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Chesapeake Bank Invoice Factoring Review
Chesapeake Bank is an invoice factoring company based in Maryland. They offer a wide range of cash flow programs, including factoring and lines of credit. They offer funding for $500k – $3M, and have a variable initial funding of 80-90%.
One of Chesapeake Bank’s strongest advantages is they can help many different companies find the right factoring solution for their specific needs. This is because their service is very flexible and can accommodate the issues that many different businesses face.
Chesapeake Bank has the added benefit of the fact that they provide funding incredibly quickly once you factor an invoice. You can use this capital to meet payroll, invest in new technologies, or anything else that might help grow your business.
Finally, they operate a very easy to use website, which lets customers know the important information they’re looking for when researching factoring companies. Our research equates this with a higher level of customer service.
However, there are some issues with Chesapeake Bank. The first is they lack the information that businesses interested in factoring need to be able to compare their services to their competitors. As a result, we don’t have the information we need to do a fair apples and apples comparison, costing them points in our review.
Chesapeake Bank also suffers because their fees are more than you would expect from an invoice factoring company, and that may be a deterrent for many small businesses. Moreover, fees usually indicate that there might be other issues with pricing transparency or customer service.
Finally, they don’t provide non-recourse factoring options. As a result, you can be liable for a chargeback if your client doesn’t pay the invoice. This introduces more unpredictability for your revenue than non-recourse funding, and isn’t as desirable.
Chesapeake Bank are an average invoice factoring option. They need to improve their website and pricing clarity before they can break into the top invoice factoring companies.