When cash flow is tight, small businesses rely on Toronto invoice factoring. The Toronto, Ontario economy is the largest in Canada, at 20% of national GDP. Toronto is a major economic hub for commerce, distribution, finance and industry. The metropolitan area of Greater Toronto produces more than half of Canada's manufactured goods. It's Canada's banking and stock exchange headquarters, and the country's primary wholesale and distribution center.
Invoice factoring is an attractive financing option for small businesses in Toronto. Unlike waiting weeks or months for a bank loan approval, you can obtain invoice factoring in a matter of days. Funding is usually available within 5 to 10 days. Factoring companies buy your invoices and send you payment within 24 to 48 hours. You no longer have to wait 30, 60 or 90 days to collect your receivables from your customers. The factoring company also handles all the collections and receivables management.
Benefits of accounts receivable factoring include
- Quick and easy approval
- Cash within 5 to 10 business days
- No debt or loan repayments
- Eliminate accounts receivable collections
Businesses looking for accounts receivable factoring should research Toronto factoring companies. Factoring Club is the best source of information to find the right factoring company.