You Can Step Out Of The Box Now
Constantly we are receiving emails from business owners concerned about the cash flow of their companies. Quite a few of them have very less comprehension about invoice factoring and we do our share the best information on small business funding and factoring invoices. We thoroughly explain the process of becoming a factoring client and assess their situation to determine if they a good candidate for this type of financing. If they appear to qualify, we send out an factoring accounts receivable FORM and ask for copies of a few other documents such as their articles of incorporation, past two years financial statements, and a current aging report. Then we wait.
Amazingly, we don’t receive a large share of completed applications. If the business is struggling with cash flow, and it has been demonstrated that factoring enhances cash flow, why won’t many owners or financial managers take the next step?
Sorry to say, fear of the unknown is one the main reasons. Even though we’ve gone through step by step and explained how invoice factoring companies operate, many of them are not comfortable because it differs from traditional bank financing. In spite of the fact that a majority of those that call are not eligible for a bank loan, they ultimately decide to “ride it out”. This can be valuable in several ways.
The popular motive is the cost. As we’ve spoken multiple times previously, factoring is not cheap financing, however it’s critical for the decision-maker to observe the costs and benefits. If the company has a strong profit margin of 15% or greater and can increase market share and profits by factoring invoices, it should be highly considered.
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