IT financing can be difficult and finding the right company to help is often frustrating. That is why we created Factor App. We have hundreds of Factors that can service your information technology factoring needs.
The process is simple. Download Factor App, snap a picture of one of your open accounts receivable invoices, follow the 3 simple steps and click submit. Within a few minutes you have well qualified industry leaders competing for your financing business.
Factor App matches your invoice with all available Factors that finance information technology businesses. You won’t have to worry about a Factor that doesn’t understand your business and financing needs or a third party in-between you and your financier.
There are a number of ways to finance your information technology company. Many startups are funded by their owners as well as their friends, family and associates. Having access to the right contacts can get you funded through Angel Investors or specialized venture capital.
These conventional lines of funding have many benefits, however are often difficult to secure. You may also have to surrender an equity stake in your company, causing you to loose some of your independence.
RECEIVABLES FINANCING INTERNET TECHNOLOGY CONSULTING PROJECTS:
The idea is to grow your IT business organically without giving up too much equity. One of the challenges in software development projects is that clients often pay invoices in 45-70 days after you’ve already completed your service. Few IT companies can afford to wait this long due to their payroll of highly sought after software engineers. The slow paying open accounts can lead to a cash flow crunch and choke your ability to expand and take on new development projects. One of the worst feelings is when you have customers that request ongoing system modifications, development and services, but you are struggling to deliver because you’re worried about covering payroll at the end of the week or month.
Once you start delivering and your clients feel comfortable with your services, their ambitions and ideas start to become limitless, because they now have a dependable partner in their business development needs. Let’s make sure your company can keep up with new product requests and surpass your clients expectations over time.
We do this by focusing on increasing our marketshare and being able to say yes to our customers requests for additional services. To be the most effective, we need to have access to predictable cash flow so we don’t deplete our reserves or end up with too much lag in new development, to where our customers start to venture out in search of new more dependable partnerships.
PROBLEM SOLVED BY FINANCING YOUR RECEIVABLES:
You’re going to take a small haircut when financing your receivables with a factoring company for immediate cash. They need to make a little money in order to keep your business flush with cash. The Factor will advance funds using your slow-paying accounts receivable open invoices. Your customers need to be creditworthy and have good payment history with their service providers for factors to assume the liability of the open invoice and get you the money you need to run your business.
Increased cash flow will easily help out with payroll needs, operating expenses and securing new development contracts within your areas of expertise. Companies want to know that your business can deliver what they want and in a timely fashion.
SOME ADVANTAGES OF PURCHASE ORDER FINANCING AND RECEIVABLES FINANCING:
Your financing is flexible and tied to the size of your orders and accounts receivable invoices. Your line of credit is designed to grow as your revenue increases, providing cash flow needed to run your business successfully.
The qualification process for funding is faster and easier than conventional financing. Factors can assist you in checking credit of your clientele, helping to access the liability of working with your clients. Wouldn’t you want to know if a new potential customer that is so eager to secure your services has a lot of outstanding debt to previous companies similar to yours? Factors can also help with backend office work. Having a smart and efficient accounts receivable program in place, will keep your predictable cash flow in line.
Factoring allows you to grow your company using it’s own asset cash flow without giving up any equity position. This is ideal for technology companies that have accelerated growth potential but are being help back by the lack of working capital.
So if you’re ready to start Factoring your asset based receivable open invoices, download Factor App and within a few minutes you’ll have multiple offers from accredited Factors eager to earn your business. You’re under no obligation, choose the Factor that best fits your business needs right now and use factoring as a simple and efficient way to grow your business effectively.
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