Small businesses in and around Washington have the chance to bring many different things to the state’s market. If your business needs extra capital to help with advertising or marketing costs, consider invoice factoring.
What is Invoice Factoring?
Accounts receivable factoring, also known as invoice factoring, is the process of selling active invoices to a business for a cash advance.
What are the Steps of Invoice Factoring?
1) To get started, tell us about your business by giving us a call or filling out an online form.
2) We’ll match your business with a factoring company in Washington that best fits your needs.
3) The factoring company puts your business through a quick approval process.
4) Your business submits invoices for completed work to the factoring company.
5) The factoring company verifies the service was completed or the order was filled.
6) The factoring company advances your business up to 95 percent of the accounts receivables, keeping the rest as reserve.
7) The reserve is released to your company, minus a small factoring fee, once your customer pays the factoring company.