Five Myths About SMB Invoice Financing, Debunked!

5 myths about invoice financing debunked:

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Myth: 1 – Expensive – “A rate of 1.2% per month equates to 18% annually. That’s a very high interest rate compared to what my bank will give me.”
Debunked – True, rates are around 1.2% per month. However, receivables financing can offer no origination fees, no prepayment fees or un-used line fees often seen with a traditional line of credit. There is also no commitment; you can finance as needed. While rates on a traditional loan may be lower, the terms and conditions of the loan may cost you more in the long run, including the waiting and time to get funds.
Invoice Financing is based on the creditworthiness of your customers, instead of your business’s credit. This means if you’re working with larger clients that are more established, factoring will enable you to extend terms to remain competitive amount your competitors.

Myth: 2 – Appearance – “A company that sells invoices is in trouble with traditional sources of credit, and needs alternatives lending to keep the doors open. This may show my customers that we have very slim margins and are not making a ton of profit off of the business relationship.”
Debunked – Invoice Financing grows with your business. Traditional lenders like banks tend to look at the past and have stringent requirements and paperwork to qualify for a commercial loan. Financing your receivables actually keeps up with growing sales volume by extending you larger amounts of upfront capital as your accounts receivables increase. Invoice factoring is fast and makes your company more flexible to meet the demands of larger customers.

Myth: 3  Customers Relations – “I have been doing business with customer-ABC for the past 4 years and don’t want to jeopardize our relationship by adding a 3rd party payment collector. A financing company will pester my customers for payment, which will damage the client relationship.”
Debunked – As business professionals your clients understand that when you’re factoring it’s because you’re extending terms so they can pay you at a later date. They’re essentially using your money to grow their business faster, so you may as well use the factor finance company’s money to grow your business faster.  Some factors will also stay out of the transaction all together, this type of option is very popular among transportation freight brokers.

Myth: 4 – Too Early for Credit – “Our new SMB business has little to no credit history, and as a result we can’t get financing from our local bank. We heard that Invoice Financing companies have the same credit requirements!”
Debunked – Invoice Financing companies base their decision using your customers payment and credit history, not yours. Your customer (the debtor) is the one responsible for pays the invoice, so factor finance companies are mostly interested in their creditworthiness overall.  Larger, Fortune 1000 companies and government entities are the best customers for a small business to factor finance their receivables from because there is plenty of information publicly available to check their payment and credit history, allowing a vendor to piggyback on their credit rating, while increasing their own business credit history more quickly.

Myth: 5 – Loss of Control – “All payments coming to my business are routed through a 3rd party. I lose control of my accounts with a factor finance company. Plus I get stuck in contracts that restrict business rather than helping.”
Debunked – True, payments need to be made by your customers directly to the financier’s account. This is done for security purposes; the invoice is collateral for the advanced funding, and your factor finance company collects from the customer when they pay. At the same time, not all Invoice Financing companies are created equal.
When factoring, only customers that you want to finance must make accounts payable to your factor finance company. Receivables from customers that you choose not to finance can still pay you directly in the agreed upon time frame, usually net-30 or longer. All factor finance companies are a little different. With some there is not long term contracts and you can sell the receivables you want, when you want, which works great for seasonal business and oversize orders. Having to deal with a delayed payment cycle can strain existing resources and add unnecessary stress to your business. Debunking the myths of invoice financing can bring working capital to your business quickly and open new opportunities for many B2B and B2G small businesses.

Ready To Start: – Make sure that you’re getting a few offers from competing factor finance companies before you begin. Visit www.factorbid.com and within an hour you’ll have competitive offers to earn your business an buy your accounts receivable invoices for immediate cash. Factor bid is fast and easy and only takes about 2 minutes to start. You’ll be contacted by a few of the top factor finance companies that specialize in your specific industry within the hour of completing your customer application. You’re under no obligation to factor. Check out factor bid and get the knowledge and leverage you need to get the best deal when factoring your accounts receivables for immediate cash flow!

