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Invoice Factoring Companies in Alaska
Many Alaska companies have a solid business model, but need more working capital to fuel their business. One solution that works for many companies is invoice factoring.
Alaska
What Is Invoice Factoring?
Invoice factoring is when a you sell your outstanding invoices to another company to collect. That company then pays you most of the value of your invoices, collects the amount owed, and then pays you the remainder minus their discount rate. Most initial funding is between 70-90%, and the discount rate is usually between 0.5-1.5%.
Not everyone stands to beneft from invoice factoring though. Some companies may not have invoices large enough to justify factoring, and others may worry that customers will be nervous about paying a third party. However, many companies can benefit from invoice factoring services, including those who are looking to increase their working capital without taking out a loan.
Best Invoice Factoring Companies in Alaska
While there are many nationwide and regional factoring companies, some are better than others. The best factoring companies in Alaska we could find include Paragon Financial. They provide 90% initial funding, as well as payroll financing services. CapitalPlus Equity is another invoice factoring service that Alaska residents might consider. They don’t require long term contracts, and provide funding within 24 hours of buying an invoice. Finally, we recommend checking out TCI Business Capital. They have same day funding, as well as a fast approval process to get an account.
Benefits of Invoice Factoring
The first benefit of invoice factoring is that companies don’t have to wait to receive payment for their services. This is especially important for companies that are growing and struggling to keep up with the contracts they have. Another benefit to invoice factoring is that it can save companies from having to add expensive staff and software to manage their accounts receivable. As a result, more capital can be focused on your core business processes, helping your business grow Invoice factoring is also beneficial in that invoice factoring is available to companies that have a less than stellar credit record, or aren’t big enough for a bank to work with. This can help jump-start the growth of a small business.
If you think invoice factoring might be the solution your business needs, then you should check out some of our reviews to find the best invoice factoring company for your business.
