Pros

One of the most appealing aspects of Charter Capital invoice factoring is the lack of a maximum ceiling on the amount you can factor with Charter Capital. They will purchase invoices that are as much as 45 days overdue, and doesn’t require any minimum amount of time that you have to work with them. They have a fast turnaround, offering approval within 24 hours, and funding the same day that they purchase an invoice. The offer initial funding up to 90%, which is higher than the industry average, but not as high as some of the other companies we looked at. Their phone and live chat customer support are solid and are able to find and offer the information that businesses might be looking for.

Cons

Charter Capital’s biggest drawback is their monthly minimum. You need to be factoring at least $15,000 per month for their services, and this can be a barrier to some companies or business types. They will stop trying to collect on an invoice after it has been overdue for 90 days, and they are a recourse invoice factoring service, which means businesses will have to buy back any invoices that Charter Capital was not able to collect upon. They do not have an email address or contact option to send an email to their customer service, which means users will be forced to spend time on the phone or in a live chat. The discount rate offered by Charter Capital is a minimum 1.5% which is in the middle of the pack.