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April 22, 2020
When comparing funding types, Receivable Factoring is an affordable way to get your company the cash it needs. Do your research and compare loan rates with AR financing. It is surprising to find the reality of these very high-rate loans when compared to factoring.
Receivable Factoring involves a business selling invoice to a Factor(Company). The Factor will purchase it at discounted rates. Accounts Receivable enables business owners to receive payments for completed work and provide services to customers immediately after invoicing, instead of waiting 30 days for customer payments to arrive. Known as Benefit Factoring, which is key to leveraging B2B invoices, Accounts Receivables Factored offers just that.
Bank loans are typically the best rates available, but not many will qualify for a commercial loan. Secondly, a factor offers many services banks do not provide. For example, the Factor provides Receivable Factoring management, helping with accounting work for their clients, credit checks, generating financial reports, and much more. Many companies opt for this financial solution to assist with their company’s success and find it to be a cost-effective tool.
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