Invoices – Small Business Finance
Not many business owners would turn to a factoring company if the bank refused to increase an overdraft, but it is also for this reason that the factor exists. Further, should you be initiating or extending credit terms to your customers, your bank will consider this a risk where the factor considers this as normal trading condition
Factoring is also perceived as being for ‘solid’ businesses with good years of trading: not so. Factoring is as much for the growing company with c ash flow problems as it is for well run solvent concerns. In fact, with factoring you also get the benefit of the factors customer vetting and cash collection skills which means you c an le an on them for this specialist skill as a no-cost service.
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