Cash Flow Planning Today’s Smart Business Parachute

Cash flow planning today, your smart business parachute. Nice to have before you need it! Why do some business owners wait until the last minute to fix cash flow gaps that their business is experiencing?

For example; You extend terms to a good trustworthy customer, expecting to get paid in 30 days from the date of delivery. At first the customer is amazing, everything is going great and running smoothly between your two companies, until one day when all of a sudden their payment doesn’t arrive as promised. You figure, ahh it must be a slight oversight on their end. So you make a note to give ’em a call.

A week passes and still no check. So you call and email again and this goes on for about 20 more days. Your note reminding them to pay you now feels more like a ransom letter than a friendly reminder.

So what happen? Well no one really knows at this point. Yes you called and emailed Accounts Payable and they promised the check was in the mail, but still no check. Their slow-pay is now really starting to affect your payroll and business operations. I mean this is a big customer and their invoice amount due is enough to cover a whole month worth of payroll.

There are two ways this usually plays out:

1.) Your customer finally sends the check, 28 days late and you continue with business as usual, however now each time you invoice them after delivery, you have this gut-wrenching feeling in the pit of your stomach, wondering when and if they’re even going to pay. Will you need to borrow money off your personal credit card again to cover payroll if their check is late again or worse yet, never arrives?

2.) The relationship was already fragile and this was the straw that broke the camel’s back.  Your customer is offended that you called and emailed so many times, almost implying that they weren’t good for the monies owed or something.

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In any event, either of the two above scenarios adds stress to a business relationship and can usually be avoided altogether. Yes of course it can, if customers would just pay on time, however it’s a proven fact that some customers just slow-pay and that is how it’s going to be. So knowing that some customers just have it in their business DNA to slow-pay, how can your business protect itself from the negative side affects of unpredictable cash flow in your business?

The answer, prepare your cash flow parachute just encase this ever happens to you. Don’t be caught by surprise and interrupt a good thing you have going at your business. You shouldn’t be punished for working hard because one or more of your customers had slow-pay DNA.

You can unlock cash tied up in your accounts receivable invoices by factoring. Factor finance companies buy your invoices for immediate cash so you get paid within hours of invoicing customers. You won’t have to worry about slow-paying customers, you can continue working hard and growing your business as usual.

Factoring enables you to cover;

  • payroll
  • expenses
  • and invest your earnings faster to help secure more new customers and grow your business faster.

Factor financing grows with your business. The larger your business gets the more immediate capital you can access from your invoices. You don’t need to create friction between you and slow-paying customers, all you need to do is focus on what you do best, running your business and creating new customers relationships.

It’s recommended that you get a few offers when choosing a factor finance company that specializes in your industry. Visit www.factorbid.com and select the ‘Get Started’ button to quickly and easily get competitive offers to buy your invoices for immediate cash. When Factors compete, You Win!

Here is what you need to ask yourself when seeking more profit from your business

A businesses desire to scale shouldn’t be entirely based on demand for their product or service. Demand will certainly play a large roll in how or when a business will scale. To Scale your business effectively means anticipating demand, not reacting to it.

If a company acquires two or three new clients and then realizes it can not fulfill their demands, business growth efforts are likely to collapse. This kind of activity leaves room for competition to move in and service unhappy or under-serviced customers.

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Predictable cash flow provides a business the flexibility it needs to stay competitive, grow quickly, fulfill new customer demands and generate more profit.  Do you know what your predictable cash flow is?

How Does A Business Realize Predictable Cash Flow:

Build in sustainability and scalability in order to make sure future cash flow is predictable. Examples;

  • Lock in customers – Offer incentives, sign contracts, improve customer experience to ensure customers are incline to work with you over the long haul.
  • Implement a consistent sales and marketing process – Design a process, train  your sales staff, put performance metrics in place and hold your team accountable.
  • Make delivery of your products and services scalable and repeatable – learn from your mistakes, identify cash flow gaps within your sales cycle and figure out how to eliminate existing problems.
  • Free up cash flow from slow paying customer accounts – Factor finance your accounts receivable invoices to get money your customers owe you today, instead of waiting 30 or more days.
  • Once future cash flow becomes more predictable, fulfilling new larger client accounts and efficiently servicing existing client accounts becomes much easier.

