you’ve provided, we’ll match your business with a factoring company in Indiana that meets your needs.
3– The factoring company puts your business through a quick approval process.
4– Your business submits invoices for completed work to the factoring company.
5– The factoring company contacts your customer and verifies the service was completed or order was filled.
6– Your business receives up to 95 percent of the accounts receivables as a cash advance from the factoring company. The rest is kept as the reserve.
7– Your customer pays the factoring company on their normal payment terms.
8– The factoring company releases the reserve to you, minus a small factoring fee.