Factor finance has been around for thousands of years! When you partner with a factor to finance your receivables, your customers are most likely already familiar with factor financing.
Invoice factoring creates capital on invoices already billed or outstanding invoices. Financing your receivable invoices increases your immediate cash flow and can help with covering day-to-day expenditures like, fuel, maintenance, payroll, purchasing of supplies and even investments to keep your business competitive in your industry.
With factor invoice financing your business will have predictable cash flow to purchase additional inventory, maintain employee costs and even earn vendor discounts. Factoring can be a short term or long term solution for assisting business growth. Don’t turn down new customers and business growth because you’re afraid you may not have enough cash on hand to pay the bills.
Invoice factoring creates capital on invoices already billed. You’re not borrowing money (like with a bank loan) that you haven’t earned yet. When you inform your customers you are partnering with a firm to handle your accounts receivables, the customer is most likely already familiar with factoring and treat it as normal course of business.
If you’re tired of waiting 30-90 days to get paid, then use Factor.bid to submit an invoice and let the top factors compete to earn your business and buy your outstanding open invoices for immediate cash!
Don’t make factoring harder than it is. Use Factor bid to help you get the leverage you need to negotiate the best deal when factoring!
Download Factor App for your mobile devices and find the top factor in your industry for free!
Get offers to buy your accounts receivable invoices. Use Factor bid to get multiple offers to buy your receivables. Cash for your receivable invoices. Finance your accounts receivable.
Factoring provides access to immediate cash for outstanding and/or slow paying accounts receivable invoices.
Get paid as soon as today for open invoices. Don’t wait 30-90 days to get paid. Factor finance your accounts receivables and get the cash flow you need to keep your business competitive.
Factoring your receivables increases cash flow so you can grow your business faster, cover day-to-day expenditures that may be costing your business money and afford to pay employees on a full-time regular basis.
TURN OUTSTANDING INVOICES INTO FAST CASH
Take control of new opportunities for your business with predictable cash flow. Access to immediate cash for outstanding and/or slow paying accounts receivable invoices can help save you time and money.
Factor.bid is easy to use and you get multiple offers from the top and best factor finance companies that specialize in your type of industry invoices. You can visit www.Factor.bid and submit your invoices using your computer or download Factor App and use your mobile device by taking a picture or uploading a copy of your invoice.
Factor financing your open accounts receivable invoices is now as easy as taking a picture of an invoice and clicking submit. You’ll have offers from multiple factors that are eager to earn your business as a new factoring client.
Get started factoring today! You’re under no obligation to finance your invoice. Get more information and find out which Factor finance company is right for your business needs. A Factoring company is a good resource to have when you need immediate cash to cover business expenses, especially at a moments notice. Get set up with a factor that bests matches your business needs. Submit your invoice using Factor bid to get the leverage you need to negotiate the best deal when factoring!
Business owners that want the best deal when Factoring their open accounts receivable invoices use Factor.bid
Because when Factors compete to buy your open invoices, you get the best deal when factoring!
A Factor finance company will go as high as 95% of the face value of an invoice. For example, if your invoice is worth $5,000.00 dollars, and the facility reflects a 90% advance, the client will receive $4,500.00 dollars from the Factor finance company upon agreeing to sell the receivable invoice.
Upon receipt of the 90% advance, the remaining 10% will remain in escrow pending the payment of the receivable by the debtor (your client/customer). The balance remains unused until the invoice is closed.
The fee charged on any particular invoice depends on a few key factors. For example, your industry, the payers credit (your client), level of security, risk, A/R turnover, time to pay, etc. Each fee structure is individually established to maximize specific customer benefits and needs. The fee is deducted from the funds held in escrow, once your client pays the invoice in full.
Once a receivable has been paid the the fee is deducted by the Factor finance company from the escrow account, the remaining balance is placed into a rebate account called a Reserve. The reserve should be released to you at your request or as agreed per your agreement with the Factor finance company.
Why use Factor Bid to find the right Factor for Invoice Financing?
Every Factor has a different fee structure. Depending on which industry they specialize in and how cheap they’ve secured their money; in order to provide you a loan for your invoice financing.
Some Factors offer flat fees and others offer daily rates, so knowing how your customers pay and having the option to choose which type of fee structure is right for you is going to save you money.
Factor.bid is going to shop your invoice to the best factors in the industry that can finance your industry invoice type and are looking to finance invoices today. You’ll then get a few calls from the top factors with competitive offers to buy your invoices.
Let’s start with billing procedures. All invoices can be submitted electronically at your computer, or by using Factor App on your smartphones. Most Factors can ACH your money the same day, but how they verify your invoices, pick-up orders and/or Bill Of Lading can all be different. The benefits of receiving a few quotes and competitive offers to buy your open invoices is you get to decide which Factor has the most flexibility and is willing to go the extra mile to earn your business.
