If you are like most business owners, you’ve probably reached a point where you need financial assistance. As you’re conducting your research, you come across invoice factoring.
Invoice factoring is the process of working with a non-recourse invoice factoring company to get a 96% cash advance on your outstanding invoices in just 24 hours or less.
How a Non-Recourse Invoice Factoring Company Works For Your Business
Jumping through the bank’s hoops can keep your business from getting financing in a timely manner. By financing through a bank, you can end up waiting 30 to 90 days to simply get approved for a loan. By partnering with a non-recourse invoice factoring company, your business can not only get financing in just 24 hours or less, but also experience the following benefits.
Non-Recourse Invoice Factoring Understands Your Needs
As a business owner, the one thing you want more than anything from a financial institution is for them to understand your exact needs. With non-recourse invoice factoring, you business will get financing not only tailored to your industry, but also to the exact needs of your business.
Our factoring company knows and understands the needs of B2B businesses in industries such as manufacturing, oil and gas, agriculture, consulting, apparel, construction, freight, technology, telecommunications, transportation, staffing, information technology, and many more. Our invoice factoring specialists specialize in these industries and understand how much and what type of financing will best suit your needs.
There’s Very Little Credit Assessment
When you choose non-recourse invoice factoring, you’ll never have to fill out the typical lengthy applications that you’d have to at a bank. With invoice factoring, the factoring company will look into the financial status of your clients—and very little on your business.
This is a major benefit for both small businesses and those that have poor credit. This allows them to get the funds they need, with the costly fee or outlandish terms that a bank would require for a loan.
Non-Recourse Invoice Factoring Companies Understand The Challenges of Invoicing
As a B2B business, you understand the struggles of invoicing. It seems like no matter what you or your administrative team does to collect payment, you always come up short. Waiting up to 90 days to receive payment from clients can tarnish your cash flow. With poor cash flow, your business will struggle to carry out everyday tasks such as paying employees, taking on clients, and much more.
With non-recourse invoice factoring, the factoring company helps solve your invoicing issues. They not only advance you a percentage of the amount owed on each invoice, but also takes on the task of collections. Because the factoring company purchases your invoices, they take on the task of collecting the remaining payment from your customer, saving your business precious time and money on administrative tasks.
Non-Recourse Invoice Factoring Allows You to Bypass Debt
Using non-recourse invoice factoring, you’re only getting access to the funds already owed to your business. When you get a bank loan, you’re taking out a loan that you’ll have to repay in installments over a contracted amount of time.
Using factoring, you’ll be able to not only avoid debt completely, but start securing enough funds to pay off existing debt.