What could your Montana business accomplish with new marketing or advertising? New hires? Or even new equipment? Stop wondering and start growing your business with invoice factoring Our network is filled with trustworthy Montana factoring companies to help you reach your business goals.
Invoice factoring, also commonly known as accounts receivable factoring, is the process of selling your business’ unpaid invoices for a cash advance.
The Steps Towards Invoice Factoring
It’s a quite simple process. Tell us about your business by either giving us a call or filling out an online form. Once we partner you with a Montana factoring company, you go through a brief approval process.
Once you are approved, you can begin factoring your invoices. You simply send your open invoices for completed work to the factor and the factoring company will then contact your business’ customers and verify the service was completed or order was filled.
Once verified, your business receives an advance of up to 95 percent of the accounts receivable from the factoring company. The factoring company keeps the remainder as the reserve. The customer pays the factor on their normal payment terms.
Finally, the factoring company releases the rest of the reserve to your business, minus a small factoring fee.