You’re going to be working with customer relationship managers, collection agents and maybe even the owner at some point. Finding a Factor that treats you how you want your customers to be treated is the most important thing. Not all factors are the same. Some will be more patient with you and will understand what you’re looking for and others may not. So getting a few solid offers when you’re going into business with someone, is a good thing and may save you a ton of headaches down the line.
The highest levels of transparency and accountability are important in building a long lasting partnership with your new lending arm (Factor). Some Factors provide 24-hour access to all your pertinent account information, collection notes, and reserve statements that outline the details of each and every transaction taking place on your account.
Some Factors offer a dedicated account manager that can be reached during normal office hours and will help with back office support. For example, sending Fax, emails and/or even calling customers to remind them about an agreed upon payment and the date payment is due.
Finding the right Factor for your business should not be hard. Factor bid makes it easy for you to get the conversation started by submitting an invoice. From there, all you need to do is relax and select one of the Factors that best fits your business needs and goals. Make the Factors work to earn your business and get the best deal when factoring your open accounts receivable invoices.
If you’re searching for a Factor to help finance your business and keep you competitive in your industry, how do you know which one is good? Just because someone shows up at the top of a search on your favorite search engine, doesn’t necessarily mean they’re the right finance partner for you. Wouldn’t you much rather have a few of the TOP Factors, that have been pre-vetted by our Customer Service Team and recommended by other hard working business owners like yourself? If you said yes, then you’re on the right track to getting the best deal when factoring your open receivable invoices for immediate cash flow.
Putting in less or the same amount of effort and getting multiple offers for your open accounts receivable invoices is the smart way to choose the Factor finance company that is right for you. Choose the Factor that best fits your needs today, and doesn’t simply offer a one size fits all approach to financing.
Download Factor App or visit www.factor.bid to start getting competitive offers on your open invoices today!
Use Factor App for easy business invoice finance. Factor your open accounts receivable invoices for immediate cash. Cover Payroll, Day-To-Day Expenditures, Fuel Costs, Equipment Repairs, Investments and New Employee Hiring.
Factoring has been around for thousands of years. You’re business invoices are assets and should be treated as such. If you’re tired of using your own personal credit and reserve savings to cover your business costs, factor your open accounts receivable invoices and get immediate cash to help grow your business and keep you competitive in your industry.
The International Factoring Association (IFA) Annual Factor Finance Conference 2016 Fairmont Princess Scottsdale, AZ 85255 Factor Bid Exhibitor booth #3
Factors (factor finance companies) -are you attending the IFA 2016 annual factoring conference? Stop by and meet the team behind Factor.bid – Accounts receivable invoice marketplace. Find out how you can get new invoice finance customers every day, right in your inbox. Simple, Smart Factor Finance Customer Acquisition Strategy.
Address: Fairmont Scottsdale Princess,7575 E Princess Dr, Scottsdale, AZ 85255 -Thursday April 14 – Friday April 15
Grow your Factoring business today with Factor.bid
Collecting on unpaid invoices can be one of the most tedious tasks in running a business. If you’ve got open accounts receivable invoices and slow-paying customers, you’re probably faced with a cash crunch within your organization.
There is a sense of accomplishment and pride when you invoice a customer. The feeling that you’ve done your job and delivered on what you promised. But how do you add a sense of urgency to your invoice collection process, and get customers to pay on-time or even a little early?
Collections should be seen as one of the most important functions in your business, second only to client services. Spending time in collecting open invoices brings in much needed cash your business uses to pay bills, cover payroll, hire more employees and stay competitive in your industry. Without a good collection plan in place, outstanding invoices will pile up and may even force your company out of business.
So what’s the best way to collect on those slow pay or open invoices? First off we need to start with a collection system. A system that helps with vetting potential new customers and even existing customers you’re working with today!
DESIGN & IMPLEMENT A SMART COLLECTION SYSTEM
Step 1 -Avoid bad paying clients by checking their credit and payment history. Before agreeing to offer a net 30 payment plan to a client, check their recent and previous payment activity.
Commercial credit reports are inexpensive and can be purchased quickly from companies such as Experian, Dun & Bradstreet and Ansonia. These reporting companies offer assistance and can even help with establishing a suggested credit line.
Once you’ve established they are credit worthy, establish a good follow-up process to make sure you’re always in front of any potential future issues.
Step 2 -Use the correct contracts for your business. Every sale you make should be governed by contract. Contracts should be designed by an attorney and should outline deliverables, time frames, how any dispute may be handled and payment terms and expectations.
You need to have it writing! The contract must outline when payment is due and what expectations are required to earn such payment. If you’re offering terms and you don’t have your agreement in writing, you’ll have little recourse if legal action is required.
