Online Factoring: Your first stop for fast access to cash.
“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.
Whether you’re a small organization, a one-person outfit, or a fairly large operation, we understand that as an owner or director you have little time to spare and a host of obligations. Vendor relationships have to be managed and that means maintaining a good pay history. Inventory must be available to fill orders, otherwise your best customers will find a new supplier of goods or services. Additionally, employee retention is essential to taking on new projects and that requires meeting payroll. Perhaps physical assets could assist you in growth and you just can’t get ahead of cash flow in order to make the investment and see the return. You can probably relate to one or more of these scenarios. While there are traditional forms of financing that may meet the financial need, online factoring is quickly becoming the ideal solution. Let’s take a closer look at why this is true.
Here’s where the rubber meets the road, so to speak. You need cash flow, and you need it now. You’re a savvy business person with a product or service that is in demand. Maybe your business is fairly new, or maybe you’ve been in operation for years. Orders are in place, but you need cash and can’t wait for your customers to pay. Now think back to the last time you went to your bank to get a business loan or line of credit. You are probably already groaning at the thought. Were you able to get funding without ever leaving your office? Did the bank screen the creditworthiness of your customers for you or provide collections services after-the-fact? Probably not. Heaven forbid you need a quick solution. Typically, that scenario goes something like this. You call your banker to find out you’re going to have to travel to your bank and sit down with a loan officer. After discussing your needs, you’ll likely be required to complete a lengthy application. Depending on your existing relationship with the bank, you may go back and forth up to a dozen times in the underwriting process, supplying financials, purchase orders, and contracts. If you’re working with a large national or multi-national bank, then your messages and documents have to be passed along through an inefficient network of departments, and you’re never actually speaking with an underwriter. Paperwork abounds, significant time is lost, and you might even find yourself declined for credit because of short business history or a one-time issue in your past performance.
Forget about the headaches of traditional financing and don’t waste time with factoring companies that can’t complete the entire process online. We’ve taken factoring, an already valuable financial tool, and made it fast and convenient by putting the process all online with a proprietary suite of tools that puts you in the driver’s seat. Online factoring provides a fast and convenient process from application to funding, and with timely access to cash, you’ll be able to confidently grow your business.
Fast A/R Funding specializes in helping small businesses bridge the cash flow gap, whether they’re B2B or retail. Download our informative “Factoring Online vs. Traditional Factoring” guide, or call 888.833.2286 to speak with one of our small business finance consultants.