Your customers continue to receive the same great service from you they have come to expect. Related: 10 Considerations When Selecting the Best Factoring Company for Your Business Your Customer’s Role Once the customers pay in full, we pay you the remaining balance, less any fees. If the amount is left unpaid, we work with your business for further options. We then wait for your customers to pay the invoice amount within the agreed upon terms. We notify your customers where they need to send their payment, which is made payable to your company. The factoring company pays you a certain percentage for the invoices as per our agreement. Typically, the more invoices you factor, the lower the rates will be. If you choose to use invoice factoring, you then send the invoice to us as well. A copy may be sent to your clients so they know how much to pay. You provide your service to your clients and create an invoice. You need to maintain a good relationship with your customers, even when you factor their invoices. Here’s a graphic that outlines the simple process of invoice factoring. Universal Funding, a top-rated factoring company, helps you to clearly understand the different roles involved with getting your business the cash it needs through the sale of your accounts receivable. The best factoring companies try to make the process easy on your business. How Does the Invoice Factoring Process Work?Īlthough invoice factoring might interest your company, one of the best ways to know if it’s right for you is to better understand the invoice factoring process. You can track the entire transaction by logging into your account online 24/7. Step 4 – Get Fundedįunds get deposited directly to your account in a matter of hours. Choose the format easiest for you and we’ll handle the rest. Invoices can be submitted via email, fax, mail, FedEx, etc. Once you are approved, you submit invoices to your dedicated Account Representative who will be your main point of contact for every transaction and will know the details of your account. Once we receive your completed application, the factoring specialist will email you a proposal with the lowest factoring rate we can offer. And, you do not have to link to your accounting software or provide bank account access. You can complete the application entirely from your desktop. One of our factoring specialists will email you our one-page application. We’ll spend a few minutes learning about your company and quickly determine if we’re the right financing fit for your specific company needs. You can either call us or complete a rate form and you will be connected with a factoring specialist. The first step begins with an initial phone call.
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