As banks are growing more conservative in their lending, many business owners are being turned down for a bank loan. Since the need for additional capital did not disappear when a loan request is denied, business owners will look to alternative lenders to meet their need. Accounts receivable factoring is the solution. Like applying for a bank loan, you also want to be prepared when you apply for accounts receivable factoring.
Make Sure Your Business Fits Their Mold
There are many factoring companies. It is important to choose one that is not only top rated but also has experience factoring invoices in your industry. You will want to be prepared with the usual documents, corporate filing, financial statement, accounts receivable aging and a customer list. You will want to work with a traditional factoring company that focuses on your invoices and customers. Traditional accounts receivable factoring companies underwrite the credit strength of your customers, not your company or personal credit. This approach gives you access to much higher credit limits than a line of credit tied to your personal credit score.
Find a Flexible Factoring Company
Whether you’re in a growth mode and need long term account receivable factoring, or just looking for help for the next few months you will want to work with a factoring company that lets you decide how much you factor. Find a factoring company that does not put a minimum amount to be factored in their contract. This will ultimately reduce your factoring expenses.
For 43 years American Receivable has provided the money and expertise needed for our clients to grow and succeed. Our online application is easy to fill out, we never ask for tax returns or personal financial statements. Our flexible factoring program keeps you in charge of which invoices you decide to factor. We have helped countless clients working out of their garage to prosper and even take their company public! Our competitive price and high advance rate puts your staffing company on the road to success! We have helped companies improve their cash flow with invoice factoring. It’s now your turn; call us today at 1-800-297-6652 or complete our quick application form.
