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5 Tips for Choosing a Factoring Service by Cleo Gib
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5 Tips for Choosing a Factoring Service |
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Business
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As a business owner, you don’t always have to time to wait for your clients to pay their invoices. Whether the invoices are 30, 60, or 90 days overdue, there are scenarios when you need that money now. Invoice factoring is one of the best ways you can get the funds you need quickly. Invoice factoring involves a company selling its invoices to a factoring service. The service then advances the company around 80 percent of the invoice’s value. The other 20 percent of the amount is paid when the invoice is satisfied. This type of cash advancement is much easier than the traditional business loan. If you are considering invoice factoring, it’s important to choose a company that is trustworthy and reliable. To help you find the best company offering discount factoring in Kennesaw, GA, here are a few things to keep in mind. - It’s important to choose a company that is transparent with its policies. Many factoring companies tack on hidden fees or terms that rob you of your hard-earned money. While it is normal for factoring companies to assess a fee for their services, these fees shouldn’t be hidden. Transparency is key. Also, beware of companies that require monthly minimums in order to retain their business. This is just a way to get you to pay them even if you don’t need their services each month.
- Understand the terms you are agreeing to. The agreement terms of invoice factoring vary from company to company. Before signing an agreement, understand the penalties associated with the contract. Avoid triggering these penalties and keep more money in your pocket.
- Don’t sign up for a long-term contract. Many factoring companies try to force their clients into signing a long-term contract. This is a great way to protect their profits, but bad for you. If you try to cancel one of these contracts, you’ll end up paying an outrageous fee even if you’re unsatisfied with the service that you are being given.
- Look for a company that respects your customer confidentiality views. Typically, an invoice factoring company will notify your clients once you have sold your invoices to them. This lets them know who is handling their future payments. There are companies that don’t want their customers to be contacted by factoring services. If you fall into this category, it’s important to find a company that respects your wishes.
- Compare the advancement amounts. The reason you are looking for a factoring service is because you need cash now. Some services only advance their clients 70 percent of the invoice amount while others advance 90 percent. Choosing a service that advances you more ensures that you have the revenue to work with that you need.
Choosing a company that offers discount factoring in Kennesaw, GA, is a great way to fund your business needs without waiting for your customers to pay their invoices. No matter what you need the cash for, use these 5 tips to find a factoring service that you trust.
Related Articles -
discount, factoring, Kennesaw, GA,
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