Step 3 -Use a delivery acceptance letter for services rendered. The letter should state the work has been completed and/or products have been delivered to the client’s satisfaction! The client should sign the acceptance letter to verify their satisfied with your work.
An acceptance letter will help you identify any potential issues between you and you client at time of delivery. If your clients does not want to sign the acceptance letter, then you have a big problem. It’s better to know there is a problem immediately, in hopes that you can fix the problem right away and get back to business as usual in the days ahead.
The acceptance letter may also come in handy at a later date, in the event you have to send your customer to collections for non-payment. Remember the objective to having an acceptance letter, is to prevent collection problems from happening in the first place.
Step 4 -Send the Invoice and job paperwork promptly. As soon as the work is completed, send an invoice and any related paperwork that is needed to supports the invoice. For example the acceptance letter would be a smart supporting document that you could include when sending the invoice for payment.
Follow the payment proceedings outlined in the agreed contract. If your client requires open invoices to be sent to their accounts payable department, with a copy to the owner or project manager (or someone else), do so. Not following the payment clause listed in the contract my cause payment delays.
Step 5 -Follow up! It’s always a good idea to follow up with clients on a regular basis. On the same day you’ve sent the invoice out for payment, follow up to make sure the client has received your request along with all of the necessary documentation they need to close and pay the invoice.
LATE PAY OR PAST DUE INVOICES -Once an invoice is 5 days past due, pick up the telephone and call the client to see what the issue is. Follow up the call with an email about what you and the client talked about on the phone and ask for their confirmation in the email. Make sure you’re both on the same page and have come to a conclusion, so you can get paid.
If there was no issue and the client is simply behind, make sure and secure a new payment date. Lock it in and send that new payment date in the follow up email as well.
If the payment date is missed for a second time, wait a few days and repeat the above process. If the client misses multiple payment dates, then you may need to submit to collections.
It’s important that you always remain professional and treat your clients with respect. You will have better luck collecting slow-paying invoices by remaining professional and keeping your composure throughout.
KNOW WHEN TO USE OUTSIDE HELP -There is always a chance some clients will not pay. In this case you may need to hire an attorney or start working with a collections agency. These methods can be expensive and take time away from running your current business operations. Dealing with past due and unpaid invoices as well as collection issues distract you from focusing on business growth. You may need a professional third party to help handle it with you and their best interests in mind.
PROFESSIONAL THIRD PARTY -Factor finance companies can help in designing and implementing a smart collection system. In some cases a Factor can become an intricate part of your back office. Why would they do this you may wonder? Because when a Factor is providing you up-front cash flow for your open invoices, they want to make sure the invoice is paid on time and no additional collections are needed.
Factors can help with quick credit checks, providing payment history and a good risk assessment of the customer. A Factors recommendations may even prevent you from having bad customers, and allow you to focus on growing your business as quickly as possible. It’s always nice to have a reserve of cash you can tap at a moments notice.
Factors have been collecting payment on invoices for years and know what to look for in customers that pay slow or have some type of issue in making payment. There experience may lend some solutions that you may not have thought of.
So if you’re looking for some back end office assistance in collecting your accounts receivable invoices and need more cash flow to grow your business, cover expenditures and make payroll; use Factor.bid to match your business with the right factoring company today.
Factor.bid -enables you to shop your open invoices. Factors compete for the opportunity to earn your business and buy your accounts receivable invoices for immediate cash.
Factor.bid is free to use and is an essential part of deciding which Factor is right for your business. Which factor can provide the correct financing for the industry that your business services. Not all Factors are the same. Make sure you’re getting competitive bids to buy your invoices.
Check out www.Factor.bid for back end office support when designing and implementing your accounts receivable collection system and get paid for your open invoices as soon as today.
Why is there a constant fight to get paid for services rendered? You send out your Invoice to get paid, so why do customer ‘slow pay‘ accounts receivable invoices?
Let’s begin with the process! You’ve performed a great service and/or delivered your product to the customer. What happens next? You kindly ask to be paid for your hard work. By asking we mean – you open your free invoice generator software, input the customers details and invoice amount, review to make sure you’ve got it just right, save as PDF and send for payment.
Now what? You wait; and wait and wait and wait until your client makes time to pay you. Does waiting to be paid add stress to your business? If you’ve got open invoices that you’re waiting to be paid for, how do you cover daily/weekly business expenditures?
You Factor those open invoices for immediate Cash Flow. So what is the best way to factor your open accounts receivable invoices? You use www.Factor.bid -where Factors compete for the opportunity to earn your business and buy your open A/R Invoices for immediate cash.
If given the option, would you take advantage of additional time to pay your vendors? For example, lets take a quick look at the diagram below. Guess which option is most popular, when presented?
