We’re a new business and needed cash flow to fund new opportunities. Can we afford to grow.., Can we afford not to grow!

Visit www.factor.bid to get immediate cash for your open accounts receivable invoices!

factor finance,construction factoring,invoice finance,accounts receivable finance,factor bid,factor app,receivables finance,finance,asset based lendingAre you like us; have you ever been in the situation where your business needs money to cover day to day expenses, pay employees, buy supplies and/or compete for new business contracts?

In 1998, Ron and I decided to start our own business, R & J Construction.  We borrowed money from the bank to build our office and purchase supplies and equipment.  Although I would like to say our business was thriving, healthy, and self sustaining overnight, that was far from the truth.  We had smaller clients here and there, but not enough consistent workflow to allow Ron to quit his full-time job.  With the additional business expenses stacking on top of our personal ones, we spent our days living paycheck to paycheck and working 80 hours a week just to meet our minimum bills.

At the time, our kids were not old enough to be in school.  While I was at home with the children, I began to make phone calls in order to reach new customers.  When Ron came home from work, he visited client sites and worked on proposals and took jobs that could be completed on the weekends or through subcontractors.

Within a year, Ron was able to quit his 9 to 5 job and devote all his time and energy into making R & J Construction a success.  One of the challenges we faced was growth that we could not financially handle.  Our business was too young to have any real established credit, but old enough to begin handling some pretty big money projects.  Two big questions had to be answered:

  • Can we afford to grow?
  • Can we afford not to?

Obviously growth was in our best interest, we just weren’t getting our best “interest” from the bank!  We had tons of jobs but only received 20% down, enough to cover some of the material costs involved but definitely not the labor or other necessary business expenses. With quite a few outstanding accounts receivable invoices piling up each month, we had plenty of trips to make but no gas to get there.

Around this time, I had an acquaintance tell me that all those invoices we were waiting to receive payment for could be leveraged for immediate cash.  This was not a loan.  This was good news to us as we had already tapped out our bank.  I began doing some research and discovered that the factor finance companies were less interested in our credit, and more interested in the credit and financial stability of businesses who owed us money.

I spent a considerable amount of time doing my homework, asking the right questions, and finding a factor that was a good match for what we needed.  However, once I partnered with them, I significantly decreased the amount of time spent on processing all those accounts receivable invoices and calling late paying customers.

With Factor Bid, I can now get a few competitive offers from factors who specifically finance invoices within my industry.  It’s fast, easy, and provides the information and leverage necessary to make a quality decision and get the best deal when factor financing our accounts receivable invoices.

Not all factors are alike. Some only factor in niche industries and not all of them deal with smaller businesses like ours. Factor bid is great. All you have to do is submit an invoice using your Smartphone or computer and within minutes you’ll get competitive offers from factors that are eager to buy your accounts receivable invoices for immediate cash!

We love it! Try factor.bid -you’ll be glad you did!

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Accounts Receivable Invoice Finance for Service Providers. Service Provider Invoice Finance!

Service Provider Invoice Finance! Accounts Receivable Invoice Finance for Service Providers. Get a few offers from top factor finance companies when deciding on the best factor finance partner for your Service Provider Business. www.factor.bid

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Business Owner:

With 25 plus years of experience within the contractor community, specializing in Storm Region Rain Water Runoff infrastructure design, maintenance, and repairs, Jim Hinkley decided to venture out on his own. “I had many solid relationships with corporate and city engineers as well as project managers that is made sense that it was time to get out on my own. I used my 401k savings to purchase vehicles and specialized equipment that we needed to start.”

Like many new businesses, David relied on the most readily available funds he had access to. “We grew rapidly over our first few years and many of my customers helped support our much needed cash flow by paying us in a shorter amount of time than usual (provided I gave them a discount off our services for paying before the net 45 due date). This became stressful for us and our profit model started to suffer from discounting our services. Even when our customers would agree to pay early for the discount, it always seemed their receivables payment would reach us a day or so earlier than 45 days, it was nothing like a month early like we hoped. As our reputation grew and we expanded, the close relationships that were helping to support our cash flow were simply not there, plus we were tired of discounting our in-demand services. I wanted the business and had to find a solution to support my growing payroll.”

Jim’s banker recommended factor.bid website. “I was surprised how easy, accessible and cost effective factor financing was.” Factor bid got us a few offers on our outstanding accounts receivables, and we selected the factor financier that best fit our growing needs. It’s really been great, had I of know about factoring 2 and a half years ago, we could of quit discounting our services and made a lot more profit! In addition to the immediate funds we got for our open invoices to cover payroll on time, I also benefited from comprehensive professional reporting; credit monitoring and best of all peace of mind.”

