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Factoring Questions

Q: How quickly can we begin receiving cash for our Accounts Receivable?
A: Very Fast! After approval most of our clients have cash within 24 to 48 hours. The approval process normally takes 3 to 5 business days.

Q: Who collects payment from our customers?
A: We have several different programs available. Our most common transactions are set up with the factor providing collection services with the guidance of the client and customers send payment to the factors lock box. In certain situations we can allow the client to be responsible for collections and a lock box is set up near our client’s location to streamline the process.

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Questions? Call us at 1 (877) 876 2803 now (toll free).

Q: What will my customers think?
A: Factoring has become very common and most companies realize that rapidly growing companies require more working capital than traditional banks can provide. It’s very likely that your customers have already sent payment to a factor in the past.

Q: Do I need to factor all our invoices?
A: No, we do not require our clients to factor all invoices. However, in some situations it may make more sense to factor all your invoices to receive a higher volume factoring rate reduction.

Q: Is Factoring a loan?
A: No, factoring is the purchase of a company’s accounts receivable as opposed to a loan that creates debt on the balance sheet. You are simply speeding up your cash flow with factoring by utilizing an asset your company already had.

Q: What if we no longer need factoring?
A: With most factoring companies you can terminate the agreement with a 30 to 45 day notice. You should estimate your needs in advance to determine which term length meets your needs best to avoid any early termination penalties. We currently offer: month to month, 3 month, 6 month, and 12 month options. Never sign a deal with a factor for term length over 12 months.

Q: How much does Factoring cost?
A: The cost will vary depending on the overall factors in each deal. You can review estimated cost on our factoring cost page.

Want a quick factoring quote? Please click here to get a great factoring rate.

Questions? Call us at 1 (877) 876 2803 now (toll free).

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