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Most lenders will require the following: Credit Application Driver’s license of principal Client list with annual sales and full contact details Formal open receivable report Corporate documents I.E. certificate of incorporation or corporate resolution Copy of recent invoices
No, you can factor as few as one or as many as all of your customers’ invoices.
At our lenders, there are normally no minimum or maximum amounts. However, as a guideline, lenders do like to see a minimal of $25,000 per month in invoicing. Maximums are based on the credit value of your clients.
Once an account is established and your customers are approved, you receive cash within 24 hours of the invoice being received by the lender.
You can choose whether to have the lender collect for you or you can continue to collect from your client. It is your choice.
Most companies that have receivables can qualify.
The selling of invoices to a lender company to improve cash flow and reduce bad debt. The company is able to benefit from a boost in cash flow and being able to eliminate the need to process invoices.