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How Invoice Factoring Can Help Your Business - Sophia Belnap - Blog

How Invoice Factoring Can Help Your Business

Running a successful business can be challenging. One of the main problems that many small business owners face is that getting funding for working capital and other needs is difficult. Invoice factoring could be a solution to your funding needs. With this tool, you can enjoy many unique benefits that could help your company grow.

What Is Invoice Factoring?

Invoice factoring companies help businesses by buying their invoice from them. In other words, they pay for your accounts receivable. They then collect from the customer that owes the debt. Typically, this is arranged as an outright purchase of the asset. However, sometimes it is an advance or loan on the accounts receivable. In either case, there are many benefits to invoice factoring.

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1) Streamline Cash Flow

You can ensure that you always have the cash you need to operate. Cash flow difficulties are among the most common reasons for business failure. Ensuring that you always have access to money to pay for your expenses, supplies, payroll and more is a great way to ensure your lasting success. As long as you are making sales, you never have to worry about cash coming in if you use invoice factoring.

2) Affordable Funding

Compared to other forms of funding, invoice factoring is very inexpensive. Typically, you only need to sell the invoices to the factoring company at a small discount. Relative to paying interest on a loan, this is usually minimal. Plus, you can build it into your pricing for customers.

Interest payments can quickly add up on other loans. This can drain small business cash supplies. Fortunately, you don’t have to worry about that with factoring. Simply put, it is a more affordable way to get funding for your business needs.

3) Better Credit Control

Invoice factoring hands off the collection process to another party. The provider also makes sure that your customers are likely to pay up. In a sense, it is like getting better credit control for cheap. Most small businesses don’t have the time or budget to handle those processes alone.

Working with a factoring company can be a truly win-win setup. Having to chase down customers to pay if extremely draining. Offload that struggle from your to-do list.

4) Funds You Can Use for Any Purpose

Many common types of small business loans have restrictions on what you are allowed to use the money for. This can be a problem for companies that need access to unrestricted funds for a diverse range of uses.

Invoice factoring is different. You are just selling an asset to a buyer. Therefore, the money you receive is entirely yours to use for whatever purpose you like. This can be extremely valuable when you have many expenses and investments to deal with.

5) Easy Qualification

Small businesses don’t typically have much credit history to get funding. Additionally, they may have taken on other loans in order to get started. Therefore, qualifying for other types of loans can be challenging, especially because many lenders are hesitant to work with small companies.

By using invoice factoring, you can get access to money that you would otherwise struggle to receive. The qualification process is based on your customers’ credit. Therefore, you can get funding even if you have damaged personal and business credit.

6) Opportunity To Invest in Growth

Do you find yourself always playing catch up? Do you feel like you are forever spending money as soon as you get it? This could be because your cash flow isn’t optimized. With invoice factoring, you could set yourself on a more productive path again. You could finally get ahead of your expenses.

The key advantage of this is that you will have an opportunity to invest in your growth and success. Instead of struggling with cash flow, you will have the money in hand to build a brighter future. That is something that every business owner can get excited about.

Get Started

Are you ready to take the next step in growing your small business? Learn more about invoice factoring and discover what you could achieve. There are many factoring companies and even brands that will help you find the right partner to work with. So, what are you waiting for?

Publish Date: June 24, 2020 12:06 AM

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