Don’t worry about the cost of doing business along the way. It takes money to make money and scaling a business successfully is challenging; mistakes will be made and you may even overspend occasionally. Learn from your previous business activity and implement a strategy to avoid similar mistakes the next time around. Hire people to help you strategize, attend local small business events to discover new ideas and most of all keep a positive frame of mind.

To get access to immediate working capital you may need to pay as you go so you can profit as your grow! Leverage assets within your business, like your accounts receivable invoices or promised payments, so you can increase cash flow and go after larger new customer accounts.

*Free Small Business Finance Resource:

When you’re ready to unlock money trapped in your accounts receivables, visit www.factorbid.com to compare invoice offers to buy your invoices. Factor bid is a free service for small businesses. Factors compete for the opportunity to earn your business and buy your invoices. You’ll get the knowledge and leverage you need to negotiate the best deal and most money when factor financing your accounts receivable invoices.

 

Nurse Staffing Factoring (invoice finance) competitive offers

Nurse Staffing Factoring and the benefits for your growing staffing organization without adding any new debt to your books.

Tired of waiting months on end to be paid for your temporary nurse staffing services? Is your ability to meet payroll, hire new temporary nurses and new business expansion being affected by slow-paying clients? If yes, you’re not alone. In fact that’s why nurse staffing factoring exists.

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Nurse Staffing Invoice Finance – It’s easier than you think! Your nurse staffing agency can get the cash flow it needs quickly and without accruing any additional new debt or compromising your present obligations to payroll, taxes and vendor invoices.

The healthcare services industry continues to thrive and grow quickly. Take advantage of financing and give your company a chance to compete with other industry nurse staffing agencies in your market and local area. Grow your staffing agency at a higher percentage by accessing immediate capital and the benefits and flexibility that come along with it.

Factor finance companies understand the unique challenges faced by agencies staffing nurses in;

  • Hospitals
  • Medical clinics
  • Nursing homes
  • Long-term care facilities

Even the most well managed, profitable small to mid-size nurse staffing agencies experience cash flow gaps and some difficulties as rapid growth occurs, due to clients extension of payment on term invoices.

Easy steps to follow when seeking capital for nurse staffing agencies invoices:

  • Staffing Nurses, the factor verifies the invoice(s) and checks the credit of any potential new client prior to funding invoice(s).
  • Funding is available within 24 hours upon verification of invoices.
  • Nurse staffing agency’s clients pay the factor direct for purchased receivables.
  • Once the client has paid the invoice, the factor will release the reserve, minus any factoring fees.

Instant payroll funding is available for different nursing industries;

  • Private duty
  • Homecare staffing
  • General Nursing staffing

Stop stressing over slow-pay customers. Factor finance your invoices and focus on growing your business in the already rapidly expanding healthcare services marketplace. Don’t miss out on large opportunities because you can’t meet payroll and other weekly operating expenses.

*Choosing the right factor finance company can be difficult. However smart nurse staffing agencies use Factor Bid to get a few competitive offers for their invoices. When factors know they’re competing for your business, you get the best deal! Visit www.Factorbid.com and find out within a few minutes which factor finance company has the best offer for your invoices.

 

It’s Friday, “direct deposit day” (payday)

If you’re a business owner, you’re familiar with the excitement that comes with Fridays around the office. Employees are getting ready for the weekend and are exited for their paycheck! Some employees even get their check as “direct deposit” early Friday morning before work even begins.

What’s this mean for business owners – Payroll expenditures! See for business owners payday isn’t always as consistent and predictable as Friday employee pay is. Business owners have to wait for payment from customers and often times end up covering payroll and other daily business expenses right out of their own pockets.

Wouldn’t it be nice if your business could get paid on outstanding receivables before the work day even begins? 

What if you could have the same great feeling every Friday that your employees feel. Well you can! If your company is feeling the cash flow ‘squeeze’ from slow-paying customers and you want to get back on that good vibe kind of feeling when it comes to getting paid, then take a look at factor financing your receivables.

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Cash Flow “Squeeze”

What is Factor Financing and how do I get paid in 24 hours?

Companies sell their invoices or accounts receivables to specialized companies called factors. The factor advances most of the invoice amount upfront by simple direct deposit. You can get paid within 24 hours of invoicing your customers. Factoring will continue to provide your business with predictable cash flow everyday of the week, even Fridays so you’re able to cover payroll and other expenses without digging into your own pocket.

