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Factor King Invoice Factoring Review
Factor King describes themselves as a direct financial service provider that works with B2B businesses. This limits the number of industries they serve but allows them to specialize in a way that provides more experience for their customers.
The best aspect about Factor King invoice factoring is that they allow you to select which invoices go into the factoring process. This gives businesses greater flexibility and control over their revenue stream than some other factoring services which only offer full service invoice management. They don’t require long term contracts so businesses can factor for only so long as they need, and their $10 million factoring ceiling is higher than most of the other companies we reviewed. Moreover, the only service that Factor King provides is factoring, which means you don’t have to worry about sales reps trying to steer you toward other services that your business isn’t interested in. They do credit analysis on both new and existing customers, which means that you can be sure that the businesses you’re working with will be able to pay their bills.
The biggest issue we have with Factor King is the lack of pricing transparency. Their website doesn’t have any information about the rates or fees that come with their various services. We realize that different businesses face different situations and so every arrangement will be different, but there’s no guidelines for a base price. Their FAQ isn’t helpful either, providing only short general answers to basic questions, and answering them in a sales-pitch format. Half of their FAQ section is still under construction. They advertise high advance rates, but that’s a meaningless term in an industry where the average advance is already 80% or more.
Factor King is only a good choice for your invoice factoring needs if you are a B2B business that doesn’t want any services besides factoring, otherwise you’re probably better off elsewhere.