Working with factoring companies in Ohio gives your business the working capital it needs to move to a new location, purchase new inventory or any other expense your company encounters in the growth process. Have your unpaid invoices generate money for your business by using accounts receivable factoring.
Invoice factoring, also known as accounts receivable factoring, is the process of selling your business’ unpaid invoices to a factoring company for a cash advance.
How Does My Company Start Working With a Factoring Company in Ohio?
All your company has to do to start working with an Ohio factoring company is give us a call or fill out an online form. From there, we’ll match your business with a factoring company that best fits your needs.
The factoring company then puts your business through a quick approval process. Once approved, your business can start submitting invoices for completed work. The factoring company contacts your business’ customer and verifies that the work has been done or services provided, then advances your company up to 95 percent of the accounts receivable. The remaining money is kept as reserve.
Your customer pays the factoring company on their normal payment terms. Once the factoring company is paid, they will release the reserve to you minus a small factoring fee.