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Invoice Factoring Companies in Arizona
Many Arizona firms are primed for success, but can’t get the working capital they need to grow. One of the most popular ways for a company to speed up their revenue stream is invoice factoring.
Arizona
What Is Invoice Factoring?
Invoice factoring provides fast capital because the factoring companies buys your invoices for an initial amount, usually 70-90% of their value, and then collects on the invoice. Once the invoice has been paid, your company gets the rest of the value of the invoice minus the factoring service’s discount rate, usually between .5 and 1.5%.
While many companies can benefit from invoice factoring, it isn’t for everyone. In some markets customers may be put off by or leery of paying a third-party bill, and others don’t have the right client base for invoice factoring to work. However, invoice factoring can be the best solution for many companies looking to expand their business, but that lack the working capital to do so.
Best Invoice Factoring Companies in Arizona
While there are many nationwide and regional factoring companies, some are better than others. The best factoring companies in Arizona we could find include 1st Commercial Credit. They work with a number of industries, including construction, manufacturing, and trucking. Crestmark is another invoice factoring service that Arizona residents should look in to. They offer recourse and nonrecourse factoring for a wide variety of industries. Finally, you should consider looking into CIT Commercial Services. They have more than 100 years of experience and offer a number of flexible factoring solutions.
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 allows companies to outsource their accounts receivable process at a fraction of the cost of other alternatives. As a result, companies can save money on hiring as well as expensive software packages. Invoice factoring is also beneficial in that it lets you measure the creditworthiness of your customers. This can be a gamechanger if your business is trying to choose between two different projects to work on.
As you can see, there are many benefits to invoice factoring. Check out some reviews and decide if invoice factoring is right for your business.
