In today’s ever-changing economy, keeping a small business afloat can be a struggle. Business owners have two options: they can take out another line of credit or they can factor their accounts receivable. When it comes to factoring services in Marietta, GA, there are several advantages. Keep reading to learn more from the financial experts at Eagle Business Credit.
By far the biggest reason why so many business use factoring because they can get the cash they need fast. If this is the first time you’ve applied with a factoring company, setting your up account should only take a few days. Once you’re set up the ongoing factoring process is even faster. You’ll have the cash you need usually within 12 hours. Use these funds to make payroll, pay monthly utilities, buy much-needed supplies, or invest in new equipment and opportunities.
No Credit, No Debt
Unlike a small business loan, you don’t need to have been in business for years and factoring won’t add to your debt. Factoring firms look at the credibility of your customers when reviewing invoices for purchase, not you or the business. The more likely your customers are to pay their invoices, the greater the appeal for the factoring company. It doesn’t matter if you don’t have perfect credit. Factoring your invoices won’t hurt your existing credit. In fact, it’ll help improve your credit by adding to your company’s capital.
Save Time and Money
Factoring your accounts receivable will also save you time and money. Factoring will eliminate the need for waiting to get paid and reduce your time spent on chasing those late payers. You don’t have to offer early settlement discounts or installment plans anymore in order to get paid quicker. Don’t waste any more time creating reminder invoices and calling customers. Factoring does that for you, for free, as part of the standard service. Factoring will help reduce costs for postage, supplies, and valuable personnel hours that can now be used in other areas. Once your factoring firm steps in, they’ll handle tracking down customers and obtaining payment and managing your accounts receivable for you.
Factoring is a fast and easy way to get the funds you need to keep your business running smoothly. Let an experienced factoring company in Marietta, GA, take the stress out of receivables management and help you focus on your business.