Do you sell products or services to commercial or government customers? If you do, then you must be very familiar with having to wait 30, 40 or even 60 days to get paid by your clients.
Most large businesses can afford to wait. Unfortunately, few small business owners can afford to wait and worse most small business owners do not take into account that they will have to wait to get paid when they first start their businesses.
But what if you cant afford to wait 60 days to get paid? The best solution is to factor your invoices.
Factoring is a financial tool (similar to a line of credit) that eliminates waiting to get paid by your clients. Factoring financing provides you with money for your invoices, usually 24 hours after you submit them. It provides you with the necessary cash to pay rent, expenses and take on new opportunities.
Invoice factoring is an ideal tool for cash intensive businesses such as trucking, staffing, business services, medical offices and IT. It works as follows:
1. You deliver a product or a service and generate an invoice
2. You submit the invoice to your client and send a copy to the factoring company
3....
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