A SMART BUSINESS FINANCE TOOL CALLED FACTORING

It’s easy for any small business service provider to get in over their head in todays economy. In the service provider industry, a company can grow very quickly by word of mouth. Solid business relationships build up when you’re starting up help drive new customers and referrals. However, after some time, those relationships tend to cool as customers get into the habit of regarding you as just another service provider.

You go from being everyones best friend, when you’re a new business to eventually being that company doing a professional job in a professional manner. Customers that use to make sure they paid you before the invoice date or even weekly, soon start to roll you into their accounts payable cycle of net 30, 45 or 60. Waiting to be paid for that amount of time can create a financial strain on your day-to-day business operations.

You can’t be upset with your customers, for following traditional accounts payable methods. What you can do is simply take advantage of invoice financing within your business. To be able to access immediate cash for your outstanding invoices, plus relieve your company’s liability in collecting the funds on-time or before the agreed upon due date.

Your new factor finance partner is going to become part of your back office for accounts receivable. They have the proven experience and team of business professionals in house that will help your business operate more professionally and become more profitable quickly. It’s in the best interest of the factor finance company for your company to be more profitable, they’re going to do everything they can to help you check on prospective new customer deals, collect efficiently from good standing long-time customers and make sure you have the cash on hand you need to increase your foot print within your industry.

To find the best factor finance company that services your industry, and get a few offers from those factor finance companies, make sure and do what other small-medium sized business owners have already discovered; Factor.bid -where factors compete for the opportunity to buy your outstanding accounts receivable invoices for immediate cash!

CASH FLOW SOLUTION YOUR BUSINESS CAN COUNT ON

Factor finance is more about your customers credit and payment history, not yours. Factor finance is based off of the assets your business in generating every week, called accounts receivable invoices.

As a service provider, your clients count on your services to make their lives better. In exchange, your customers will eventually pay their invoices. As a growing business, you also need a finance partner that makes your life better. An invoice finance provider (factor) provides you with predictable cash flow so you can cover business expenditures, payroll and new business opportunities.

Factors don’t run your business credit score and won’t make you wait days for an invoice finance decision / offer. Get the cash you need to make payroll, purchase additional equipment and expand your business to stay competitive in your local area and industry.

TO GET A FEW OFFERS FROM THE TOP FACTORS FINANCIERS IN YOUR INDUSTRY

Download Factor App -and within minutes you’ll have competitive offers to buy your invoices for immediate cash!

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What Factor Finance IS, and IS NOT.

What Factor Financing IS and IS NOT (accounts receivable invoice financing)

Factor Financing is a financial transaction where businesses sell open accounts receivable invoices to Factor Financiers at a discount.  Your open accounts receivable invoice is the asset which factor financing companies want to leverage to support your immediate cash needs.  This type of financing provides an easy and flexible way for business to get immediate cash to grow their companies, pay employees, purchase new materials, and cover operational costs.

There are three important players in this type of transaction.  Player 1:  The factor financier who purchases the open accounts receivable invoice.  Player 2:  The business who sells the open accounts receivable invoice.  Player 3:  The debtor who has the financial liability to fulfill and pay the invoice in full.

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Does Your Business Qualify as a Good Factor Finance Candidate?

Businesses often have multiple outstanding accounts receivable invoices each month. Each invoice represents work that has been completed but payment has not yet been received.  Two scenarios present themselves that can hinder the operations and growth of any company:

  • Scenario 1:  Your business receives a down payment for work to commence.  This deposit usually covers some of the material cost and man hours involved, but not all of it.  Your company must take on the financial liability for the remaining material, labor hours, and operational costs incurred by your company during the duration of the project.  The job is completed and the client is provided with a bill for the outstanding balance.  This creates an open (or outstanding) accounts receivable invoice sitting on your desk waiting for the check to come in the mail.  The accounts receivable invoice remains in an open or outstanding status until the money is received.
  • Scenario 2:  Your company has a product or service that is provided same day. However, the customer has a certain amount of time to pay for the product or service AFTER they have received it.  Some customers have a great track record for paying right away.  Other clients, however, take 30, 60, or up to 90 days to pay.  Worse case scenario, they do not pay at all.  Your company now has to decide on the appropriate course of action for late or no payment clients.  This can be a daunting task and is not to be taken lightly.  You do not want to lose a steady client who pays — but always late.  However, you need to set the precedence, outlining that late payments are not favorable and any such type of activity should be met with late payment stipulations, like additional financial compensation for your business.  For clients who have not paid, it is easy to decide not to contract with them in the future.  At the end of the business day, there is still the issue of that open accounts receivable invoice sitting on your desk that needs paid!  Small claims court is costly and the time it takes for you to file a claim, pay the fee, provide the proof of service/terms, and take a day off of work to go to a courthouse–just might not be worth it. Even if you do win a judgement in small claims court, your not out of the woods yet, you still need to find a way to collect on the judgement, which usually cost you more money to hire a representative to try and set up some type of garnishment and ongoing fee collection from your winning judgement. 