Be excited for Fridays, meeting payroll with confidence shows your business is a success. They always say “people sell people”, so if your employees are instrumental in helping drive new customers and maintain existing accounts then paying them is a good sign that your business is growing and on it’s way to becoming a great success.

Is your business Mobile? Check out Factor App – for invoice financing on the Go!

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Absolute quickest easiest access to more money today by leveraging your invoices!

Absolute quickest and easiest access to more capital for your growing business.

Factor financing (using your accounts receivable invoices) to get immediate cash for your business. Factors buy your business receivable invoices and you get paid within 24 hours of invoicing your customer.

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Can your business use more cash on hand;

  1. to cover payroll
  2. buy supplies
  3. pay day-to-day expenses
  4.  buy new equipment, fuel, repairs and more

Your accounts receivable invoices are an asset and you can use them to increase your daily/weekly/monthly cash flow! If you wonder how competitors and other business affiliates are growing so quickly, you may want to take a deeper look into factor financing.

Below are some case studies of companies that are utilizing factor financing to grow and reinvent their businesses to keep up with demand from today’s ever-changing and evolving customer demographic.

Case Studies of business that are benefiting from factor financing today:

 

Example 1 – Great Customers that pay on time with excellent credit

A solar panel design and manufacturing company has low capital to cover day-to-day expense, but has strong customers with well established credit ratings and payment history. Although the company is profitable on paper, the company’s owner was tired of always having to bank roll short term expenses. Keeping track of all the advances the owner was personally making to the company, and then getting paid back was messy.

The business owner discovered factor bid and was able to get a few offers from the top factor finance companies to buy his accounts receivable invoices for immediate cash. Now the owner is relaxed and his business is more secure with the professional help of the factor for collecting receivables. He now spends most of his time focused on new business accounts and his sales team’s performance and return on investment.

Example 2 – Supplier of Computer Components runs into a cash flow pinch:

A supplier of mobile phone components imports and resells their product to a variety of U.S. based customers. Their forward thinking in bulk purchasing and niche product in an evolving market has lead to significant growth.

As a growing company with a lot of overhead, restricted access to capital and/or line of credit was making it difficult to take advantage of volume order discounts. A flexible invoice factoring arrangement provided a much needed solution that significantly increased the company’s ability to operate, resulting in a jump in quarterly and annual profits.

After factoring for 24 months the company realized it had enough capital to cover purchases but didn’t necessarily want to end their relationship with the factor finance company.  The predictable cash flow they’re able to have by partnering with a factor enables them to be more aggressive and focused on strategic alliances and new growth. They figure, if they fee they are paying the factor to get their money 65 days sooner is costing them less than the profit they’re making from having their money 64 days sooner then why would they stop using the factors money to make money.

This scenario doesn’t work for every business, but it will for most. If your business is making more money than it’s costing you and your profits are climbing, then you’re doing something right and your most likely on your way to increasing your market share and beating our some of your competitors competing for the same business and customers.

Example 3 – A Company is downsizing with the need for finance alternatives

A manufacturing company needs to change it’s business model to keep up with the modernization of delivered products in their industry. Customers promise to keep buying and support the change to ultimately increase sales by reaching new customer demographics while updating their existing customer buyers with more modern products.

The move by management requires the financing for new equipment, additional employees, training and materials that will ultimately squeeze the company’s cash reserves.

The answer is to unlock cash that’s tied up in their accounts receivables for 90 days or more. Once they put the right arrangement in place with their new factor finance partner, they were able to quickly unlock cash that’s been sitting around in their receivables. The company is now highly profitable and attracting new customers on a global scale.

Example 4 – Technology Company

A technology company redirected their team of engineers and developed a new, easier version of their existing product. They also updated their business plan and brought in some new employee talent.

After 16 months of losses and the recall of a bank loan, the company was short on cash and unable to secure another bank loan or source of lending capital. However, orders were climbing and the product’s sales cycle was shrinking which pointed to an increase in positive growth.

The company discovered factor financing, and were able to increase cash flow, allowing the company to strengthen vendor relationships and concentrate on sales instead of collections. After 30 months of factoring invoices for immediate cash, the company is now profitable and attracting large bids of private money for a new growth cycle.

