How soon can a factoring proposal be issued?
A proposal can be issued very quickly (usually within a few hours) after we have received your information.
Is Factoring a new form of business finance?
No. Invoice Factoring is one of the oldest forms of business finance. Until the mid 1980s, most people thought invoice factoring was only used in the textile and garment industries or for companies in trouble. Today, factoring is a widely used and viable financing solution for all types of businesses that extend credit terms to their customers.
How long does it take to obtain funding?
The application process is simple and straightforward. It really depends how quickly you can submit and turnaround document requests. Typically results are one to two weeks for Invoice Advance to process a completed application package and facilitate the initial funding. Subsequent funding is usually accomplished on the same day or within 24 hours.
How can Factoring help my business?
By providing an immediate source of cash flow to your company. You can use this working capital, to meet payroll, pay taxes, replenish inventory, increase advertising, purchase equipment, improve your sales cycles and increase business.
How much will it cost?
Invoice Advance will give you the most competitive rates in the market. However, a rule of thumb is to plan on about 1% every ten days. Our services are tailored to your specific business so the fees will depend upon your specific needs. There are two types of fees. The first is the cost of the money you use, which is extremely competitive. The second is a service fee, which encompasses the collection service. Fees will also vary depending on the advanced rate, invoice aging, and the total dollar amount you intend to factor on a monthly basis, there are also volume discounts. However, specific Factoring Fees cannot be quoted without information on your customers, invoices, amounts you wish to factor, and your type of business. And, the simple fact is, we want to be your factor source for years to come. To get pre-approved now, please Start Here
Do my customers know that I am financing my receivables?
Yes, your customers are informed that a "Factor" has purchased your accounts receivable and that payments should be made in care of the "Factor"
Do I have to have an established business to be approved?
No. Invoice Advance specializes in the specific needs of start-ups. We have assisted companies with sales that range from thousands to tens of millions of dollars monthly. As long as you have bona fide receivables or bona fide purchase orders, it is likely we can assist you in obtaining the financing you need.
Do I have to factor all of my invoices?
No. You are free to decide which invoices to factor and which to not.
I currently factor with another company, can you beat it?
With our proprietary systems and factoring expertise, we can beat most other offers. If you are factoring now and would like a factoring fee/rate comparison, please Start Here to complete our application. We will contact you as soon as possible.
Will my business require any other collateral?
No. Within our traditional invoice factoring programs, a first position on accounts receivable is all that is typically required.