Your business struggled with bridging the cash flow gap between finishing a job or delivering a product and getting paid for it. You discovered that factoring your invoices enables you to get paid fast without incurring debt and keep up with paying your own bills on time. Factoring has been a tried and true financing solution for businesses of all kinds for centuries, so you are in good company with your choice of money management tools.
Then you choose the right factoring company for your cash flow needs and submit your application to factor with them. After your application has been approved, what happens next? While new clients’ experiences can differ significantly at different factoring companies, at Interstate Capital, one of North America’s leading factoring companies since 1993, your first few weeks will include the following steps:
- Introduction to your account manager and the team. At Interstate Capital, you’ll have a dedicated account manager who will want to get to know about your business, talk with you about your goals, and serve as your partner for business success. You will find out about your account manager’s team who will have instant access to your funding records and requests if your own account manager is unavailable at the moment. Your account manager has your back – and so does the back-up team!
- Orientation to the online website for 24/7 account access. You’ll receive one-on-one training over the phone and online with one of Interstate Capital’s specialized trainers. The client website, or portal, gives you a real-time overview of your accounts receivable status: how much your customers owe, when they paid their invoices, what has been paid, and more. Whether you are tech-savvy or want just the basics, your trainer will walk you through the simple program and get you started.
- Notice of Assignment letters. With your new factoring relationship, your factoring company “buys” your invoices and takes over the responsibility of collecting on them. You get paid – whether you choose a prompt deposit to your checking account or quick wire transfer – as soon as you submit an invoice to Interstate Capital. The Notice of Assignment enables your customers to pay Interstate Capital, reimbursing the factoring company for the advance you received.
- Ongoing professional invoice collections. With Interstate Capital’s top-notch team of collections veterans, your customers are treated with respect, courtesy, and professionalism. Interstate Capital’s entire staff is committed to your company’s success and your customers’ satisfaction is a key part of your success. Following up with customers after a bill is sent ensures that any obstacles to payment or problems with an invoice are handled before the payment due date.
Your factoring experience and advance payment disbursements at Interstate Capital will be seamless and efficient, thanks to the company’s advanced technology and 25 years of factoring expertise. However, as new clients get to know their account managers and the rest of the staff, they often report that it is the company’s people that make their experiences positive. To learn more, talk to one of the friendly cash flow specialists at Interstate Capital. It all starts with a no-obligation factoring rate quote.