Growing Your Customer Base

Is your company unable to expand credit to potential customers because you need the cash NOW?  Many businesses, especially in this economy are facing this dilemma and it is very detrimental to both short and long term success.   Invoice factoring helps “cash-strapped” businesses offer credit to their customers because they can receive most of the amounts due within 24 hours of billing.

Factoring Receivables companies provide cash advances for receivables relating to  credit-worthy customers.  Most companies expect to receive at least 30 day terms on their billing, unless they are given a discount for paying sooner.  To need cash-only terms, you are likely losing a considerable amount of market share to your competitors.

I’ve been asked:  “but isn’t accounts receivable factoring too expensive?”  My response is usually:  “although it is more expensive than bank loans, you should look at the opportunity cost of not factoring.”  In other words, how much does it cost your business in lost sales and profits by not extending credit compared to the fees charged by the factoring company.

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