Factoring companies are financial companies who offer an alternative, yet vital source of commercial funding to businesses of all shapes and sizes. They began to gain popularity over the past few years due to the recession and a difficulty in securing traditional loans to fund business equipment purchases, new facilities purchases, raw equipment purchases and more. Rather than offering loans, factoring companies offer funding through a different source: buying open invoices. Following the economic downturn banks became restrictive in their lending and factoring companies took the risk of financing companies who were growing but being declined by banks.
Factoring companies will pay an advance for a company’s open invoices in as few as 24 hours. Many companies have come to rely on this service not only to find additional capital when they need it, but to also manage defaulted invoices rather than try to collect them themselves. This process allows businesses to focus on what’s important: building their businesses, rather than focusing on collecting receivables.
If you are ready for Universal Funding to turn your invoices into fast cash, give us a call today at 1-800-405-6035 or submit a rate form for a free consult on your financing options.