Upon approval for factoring services with Universal Funding, final agreements will be drafted and emailed to you, which ensures a quick turnaround time for funding.
As soon as we receive signed copies of the agreements, we will set up your account and assign your account executive who will be your primary point of contact moving forward. Now you can begin emailing your invoices directly to your account executive for your first funding.
In this relationship you will work with your account executive regarding your funding needs and frequency. It is entirely up to you how often you want to submit invoices. The Account Executive can also answer any questions you may have regarding invoicing procedures, accounting changes and the funding process.
Now you are ready for your first funding. You can send over as many invoices that you want for your first round of funding. Once the invoices are submitted (usually via email or fax), you typically receive the funds within a matter of hours. It is entirely up to you how you want to receive your proceeds, either by wire transfer, ACH or check. Your funding will be equal to the gross amount of the invoices provided with the advance applied. For example, if you submitted $100,000 worth of invoices and your advance rate was 80%; your funding amount would be $80,000. The remaining 20% would be released to you once your customer pays the invoice in full less the factoring fees.
You will continue to submit invoices for funding to your account executive at your desired frequency. As a part of our services you will have 24/7 access to an online portal where you can monitor your account activity and view your reports.
For more information about fast financing, give us a call at 1-800-405-6035.