Example 5 – Call center business growing “too fast”

A call center that specialized in handling calls for a rapidly growing computer software company who’s software sales and database was growing exponentially. The call center was able to generate a 40% return per employee after 3-5 months but needed additional working capital to hire more senior staff for training, management and facilitation of all the new customer accounts. The company also had substantial contract in place for additional call services, that would require them to double their staff and working space in the next 3 months. This would result in a huge payroll increase and cash flow requirement right away.

This is a classic example of the need for immediate working capital to grow your business quickly. After reading a blog they found online the company wanted to try factoring their receivables to help liquidate cash tied up in invoicing current customers. They then googled how to find the best factoring company and discovered factor bid.

Factor bid got them a few offers from aggressive factors that were eager to earn their business and take part in their rapid company expansion and growth. Today the company has over 150 call center representatives and services some of the top software companies in the western United States.

If you’re business needs help unlocking some or all of the money tied up in your accounts receivables, then visit www.factorbid.com to get a few competitive offers from competing factor finance companies. Don’t wait 30,45 or even 90 days to be paid, get paid as soon as today!

Is your business on the Go! Download Factor App for your Smartphones

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Two ways to factor your open invoices; recourse and non-recourse.

Two ways to Factor Finance your outstanding accounts receivable invoices for cash! Get an injection of cash for your business that trapped in your accounts receivables. Funding in as little as 24 hours! www.factorbid.com

*Recourse Factoring Agreement

*Non-Recourse Factoring Agreement

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Ask questions about your factoring agreement!

Factoring benefits your business by providing immediate cash flow on your accounts receivable invoices. You’ll have the cash on hand to grow your business, cover daily expenses and even invest in additional supplies, employees and opportunities that present themselves.

Factors also add their assistance with back office bookkeeping help. Factor finance companies collect payments on your outstanding receivables from your customers. Having more cash on hand plus a factor that handles collections provides you the time and money to do what you do best, work hard for your business!

Let’s discuss your two types of factoring; recourse and non-recourse factor financing.

Non-Recourse Factoring

Pro:

Non-recourse factoring is appealing from a risk management perspective. It lowers your company liability.

With non-recourse agreements, the factor accepts more of the risk of non-payment by your customers that don’t pay.

Con:

Non-recourse factoring is usually more expensive than recourse factoring. Non-recourse factoring is also limited to debtors (your customers) invoices that are most likely to pay. If a debtor has poor payment history and credit rating, a factor will usually not assume the risk of non-recourse factoring.

Non-recourse factoring doesn’t always protect your company from all risk involved from non-payment by a debtor. Some factor finance companies only offer non-recourse in the event your debtor declares bankruptcy. But if a debtor decides to simply close their doors and disappear  one day without paying, the factoring client will have to buy back that invoice from the factor finance company.

Recourse Factoring

Recourse factoring is the default for most factoring agreement today. Recourse is an understanding between you and your factor finance company, that you must buy back receivables that the factor is not able to collect on.

Pro:

Recourse factoring is typically less expensive. Less risk for the factor finance company means a lower rate for your business when selling your invoices for immediate cash.

Con:

As the client, you’ll have to cover the cost of any invoices (bad debt) of your customer that decided not to pay.

Whichever type of factoring you decide to obtain through your factor finance company, make sure you’re getting a few offers from different factors so you get the best deal. Every factor is different and every business has different types of customers. You may work with big companies that have long business standing in the community and are seen as low risk, which means your rate and terms may be different from a business working with a newer more high risk company with less long-standing business history to examine.

By visiting www.factor.bid – you’ll get a few offers from competing factors that specialize in your specific industry. When factors know they’re competing for your business at the exact same time, you’ll get their very best deal!

Start your factoring experience the easy way, by using factor bid, where we match you with the top factor finance companies that are eager to earn your business and provide you with competitive offers to prove it!

www.factorbid.com 

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Get immediate quotes from experts in (invoice factoring) asset based accounts receivable financing.

So you’re in business and you have expenses, welcome to life, thanks for checking in. Did you know you can free-up money that’s been tied up in your accounts receivables? Yep, your receivables are considered an asset and factor finance companies are willing to buy them at a discount of their face value.

