Small and mid-size business owners are always looking for any advantage when it comes to operating their company. Invoice factoring companies are a source of valuable services, which savvy business owners use to operate efficiently. Here’s what a factoring company can do for your small business.
Invoice factoring companies can help small business owners maintain a steady cash flow by reducing the amount of time it takes to receive payment. Watch the podcast below on, Factoring Companies: See How They Can Help Your Business Grow. In this episode on The Hartford SmallBiz Ahead, Jon Aidukonis, Gene Marks, and Kelly Nelson, VP of Business Development at TCI Capital, discuss how invoice factoring companies can contribute to the growth of your small business.
Invoice factoring companies are a reliable source of cash, especially for businesses unable to secure traditional bank financing. Instead of borrowing money, a business will sell its open invoices for an immediate cash advance. When you factor your invoices on a set schedule, you have consistent, reliable cash to use towards any business needs.
All factoring companies advance money to their clients. The best provide valued services and resources, such as credit and payment history analysis for clients of potential customers they may serve. Another service is the management and collections of open invoices. Many also have online portals and tools for clients to manage their accounts, review activity, and submit new invoicing.
Invoice factoring companies value client relationships. Top factoring companies have years of experience serving clients and be knowledgeable about their client’s industry and the work they perform. They share industry trends, happenings, and insights with their clients, helping them to stay in the know. The information provided helps clients make informed decisions about operating their business and enables them to plan for the future.
Making the right decisions for your business is vital for long-term success. If factoring sounds like an option you would like to explore, contact us at (800) 707-4845.