Invoice factoring companies offer your business a way to access cash for your open invoices before your customer payments are due. This can make a significant difference in your cash flow levels if your invoices are scheduled for 60 or 90 days. Factoring your open invoices allows you to accept several business opportunities you might have to delay without a way to access capital quickly.
Win a Bidding War
Your company needs to offer excellent services or products in order to stay ahead of your competition. Winning a bidding war against a competitor for a new business opportunity is only possible if you are able to promise quick delivery and a deal on pricing or an introductory price.
When cash flow levels are low, making those promises to win the new business is difficult. You might not have the capital to cover upfront costs and get started on delivery immediately. Invoice factoring can get you the cash you need quickly:
- You will fill out a simple application and provide some paperwork to help the factoring company make an approval decision.
- Approval can happen as quickly as within 48 or 72 hours.
- Once your invoice sale has been approved, the factoring company will provide you with an agreed-upon payment for your open invoices.
- Funding can happen within 24 hours of approval.
Hire a Team
New employees can help your business grow by increasing productivity and offering new ideas. However, their work will not immediately result in revenue even though their wages will immediately need to be covered. The fast turnaround times for factoring allow you to hire new employees and benefit from their work before your revenue increases.
A major part of seizing a new production opportunity is obtaining materials. A new order for goods cannot be fulfilled if you do not have the capital to purchase materials. Selling your invoices gets you cash in time to purchase raw materials or supplies and fill your new order.
Accept the Opportunities Ahead
Universal Funding can help your business seize new opportunities. Contact us today by completing our simple rate form, and learn how you selling your invoices can get you immediate funding to take on new business.