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Invoice Factoring Companies in Florida
Many Florida companies are on the path to greatness, but could use a boost in the form of extra working capital. One of the most popular ways for a company to speed up their revenue stream is invoice factoring.
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, many companies have found that invioce factoring is a great way to increase their working capital and outsource accounts receivable services that they aren’t ready to have in-house.
Best Invoice Factoring Companies in Florida
While there are many nationwide and regional factoring companies, some are better than others. The best factoring companies in Florida we could find include Paragon Financial. They provide 90% initial funding, as well as payroll financing services. 1st Commercial Credit is another invoice factoring service that Florida residents might consider. They work with a number of industries, including construction, manufacturing, and trucking. Finally, you should consider looking into Crestmark. They offer recourse and nonrecourse factoring for a wide variety of industries.
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.
There are many reasons to try invoice factoring. Check out some reviews of these companies and see if they’re right for you.