Did you know you can access immediate capital from your accounts receivables? When you invoice a customer for payment, it’s because that customer owes you money for delivery of goods and/or services your business provided.
Factor finance companies are in the business of buying your outstanding accounts receivable invoices for immediate cash. You can sell your open invoices to a factor finance company and get cash within 24 hours of invoicing customers.
Owning a business can be incredibly rewarding, but it can also be challenging when cash management is taking time away from running your business. This can make accessing capital for your business slow and difficult on a consistent basis.
With factor financing, you’ll be able to realize your predictable cash flow each week/month and speed up receiving payments from outstanding invoices. No more waiting to be paid. When you started your business, you didn’t anticipate having to carry your customers by waiting weeks or even months to receive payment. Now that you know about factoring, take back your money and let someone else finance your customers on terms, while you get paid immediately for a job well done.
Factoring is a great way to leverage your business assets (invoices) to gain access to immediate cash. Cash that will help you cover day to day expenses, payroll, supplies, equipment costs, fuel, insurance, taxes and more.
That’s where we come in. We started Factor bid to help small business owners find the best deal when factoring. Factor bid matches your business with the top factor finance companies looking to buy your invoices today! It’s takes about 2 minutes to submit an invoice, and within the hour you’ll have competitive offers from factor finance companies that are eager to earn your business and buy your accounts receivable invoices for immediate cash. The factors don’t mind waiting to be paid, in fact that’s their business model. You on the other hand can do so much more with your money today.
Don’t wait 30,45 or even 60 days to be paid for work you’ve already completed. Visit www.factor.bid and get a few offers from competing factors to buy your outstanding invoices today!
Is your business mobile? Grab the #1 App for small business financing. Download FactorApp for your Smartphone now!
Alternative financing, such as invoice financing on the rise as the economic downturn forces banks to tighten the standard lending reigns.
Business owners are looking for a more cost-effective substitute to merchant cash advance lines, which are coming under increased scrutiny from regulatory authorities within the U.S. and abroad.
Visit Factor bid to get a few offers to buy your Accounts Receivable Invoices from the top factor finance companies.
Top 5 reasons to think about invoice financing:
Access to cash is fast. The speed and simplicity in which you can increase your business cash flow is unmatched by traditional lending options.
The advance rate is flexible – which means you can get a lot of your cash upfront that is trapped in your accounts receivable invoices.
No long term contract, fixed discount rate for each invoice, no hidden fees can all be negotiated when selecting the right factor finance partner for your business capital needs.
Use as you need service. Factors can fund all your invoiced customers or only specific accounts you agree to. Their position is flexible, which makes it easy for your business to start a partnership and start benefiting from a factors bookkeeping experience, knowledge and consistencies.
When you decide to factor finance your receivables, you’re dealing with the decision makers all the way through the experience. Factors tell you what they can do, depending on several variables like; your clients credit, your annual revenue, the cost of money lending today, etc.
As traditional financial institutions begin to “pull back” from actively lending new money, it’s important for your business to prepare a safety net to ensure predictable cash flow. Insure your receivable money by partnering with a factor finance company so you get paid within 24-48 hours of invoicing customers. Don’t wait 30,45 or even 90 days. Lower your company’s liability today, by factoring your receivables.
To get access to working capital financing and credit-risk protection, go to www.factorbid.com and you’ll get a few competitive offers to buy your accounts receivable invoices, from the top factor finance companies in your industry. Get factor bid and get the power and knowledge you need to negotiate the best deal when factoring your outstanding invoices for immediate cash!
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.
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!
If it sounds to good to be true, it probably is! Factoring is a financial transaction in which a business sells it’s receivables (invoices) to a third party called a (factor) at a discount.
If your business needs additional cash flow to cover expenses and you’re considering Factoring your invoices, make sure you’ve done your due diligence. Finding the right Factor finance company can be challenging.
Finance Companies that claim to have zero fees and offer immediate invoice financing are not being completely upfront. A lending company has to make their money somehow. Usually the devil is in the details.
If you’re feeling overwhelmed and need help in selecting the best factor, we can help. All you need to do is visit www.Factor.bid and click on the ‘submit invoices‘ button for help in finding the best Factor for your business needs.
We’ve done most of the heavy lifting for you. Once you submit your invoice, the top Factors in your industry compete for the opportunity to buy your invoices. You’ll receive competitive offers from multiple Factors, you decide which offer best matches your immediate needs.
All factors are different and most businesses have different needs when Factoring. Matching your business with the best Factors that can meet your immediate needs is what we do best.
Give it a try today, you’re under no obligation. Factor.bid is free to use. You can also download Factor App to use on your Smartphone.
If you’re not shopping your invoices, you’re not getting the best deal when factoring! Make Factors compete to for your business, get the leverage you need to negotiate a better rate, terms and more money for your invoices.
As a business owner, being able to choose who you work with is important. People are different and sometimes won’t see eye to eye. That is why we created Factor App!
If you’re thinking about Factoring your accounts receivable invoices, shouldn’t you get to pick and choose who you’re work with? I mean we’re talking about your business and most important your Money!
Factor App – is the fastest and easiest way to Factor your receivables.
1.) Snap a picture of your Invoice
2.) Tell us the amount of the invoice
3.) Submit invoice
Factors COMPETE to buy your invoices, so you get the best deal and most money when Factoring.
Factor App is a simple and FREE way to Vet New Factors, to see which business style most closely matches your way of doing business. Take advantage of Factor App now and get paid as soon as today for your accounts receivable invoices.