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The Benefits of Financing Receivables for Your Business

The Benefits of Financing Receivables for Your Business

When it comes to financing a business, there are many options, but finding the one right for your company can be a difficult task. There are many different types of lenders, different types of loans, and you can even look into crowdfunding options if the circumstances are right. But what about financing receivables? If you haven’t yet considered this option, there are many reasons to look into receivables servicing in Kennesaw, GA. Here are just a few benefits you may find interesting.

More Likely to Get Approval

As you likely know, lenders often want some form of collateral before they’re willing to give you the funds you need. With receivables financing, your business’s receivables act as the collateral. They allow you to show pending income for your business, assuring the lender that you will have the funds to pay back the loan in the near future. Because of this easy proof of pending income, you’re more likely to get approved for this type of loan, assuming you have enough receivables on your books.

Get Money Fast

If you’re in an immediate cash crunch, factoring can be a quick way to get funds into your business–especially if your customers are slow to pay their bills. Receivables financing can get you funds in a matter of mere days. This is much faster than any other form of formal loans.

Save Yourself Time

In addition to spending less time waiting for another type of loan, this type of financing saves you from the hassle of tracking down customers who have not yet paid their invoices, which can be a frustrating, time-consuming, and exhausting task. The lender providing you with the receivables financing will take over your business’s accounts receivable, and will handle the collections on those accounts. Instead of spending manpower and funds on collecting on your accounts, you can get the money into your business immediately and focus your energy on growing your company.

If you want to find a fast and reasonable way to fund your company, look into financing receivables in Kennesaw, GA.