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Invoice Factoring Companies in Georgia
Many Georgia firms are primed for success, but can’t get the working capital they need to grow. Invoice factoring is a fast and easy way to boost working capital without taking on a loan.
Georgia
What Is Invoice Factoring?
Invoice factoring is a service provided by companies whereby the company buys your invoices and pays them at a discount rate. Then, once the factoring provider collects on the invoice, you get paid the remainder minus the factoring company’s discount rate. Initial funding can be as much as 98% and the discount rate ranges from .5-1.5%.
Invoice factoring isn’t for everyone. For example, if your customer base doesn’t have a good history, you may have problems getting approval for invoice factoring. Furthermore, some factoring companies may not work in certain markets. 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 Georgia
While there are many nationwide and regional factoring companies, some are better than others. The best factoring companies in Georgia we could find include Fundbox. They provide free accounts and fast funding, making them great for small businesses. Interstate Capital is another invoice factoring service that Georgia residents should look in to. They have one of the best discount rates around and will fund up to 100% of an invoice. Finally, we recommend checking out Factor King. They have low discount rates, but high initial funding, which makes them perfect for growing businesses.
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 doesn’t show as a loan on a company’s credit report. This can be a lifesaver for companies that may have had credit difficulties in the past but still have a solid underlying strategy. Invoice factoring is also beneficial in that it allows companies that have no credit history, or a bad credit history, to get the working capital they need to grow their business. Many startups are built on the back of invoice factoring.
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.
