Invoice Factoring-The Broker Advantage - Article describes why you need a broker when looking at invoice financing. Factoring companies obtain their money from a variety of sources thus rates will differ.
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Article describes why you need a broker when looking at invoice financing. Factoring companies obtain their money from a variety of sources thus rates will differ.
Author: Invoice Factoring
Date: Dec 4, 2014 - 9:02:42 AM
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It is not an uncommon fact that every business that exists in the world today needs funds for its constant development, bargaining for discounts and more importantly to get access to working capital for payment of their bills. Banks have become stricter than ever with their rules on extension pertaining to credit and therefore, the options before business owners seems to be narrowing down. This is where invoice factoring comes in to save the day. The options available under invoice factoring are far more flexible with the added benefit of a massive cost advantage as well.
About 75% to 90% of the amount printed on an invoice can be cashed in almost instantly and this is possible due to the phenomena of factoring companies. They then stand eligible to have the payment collected from the customer enabling them to release the balance that is reserved once the factoring fee has been deducted.
Invoice factoring is different from a loan in the sense that you stand eligible to purchase an outstanding invoice at a rate that is discounted. Some of the greatest benefits of opting for invoice factoring are the fact that there is smooth flow of cash without leading to situations of debt with the terms of factoring being extremely flexible. You need not enter into long term or short term contracts; you can simply choose invoices that you wish to factor along the way.
It is imperative to get many quotes on your invoices because the rates vary so much. Be sure the company you use knows what kind of companies specialize in particular industries, therefor they can shop deals accordingly. Why do you need 6 quotes? Factoring companies obtain their cash in one of two ways. They either have private money they have raised, or institutional money they borrow. These two methods leave a wide range of rates offered by factoring companies. Offers can be 1 to 2 % different from one company to another. For this reason it is crucial to shop your deal at multiple factoring companies.
With some companies offering unparalleled services, it is crucial to shop around to find the best broker. Making sure that you get only the best deal that is available and therefore, getting quotes from the best 6 factoring companies and present them before you to make your best choice is crucial. Factoring brokers do all the nitty gritty work for you that in turn helps you save valuable time and focus on your business instead. In addition to saving your time, factors also help you save a good chunk of your money without having this affect your bid pricing in any way.
You would be surprised by the response you get even from industries that are difficult to please. Factors cover almost all kinds of industries, from big to small so that we can give each size of business the benefit of invoice factoring. Since the interest rates keep fluctuating every so often, you can be assured that your business will never be at the receiving end of deceit or disadvantage.
Most brokers deal in factoring ranging from government, staffing companies, construction, wholesalers, and freight brokers industry to industries dealing in medicine, automobile, transportation, distribution, energy and many more. Simply put, when it comes to invoice factoring, the broker who shops your deal has the strategic advantage.
For more information visit - http://www.invoicefactoringbrokers.com/
Sean Houlihan owns Invoice Factoring Brokers.com. We are the leading brokers in the accounts receivable invoice factoring industry. If you are looking for the best rates on your invoices, look no further. We have top funding waiting to give you the best offer they have.
View all articles by Invoice Factoring
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