When it comes to raising cash for business, one of the first things that most business owners think of is getting a loan. Getting a traditional loan requires you to complete a lengthy application, provide a lot of financial information, be in business for several years and have good credit. The underwriting process takes weeks and oftentimes the effort results in being denied for the loan. If you are approved, you will then have to explain what you are going to use the money for and then budget in the payments every month for the next five to 20 years.
If this doesn’t sound like a process you are interested in pursuing, yet still need cash to operate your business or make business related purchase, factoring invoices may be a viable alternative.For businesses who offer their products and services on credit terms, factoring invoices allows you to collect on those open invoices, without impacting the credit terms you’ve extended to your customers. Through the factoring process, you can access your future money today. Factoring provides a viable alternative to traditional financing vehicles such as bank loans and loans from more conservative lenders.
If you are ready for one of the best factoring companies, to turn your invoices into fast cash, give Universal Funding a call today at 1-800-405-6035 or submit a rate form for a free consult on your financing options.