Does your business want to grow? Expand into a new space, hire some new talent or purchase new equipment using capital gained from factoring your invoices.
What is invoice factoring?
Accounts receivable factoring, also known as invoice factoring, is the process of selling your company’s active invoices to a factoring company for a cash advance.
What are the steps of invoice factoring?
- Tell us about your business by either giving us a call or filling out an online form.
- Get matched with a factoring company in Kansas that best fits your business’ needs.
- The factoring company puts your business through a quick approval process.
- Your business submits invoices for completed work to the Kansas factoring company.
- The factoring company contacts your customers, ensuring the service was completed or the order was filled.
- The factoring company advances your business up to 95 percent of the accounts receivables, keeping the rest as reserve.
- The customer pays the factoring company on their normal payment terms.
- Once payment is received, the factoring company releases the reserve to your business minus a small factoring fee.