On The Go – Download Factor App – for fast and easy invoice financing!

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Online Business Finance Marketplace – Increase your Business-Cash-Flow today!

Are you facing cash flow gaps in your small to mid-sized business? Turn your business assets (invoices) into immediate working capital. Get Cash for your invoices by factoring.

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 needs.

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Don’t wait 30+ days to receive payment, unlock cash that’s trapped in your accounts receivable invoices. Start factoring and get paid within 24 hours for invoices.

Get Started:

Go to Factor Bid – click the Get Started button and within the hour you’ll have factor finance companies competing for the opportunity to earn you business and provide you immediate working capital for your invoices!

On the Go:

Download Factor App for your Android and Apple Smartphones!

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!

Do your customer slow-pay on purpose, you may be surprised at who’s admitting to it.

Is the long tail of your suppliers killing you? The growth of your company may be suffering due to the actions of slow-pay customers. This is not acceptable and we know a simple and easy way to fix slow-pay accounts.

Over half (57%) of international businesses surveyed by Basware and MasterCard admit to having actively delayed paying their suppliers in the past 12 months.

This can be solved with by enabling working capital optimization also know as Factor financing (receivable invoices) which allows buyers to better manager their cash flow and for suppliers to get paid sooner.

“When three quarters of businesses have more than 50 suppliers and about two thirds send and receive more than 100 invoices a month, a culture of late payments impacts individual organisations as well as the economy as a whole,” said Esa Tihilä, CEO at Basware.

SLOW-PAY RECEIVABLE ACCOUNTS ECONOMIC SUPPLY CHAIN KILLER

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When asked –

  • Three quarters (70+ per cent) of decision makers think late payment is a fact of business and will always happen, despite 90 per cent acknowledging that payment delays have wider repercussions for businesses, such as the ability to pay staff or reduce investment.
  • Only about 1 in 4 businesses today have automated processes to manage payments efficiently
  • Two thirds (67 per cent) acknowledged that they have used payment terms as a strategic tool to help manage cash flow

If your business is tired of slow-pay accounts and strenuous cash flow gaps then click here to compare invoice finance offers..FREE! Unlock cash when you need it, as soon as you need it! More working capital at your fingertips in a matter of a few hours.

NOTE: LOUDHOUSE surveyed 1,015 strategic decision makers with a view of both Accounts Receivable and Accounts Payable processes and issues across ten countries (Sweden, Finland Norway, Germany, UK, Denmark, Netherlands, Belgium, US and Australia) in mid-2014 to gather the above metrics.

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.

 

Quick Guide to Invoice Factoring – Factoring enables you to turn the money customers owe you into working capital

Working Capital | Business Cash Flow

What is Invoice Factoring – Invoice factoring (also called accounts receivables financing and invoice discounting) is a smart business fiance tool that gives your business immediate access to monies your customers owe you, on the same day an invoice is generated, so that you don’t have to wait 15, 30, 60, 90 – days or longer -for customers payments.

Access to cash that’s tied up in your accounts receivable invoices enables you to reinvest working capital into your business more quickly.

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Benefits of Factoring Invoices:

  • Take on more new customers
  • Expand your business operations
  • Cover payroll and hire more new employees
  • Pay suppliers to receive a volume purchase discount
  • Pay off higher interest loans and equipment financing
  • Take on bigger orders more quickly
  • Cover day-to-day operating expenses

Having the ability to access immediate cash and increase working capital will help your business grow more quickly, keeping you competitive and relevant in your industry.

How The Factoring Process Works:

  1. Your business generates a customer invoice. Instead of waiting weeks or months for the customer to pay-
  2. Factor the invoice with your factor finance partner and get same day funding up to 98% of the total amount of the invoice, for a small fee – which could be as low as 1% of the amount of the invoice.
  3. Once your customer pays the full amount of the invoice, the amount held in reserve is also returned to you, minus the factoring fee.