If you didn’t start your business to become the financial arm (Net 30-45 terms) of your customers, while their business’ thrive and grow quickly on your dime, then it’s time you discovered factoring your accounts receivable invoices for immediate cash.

[ To watch a quick YouTube video on how to get a few offers from competing factor finance companies to buy your open accounts receivable invoices Click Here ]

Low Risk Business Idea that is Applicable, even Thriving in 2016

Congratulations, you’re an entrepreneur. Now what!? You are passionate about your ideas and have created an amazing product and/or service to be proud of.  But the initial inspiration of going into business for yourself is quickly slowing, even being derailed by the challenges small businesses face managing their predictable finances.  Indeed, to be competitive and stand apart from the competition, having cash on hand to spend will allow you to keep your dream of owning your own business alive, but for how long? Positive cash flow during the critical initial phases of growth and exposure can be the difference between living your dream and/or dealing with a real-life nightmare!

*Fast, Simple  and Confidential – Business Financing (Factor Bid)

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Factor bid matches business owners with factor financiers looking to buy their open accounts receivable invoices. Take the hassle out of funding your business!

If you’ve ever thought about visiting your local bank to get a business loan.., borrower beware and continue reading…;

Simply put-

Many new business entrepreneurs are unable to secure a loan at their local bank due mainly to qualification criteria. Business loans are typically only available to established businesses with at least two years of banking history and substantial assets that are used as collateral against a new business loan.  Unfortunately most of us have to learn the hard way and after wasted efforts and time invested, many business owners will be denied the much needed funds to grow a healthy new business.

So the question now becomes: What can I do to acquire working capital (cash readily available for my business, today) without the hassle and lengthly amount of time invested that goes into taking out a traditional loan or even some other high risk option?

The answer to this question is Accounts Receivable Factoring.  To understand if your business is eligible for factoring, ask yourself this;

1.) For The Business Owner: What do we give away to our customer?

Whether it be specialty cupcakes or a consulting service- all businesses will sell either a product, service, or a combination of both to generate sales.   In layman’s terms “it takes money to make money!” 

2.) For The Business Owner: What did we get in return for our products/services from the customer?

Most of us are familiar with cash.  We like cash, because we can spend it how ever we need to in order to keep moving ahead in business. But there are other forms of payments a business may use to acquire payment in exchange for the sale of a product or service they provide.  One of these methods is called “invoicing” which offers you customers terms and enables them to pay for goods and/or services at a later date in time (typically called a Net30 or Net45, etc.  When invoicing occurs, the business owner creates an asset called an (accounts receivable) for the customer as a promissory note to pay at a later date. This form of payment is known as accounts receivables invoices and is categorized as an asset on the business balance sheet.

So now that we know we can unlock capital that’s being held hostage in our accounts receivable invoices, what’s the fastest and easiest way to find a factor finance company to buy my accounts receivable invoices for the best possible deal.

Glad you asked -Smart business owners trust Factor bid to get a few competitive offers from factor finance companies to buy their open accounts receivable invoices, for immediate cash! Factor bid is simple, easy to use and gets you the knowledge you need to negotiate the best deal when deciding which factor finance company is best for your company.

Factoring has so many benefits besides just lowering your risk in collecting on open and outstanding invoices.  For example; you’ll get years of experience when you partner with a factor finance company, to help streamline your accounts receivables process and even professional advice on how to grow your business more efficiently, while accessing tools that keep your business out of trouble and away from other high risk business partnerships. See a factoring company has your best interest in mind. Why you may ask. Well simple put, the more new customers you acquire, the more new invoices you sent and ultimately the more money you generate the better, both you and your factor finance partner do.

If a factor finance company can help you increase your bottom line, and the increase is greater than their small fee for accessing immediate cash flow for your business, then the relationship makes sense. For example, if you’re netting 10% a year in your business, and a factor ends up costing you 2-3% of your total sales annually, but the next year your business starts seeing a 14%-16% percent net, then you’re making more money than before you started factoring your invoices. Plus your business is becoming more efficient, and you’re getting more work done in less time thanks to some smart bookkeeping ideology your factor finance partner is helping to implement within your business practices.

The take-away from this helpful article is your accounts receivable invoices are considered an asset and should be recorded as an asset on your financial statements.  Why does this matter?  It matters because your accounts receivable invoices can be used as a tool to generate cash from third parties (factors) who are interested in purchasing the  open invoices.  

