Are you considering using invoice factoring? With invoice factoring, your business can get safe, reliable, and fast financial services that you could never get from a bank. No matter the size of your company, your business can start using invoice factoring to secure a strong source of capital.
If you haven’t already decided whether or not invoice factoring is right for your business, here are the top 7 reasons that your business needs to start using factoring today.
1. Use Invoice Factoring to Get Immediate Cash Without Giving Any Equity
Rather than giving a piece of your business away to the highest bidder, you’ll be able to keep 100% of your business in your name while still receiving fast financing.
With invoice factoring, the only thing you are selling is your business’s outstanding invoices—not your equity. You’ll never have to give up a piece of your business for funding.
2. Use Invoice Factoring to Get Access to Money Owed to Your Business
With invoice factoring, factoring company will work with your business to advance you up to 96% of the total of your invoices in just 24 hours or less with low rates.
This is one of the fastest, and most affordable ways for businesses of all sizes to get cash in their pocket. If you were to get financing through a bank, you’d have to wait anywhere from 30, 60, or even 90 days to receive funding. With invoice factoring, a factoring company will get cash in your pocket in just 24 hours or less.
3. You Can Take Advantage of Discounts from Vendors
When you have cash in your pocket from invoice factoring, you can take advantage of bulk sale discounts from your vendors. Not only will you save money, but you can also build a stronger relationship with your vendors.
4. Takes Away the Burden of Collections & Administrative Tasks
When a factoring company purchases your invoices, they also take on the responsibility of collections. Because the factoring company now owns your invoices, they will collect for payments, saving your business time and money for its collection efforts.
5. Invoice Factoring = No New Debt
With invoice factoring, you’re not taking on any additional debt to your business, like you would with a loan. With factoring, you’re paying a small fee to get instant access to the funds already owed to your business. This allows your business to get risk free, debt-free financing.
6. Use Invoice Factoring to Build a Strong Source of Working Capital
With invoice factoring, your business is getting instant access to the money owed to your business. This will allow your business to secure a strong source of working capital to tackle expenses, payroll, and expansion with ease.
7. Use Invoice Factoring to Improve Business Credit
If you are like most businesses, your credit has suffered in some way. Many, if not all businesses take on any form of small business financing in their early days that takes a toll on their credit. With invoice factoring, you will be able to pay off debt faster and improve your businesses overall credit score. With invoice factoring, you’ll have cash in your pocket to make payments on time and in full, giving your business a better credit score.
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