You’ve got questions. We’ve got answers! Whether you have questions about accounts receivable factoring services, Fast A/R Funding, or a combination of the two, our FAQ page has the answers you need.

Small business financing through accounts receivable factoring can seem complicated at first. For your convenience, we’ve compiled a glossary of all of the terminology most relevant to invoice factoring services.

The accounts receivable factoring industry is in the news a lot these days as more people and more companies are reaping the benefits of invoice factoring services. Keep up with the latest news here!

Get insider tips and learn more about how accounts receivable factoring can benefit your small business by visiting the Fast A/R Funding blog. Don’t see what you’re looking for? Email us a topic and check back soon! There’s always something new on the Fast A/R Funding blog.

1. In the “company information” page, we are asking for the physical address of your company. Please do not list your home address unless your business is home-based and has no other location. Likewise, please do not list a P.O. Box.

2. In the “company information” page, we are asking for your business phone number, not your home or cell phone number. Please enter a valid U.S. phone number, area code first, separated by dashes (i.e.: 352-991-5555).

3. Need help? Click on the ? icon next to any field for fast answers as you complete the application process. For one-on-one assistance, please email info@fastarfunding.com or call us 24 hours a day at 1.888.833.2286.

4. When estimating a monthly amount to be factored: Please indicate a projected monthly dollar amount you wish to factor. Keep in mind that sales must be to other businesses (not retail) on open account. We do not factor invoices on COD, consignment, or guaranteed sales. Knowing your monthly sales volume helps us provide an accurate analysis of your application.

5. When determining terms of sale: What are the typical terms of sale for the accounts you wish to factor? Again, please keep in mind that sales must be to other businesses (not retail) on open account. We do not factor invoices on COD, consignment, or guaranteed sales. We typically factor invoices with due dates 30 to 60 days beyond the invoice date.

6. When determining average invoice size: Please provide an estimate of your average invoice amount. We anticipate that this amount will vary from the invoices you factor with us. However, having an idea of the average size of your invoices will help us better serve you.

7. Q: What if I do not want to use invoice factoring services on a monthly basis? Do you take clients who only wish to factor once? A: We are glad to accept your application, regardless of whether you wish to use invoice factoring services regularly or just once.
8. Q: When I use accounts receivable factoring services with Fast A/R Funding, do I have to factor all of my invoices, or may I factor only some of them? A: Fast A/R Funding offers the flexibility to use accounts receivable factoring services for some or all of your monthly invoices.
9. Q: How should I determine the monthly amount I wish to submit for invoice factoring? Should I estimate the invoices I anticipate in the next 30 days, or should I go by calendar month? A: Please provide an estimated dollar amount for the invoices you will wish to submit for invoice factoring each calendar month.
10. Q: What do I do about outstanding invoices I already have that are 30+ days old? Should I include these in my first month’s numbers? A: In some situations, we may consider factoring these invoices. We will be glad to discuss this with you.
11. Q: What if my business has significant seasonal fluctuations such that I will be using invoice factoring services appreciably more/less at various points in the year? A: We understand that every business is individual and that some experience more fluctuations in their monthly or seasonal income than others. We can address this as it arises, and we will be glad to discuss it with you.
12. Q: What if my invoice amounts vary dramatically, so much so that I don't truly have an average invoice? A: We know that some businesses have extremely variable invoices. Please give us your best estimate, and know that we anticipate that the actual invoices you submit for accounts receivable factoring services with Fast A/R Funding will vary.
13. Q: What if my invoices vary significantly by season? That is, what if I have heavier sales at certain times of the year? Do you want an overall annual average, or a breakdown by month? A: Please provide an overall average amount for the invoices you would wish to submit for invoice factoring services.
14. Q: What if my invoices vary significantly because I allow customers to negotiate individual terms such as billing monthly, quarterly, or on net-30 or 90-day terms? A: We understand that you have individual relationships with your customers and that specific the specific invoices you submit for accounts receivable factoring services will vary. Please provide your best estimate of an average invoice amount for your small business.

