Invoice Factoring

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What is invoice factoring?

Invoice financing is a process where you sell your outstanding invoices to a third party in exchange for cash upfront. It’s different than any other form of alternative finance, like bank loans that can have negative impacts on credit scores. Invoice factoring doesn’t allow this because it involves selling an asset instead. The debtor has no control over what happens next. Invoice sellers keep 100% ownership until all debts have been paid off completely – at which time they may decide whether or not to make them available again through another sale / purchase agreement.

How does invoice factoring work?

Factoring is an excellent and straightforward way to finance your business. A few quick questions can determine if this process makes sense for you.

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Do I Qualify For Invoice Factoring?

Minimum qualifications

530+ FICO

3+ months in business

$10,000 in monthly revenue

Your business is B2B

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What you need to apply?

Some information about your business

Basic details about your invoices

4 months most recent business bank statements

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Why Consider A Business Line Of Credit?

 

Having access to additional working capital is always a best practice when running a small business.  For the times you don’t want or need a large lump sum and the long-term commitments that come with a small business loan; or the times when a business credit card is just not the right choice for the health of your business, a business line of credit may be exactly what you need.  With an expedited application process, affordable rates, and flexible repayment schedules (weekly or monthly), having reliable and continuous access to cash flow has never been simpler.

Factoring advantages

No impact on your credit score

Immediate access to cash for your business

Easier and faster approval than traditional bank lending

HOW INVOICE FACTORING CAN IMPROVE CASH FLOW FORECASTING

In order to keep the doors open, small business owners need a plan. Two powerful tools that can help them with this are cash flow forecasting and invoice factoring.

Businesses will use these two methods to make covering future expenses like taxes or salaries easier by collecting the invoice revenue sooner rather than later. Since it takes time for money owed on an invoice to be collected, invoice factoring allows business owners to forecast when that money will be available.

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