To get started learning more about invoice factoring (invoice finance) visit www.factor.bid and watch our 30 second video. If you’re not dead sure exactly how factor bid can help you get the best deal when financing your open invoices, then call us direct at (650) 924-3520 and one of our associates can help get you set up to receive competitive offers for your outstanding invoices. It takes about 2-3 minutes to submit an invoice and get the ball rolling on getting immediate cash for your receivables.

Factoring on the GO – Get Factor App for your Apple iPhone and Google Android Smartphones.

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Alternative financing, such as invoice financing on the rise as the economic downturn forces banks to tighten their lending options.

Alternative financing, such as invoice financing on the rise as the economic downturn forces banks to tighten the standard lending reigns.

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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:

  1. Access to cash is fast. The speed and simplicity in which you can increase your business cash flow is unmatched by traditional lending options.
  2. The advance rate is flexible – which means you can get a lot of your cash upfront that is trapped in your accounts receivable invoices.
  3. 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.
  4. 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.
  5. 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!

 

I don’t do bookkeeping, my factor finance partner does it for me!

Factoring Comes with Your Own Personal Bookkeeper

Do you know that factoring comes with your own personal bookkeeper!  If you didn’t, you should.  When you partner with a factor finance company to get paid within 24 hours for your outstanding accounts receivable invoices they handle those invoices for you.  They track, record, and file each invoice and even provide follow-up customer service to those clients of yours who have not paid on time. Imagine how much time it will save your business, having someone help you with all the back and forth of document approval, credit checking and even collections. You’re in business to make money, spend your time focusing on how to do more of it, instead of wasting time chasing work you’ve already completed.

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Partnering with a factor and all their back office of resources will cut your cost of paying an additional employee to do it. It’s like having your own personal bookkeeper ensuring payment on your open accounts receivable invoices.  However, this bookkeeper gets your business paid with CASH on delivery.

To add icing to that cake, Factor Bid sweetens the deal by being that thin layer of amazing that helps your business get the best deal when deciding which factor finance company best fits your business needs. Factor bid quickly matches your invoices with factor finance companies that are eager to earn your business and specialize in your industry; enabling you to get the most competitive pricing all at the same time, within a few minutes of each other.

Factor bid is simple to use:

Step 1: Visit www.factor.bid

Step 2: Click on “Submit Invoice”

Step 3: Follow the steps and submit your invoice

Within the hour you’ll have competitive offers from the top factors to buy your invoices for immediate cash! You decide which factor is right for you. When factors know they’re competing for your business “at the exact same time” your more likely to get a better deal which means more money in your pocket!

WHAT’S NEXT?

TIME SAVER:  Now that factors have freed up at least 10 hours a week of your time by doing the heavy lifting of managing your accounts receivables, what are you going to do with it? You can pick up more new jobs and make more money.  You can prospect new clients instead of wasting your time calling slow/no paying ones.  You can be more present to your employees and office staff, brain storming new ways to increase your business with existing customers and with new customers. Even spend a little extra time doing things that make you feel good each day!

MONEY SAVER:  If you were considering hiring a bookkeeper to handle all your open accounts receivable invoices, hold the phone!  As we said before, your factor finance company is happy to lend a hand.  Factors are in the ‘paperwork’ business and are the best at what they do. Partner with a factor today and watch your business become more organized, grow faster and be more profitable than ever before.

Not sure which factor finance company is right for you?  Factor Bid thought of that, too. Simply visit one of our helpful blog posts at, “Helpful tips when choosing a factor finance partner that best fits your business needs.”  This article contains key terms and questions you need to know when deciding which factor is best for you!

ON THE GO – Download Factor App for your Smartphone

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Myth Busters in Factor Financing ‘invoice financing’ your account receivables.

Myths Busters in Factor Financing:

Myth 1:  My credit is horrible.  I am going to get charged the max at the worst possible rate!

CHECK:  When you finance your open accounts receivable invoices, factors consider the creditworthiness of your client – not you.  Factors want to know the likelihood that YOUR CUSTOMER is going to pay you on time.

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Myth 2:  I do not want another loan.  I have enough payments I have to make!