Yes, if you guessed “Bill Me”, as in bill me later or after delivery of work, as promised- then you would be correct. Today’s well established and most popular business payment methods are unfortunately right in the way of your business getting paid quicker. You’re at the mercy of your customers. You’re at the mercy of industry standards for B2B payments and accounts receivable invoicing. This is common practice and has been happening for centuries all over the world.
So what can you do? Your business needs cash flow to cover day-to-day expenditures, weekly payroll, growth, investments and maintain sustainability.
FACTOR FINANCE YOUR RECEIVABLES
Factoring is faster than traditional financing, like bank loans and/or lines of credit. You’re open accounts receivable invoices are assets, start treating them as so.
If you want the best deal when factoring, download FactorApp for your iOS Apple and/or Android Smartphone. Factor App is part of Factor.bid -where Factors compete to buy your accounts receivable invoices, so you get the best deal when factoring.
What sounds better – receiving one offer for your open invoices, or receiving a few offers from the top factors eager to buy your invoices right now? If you’re thinking a few offers sounds much better than a singular offer, you’re correct!
What are you waiting for.., use Factor App and get paid as soon as today for open invoices.
Download Factor App now or visit www.Factor.bid to get started and get paid as soon as today for your open accounts receivable invoices.
Immediate cash for open A/R Invoices – Factoring is a financial transaction and a type of debtor finance in which a business sells its accounts receivable (i.e., invoices) to a third party (called a factor) at a discount. A business will sometimes factor its receivable assets to meet its present and immediate cash flow needs.
Factoring has been around for thousands of years. It’s a quick and stress free way to use your assets (invoices) to access additional cash flow. Why wait 30-90 days to be paid, when you can get cash in 24-48 hours, relieve the liability of having to collect the debt and re-invest the money into growing your business faster.
Outstanding and/or ‘open invoices’ represent invoices that have been sent out to a client for payment, but have not yet been satisfied/paid by the client. These invoices can be financed or A/R discountedfor less than the face value to quickly raise capital and increase cash flow.
The buyer of the A/R Invoices also know as the (factor) purchases the financial obligation at a discounted rate providing the selling firm (that’s you) with immediate cash. The factor now assumes responsibility in collecting the money owned by the original debtor (or the company you originally provided your product or services for.)
The invoice is sold at a discount, which is typically 85-90 percent of face value. The Factor requires a percentage of the invoice remains in reserve in order to reduce their total risk, in assuming responsibility for collecting the outstanding debt. Once the debt is collected by the Factor, you’ll receive the reserve amount of the invoice or the percent that was held back -minus any service fees.
Here is just one example of the fee scale from one small factoring company. Every Factor is different and you should use Factor.bid to shop your open invoices for the best deal when factoring.
If this fee structure seems high, what is the costs of not factoring?
The Costs of not Factoring:
Time value of money
Benefit of improved cash flow
Cash within 24 hours
Pay Suppliers faster
Receive discounts from suppliers
Make payroll without using personal finances
Offer longer terms to larger customers
Attract more business
Business growth without incurring more debt at your bank
Lowers your business liability / risk in collecting payments
Will the financial benefit of improved cash flow to your business offset the fees associated with Factoring, And then some? In many cases Factoring is a smart business decision and can aid your company in growth and new found business opportunity.
Who is the best Factoring company for factor finance? I bet it changes daily! We’re going to tell you the easiest and most stress free way to find the best factor finance company that best fits your individual business needs.
There are many variables that go into making the best Factor Finance Companies.
Their Finance Rate (how much you’re gunna pay, in discounted fees)
Their Finance Terms (how long you’re gunna stay)
Their Fee Structure (what kind of fee charges)
Their back office support (Do they help out with Fax, Phone Calls, Emails, Mail, etc.)
Their customer assistance help (can you reach them easily, when you have questions)
Their days to pay (number of days you have to wait for money)
To make it easy for your business to connect with the best factors that match your industry, we createdFactor.bid and Factor App – “yes factoring in an App, Amazing!”
See we feel like, why limit yourself to just one offer, when you can get multiple competitive offers from the top factors! Factor.bid is vetting factors and checking their business practices with our existing customers daily to make sure their not only claiming to be the best and top rated factor but also following through with those claims.
Once you use Factor.bid to connect with the best Factor finance companies, you’ll understand why business that want the best deal and most money when factoring use Factor App!
Download Factor App or Signup through the Factor.bid website
Snap a picture of your invoice or upload your pdf of your invoice
You will be contacted by a few of the top rated factors that specialize in factoring invoices in your industry.
When Factors compete for the opportunity to buy your accounts receivable invoices, you get the best deal when factoring. Factor bid keeps the factoring arena competitive and you get the knowledge and leverage you need to negotiate the best deal with the top rated Factors!
Download Factor App today – You’re under no obligation, and Factor App is 100% Free!