GetFactored.com is the only online factoring marketplace where factoring companies compete for your business and you choose the offer that's right for you. We make factoring process clear, simple, and understandable.
Factoring companies are commercial finance company that specializes in the purchase of invoices for cash. Fees vary from factoring companies to factoring companies and from client to client. They are determined by a combination of your customer base creditworthiness, average payment cycle, invoice size and factoring volume.
Factoring companies provides over 100 billion dollars to industry each year. In fact, it is an old financial service used by multi-billion dollar corporations that is now available to smaller sized businesses to which banks are reluctant to lend funds. Factoring companies are filling the tremendous void that banks have created.
Basically, a company sells its accounts receivable (invoices), representing money due from its customers to factoring companies, at a discount from face value so that it does not have to wait the normal 30-45 days for its accounts receivable to be paid. In short, these factoring companies helps a company speed up its cash flow, thereby enabling it to more readily pay its current obligations and grow.
Many new and growing companies have trouble obtaining traditional bank financing due to their length of time in business, profitability or financial strength. Factoring companies allows these companies to convert their accounts receivable into instant cash. Once you have delivered your product or service and generated an approved invoice, you can get your money in as little as 24 hrs. Factoring companies can help a company stay current with its vendors and other financial obligations such as payroll and taxes.
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