As a business owner, you know that things don’t always go as planned. Sometimes situations occur and you need to fix them immediately. If you need to raise cash quickly, you may be considering a business loan. Instead of heading to the bank, consider invoice factoring as a way to get the funds that you require. No matter what your needs are, here are a few reasons it pays to use invoice factoring in Kennesaw, GA.
- It’s a quick way to get your money. The factoring process is much shorter than the business loan process. In fact, most of the time factoring can be completed within 24 hours. This means that you can have access to the money you need within a matter of hours.
- It reduces the collections process. Instead of waiting weeks or months for your clients to pay their invoices, you can have money in your pocket quickly with factoring. With this process, you simply sell your invoices to your chosen factoring service and the service will advance you a large portion of the funds. The remaining balance will be dispersed once the invoice is paid by your clients.
- It reduces the amount of debt you take on. Instead of increasing your credit limits or going into further debt, factoring allows you to have the money you need now. This is the perfect solution for an expanding business.
- It helps companies that don’t have a collections department. If you own a small business, you may not have the staff needed to run a collections department. A factoring company can help. By advancing you the money, you no longer have to worry about chasing down your money. In fact, many factoring companies notify your clients that they will be collecting payment going forward.
It’s difficult to run a successful business without choosing a factoring broker. With this important asset on your side, you’ll have access to the funds you need when you need them.