Invoice factoring is no different than credit card processing. Banks pay you a day or so after a customer swipes their card to buy something and then they collect the money from the customer later. For doing this, they take a small percentage of the purchase price as a transaction fee.
You submit a bill to your customer to us, we advance the money to you immediately, and once the customer pays, we are paid back. We take a small percentage of the invoice, from 2-5%, depending on the industry and the time it takes for the customer to pay.
How do I get approved?
We look at a few things during our underwriting process. The process is simple and there is not very much paperwork. We usually have an answer for you within an hour.
The number of customers you have
The credit quality of your customers
How long you have been in business
Your credit score is not as important as your customers'
We offer credit lines from $10,000 to $500,000.
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1 (844) 311-4388
Frequently Asked Questions
We try to make our invoice factoring process as simple and transparent as possible. Here are some common questions people have asked before becoming clients.
How much does it cost?
Our fee is from 2 to 5% percent of the value of your invoice. The fees are based on a few factors, such as how many invoices you factor per month, the credit quality of your customer, the average amount of your invoice.
Only to the extent that you are an honest person. We are more concerned about the ability of your customers to pay their invoices on time. Usually, as long as your credit score is about 500, this is good enough to be approved.
How long does it take to start?
Once you sign up and submit our application, we will review your file within an hour or two and can give you a decision. Once you are approved, you can start submitting invoices immediately and be paid the very same day.
Do I have to tell my customers about this?
Normally, yes because your customers remit payments to us. What we usually advise our clients is to say that you have outsourced your back office functions such as billing and accounts receivable to us and therefore they should remit payment to the payment instructions we provide. We also bill your customers on your behalf so you don't have to worry about that.
It is possible to do "no notice factoring", but the fees are higher for this. In this case, the customer still remits payment to our payment instructions, but they can make the check payable to you.
How and when do you pay me?
For Truckers, EFS fuel card payments
Once you submit an invoice, we will verify that it is valid. Once it's verified, your funds will be available for withdrawal.