If you have been investigating alternative sources of financing for your business and are thinking that you’ve run out of options that don’t require a long bank application and an extensive credit check, it’s time to take another look at what types of financial resources there are for small to mid-sized business owners. A reputable invoice factoring company may be what you are looking for. Invoice factoring, also referred to as accounts receivable financing, has been increasingly popular among small to medium sized businesses in the US and Canada. When you partner with an invoice factoring company, you can get money from your invoices as soon as they are issued – without having to wait for your customer to pay. Instead, your invoice is paid by an invoice factoring company who collects the funds. It’s a reliable way to get cash for the business fast, and depending on what your goals are, it can also help you reach long term financial stability as well by helping you stay in business, even when times are tough.
Choose the right invoice factoring company for your business
A reputable invoice factoring company can truly help your business, by paying the cash you need to fund your payroll, stock up on new products in order to meet seasonal demands or even take on a large account without breaking a sweat. Invoice factoring can get you cash in 24 hours after an invoice is submitted. No matter what type of business you are in, you’ll see a dramatic increase in your Sales and Receivables, which in turn, will results in big benefits for your business.
Better than a bank loan
The money that you get from invoice factoring can be used for anything and there are no personal guarantees required and no fixed payments to stick to. Perhaps the most important feature about this type of financing is that it’s much easier to get than a bank loan, which requires near-perfect credit and in many cases, a lengthy application. If you don’t have perfect credit or simply have an unexpected need for cash, invoice factoring is easy and in many cases, it can help a business turn itself around financially.