If you can identify with either of these scenarios, whether on an ongoing basis or every so often, Factor Financing is a great solution, and can help protect your business from encountering these type of financial burdens, plus help in collecting money owed to your business is paid in a timely and consistent manner.

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SHOW ME THE MONEY!!!!

You have to love the simplicity and directness of Jerry Maguire, “SHOW ME THE MONEY!” As a business, you were created to provide an exceptional product or service that fills the needs and/or wants of your customers.  We know you would love to do it for free if you could, for the betterment of humanity, but the simple fact of the matter is:  you have kids to feed, bills to pay, and a roof you need over your head.  This is the same for your business.

You have employees that are counting on you for their paychecks.  They have bills to pay. Your staff wants you to be successful, healthy, and grow so they can reap the benefits of a steady job and income.  The last thing you want to happen is to run dry of funds to pay the electric bill; incur layoffs, and stagnate in the market.

When you have funds locked up in outstanding open accounts receivable invoices, that is untouchable money that you have already earned.  You provided the product/service and have not reaped the benefit from it yet.  If you were able to have all that CASH in hand, SAME DAY, what would that look like for your company?  WE KNOW YOU COULD COVER:

  • Day-to-day business expenses
  • Payroll
  • Hire new employees
  • Buy supplies and equipment
  • Reduce liability
  • Secure new customer contracts and more!

So now when we say “Show me the money” you know with the help of a factor finance company, this is entirely possible. Your invoices can get you paid today! It’s recommended that when choosing the top factor that is right for your company, you visit Factor.bid and submit an invoice to get the ball rolling. At Factor bid factor finance companies compete to buy your open accounts receivable invoices, so you get the best offers when factoring your receivables for immediate cash.

GO TO FACTOR BID TO GET A FEW ACCOUNTS RECEIVABLE INVOICE OFFERS

Go to http://factor.bid to upload an open accounts receivable invoice.  Within the hour, you will receive a few phone calls from factor finance companies with a few account receivable invoice offers.  Factor finance companies will compete for the opportunity to earn your business. And you better believe that when they know you’re using Factor.bid to sell your invoices, and they’re competing against other Top Factor Finance Companies right now – they’re going to give you the very best offer available today!  

We Made It Even EASIER To Get Accounts Receivable Invoice Offers

On the go, use your Smartphone to get Factor App – Download FactorApp for your google android and/or apple app store account; Snap a picture or upload a copy of your open accounts receivable invoice, and within no time at all you’ll have offers from the top factor finance companies – eager to help your business grow and become more successful.  It’s THAT EASY!

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Questions you need to ask before committing to a new Factor finance company

You’ve decided to start Factoring your accounts receivable invoices for immediate cash. What are some of the questions you need to ask before committing to your new Factor finance company?

  1. “How long does your contract require me to work with you?”
  2. “Can I leave before the contract maturity date?”
  3. “How much will it cost me to end our contract before the maturity date?”
  4. “If termination fees, how do you calculate those fees?”

Regardless of what the account executive tells you over the phone, make sure and double check the contract. Look for a section called “Term” or “Termination”

TIP: A contract that has no specific length of time specified, that ties you to the Factor is in your best interest.

You need to decide if you want Non-recourse factoring. In our experience, non-recourse is the best. Simply put, if your customer doesn’t pay the Factor, the Factor can’t come after you for the money they’ve already advanced you; hence the term “non recourse”

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True Non-recourse should cover you in everything accept product delivery or service issues. Here are some questions you need to be asking for True Non-recourse Factoring.

