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Canadian Debt Consolidation
Canadian Debt Consolidation
Life throws people a number of challenges often on a daily basis and unfortunately, some of those are financial challenges. The loss of a job, an illness and many other situations can make paying off loans difficult...
Credit Counselling about Debt Reduction By Adam Gilbert
Credit Counselling
Interested in become a credit counsellor and helping free the
captives to the salvery of debt - you know - having to go to
work to pay the ever increasing spirialing debt. Here is some
wisdom to share with your friends:...
Drowning in Debt? Tips and Tricks for Getting Out of Hot Water with Creditors
Do you, like millions of other Americans, feel like you’re sinking in an ocean of credit card debt? Well, fear not--there are many options for reducing your debt way before you have to be concerned about receiving notices or daunting telephone calls...
How to become debt free.
In today's consumer society it is all too easy to get into debt. If you have a few credit cards, car loan, mortgage and possibly student loans it can easily add up. If your income is reduced for any reason you could find yourself in serious...
Knocking Down the Debts with Credit Repair
If you take a hard look at your situation and analyze your debts carefully, you might just find a solution to knocking down the debts. Debts are bills we owe to creditors, someone or source that has extended us a line of credit believing that we...
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Invoice Factoring - How To Finance Business Growth Without Debts
One of the biggest challenges that the owners of small and mid size businesses have is waiting 30 to 60 days to get paid on their invoices. Although large businesses can usually afford to wait, smaller businesses usually can’t. As a matter of fact, waiting to get paid on their invoices, usually affects the owners ability to meet payroll or pay the company’s bills. This problem can even be more frustrating if the business has a number of orders that it cannot fulfill because its cash is tied in unpaid invoices.
How can invoice factoring help you?
Invoice factoring, also known as accounts receivable factoring, is a financial tool that allows small business owners to capitalize on the power of their slow paying invoices. It allows you to turn your invoices into immediate cash, enabling you to fund your business operations. Although it is not a well-known fact, invoices from strong credit worthy commercial clients are excellent collateral, especially for factors. Although most banks won’t take it – invoice factoring companies are more than willing to provide you with financing based on them. This makes factoring an ideal financing vehicle for small and mid size companies, as well as knowledge-based businesses and employee intensive businesses.
How does invoice factoring work?
As opposed to most banks than lend you money against collateral, invoice factoring companies buy your invoices outright. The factoring company buys your invoices and provides you with funds immediately, while they wait to get paid by your customers. Let me describe the transaction with an example:
1. Let’s say that you sell services to Company A and Company B. As soon as you provide them with services, you issue invoices.
2. At the same time, you send copies of the invoices to the factoring company, who buys them and provides you with an advance payment for them.
3. The factoring company waits to get
paid by your customers. Once paid, any remaining funds, are sent back to your company.
The invoice factoring process can be repeated for every invoice that you issue, providing you with a flexible line of financing that grows with your business.
How much will an invoice factor advance my business?
The factoring transaction is commonly done as a two-installment sale. The first installment is called the advance and is paid to you as soon as you submit the invoices. Advances can range anywhere from 60% on the low end up to 90% of the gross value of the invoices. The average advance is about 75% (for the industry) The remaining installment, called the rebate, is remitted to you once the invoices are paid.
The cost of invoice factoring
The actual cost of an invoice factoring tramsaction is determined by three criteria. First, the credit worthiness of your customers. Second, the length of time your invoices take to get paid. Third, the monthly factored volume. Your cost, actually called a discount in the industry, can be as low as 1.5% or as high as 12%, per transaction.
How can I determine if invoice factoring will help me?
Generally speaking, invoice factoring will help you if you have a business that has reasonable profit margins or is growing quickly. Mid size companies with 20% or more of profit margins or large companies with 15% profit margins can usually do well with accounts receivable factoring.
About the Author: Invoice Factoring Group - http://factoring.qlfs.com - can provide you with factoring quotes at no cost to you. Marco Terry, its president, can be reached at (786) 206 4722
Source: www.isnare.com
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