Product/Service
Accounts Receivable Financing (Factoring)
Source: Express Lease
Imagine receiving payment for your product or service within a few hours of invoicing your customer
Imagine receiving payment for your product or service within a few hours of invoicing your customer! Imagine having a ready source of cash without creating or adding debt! Factoring does this for you and more. Factoring is the type of financing where a business sells its receivables (invoices) at a discount from their full value to a factoring company. By factoring your invoices, you will receive from 70% to 90% of the invoice amount within 24 to 72 hours. The balance, less a factoring fee, is paid as invoices are paid. Unlike a bank that will lend you money based upon your ability to repay, the factoring company advances you money based upon the ability of your debtors to pay what they owe you. So, if you expect to collect on several accounts receivable tomorrow, but need cash today, factoring is a great way to get it.
BENEFITS
- Funds wire transferred to your bank account within 24 to 72 hours
- Eliminate waiting 30 to 90 days for payment
- Save existing lines of credit
- Fund business growth/expansion without adding new debt
- Receive capital without regard to your credit rating
- A continuous source of cash as your business grows
- Take advantage of cash discounts on your bills for early payment
- Retire debts
- Increase production/sales
- Pay vendors/purchase raw material
- No financial statements required or contracts to sign
- Does not create debt or require long term obligations
What businesses are eligible for factoring? Just about any business that has a credit-worthy customer and valid invoices for goods furnished or services rendered. A partial list includes:
- Manufacturers
- Distributors
- Temporary Personnel Agencies
- Security/Guard Services
- Government Contractors
- Machine Shops
- Janitorial Services
- Commercial Printing Companies
- Software Development Firms
Note: Does not include all examples of businesses that are eligible
Express Lease, 3227 Planters Ridge Road, Charlotte, NC 28270. Tel: 704-814-4409; Fax: 704-708-4410.
Express Lease, 3227 Planters Ridge Road, Charlotte, NC 28270. Tel: 704-814-4409; Fax: 704-708-4410.
Express Lease, P.O. Box 771, Matthews, NC 28106. Tel: 704-814-4409; Fax: 704-708-4410.
