What Is Invoice Factoring?
Invoice factoring is a type of financing businesses use to get fast cash. With factoring, companies can get an advance on invoices in 24 hours or less. So instead of waiting 30, 60, or even 90 days for customer payment, companies use factoring to eliminate the wait on customer payment. Learn more about invoice factoring.
Why use BC Factoring VS Small Business Loans?
If you're a small business owner and seeking financial solutions there are a number of options to choose from, including small business loans, invoice factoring and cash advances. Standard-rate business loans are usually great for asset-rich businesses with a history of solid growth, but loans always come with their own set of hiccups and setbacks. A solution many people seem to overlook is the fact that you can acquire funding through factoring companies. Like all loans, you agree to pay back the loan amount over a set period of time with an agreed upon interest rate, but invoice factoring itself might also be a great option for small businesses; in fact, enterprises without assets make up the bulk of invoice factoring customers. Instead of relying on assets, credit scores and collateral, the factoring company "buys" the invoices giving you cash straight away and charging an agreed upon percentage for the process. Many small business have found it to be a great option for their situation and we guarantee we can find the perfect solution for you. Give us a call today to get started.