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26 Jun
#1 Factoring Company in the U.S.

Rated Best Factoring Company in Annual Review

We’re proud and excited to announce that we’ve been rated the #1 factoring company in the U.S. by Top10Reviews.

Top10Reviews is a leading consumer reviews website, and a subsidiary of Purch; an international, digital content and services company whose other online properties include Buyer Zone and Business News Daily.

Top10Reviews’ staff of independent reviewers and editors research the marketplace and assess the best choices in a range of categories, including software, science tech, small business services and products, and others. Scoring is based on overall performance, features, ease of use, and other attributes, and the scores are weighted to create an overall score, using a proprietary weighted system with 10 being the highest possible score.

Top10Reviews awarded American Receivable an overall score of 9.65 out of 10, and stated, “American Receivable is an excellent service with good rates, no extra fees and strong support. It has no commitment minimums and offers nonrecourse factoring, making this service the best in our lineup.”

Best Factoring Rates and Fees:

We received a perfect 10 for our competitive rates and fees. As the reviewers point out in their analysis, “Unlike some companies, American Receivable does not have a startup fee or an application fee. This saves you money and doesn’t disrupt your cash flow. The company also doesn’t have a termination fee for you to worry about if you need to stop factoring with American Receivable.”

We also scored a 9.4 out of 10 rating in both the Eligibility and Factoring Process categories.

According to the reviewers, “One of the major features of American Receivable that helped it earn our Top Ten Reviews Gold Award is that the company accepts invoices that are up to 120 days overdue. The average in this industry is between 60 and 90 days, so American Receivable’s ceiling is especially helpful to businesses that need to sell invoices with a higher delinquency.”

Commenting on our factoring process, the reviewers wrote, “American Receivable’s process is one of the best. It is a nonrecourse factoring company, which means that if your customers do not pay American Receivable you are not required to buy back the invoice you’ve sold to it. This reduces the risks associated with factoring and helps minimize any negative impact against your business’s cash flow.”

Best Customer Support

As an owner managed factoring company, we’re especially proud of the perfect 10 out of 10 score we received for our personalized customer support services.

In their summary, the reviewers state, “American Receivable offers a dedicated adviser to every company it works with. The dedicated adviser works with you every step of the way to answer any questions you might have, which can be useful and save time. This company also offers telephone support, live chat and email support.”  And, in the final recommendation, Top10Reviews emphasizes the importance of customer service in any factoring relationship.  “You should consider the customer service and support that each company provides,” write the reviewers. “It’s important to remember that they will be working with your customers, and you want to be sure your customers have a positive experience.”

Since our founding in 1979, we have striven to provide our clients with the most competitive rates, responsive customer service, and expedited approval times – often in as little as 24 hours.  Call us today at 1-800-297-6652 to learn if accounts receivable factoring is right for your business.

Click here to read our review on Top10Reviews.

 

15 Jun
Finding the Right Alternative

Navigating the alternative financing waters...

The American economy relies on small businesses for stability and growth. The ability for small business to grow, expand and ultimately succeed requires consistent and reliable access to capital. Young companies rely heavily on external debt, receiving about three-quarters of their funds from banks via loans, credit cards,  lines of credit and other resources.

The increased demand for quick and easy access to working capital has sparked intense competition among lending institutions to provide alternative products that meet the needs of small businesses. The type of financing these businesses require varies depending on the industry and stage of the business.

Below are some principal reasons that small businesses need access to capital and some alternative financing options available for each situation:

Starting a Business 

The average cost to start a business can range from a few thousand dollars to hundreds of thousands depending on the nature of the business. It is often difficult to get approved for a loan because most lenders want to see a track record of success and profit, anywhere from eighteen months to three years.

If you’re starting a business and need start-up capital, first figure out how much you need,  itemizing all the costs you expect to incur as you start the business. Then look into raising the necessary funds.  If securing a bank loan isn’t possible, consider reaching out to your immediate network of family and friends to raise the initial seed money, utilize personal savings or credit cards.

Growing the Business

Once you have your business off the ground and have established a track record of success, it may still be difficult to obtain a small business loan to finance business-growth operations. Look for alternatives to traditional lending until you are able to qualify for traditional bank financing.  Your bank will be able to tell you their particular requirements when applying for a loan or line of credit.  Local Small Business Development Offices or the local Chamber of Commerce is a good source of referrals.

Keeping Business Healthy and Strong

There really isn’t a one size fits all lending solution for every business. Choosing the right alternative for the particular business need is key:

In the early stages of business, microlenders can be a good source of capital.  In later-stage business  SBA lenders or community banks/credit unions have multiple products and options.  Receivable-based financing providers (factors) are good for B2B businesses that need capital to cover the period between when they send an invoice to businesses and when they receive payment. This is usually a 60-to-90-day bridge for receivables, which can help streamline cash flow and strengthen the firm.

There is a multitude of options available for small businesses wishing to obtain the capital they need to start up, sustain operations, expand and ultimately succeed. Having a solid understanding of the options available and how they measure up is key to determining the options that are best for your small business.

By Anne Capps Executive Vice President - American Receivable 

 

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