Factoring is a way to finance a business that is in need of cash flow and/or experiencing growth. Factoring provides immediate cash in exchange for invoices. Factoring is the purchase of accounts receivable giving businesses control over how and when they can grow without creating debt on their balance sheet. Usually taking 7-10 business days for the initial funding, factoring can be set up for a business in a few simple steps.
Factoring is used by large and small businesses across practically all industries today.The transportation industry is no exception to this. Trucking companies across the country use factoring to improve their cash flow and keep their trucks on the road.
“Cash is king.” You’ve heard this saying before because it’s true. While it may be overly simplistic, it has real practical implications, especially for small-to medium-size businesses. But what about expedience and convenience? Often it’s the combination of a cash injection and expedience that’s necessary to meet your business objectives. Waiting weeks for credit isn’t an option, and, spending significant time away from the business puts an additional strain on resources. Perhaps you’ve seen the Ford commercials in which Ford owners envision choosing between two good things, such as having a safe vehicle or a reliable vehicle but not both. At the end of the commercial, the actors determine that “and is better.” Obviously, they’re implying that you don’t have to choose between two good things if you buy their product and that you may very well not get everything if you purchase a competitor’s product. All humor aside, traditional business financing methods are often slow and tedious to secure, and factoring companies which don’t offer a full online solution simply aren’t providing the same convenience and expediency that you desire. Online factoring combines a great financial product with the speed and convenience afforded by online processing. Fast AR Funding’s online factoring doesn’t just provide cash, it also provides additional benefits that can make your business more productive and secure. If you’re concerned with the speed at which you can gain funding, then online factoring should be a serious consideration. If you’re not sure if it’s right for your business, then keep reading for some common business scenarios that may be applicable to your situation.
Factoring Company: Easy Application
Don’t put off working with a factoring company because you don’t want to take the time to apply. Obtaining a factoring facility is very straightforward. It’s quicker and requires less documentation than practically any other form of financing.
Small business owners all around, regardless of the industry you’re in should be conscious of how important cash flow is.
Future of Online Business Funding
Some of you small business owners out there probably understand how hard it is to obtain traditional bank financing. There’s so much documentation you have to provide and the process is often quite cumbersome depending on the institution you’re working with, especially in today’s economic climate. If you have to work directly with a loan officer who handles everything, it may be difficult to get a hold of him or her at times.
Tags: Online Factoring