Invoice Discounting For Small Business All Online
Players: “Small Business A” doing business with “Company B” on 30-120 day terms
Purpose: Get cash as quickly as possible to Small Business A by using the online invoice discounting platform
- Small Business A completes step one of application online
- Fast A/R Funding is notified of application and approves Small Business A for phase 2 of application process
- Small Business A is emailed a unique username and password that allows it to log into its newly created account on the small business invoice discounting platform to complete phase 2 of the application. Phase 2 includes an electronic identity verification module to protect against identity theft.
- Fast A/R Funding approves phase 2 and prepares legal documents for electronic signature by Small Business A.
- Small Business A logs into its account to review and sign legal documents electronically.
Congratulations, Small Business A is now a Fast A/R Funding client!
- Now that Small Business A is a client of Fast A/R Funding it can log into the invoice discounting platform, input its various customers accounts payable information, and request a credit line for the peak funding amount it will need for each respective customer.
- The Fast A/R Funding account professional assigned to handle Small Business A’s relationship will quickly review the credit information submitted for each customer and respond with an electronic approval.
- With credit line amounts established for each of Small Business A’s customers it can now log into the eFactoring platform any time day or night and create invoices (we recently had client create invoice from London and receive funding the same day)
- Once the invoice has been created by Small Business A, the Fast A/R Funding account professional reviews the new invoice and can process it for funding ASAP (often in the same day!).
The above is meant to be a quick summary of the basic steps of our eFactoring technology platform. The important thing to remember is that by using the eFactoring platform, our clients are able to receive funding in record time.