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Factoring, also known as invoice financing, is something that has the potential to help a good range of businesses. One of the benefits of it is that while it helps to improve a company’s cash flow in the short term, it is not a form of debt because it is not a loan in the traditional sense.

If a company is in need of invoice financing, they will typically go to a factoring company to do this. Let’s take a look at exactly what a factoring company is able to help a business with.

Let’s say that you’re waiting for some customers to pay some big invoices that they owe you. Because your company is only small, even though it is growing, you don’t always have a huge amount of capital reserves to tide you over in such a situation. You try going to the bank, but they are unwilling to give you a loan because you don’t currently have enough collateral.

This is the point where you could go to a factoring company instead. What the factoring company does is that it essentially buys your invoices and pays you for them – usually a percentage (70-90%) of the total invoice. Therefore, instead of waiting ages for the customers to pay you, the factoring company pays you instead. This gives your company the cash flow that you need to keep operating without having to worry.

The factoring company is then the one that gets paid by your customers. Once they have been paid, they will pay you the remaining percentage of the invoice after subtracting their fee. There are different rates available for factoring company services, so it’s worth asking your chosen company about their deals before you go ahead with the service.

Unlike banks that often base loans on your credit history, your factoring company will instead usually base your limit on the customers’ creditworthiness. The decision will usually be quick, enabling you to get on with the task of running your business.

Invoice Discounting Rates Starting at 1.59% to 3.5%

  • No monthly requirements.
  • No financials needed.
  • No setup fees