CHECK:  Factoring is not a loan.  In fact, you cannot walk to your local bank and factor. Factors pay you for your open accounts receivable invoices at a discounted rate.  They are paying you upfront for work you have already completed.  Think of it like a cash advance on your paycheck, but even better!

Myth 3:  I am losing money if I sell my open accounts receivable invoices at a discount!

CHECK:  You are losing money when you have to wait 30, 60, or 90 days to get paid.  We have all heard the expression, “Time is Money,” and “Money on time is better than money late.”  In fact, you can build in “The Hard Cost of Factoring”, by simply adding an administrative charge to your service or product offering when invoicing your customers.

Your customer chose you because you’re the best at what you do and after partnering with a factor, that has an excess of resources such as; Credit checking, back office support, administrative assistance and years of experience and advice from your account manager, your customers will easily realize the benefits of a professionally run back office business relationship – from factor financing your receivables.

Myth 4:  If I use Factor Bid, I am going to have to pay a fee.

CHECK:  Factor Bid is a FREE resource for small-medium sized businesses. You’re under NO OBLIGATION TO FACTOR. Factor bid gets you a few competitive offers from factor finance companies that want to buy your outstanding receivables for immediate cash!

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Myth 5:  Factor Bid is going to obligate me into choosing a factor, even if I don’t like them.

CHECK:  Factor Bis simply matches your business invoices with the top factor finance companies who finance open accounts receivable invoices within your industry.  You will receive a few offers to buy your outstanding receivables for immediate cash. When factors know they’re competing for your business at the exact same time, you’re going to get the very best offers available, in order to earn your business and trust today! 

Myth 6:  No one factors their invoices!

CHECK:  Smart business owners factor all the time.  They know the value of a dollar and the benefits of getting paid right away.  From industries such as freight transportation factoring, construction factoring, healthcare factoring, technology factoring, manufacturing factoring, staffing factoring and more. Millions of businesses factor their open accounts receivable invoices every day and because of it enjoy very profitable businesses. Did you know that Snapple factored it’s receivables for years to grow one of the most successful distribution models still in use today?

Myth 7:  I have never heard of factoring!  This is a scam and a new way people are trying to get my money.

CHECK:  Factoring has been around for thousands of year.  Have you ever heard of the Mayflower or the settlement at Plymouth?  That’s right!  The whole expedition was funded by factoring.  Factoring is even documented during the Roman Empire.  Check out your Balance Sheet.  Do you see Accounts Receivable under the Assets column?  An Asset can be tangible or intangible, owned or controlled, and has positive economic worth.  You are sitting on an asset that can (and is still being today) leveraged for immediate cash.

Myth 8:  Factors don’t care whether I grow my company.  They are only in it for themselves.

CHECK:  It is in the best interest of the factor that you grow your company.  When you grow, you produce more invoices, which means MORE invoices for factors to finance and ultimately MORE CASH in bank at the end of the year. If you do well, they will do well. It’s a win-win for both your growing company and the factor financiers company.

Myth 9:  I can factor with the banking institution I have banked with my entire life.

CHECK:  You cannot walk into your bank and expect them to factor.  Banks are set up to deal with loans, not purchase your assets at a discounted rate.  Remember, you are selling your open accounts receivable invoices.  Banks do not purchase anything because their purpose is money lending/investing.  Factor financier’s exist to PURCHASE your business assets (invoices) for increased capital for your business. Yes they do charge a fee, but they also assume risk in advancing you a large part of your invoice within 24 hours so you don’t have to wait 30-45 days for your customers to send the check.

Myth 10:  It is a hassle to factor and will take up a huge amount of my time.

CHECK:  With Factor Bid, you are now quickly matched with factor financiers within your industry who are competing for your business.  In exchange for two minutes of your time, Factor Bid will save you hours of research, thousands of dollars in missed opportunity and the knowledge and leverage you get from receiving a few offers to buy your receivables. We even offer terminology you need to know and questions you need to ask when each factor finance company competes to win your ongoing business.  I know, I know, we are truly awesome, and FREE!

Myth 11: There is no Factoring App for invoice financing.

CHECK: Go Mobile – Download Factor App for Apple and Google Smartphones and start factoring from anywhere.

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Factor App for iOS Apple Smartphones

Factor App for Google Android Smartphones