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It takes money to make, as any business owner knows. But many small businesses also know what it's like to be turned down by a bank for a loan or line of credit, not get as much as they need, or simply not get the cash quickly enough to take advantage of an opportunity.
Invoice Factoring? It is the age-old practice of using your invoices or receivables as collateral so that a factoring company can give you an infusion of cash. Historically, factoring has been around for more than 3,000 years. Most recently, however, something known as single invoicing factoring, which can also be called spot factoring, has become the trend. This is when you factor one invoice at a time.
Factoring is simply a way to acquire business capital without having to make any type of payments to a lender. It's much better than a typical business loan because you don't have to worry about monthly payments accumulating every month. Many companies simply don't want to worry about getting paid by their clients 90 days after invoices are sent out, because it often creates a financial burden on their business to have to wait that long.
Plus these days, some businesses may suffer from a less-than-perfect credit score. Factoring firms are expert at helping you minimize your risk from bad debt while at the same time they help you improve your cash flow dramatically