Why Use Factor Financing For Your Growing Business?

Factoring enables you to turn the money customers owe you into working capital, that you can use for your business today. There is not need to wait weeks – months for the chance of customers to pay, instead free up working capital immediately.

More Working Capital Enables Your Business To:

  • Offer generous credit terms to your clients as a competitive advantage
  • Leverage purchasing power to negotiate discounts with suppliers and vendors
  • Improve your ability to meet day to day expenses
  • Take on new customers or fulfill larger orders
  • Reduce accounting -related costs
  • Reduce your companies financial risk from bad debt with non-recourse factoring

A factor (in a non-recourse factoring agreement with your company) assumes the credit risk for the factored invoices. If a customer is unable to pay for credit reasons, the factor will absorb the loss, not your business!

There is also recourse factoring agreement, which is less expensive, because your company assumes more risk. With recourse invoice factoring You may also be required to repurchase invoices that remain unpaid by your customers and cover your own legal or collection costs in collecting payment from non-paying customers.

Common Reasons Business Owners Use Factoring:

  • Slow-paying customers that are creating a cash flow crunch
  • Customer accounts with extended terms, stretching out payment due date
  • To offer longer payment terms for customers, to attract new customers and/or match what competitors are already doing
  • Need access to immediate working capital to take advantage of emerging business opportunities – like taking on bigger clients or fulfilling larger orders
  • Speed up cash flow to meet operating expenses
  • Expedite cash flow to take advantage of supplier vendor quick-pay discounts
  • Reinvest money tied up in receivables more quickly
  • Grow their business faster in order to increase their market share within their industry
  • Make a larger return on investment each year
  • Utilize the experience of the factor finance company to help organize and deploy a more efficient bookkeeping and collection cycle

If you’re ready to see how much more money your business can access every month by factoring your accounts receivable invoices, then simple click the Get Started button at our www.Factorbid.com website.

Factor bid quickly matches your business with factor finance companies that specialize in your industry and are eager to earn your business and buy your accounts receivable invoices for immediate cash.

At factor bid -you’ll receive a few competitive offers from factor finance companies. Review each offer and decide which offer is the best fit for your business.

Factor bid is fast, easy to use and secure. Spend a fraction of the time (locating the top factors) and receive the knowledge and leverage you need to negotiate the best financing deal for your company.

Factor bid is free for business owners and you’re under no obligation to factor. Find out what your financing options are within a few minutes at Factor Bid.

On The Go! – Download Factor App – to get started comparing offers!

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Canadian Distributor of a European Manufacturer Explore Invoice Financing to Avoid Cash Flow Shortage

Canadian distributors, U.S. distributors, etc.. working with European and foreign manufacturer can now access immediate funds for large orders.

The distributor’s products (Ground Screws) are used in construction to establish and secure a foundation in different terrain. As an alternative to concrete slab foundations, the screws allow quick and stable foundations to be installed where traditional solutions may not be ideal.  However, shipping the product from the Czech Republic meant that there was a considerable lag time between when payment to the manufacturer was due and when the distributor could collect from the purchaser.

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Traditional bank funding was not an option due to unusual hurdles such as international currency conversions, the innovative and non-traditional nature of the product and the involvement of somewhat risky construction projects.

Factor finance companies on the other hand are more flexible and are willing to structure a solution involving purchase order financing and factoring that will work well for the distributor, allowing them to create the cash needed to complete transactions for customers in both the US and Canada.
The challenges for the factor lay in working with multiple companies in different countries and funding while waiting a significant amount of time during transport. Once established though, a factor is able to fund and then manage all of the logistics and needs of each participant. A huge added benefit for all parties involved.
Financing solution like this allows particular distributor to capture business they would not otherwise be able to facilitate; while introducing innovative solutions to their customers for a more progressive growth cycle each quarter.
If you’re distribution company can benefit from out of the box problem solving like this, then use Factor bid to get a few competitive offers from the top factor finance companies and start taking on more new business right away.

