Missouri’s economy is diversified with manufacturing, business services and government. The state’s largest growth industries is automobile and aerospace manufacturing. Small businesses in Kansas City and St. Louis rely on the cash flow services that factoring companies provide, especially when bank financing is not an option.
Invoice factoring or accounts receivable factoring is a process in which a factoring company buys your invoices and immediately sends you cash. You don’t have to wait 30 to 90 days for receivable collections.
Factoring helps small businesses that lack sufficient credit history for traditional financing. Banks typically rely on 2 to 3 years of credit history, but factoring companies rely on the creditworthiness of your customers.
Working with a factoring company will help your small business improve its cash flow. You get cash flow, receivables management, credit services and a financial partner to help your business.
Accounts receivable financing is quick and easy. Approval and funding can take place within a matter of days, not weeks or months. Often, you can get your first funding within 5 to 10 days.
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