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What is Invoice Factoring

Factoring is a type of financing that can significantly improve your business's cash flow. Instead of waiting 30, 60, or 90 days for payment, you can sell your open invoices to a factoring company and receive an immediate cash advance. The process is very straightforward. A business provides work, services, or products to its customers. When billing the customer, the invoice is sent to the factoring company first. The factoring company advances the business, a percentage of the value of the invoice, generally 90 %, that same day. Then, the Factoring company sends the invoice to the customer, who processes and pays it on their regular terms. The customer pays the invoice to the factoring company. Once the payment is processed, the remaining invoice balance, less a factoring fee, is remitted to the business. Factoring is a proven method that can provide your business with reliable and consistent cash flow, regardless of your industry. If you find that waiting for customer payments is hindering your business's growth or management, factoring could be the solution you've been looking for.