What is invoice factoring and how does it help you? Where you can you find factoring companies in Kennesaw, GA? There are many ways in which your business can grow and develop with their assistance. Here are some details about what these companies do, why they can help businesses, and some particulars about working with a factoring service near you:
- What is invoice factoring? This is the process by which businesses large and small can directly sell outstanding receivables—money their clients and customers owe them—for cash.
- Who relies on invoice factoring? People in numerous industries of various sizes can use invoice factoring services, but for the most part, businesses that act as suppliers to other businesses are the most common clients of factoring companies.
- How does it work? Factoring companies will buy the amount of your total invoices, and advance you funds against the total balance of those invoices.
- Your clients and customers will still issue payment as usual, though to the address of the factoring company. You will then be paid any remaining balance due to you, with a deduction of the factoring company’s fee. The fee is usually a certain percentage of the amount of each invoice.
- You can factor as few or as many invoices as you would like, provided that they qualify. Think of this as pursuing the cash advance that suits you. If you are behind on bills or want to invest in growth, you can factor as many invoices as you can to get the advance you need today.
- Actually, the more invoices you factor at once, the lower your total fees will be. This means you will actually save money by factoring more invoices.
- Some factoring companies will even issue your payment within 24 hours, giving you fast access to finances.
- Factoring companies service a wide range of industries, including staffing, logistics services, exporting companies, and even consulting firms.
- Factoring companies will even work with those who have poor credit, a history of bankruptcy, operating losses, or a short business history. When banks refuse to loan you money or cash loan companies offer you high interest rates, factoring your invoices is a great alternative, especially for fast growing companies.
How do you get started? The process is simple. As soon as you find factoring companies in Kennesaw, GA, you can discuss your needs, company, and outstanding receivables, and get your cash advance quickly.