  1. “Do I have to sign a personal guarantee?”
  2. “If the Payer goes Bankrupt am I protected?”
  3. “If the Payer doesn’t pay, but didn’t claim bankruptcy am I covered?”
  4. “What happens if the Payer doesn’t pay until after the invoice due date?”
  5. “Will I ever be charged back or have to repurchase the invoice?”
  6. “Do you charge your fee upfront and take it out of my advance or the reserve amount collected at invoice maturity date?”
  7. “Are you holding a reserve?”
  8. “Does my rate increase as the invoices ages?”
  9. “Do I have to Factor all my business invoices with you, or can I Factor select invoices?”
  10. “At what age does the invoice get Charged Back?”
  11. “Is the rate fee FIXED on a Charge Back Invoice or does the rate fluctuate?”
  12. “How soon after the invoice is paid do I get my reserve?”
  13. “What is the cost to get setup with your Factor Company?”
  14. “Is there any application fee?”
  15. “What is the minimum you require, that I have to Factor each month?”
  16. “What if I don’t meet these minimum amounts, what are the fees if any?”
  17. “When do I pay my UCC financing statement fee; Before or after I Factor my first invoice?”
  18. “Will you fund on faxed, scanned or copied documents, or must you have the original?”
  19. “Does the rate increase if the document submitted for funding is not the original?”
  20. “How long do I have to submit the originals before I start getting charged late fees?”
  21. “How much are these late fees?”
  22. “How are short pays and chargebacks handled?”
  23. “How am I notified in the event of a dispute resolution and what is the process?”
  24. “What do you do if the Payer says they paid me directly, but I tell you they did not?”
  25. “Is the Payer required to produce a front and back copy of the delivered check proving it cleared, in the event of a dispute?”
  26. “Can you ACH direct payments to my bank account?”
  27. “Can you split payments; Like half of the advance ACH direct deposit and half to Western Union or Money Gram?”
  28. “Does your contract include provision for Field Audits?” Some factors want you to pay their costs in the event they need to come to you for an audit you in your local city, state.
  29.  “Does your contract force me to pay your attorney fees?”
  30. “What does your UCC filing cover? Is there a lean on the Accounts Receivable or all assets?”
  31. “Do I have to factor all of my customers? Once I start Factoring do I have to include all my customers, moving forward?”
  32. “What are your fees to get me my money? What payment options do you offer, ACH, Wire, Mail Check, Fuel Card?”
  33. “Is there any per invoice fees?”
  34. “Is there any other fees in addition to the factoring fee?”
  35. “Do you pay a referral reward if I refer a new Factoring customer to your company?”

Make sure you’re getting the best offer when Factoring your Accounts Receivable Invoices. Use Factor App – Where Factors compete to Buy your open accounts receivable invoices for immediate cash.

*Copy the Questions above and email them to the top 3 Factors you’re considering. Ask them to replay to each question within an email so you can compare your options and find out which Factor is right for you! 

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Why is factoring your accounts receivable invoices good for business? Under-capitalized businesses struggle to pay bills on time, retain good employees and stay competitive. Factor finance your receivables today!

Business is competitive today! If you’re acting as the finance entity for your customers, by caring their slow paying invoices for 45 to 150 days, your business may eventually be in trouble. Your business needs predictable cash flow to pay bills and stay competitive.

Technology is moving along much faster than in the past. Your vendors, partners and customers expect your business to keep up, get ahead otherwise you’ll be left behind!

Waiting 45-150 days to get paid for services you’ve already finished is bad for business. So what can you do?

You can Factor your invoices by Downloading Factor App to get;

  • Immediate cash for your accounts receivable invoices
  • Factors compete to buy your open invoices
  • You get the best rate and terms, which means more money in your pocket, fast!

Why should I factor?

Factoring is not a loan – by using Factor.bid you are utilizing your business assets “accounts receivable invoices” to get paid fast.

Under capitalized businesses miss out on new opportunities with existing customers and the chance to secure brand new customers. Have you ever wondered how some of your competitors continue to grow larger -year after year?

Factoring your accounts receivable invoices puts cash in your pocket you need to finance your business expansion, cover day-to-day expenditures and pay your employees. Factoring your receivable invoices will help put cash in the bank so you can hire new employees, bid on future contracts, buy new equipment and stay competitive in your industry!

Don’t let your competitors put you out of business because they’re able to grow at a faster pace and take over more of your industry; stay competitive and discover how businesses have been growing for years by factoring their asset based accounts receivable invoices.

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We match you with the top Factors in your industry. Get the leverage you need to negotiate the best deal when factoring, get Factor App!

Industry Invoice Types

  1. Trucking & Freight
  2. Construction
  3. Healthcare
  4. Media
  5. Production
  6. Manufacturing
  7. Staffing
  8. Payroll
  9. Oil & Gas
  10. International Factoring
  11. Wholesalers
  12. Tech
  13. Service Providers
  14. Security Guards
  15. Medical Transcription Services
  16. Pallets
  17. Distributors
  18. Importers
  19. Government Contracts
  20. Apparel
  21. Consulting
  22. Janitorial
  23. Automotive Supply
  24. Machine Shops
  25. Cable Sales/ Installers
  26. Wine and Spirits