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Businesses that provide commercial services to other businesses (B2B) often utilize business factoring for cash flow purposes. These types of businesses cover many industries and include entrepreneurs, startups, technology companies, and service businesses, just to name a few.
Receivables factoring improves your cash flow because you don’t have to wait 30, 45 or 60+ days to collect your invoices. Factoring allows you to get paid as soon as you complete your service and invoice your customer. The factoring company sends you cash for your invoices within 24 to 48 hours. You get the cash quicker so you can pay for supplies, payroll and other operating expenses.
Factoring companies also handle credit services, receivable collections, receivables management as well as accounting and reporting so you can focus on your business. You can divert employee resources to other areas of you business.
Factoring companies can approve your factoring application within several business days. Often, you can get your first funding within 5 to 10 days, making invoice factoring a quick and easy process.