There are many reasons why small businesses select factoring as a way to grow their corporation. The following slideshow explains five reasons why small businesses choose invoice factoring.
1. Invoice Factoring: 5 Benefits for Small Businesses. Learn how factoring receivables can help your small business get cash in less time than you might think.
2. 1. Simple application process. Invoice factoring companies do not require a long, extensive application process. Applying for invoice factoring can be done in hours rather than days, a few pages rather than a tall stack of them.
3. 2. Get Your Money Fast. Banks can take several weeks to approve your loan application and even more time to lend you the cash you need. Invoice factoring takes 24 hours (in most cases).
4. 3. Use the Money How You Want. When applying for a small business loan, you have to explain why you need the money and how you will use it. However, when factoring receivables, you are free to do what you want with your money. Factoring receivables is not a loan. So use the money to pay vendors, cover payroll, secure a new contract, etc.
5. 4. Outsource Your Collections. With years of professional training, a factoring company will handle the collections process for you, saving you time and money. Don’t even be concerned about collections. You simply create the invoice, and we handle the rest.
6. 5. Customer Service Oriented. • Banks use a long and tedious applications process, and are ill prepared with the needs of small- and medium-sized businesses. • Invoice factoring companies use a simple application process. They are more interested in your needs as a business and who you sell to.
7. Ready to Learn More About the Benefits of Invoice Factoring? • If you are a small business owner looking to get cash to grow your business, pay your bills, meet payroll, boost cash flow or more, contact the experts: Business Factors & Finance at 888-659-0528. • A representative will explain how factoring receivables works, what to expect, and how to use factoring services to your best advantage. • They can answer your questions about costs, when you can get your money and more. Contact us today!