It’s not unusual for a small to medium sized business owner to have customers who are at least 90 days past due on paying their invoices. It may seem hard to believe, but there are many small business owners just like you who are having trouble every day collecting the payments that are due on the invoices that they send out every month. When you have customers who habitually pay late or who even occasionally hold off paying your invoices once in a while can cause serious harm to your bottom line and can also make it nearly impossible to properly manage your cash flow. Taking steps like implementing accounts receivables factoring into your business processes can help you reach your financial goals faster, and make it possible to pay your own bills and keep your business moving.
When you own a small business, it’s easy to underestimate your own value to your clients.
You may find it difficult to collect on late payments because you don’t want it to reflect poorly on your professionalism, however, you must keep in mind your own value if you want to be successful. Accounts receivable factoring can help you get more from your invoices, getting you the money that you deserve now – not 90 days or more down the road. It’s important to remember that the more time that passes after sending the invoice without getting paid or following up with the customer, the less likely it is that you will be ever be paid. Instead of waiting for payment that may never arrive, an invoice factoring company can pay you for your invoices at a discount, taking them over as their own to collect on later. You get your money, and your customers can deal with the professional services that a factoring company offers. It’s a common solution for many small to medium sized business that need some relief from the financial stresses in their life and it’s easy for business owners to sign up for the service and start getting paid fast.