Better Your Business: Work With North Carolina Factoring Companies
What could your business do with more working capital? Purchase new equipment? Hire new workers? Complete a big project?
What if you could get that extra capital without taking out a bank loan or putting down assets as collateral?
You can with invoice factoring.
What is Invoice Factoring?
Accounts receivable factoring, also known as invoice factoring, is the process of selling active invoices to a factoring company for a cash advance.
How is Factoring Different From Other Funding Options?
INVOICE FACTORING |
OTHER OPTIONS |
– No debt to repay |
– Must pay back debt over time |
– Unlimited funding potential |
– Funding potential can be capped |
– Funding in as little as 24 hours |
– Funding can take months |
– Approval based on customer’s credit strength |
– Approval based on your company’s credit history |
– Small businesses and startups are eligible |
– Difficult for startups to get funding |
How Does my Business Begin Working With a North Carolina Factoring Company?
All your business has to do to get started is give us a call or fill out an online form. From there, we’ll contact you to talk about your business – how big it is, what you invoice a month, etc. Using that information, we’ll pair your business with the best factoring company in North Carolina to fit your wants and needs.
Then, the factoring company puts your business through a quick approval process. Once complete, your business submits invoices for completed work to the factoring company, who then checks with your customer to ensure the order has been provided or services competed.
From there, the factoring company advances your business up to 95 percent of the accounts receivables, keeping the rest as reserve. When your customer pays the factor, the factoring company releases the reserve to your business minus a small factoring fee.