Have you ever considered factoring but thought the cost would be prohibitive? Well, maybe the question should be can you afford not to factor?
A full-service factoring company is more than just a source of steady capital.
Oftentimes, a factor can take the place of hiring an additional office staff person and take a lot of additional stress off of you, the business owner.
First, think of a factor as your accounts payable and accounts receivable departments. A factor can handle your billing and keep up with which customers have paid and which are outstanding. This is at no additional cost—it’s just part of the services available to you. If you’re the one handling your billing and running your business, this can be a huge relief of stress and time. And, if you’re considering hiring office staff to focus on these tasks, factoring can save you money.
Next, consider the efforts of taking on a new client. One of the concerns may be the credit-worthiness of your new prospect. A factor will provide credit checks on all your customers. A reputable factor should offer this service at no additional cost to you. Many factors will also offer credit insurance on your clients. Both of these tools can give you peace of mind when bringing on a new customer. So, not only can this save you an extra expense with each new customer, it also saves you time. You or your staff isn’t wasting time running down this information rather than providing service to your clients.
Finally, when you have a factor, you inherently have flexibility. Because a factoring line can grow and adjust to your business flow, you never need to be concerned about bringing on new clients or the growth and increased needs of your current clients.
With factoring, the cost is per factored invoice. There’s no lump sum loan amount to repay or minimum monthly payments to make. Factoring simply gets you your money faster, providing you payment on your invoices within 24 hours of submitting your invoice for your delivered product or service. And because this isn’t a loan, there’s no negative impact on your credit score. In fact, with an improved cash flow, you are able to take care of your obligations faster, and this can sometimes improve your credit.
So, can you really afford not to factor?
Porter Capital has been providing factoring services to hundreds of companies for more than 25 years. We pride ourselves on providing fast, personal and dependable service. Factoring with Porter means:
- Dedicated Account Representative
- 24/7 real-time online account access
- Free credit checks on all your customers
- Inventory financing and credit insurance available
- Recourse and Non-recourse lines available
- Cash in your hands within 24 hours of submitting paperwork
- Much more!
Call us today at 800-737-7344 to see how we can help your business.