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invoice factoring company reviews

Factor Funding Company Invoice Factoring Review

Factor Funding Company Invoice Factoring Review

Overview

Factor Funding offers invoice funding and other working capital solutions for businesses. They are well-regarded in the industry and offer a number of appealing features for businesses

Pros

Factor Funding provides up to 90% initial funding, which is higher than the industry average of 80%. This means that companies will have access to more capital up front, and can be vital to startups or growing businesses. Factor Funding has a higher ceiling on the value of invoices you can factor with them than many of the other factoring companies we looked at, $10 million per month. They offer nonrecourse funding so companies will not be required to buy back invoices that Factor Funding wasn’t able to collect on, preserving their cash flow. They offer 24 hour turnaround time on applications, and provide funding with 24 hours of invoice purchase. There is no minimum that you have to factor each month, which provides companies more flexibility. They work nationwide and also have services in Canada. While they do have a startup fee, it can be deferred to the back end of the contract so you won’t have to pay it right away.

Cons

Factor Funding does have some issues that need to be addressed before they can be the best invoice factoring company. Their email support wasn’t responsive, though the reps that cover phone are helpful and informative. Their discount rate is in the middle, at around 1.5%. One of the most puzzling drawbacks for Factor Funding is the lack of an online applications. Customers can use a downloadable PDF, but the extra steps in this process don’t add anything and just take away valuable time.

Verdict

Factor Funding is a solid choice for invoice factoring. They offer competitive rates and a high factoring ceiling, but the poor email service, application process, and fees keep them from being the best invoice factoring company.