Invoice factoring websites (our’s included!) are full of forms labelled, “Quick Quote” or “Apply Now,” and that can be intimidating. Applying for factoring can be especially daunting if you are just starting your business. So, we wanted to ease your fears when it comes to factoring invoices and give you the lowdown on just what you should expect at every step of the process. Our two-part guide will not only prepare you for your initial foray into invoice factoring/accounts receivable financing but it will guide you through what you should be getting with any factoring company and can help you evaluate what your current lender provides against your business needs.
According to Entrepreneur.com, factoring is “one of the oldest forms of business financing…it is the cash management tool of choice for many companies.” That being said, here are the steps to get started with invoice factoring.