15. When adding customers in the online application: You can add more customers by clicking on the “add more” button.

16. When applying online: Please click the “preview” button before submitting your application. This will allow you to review your entire application and make sure it is as accurate as possible. This will allow us to process your application more quickly. Thank you.

17. When applying online, we ask you to list customers: Q: How many customers do I have to list? Why do you need this information? A: The more information you provide, the more accurate a picture we can get of your small business financing needs. This helps Fast A/R Funding provide faster responses and more individualized accounts receivable factoring recommendations for your company.

    Please know that your privacy, and that of your customers, is of the utmost importance to us. We will never contact your customers without your prior knowledge, we never sell or share your information, and we protect your online interactions with Fast A/R Funding through SSL encryption.

1. Q: Can I still apply if I own less than 50% of my company? A: Yes, you may apply for invoice factoring services even if you own less than 50% of your company. Please click “add more” on the Officer/Owner Information page to provide information about your partner(s).
2. Q: Will my personal bankruptcy prevent my company from receiving accounts receivable factoring services?A: Fast A/R Funding does not exclude applications based solely on a personal bankruptcy.
3. Q: What if I don’t have a social security number? A: If you do not have a social security number but are a legal US resident, please enter 555-55-555 for your social security number when applying. We will contact you for further information.

4. When applying, we ask whether you have ever financed or factored invoices or receivables before. Please provide information on any factoring you have done in the past, including at a different company.

1. On the “View Facility Status” page, you can see the status of your application. Once your application is fully processed, you will see a new button on this page, which will enable you to electronically sign your documents. You should also receive an email when these documents are ready for your signature. The typical processing time is under 48 hours. If you have questions or need assistance, please contact us at 888.833.2286 or info@fastarfunding.com.

2. (Please click on ? to get more information.)Fast A/R Funding uses online signatures to expedite your applications.

   Q: How do I know it’s safe to provide an online signature of these documents? A: Fast A/R Funding prides itself on taking extra measures to protect clients’ privacy and ensure the security of their data. We use SSL encryption and have received the Premium SSL Certification from our security provider. Your information is confidential and secure.

3. When prompted, please provide an electronic signature by clicking on all highlighted portions of the screen. You will have the opportunity to print a copy of your factoring agreement once you have signed it.

4. Fast A/R Funding uses SSL encryption to protect your confidential information. Your banking information is safe when transmitted on our secure site. For more information, please see our privacy statement at the bottom of every page.

5. When estimating a high future receivables balance in the third part of the application process, consider the following: How much credit do you want to be able to extend to this customer? What is the peak amount you would want to factor at any time? For example, if you will ship $100,000 in goods to this customer monthly on 60-day terms, then ideally you would want the customer to have a $200,000 credit limit. Overestimating could result in a credit denial, so please be as accurate as possible with your projected balances, as this enables us to properly assess your customer’s credit with that amount in mind.

1. When entering your banking information, please enter the routing number found on your check. Do not use the routing number from a deposit slip, as these numbers may vary from those on your checks.”

2. Q: What do I do after uploading my check image? A: Once you have uploaded your check image, you should be automatically redirected to the "Create Customer" page, found in the "Customer" tab, where you can enter customer information. Once this is complete, you may begin generating invoices by visiting the "Create Invoice" page found in the "Invoice" tab.

3. Once you add a contact in the “Create Customer” screen, your customers will appear in your customer list, accessible from the "Customer" tab. To check the status of a given customer's account at any time, click the "Customer" tab, and select "View Customer Status" from the available drop-down menu options.

4. After you have created customers, you may select "Create Invoice" from the "Invoice" tab to start generating invoices for your customers.

5. If you choose not to create invoices after adding new customers, you will be automatically directed to the "Create Invoice" page upon your next login.

