Businesses that research avenues for accessing cash will initially find a variety of solutions. Once these results are narrowed down to solutions that are faster and less complicated than traditional bank loans, accounts receivable financing will emerge as an excellent option to accessing funds. If your business has determined that accounts receivable financing is the right solution for your cash flow needs, the next step will be finding the right invoice factoring company.
Why Should My Business Choose Accounts Receivable Financing?
Financing receivables is faster and easier than a bank loan. Traditional lenders and banks can require weeks or even months of extensive paperwork and examination of your company’s credit history before a loan is approved. If the loan is not approved, you will have to start the process over, waiting longer and working on more lending paperwork until you find a lender who approves your business financing. Only then will you access the cash your company needs.
Invoice factoring is not based soley on your company’s credit history. Your business receives approval based on verification of your customers’ credit and payment histories. Application approval can be as fast as 24 hours. The process can be straightforward and manageable if you choose a business with the experience and services that make invoice factoring an excellent way to get funding for your company in a matter of days.
What Services Should an Invoice Factoring Company Offer?
First, determine that the company has experience with accounts receivable financing in your industry. Second, verify that the factoring company offers an immediate advance on your receivables as soon as you are approved. Finally, make sure their policies and services will benefit your business. A quality funding company should provide:
- Help preparing invoices to hand over.
- Guidance through notifications to your customers.
- Collections management.
- A guarantee to maintain a professional, non-aggressive relationship with your customers.A Funding Company That Provides Excellent Service
Universal Funding can provide your business with an uncomplicated solution to accessing cash as well as top-quality service. Call 1-800-405-6035 or submit a rate form to get started on an application today.