Financing across different industries; Your business qualifies for immediate cash, see why!

At Factor Bid – we match business owners with finance companies that specialize in their industry. Not all finance companies are the same, and finding even one that specialize in your industry can be extremely frustrating and time consuming.

By getting competitive offers from the top finance companies that match your industry, your business has the opportunity to receive the best deal and get the most money upfront when seeking working business capital.

Factorbid’s financial database of lenders offers funding options suitable for a wide array of companies across many industries. Regardless of the industry your in, firms all have one thing in common, they require working capital to survive and almost always need access to funds immediately.

FLEXIBLE – FAST – CONFIDENTIAL AVAILABLE FINANCING PROGRAMS:

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Accounts Receivable Financing

Business Line of Credit

Doctor Loans

Working Capital Gross Sales Loans

Equipment Leasing and Financing

Franchise Financing

Merchant Cash Advance

Purchasing Order Financing

Small Business Loans

Traditional lending institutions, such as banks, are not the best source for businesses seeking loans under $1,000,000.00 dollars. Banks need to make a greater profit margin on the monies they lend, and the larger the loan the greater the profits. Banks also have tighter guidelines and longer approval times than alternative lenders.

Over half of small businesses that apply for loans are turned down by traditional lending channels like banks, either for lack of business history, high net revenue returns and/or creditworthiness. Once business owners discover there is a faster and easier way (called factoring) to acquire access to business cash flow, they jump at the opportunity to grow their business.

Business Financing Programs Increase Cash Flow To Cover Payroll, Grow Your Business Faster and Afford Day-To-Day Expenditures.

Accounts Receivable Financing – is the use of receivables as collateral to generate immediate capital. Also called Invoice Factoring, purchases a businesses accounts receivable invoices for cash and usually includes some type of credit management service and bookkeeping service too.

Small Business Loans – Get access to a variety of loan options including unsecured small business loans, not traditionally offered by banks. Loan approval is not based on profit/loss, past credit history or open tax liens.

Business Line of Credit – Unlike traditional lenders, our finance companies offer limited paperwork, and the loan criteria is much different that that of a bank. Loan approval is not based on personal credit histories and the approval process is fast and businesses only pay for what they use.

Equipment Leasing and Financing – Flexible repayment terms, typically 1- 5 years to repay and no vendor choice restrictions.

Purchase Order Financing – PO financing will enable your company to obtain cash that is advanced against impending purchase orders. This lending model helps business owners that need fast access to working capital to fulfill purchase orders.

Franchise Financing – If you need assistance in a business financing program for franchisees looking to expand or upgrade their existing franchises, then contact us for assistance in getting a few competitive offers.

Doctor Loans – Access specialized funding for medical practitioners like dentists, pharmaceutical professionals, veterinarians, chiropractors, optometrists, home health care professionals, primary care physicians, specialists and more.  Looking to purchase new equipment/technologies, expand or simply increase cash on hand to circumvent slow-pay insurance payouts, then contact us today to get the best deal from competing finance companies.

 

Vendors and Merchants Selling on 3rd Party Sites Like Amazon can Expedited Cash Flow by Leveraging Owed Payment Assets.

If you’re a merchant or vendor selling on Amazon, Zulily, or other third party e-commerce platforms and are tired of waiting weeks – months to be paid. Take a look at factoring; because even though you might not actually invoice platforms for payments earned, the promised payments are equivalent to (customer invoices and therefore represent an asset) that your business can leverage to expedite cash flow and grow more quickly.

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What is Factoring?

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 needs.

If you’re business has promised payments – they are equivalent to customer invoices and can be used as a financing asset!

App Developers, e-commerce vendors and similar third party suppliers of goods can immediately increase cash flow by factoring payments owed by selling platforms, instead of waiting weeks or months to be paid.

