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Invoice Factoring Companies in Hawaii
Many Hawaii companies have a solid business model, but need more working capital to fuel their business. One of the most popular ways for a company to speed up their revenue stream is invoice factoring.
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%.
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 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 Hawaii
While there are many nationwide and regional factoring companies, some are better than others. The best factoring companies in Hawaii we could find include Factor Funding Company. They provide fast approval, faster funding, and work with many small businesses. Lendvo is another invoice factoring service that Hawaii residents might consider. Lendvo has a fast approval process and specializes in online businesses. Finally, we recommend checking out Fundbox. They provide free accounts and fast funding, making them great for small 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 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 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.
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.