Invoice factoring & PO Funding Michigan
Does your company have cash flow problems because customers take up to 70 days to pay an invoice? This problem is quite common and affects a large number of companies. The usual way to address this challenge is to use business funding to cover expenses while waiting for customer payments. One solution that has been gaining traction in recent years is invoice factoring. We offer invoice factoring financing in Michigan and can provide competitively priced solutions.
Factoring rates as low as 1.5%. Advances as high as 85%
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Questions? (866) 7301922. Toll free in Michigan.
Financing for companies in the service, wholesale, oilfield services, janitorial, and manufacturing sectors that are located in Michigan.
Funding for trucking carriers and freight brokerages.
This product provides the necessary funds to pay your suppliers and deliver on your orders.
Financing for small and medium sized trade companies that sell goods and services to customers outside the US and Canada.
Financing for subcontractors in the construction industry.
Funding for businesses that supply services and products to Michigan state agencies and to the federal government.
Funding for companies that provide guards for commercial, industrial and government sites.
Funding for staffing and employment services in the business and medical fields.
Factoring for new businesses, small office/home office (SOHO), consultants, independent professionals or any business with less than $250,000 in revenues.
Specialized program for healthcare practitioners and medical providers that bill private insurance companies, Medicare and Medicaid.
How does it work?
Factoring financing is a tool that allows companies to sell their invoices to a factoring company in exchange for immediate funds. Instead of waiting to get paid by your customers, you get an advance from a factoring company that can be used to cover expenses such as suppliers and rent. Invoice factoring enables growing businesses to leverage their strongest asset - their invoices form credit worthy clients.
The plan is simple to use and integrates well into most businesses:
- You deliver your product or service
- You create an invoice and sent it to the factoring company and to your client
- You get an immediate advance of 70% to 90% of your invoice
- The factoring company gets paid by your client 30 to 90 days later
- You get a second installment (the remaining 10% to 30%), less a small fee
Accounts receivable factoring has a number of benefits over other solutions, such as a business loan. For starters, it is easy to qualify for and can be setup quickly. Also, most factoring companies do not impose set limits. The size of your line is based solely on the size and quality of your receivables (and customers). As opposed to other solutions, it can adapt to growing revenues. This makes it an ideal option for growing companies.
Need information about factoring?
Are you researching factoring or PO financing? These articles may help:
- What is factoring?
- How to select a factoring company
- Anatomy of a purchase order financing transaction
- Business financing for logistics companies
- Is invoice factoring right for you?
- Financing for your security company
Questions? Call (866) 730 1922. Toll free in Michigan. We offer factoring in Canada and in the USA.