If you have a small business in Maryland, listen up. You can get extra capital to use towards growing your company by using invoice factoring.
Accounts receivable factoring, also known as invoice factoring, is the process of selling your business’ active invoices to a factoring company for a cash advance.
How Factoring Companies in Maryland Can Help Your Business
Maryland factoring companies can help your business by providing fast funding using invoice factoring.
All you have to do to start factoring is give us a call or fill out an online form so we can learn a little bit about your business. From there, we’ll match your business with the factoring company that best meets your needs.
The factoring company will then put your business through a quick approval process. Once approved, your business can start submitting invoices to the factoring company for completed work. The factoring company will check with your customers and ensure the services were completed or orders were filled.
Then, the factoring company will advance you up to 95 percent of the accounts receivable, keeping the rest as a reserve. Your customers are not impacted by factoring. The only thing they must do is pay the factoring company on their normal payment terms instead of paying your company directly. Once the customer pays, the factoring company releases the reserve to you, minus a small factoring fee.