Industry Trends: Cryptocurrency and the Invoice Factoring Industry

crypto currency factoringAlternative lending provides small- and medium-sized businesses with the funding lifeline they need to compete with bigger rivals. Banks, and particularly big banks, are geared for the customers that take big loans. They’ll bend over backwards to give their big customers the funding they need to put the little guys out of business. Meantime, the small business owner waits and waits for his loan application to be approved, and, after jumping through all the banking hoops, often receives a denial.

Business Factors & Finance helps you by providing invoice factoring services that gets you the money you need fast—often in just 24 hours. Invoice factoring makes lending simple. You simply submit your current invoices or receivables to Business Factors & Finance, and we pay you for them right away, not next month, next quarter, or next year. Even better, we take care of collecting from your customers.

When those slow paying customers finally get around to cutting a check, they send it directly to us. You already have the money, so you don’t even have to worry about it. You can focus on what you do best, developing more business! If a customer goes into default, you don’t have to sweat it. No making collection calls. We take care of it.

It might seem like such a convenient system couldn’t be more ideal, but here at Business Factors & Finance, we are always looking for ways to accelerate our customer’s performance in the marketplace, and we have found the way to make invoice factoring even more efficient and cost effective for our customers. Cryptocurrency factoring uses new technology to make invoice factoring in bitcoin possible. Using cryptocurrency factoring, you can enjoy a worldwide marketplace for your invoice factoring needs. Talk about creating a competitive lending landscape! That’s great for your bottom line.

It also eliminates one of the biggest drawbacks of cross-borders lending. Fiat currency bank fees force you to throw away your businesses’ hard-earned revenue. These fees create a drain on any business but are especially damaging to small- and medium-sized businesses operating on thin margins or that are in the midst of expansion and need every penny for investment. When you opt for invoice factoring in bitcoin, you can say goodbye to these fiat currency bank fees and enjoy the lending experience formerly available only to the elite.

How it works

Media headlines are full of buzz about cryptocurrency. The big four, bitcoin (BTH), Ethereum (ETH), Litecoin (LTC), and Ripple (XRT) dominate the crypto space for good reason. They each provide a unique use of blockchain technology that provides not just a fiat currency alternative and store of value but also lightning fast funding, total transaction security, and smart-contract technology that allows businesses to instantly transact business without fear of the other party defaulting.

These innovations, unavailable with fiat currencies, open possibilities for open, secure, and efficient flows of currency never before thought possible. Because of this, we can leverage cryptocurrency factoring to put more money in our customer’s pockets.

Under the current invoice factoring system, a manual process takes place before funds are distributed. The invoice must be verified and the customer’s credit must be checked before the funds can be released. Because paper invoices and old-fashioned fiat currencies provide no security in themselves, these labor intensive practices are a necessity. The costs of these manual processes increase the cost of invoice factoring.

Blockchain technology allows for automation of these processes. The technology marks each invoice with a unique identification. When an invoice becomes part of the system, it cannot be duplicated. Using blockchain technology, invoice factoring then becomes a much simpler, automated process. You can submit the invoice into the platform, the system makes it part of the blockchain, and then lenders worldwide compete on the platform for your business. With these efficiencies, you get immediate funding at competitive rates without the fees.

This platform is still in the making, but imagine if a platform existed that provided U.S. and Canadian small- and medium sized businesses with worldwide access to cryptocurrency lenders. Imagine the possibilities if the platform was funded in all four major cryptocurrencies. You could receive instantaneous funding in a 100-percent secure transaction. Talk about worry- and hassle free financing. Business Factors & Finance understand that crypto is the wave of the future. That’s why Business Factors & Finance and its partners are working overtime to bring this platform to you.

How Ripple differs from other cryptocurrencies

Ripple differs from BTC in that Ripple was constructed for the purpose of creating efficient digitized transactions between banks within its system, while BTC provides a store of value outside the purview of governments and central banks. Ripple is also owned by its namesake, which created the token that is traded under the symbol XRT.

Litecoin, on the other hand, was created to be the silver to BTC’s gold

It provides technological improvements over BTC, including faster transaction confirmation times. Ethereum provides the smart-contract feature, which protects each party in a transaction. Ethereum provides a platform that requires each party to fulfill the terms of a contract, making paper contracts, purchase orders, and other legal measures unnecessary.

BitcoinCash, traded under the symbol BTH, provides a peer-to-peer payment exchange system. It was designed as an enhanced crypto-exchange mechanism with fast confirmations and low merchant fees. Its design makes it perfect for online sales.

We know how competitive the freight transportation business has become. So often, you need the revenue from your invoices yesterday. If you have to wait 30 or more days and worry about delinquent accounts and collections, you fall behind your competitors. This makes financing a necessity. Thankfully, you are not limited to banks and other traditional lenders. Even other truck factoring companies fail to offer the innovative programs we provide our clients—programs that get you your funds in just 24 hours! Don’t delay. Get the money you need to move ahead of the competition. To learn more about how invoice factoring can propel your transportation business to the front of the pack, check out our invoice factoring learning center now or contact us today for your factoring needs.

Related Factoring Posts

Get started now. Apply online
Or call us anytime 24/7 at 800-672-3844.

Se Habla Español