6. If you do not see your customer’s name on the “Create Invoice” screen, please note that customers are only listed on the "Create Invoice" screen once they have been approved for accounts receivable factoring by Fast A/R Funding. Please check your customer's status by visiting "View Customer Status" in the "Customer" tab's drop-down menu options.

7. Once you have created an invoice, you have several available options, all of which may be accessed from the drop-down menu associated with the "Invoice" tab:

   1. You may create more invoices for approved customers by selecting "Create Invoice."

   2. You may add more goods and services to your "Goods/Services" list (on the page of the same name) so that these items will be accessible when creating invoices.

   3. You may also visit the "Invoice List" to see a list of all of your approved invoices.

   4. You may select “View invoice funding status.” to determine whether your invoices have been approved for factoring.

8. On the “Invoice List” page, click “paid invoices” to view all of your paid invoices.

9. If you do not see all of your invoices on the “Invoice List” screen, please note that once an invoice has been paid, it will appear in the “paid invoices” list, not on the “Invoice List” page.

10. On the “Invoice Funding Status” page, you may determine the status of a given invoice by selecting an invoice number from the drop-down list.

11. On the “Transaction Report” page, you can access a snapshot of your Fast A/R Funding account for a given time frame by selecting a start and end date. k

12. The “Type” column on the “Transaction Report” page refers to the type of transaction listed. They are as follows:

    1. Buy –The invoice was approved and purchased by Fast A/R Funding.

    2. Funding - Fast A/R Funding has provided funding to your company in accordance with the set advance rate agreed upon in your client contract.

    3. Cash Application – Fast A/R Funding has received payment on this invoice from your customer.

    4. Charge Back – Fast A/R Funding has removed this invoice from the system and a fee has been assessed to your account.

    5. Short Pay – The customer has paid a small portion of the invoice, which means the invoice amount is reduced and a fee is incurred.

    6. On Account Cash- The customer has paid a small amount up front, reducing the invoice amount without any fees incurred.

    7. Over advance- An over advance occurs when the ‘Available for release’ / ‘Available Amount’ becomes negative. The entry for this transaction is a fee which will be added to the funded amount.

13. The “Client Activity” page allows for an “at-a-glance” overview of your account activity with each row representing a single day’s actions. You may select a time frame to view by selecting start and end dates.

14. On “Client Summary / Fund Employed” page, you will see a summary of your current account status, including the amount you currently have factored with Fast A/R Funding and the amount Fast A/R Funding has advanced to you. As well, you may view your month-to-date account activity there, including the rate at which your receivables are “turning,” what deductions your customers have taken on their billed invoices, and how much Fast A/R funding has funded during the displayed time period. Lastly, you may also view an account receivable aging summary for an “at-a-glance” report on the current status of all of your factored receivables.

15. Fast A/R Funding typically considers all invoices purchased from our clients to be “eligible for advance.” However, if for any reason Fast A/R Funding determines that an invoice or group of invoices is no longer eligible for advance, it/they will be summarized under “ineligible invoices” on the “Client Summary / Collateral” page.

16. On the “Client Summary / Reserves” page, you may determine whether the state of your account, based on your current receivables and what Fast A/R Funding has previously advanced to you, is such that you may request additional advances from Fast A/R Funding. We determine the gross available by applying the advance rate to the eligible receivables. We subtract the outstanding previous advances (fund employed) to determine the available reserves listed. After deducting the estimated fees due to Fast A/R Funding, if all invoices were paid today, we determine the “available for release” number, which is the amount you may request from Fast A/R Funding.

17. Q: I would prefer not to take the risk of endorsing a check and putting it in the mail, in the event a customer pays me directly. Is it permissible for me to deposit a payment from one of my customers and then immediately cut a check to Fast A/R Funding?A: Yes, you may deposit a payment and cut a check to Fast A/R Funding. Be sure to include the invoice number, your customer’s name, and your company’s name (if not listed on your check exactly as listed in your accounts with Fast A/R Funding) in the memo section of your check.