There are many working capital solutions for businesses out there today. Some are tried-and-true solutions that have been around for decades. Newer solutions have their place, and we want to make sure you have all the facts you need to choose the right solution for your business.
BlueVine is a very popular (or at least highly advertised!) online alternative to a traditional brick-and-mortar factoring company.
BlueVine offers several different financial products. Let’s compare BlueVine’s online factoring model to Porter Capital’s traditional factoring model.
BlueVine touts a 5-minute application process—fully online with no paperwork—and a 24-hour application processing time. There’s not much difference with the Porter application process. We have a stream-lined application process with minimal paperwork. Most of the information can be transmitted electronically and, just like BlueVine, we’ll have an answer for you within 24 hours.
According to BlueVine, they don’t hold a reserve. They advertise an advance rate of 85-90%. Where’s the other 10-15%? It comes down to semantics. They may not hold what they call a reserve; however, you’re not receiving 100% of your money upfront. Porter Capital provides honest, simple service with no surprises. Porter Capital does retain a reserve on your factored invoices, and we will call it a reserve. The advance rate is based on the client you factor and can range anywhere from 80-95%.
Porter Capital has been providing factoring services nationwide since 1991. Each Porter client is matched with a dedicated Account Representative. This means you have the name and direct contact of a single person who handles your account on a daily basis. The Account Rep gets to know your business inside and out and will be able to handle any questions or concerns immediately. We pride ourselves on that personalized service. It allows for flexibility when the need arises and the ability to foresee patterns and provide solutions.
The online marketplace has certainly opened up a myriad of options that benefit us all. But, whether you’re purchasing a pair of shoes or a financial product, the onus is on the consumer to fully vet a product/vendor before purchasing.
Financial products deserve more vetting than disposable consumer goods. A poor financial decision can have long-lasting ramifications. For instance, online startups usually have a goal of being sold for millions or billions to larger companies, while brick-and-mortars like ours intend to stick around for the long haul. Always ask about a company’s exit strategy. They don’t have one? They expect to be around for the foreseeable future? This is a good sign that service is at the core of their mission.
Porter Capital Corporation is an established company, in business since 1991. We’re headquartered in Birmingham, AL and fund companies across the United States. Our core mission is to provide honest, personal service and to do so with speed. We have a history of assisting business in all phases, from those struggling with bankruptcy to those looking to grow and expand. We would love the opportunity to help your business as well. Call us today at 800-737-7344 or complete the form below to see if we’re a good fit for your needs!