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

business working capital,supply chain,slow-pay,invoice finance,factoring,receivable invoice finance,debtor finance,factor bid,factor app,finance,working capital,asset lending,best factoring company

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.

Compare Invoice Finance Offers.. Free, small to mid-sized business working capital

Compare Invoice Finance Offers.. Free. If you’re a small to mid-sized business and can benefit from an immediate increase in working capital then take a look at Invoice Financing (factoring).

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.

Are outstanding or slow-paying invoices holding your company back! Don’t stand by holding the bag, while your customers use money they owe you to grow their business. Take advantage of factor financing and let someone else finance your customers growth so you can focus on your own growth and increasing your annual profits.

working capital,cash flow,factor financing,invoice finance,factor bid,factor app,business finance,working capital,asset based lending

How do small to mid-sized business get immediate cash by factoring?

If your business invoices creditworthy customers on terms, then you may qualify for immediate cash flow from your accounts receivable invoices. Factoring uses the creditworthiness of your customers, not your business credit. If your a fairly new company and working hard to establish good business credit and payment history, then invoice factoring can help.

By accessing immediate cash flow, your business can afford to;

  • pay suppliers and earn volume discounts
  • pay off higher interest loans on your personal or business credit that you’re using to support your business
  • Cover payroll expenses
  • Fulfill larger orders
  • Take in more new customers

To find out more about how factor financing can help your business with credit checking customers, bookkeeping and accounts receivable management, increase working capital and build your business credit visit Factor Bid’s home page and click the get started button. You’ll be able to quickly and easily compare invoice finance offers from the top factor finance companies so you get the best deal when factoring your invoices.

Factor Bid is a free small business resource and you’re under no obligation to factor. Get the knowledge and leverage you need to negotiate the best deal when financing your accounts receivable invoices for immediate cash!

Grow your business faster and increase your bottom line with factoring.

Medical Factoring, finance your insurance claims using medical receivables factoring.

TOPIC OF DISCUSSION:

Medical Factoring and financing your insurance claims using medical receivables factoring.

medicare,medicaid,healthcare business,medical factor finance,medical claims financing,increased cash flow,factor app,factorbid,finance,invoice finance,factoring,accounts receivable factoring

Managing cashflow can be challenging for any small to midsize hospital. Slow paying accounts like claim payments from medical insurance companies can slow business cash flow. With medical insurance claims taking anywhere from 30 to 180 days to pay, a hospitals main source of revenue is being crippled. Few companies have the financial resources to wait more than 90 days for payments – let alone 180 days. This delay puts hospitals in a difficult position.

So what can be done to sole this cash flow dilemma?

FINANCING CLAIMS IMPROVES CASH FLOW:

A simple way to improve cash flow would be to speed up insurance claim payments, however negotiating faster payments with insurance companies in almost impossible.

If you elect to finance your insurance claims using medical receivables factoring you can get the cash you need to cover ongoing expenses. Factoring will provide your hospital with immediate funds using your claims as collateral. Factoring provides predictable cash flow which can minimize financial problems, enabling you to manage your business more efficiently.

HOW DOES FACTORING HOSPITAL RECEIVABLES WORK:

The hospital uses Factor App to find the Factor that best fits their needs. Factor App delivers a few professionally vetted Factors that are interested in earning your business. Once you select the Factor that best fits your business you’re ready to start Factoring.

Slow payments from medical insurance companies, Medicaid and Medicare can affect your cash flow. A factoring program can finance medical insurance claims in as little as two days, after accounts setup. You’ll have funds on hand to pay employees, suppliers, rent and day-to-day expenses.

Slow-paying claims are typically funded in two installments. The first installment is called the advance and is deposited into your account after you submit the claims for financing. The second installment is called the rebate, and provides the remaining funds once the claim is paid in full.

A Factor will fund your open insurance claims by advancing a portion of the claim amount. The advance varies based on circumstances but on average 80-85 percent of the net payable claim amount can be advanced. Once the medical claims are paid, the Factor settles the account and rebates the remaining percentage owed, less their finance fee.

The finance fee is usually determined by the type of financing needs you require, the quality of your claims, time it takes to get the claim paid and the effectiveness of your medical collections process. Factors may offer your hospital a volume discount, therefore enabling larger accounts to negotiate a lower fee.

Receivables factoring can be used to fund most types of third party medical insurance claims. Including most private medical insurance plans as well as Medicaid and Medicare. Factoring provides hospitals with predictable cash flow to help maintain expenses such as facilities, payroll and equipment costs.

TIME TO FUNDING:

There will be some due diligence that needs to be done by the Factor. Depending on the size of your facility and the complexity of your operations. In most cases the Medical Factor needs to send a team to your site to review operations; including financial statements, procedures, and the collections process. All and all this may take a few weeks.

COSTS:

Every Factor is different. This is why it is so important to use Factor App and get a few offers before making your decision on which Factor to work with. The Costs associated with factoring your medical receivables varies based on the size of the financing facility, the creditworthiness of your insurance providers, and other important criteria. Generally costs range from 2% to 3.5% per 30 days. There are several things that can affect the net cost, so make sure you ask each Factor a series of important questions when deciding which Factor is right for you.

DOES YOUR HOSPITAL QUALIFY FOR MEDICAL FACTORING:

There is not obligation when using Factor App. Get the information you need to make a good business decision. If you hospital is having cash flow problems that are due primarily to slow pay claims, then implementing a receivables factoring plan may be just the answer. Unlike traditional lines of credit, medical factoring is used by hospitals that have cash flow problems, tax problems, losses, restructuring issues or a bankruptcy in process.

Download Factor App – and get immediate help from a few Factors that are eager to help your business by supplying cash flow and in some cases back end office support.

download factor app,finance,factoring,receivables,debtor finance,factorbid

for iOS Smartphones

for Android Smartphones