Today, business owners facing temporary financial challenges have a number of options when they need to speed up their cash flow. Whether they need money for operations while waiting for customers to pay them or they want to take advantage of a new business opportunity, business owners can get the cash they need without ever leaving their desks. Their options can include invoice factoring, credit cards, merchant cash advances (MCAs), unsecured loans, or lines of credit.
Each of these sources of capital can deliver cash to a business owner, but the similarities stop there. Some of the key differences include processing times, accessibility, debt-free status, flexibility, and value-added benefits.
When you need cash fast, asking the right questions can help you determine the best funding solution for your business.
- Processing time: How many days will I have to wait to get my money?
- Accessibility: Will it be easy to qualify, regardless of my credit and assets?
- Flexibility: Can I get the money without getting locked in to a long-time loan?
- Debt-free status: Will this solution help me without adding business debt?
- Business benefits: Will my company save time or money with this option?
Here’s a quick look at typical answers to these questions:
|Invoice Factoring||Credit Cards||MCAs||Unsecured loans||Line of credit|
|Days to process||1 – 2||10 -14||2 – 3||2 – 3||1 – 3|
When business owners do their homework, they quickly see that factoring their invoices can be their fastest, most accessible, most flexible financing resource. In addition, since factoring is an advance on their invoices rather than a loan that must be repaid, their business does not have to add more debt to their balance sheet. Factoring is a no-debt, no-hassle cash flow solution to companies regardless of their credit history or assets.
On top of these advantages, invoice factoring with a leading factoring company provides a host of time- and money-saving benefits to your business including credit checks on your customers, a courteous collection team to ensure your invoices are paid on time, free access to all factoring reports online, free direct deposit, and more.
Find out more about this debt-free cash flow solution from one of North America’s most trusted factoring companies today. Since 1993, Interstate Capital has helped thousands of business owners like you. It all starts with a no-obligation factoring rate quote.