E-Commerce Third Party Platforms:

These huge third party platforms make it possible for manufacturers of any size to bring their goods to a worldwide marketplace, quickly and efficiently. If you’re a vendor and sell on third party e-commerce sites, don’t wait 30-60 days or longer to receive payment on goods sold. Factor finance to get up to 98% of the promised payment as soon as a sales report is issued.

Time Spent Waiting:

Time spent waiting means lost opportunities. When your cash is tied up in owed payments, it makes it tough to take on more new business and/or produce bigger orders for new and existing clients.

Opportunity Costs Incurred:

The opportunity costs incurred by both vendors and merchants is equivalent to any orders they have to turn down or delay due to lack of working capital, not to mention the extra savings they could realize by accessing immediate cash flow to take advantage of suppliers quick-pay discounts and perks.

Supply Chain Financing:

Invoice factoring is a robust supply chain financing tool that eliminates opportunity costs, by freeing up capital owned to merchants by third party platforms like Amazon, Zulily, etc. Instead of waiting 30-60 days for payment, get paid within hours of the issued sales report.

Likely Payment Percentage:

When factoring business payments owed by third e-commerce platforms like Amazon, you’ll receive an immediate cash injection up to 98% of the original promised payment “as soon as the sales report is generated” in exchange for a small factoring fee. The fee range is based on a few different variables and your company operations, however may be as little as 1% of the promised payment amount.

Cash Flow Management:

Cash flow management is crucial to the success of any small business. If you’re company needs to spend money to make money, such as vendors and merchants that sell through third party sites like Amazon, then utilize factor financing today to grow your business quickly and make more profit.

If access to flexible working capital will help your business now, instead of waiting 30-60 days or longer for third party payments to arrive, then invoice factoring is a smart option to help your business grow, cover cash flow gaps and pay daily/weekly business expenditures.

Snap Shot:

Vendors typically reinvest in inventory, supplies and their workforce quickly in order to stay relevant and sell through third party e-commerce sites like Amazon and others. However if you’re being stalled or having to wait 60 days or later to be paid, you’re company can run into cash flow gaps which prevent you from operating as efficiently as your competitors, even costing your business to suffer over time.

Turnkey Solutions:

Speed up cash flow with supply chain financing called (invoice factoring) which gets you a large percentage up to 98 % on promised payments as soon as a sales report is generated and is ideal for merchants and vendors that sell through third party e-commerce website platforms. To find the best factor finance partner, visit www.factorbid.com to get a few competitive offers and immediate cash for your promised payments and/or sales reports.

Finding The Best Finance Company, Fast:

Factor bid is the only application that instantly matches your business with factor finance companies that specialize in your specific industry; for example Invoice Factoring for Third Party E-Commerce Vendors and Merchants. It’s important to realize that not all factoring companies are equal. A finance company that specializes in your industry is going to be more knowledgeable, provide better options and ultimately be more aggressive in offering you the best rate and terms.

Factor bid is a free resource for business owners. You’re under no obligation to factor. See what your options are and how much capital you can immediately access for your business today!

Factoring On The Go?

Download Factor App and submit your accounts receivable invoice fast! Get paid as soon as today!

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Hold my check.. I can’t live like that

Cash flow is king. You need immediate access to money to run your business successfully in today’s uber competitive business world.

Capital tied up in your accounts receivable invoices in bad for business. The simple answer is Factor Bid.

www.factorbid.com

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  1. Submit your invoices at Factor bid website
  2. Submit your invoices using Factor App
  3. Complete your custom online application

Factor bid is fast and secure. Get a few competitive offers to buy your open accounts receivable invoices for immediate cash!

When Factor Finance Companies Compete, YOU WIN!

Simple Benefits of Factoring Invoices

  • Increase cash on hand
  • Pay off debt, taxes, payroll tax and suppliers
  • Cover employee paychecks
  • Build your company credit faster
  • Bookkeeping assistance
  • Grow your business faster and stay competitive

ps. happy fathers day to all you hard working dads!!