When you factor your invoices, you instantly accelerate your cash flow. You’re just 6 quick steps away from having cash in hand to cover your bills and plan for the future – no more waiting for customers to pay!
Research factoring companies. Look for a company that has a long track record for helping businesses in your industry succeed. Research on sites such as the Better Business Bureau.
Speak to a factoring specialist at the factoring company you are most interested in. Make sure he or she is helpful and knowledgeable and focused on learning about your company.
Apply for factoring and submit your paperwork. You’ll work with expert underwriters who evaluate your application based on your customers’ credit histories, not yours.
Get on-boarded. After your approval, your account manager will welcome you and orient you to the process and the factoring company’s online client portal.
Submit your first invoices. At top factoring companies, you get to choose which invoices to factor and when you submit them. Submit by the client portal, email, or mobile app.
Receive your cash. After your invoices have been approved based on your customers’ creditworthiness, an advance will be sent to your bank account with the balance, minus a small factoring fee, after your customer pays your factoring company.
At a leading factoring company such as Interstate Capital, these six steps can take just a few days, depending upon how soon you submit your application paperwork. You can be on your way to speeding up your cash flow and enjoying financial peace of mind right away!
It all starts with a no-obligation factoring rate quote.