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Invoice Factoring Companies in Indiana
Many Indiana 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.
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 Indiana
While there are many nationwide and regional factoring companies, some are better than others. The best factoring companies in Indiana we could find include Factor King. They have low discount rates, but high initial funding, which makes them perfect for growing businesses. Fundboxis another invoice factoring service that Indiana residents should look in to. They provide free accounts and fast funding, making them great for small businesses. Finally, we recommend checking out CapitalPlus Equity. They don’t require long term contracts, and provide funding within 24 hours of buying an invoice.
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 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.
There are many reasons to try invoice factoring. Check out some reviews of these companies and see if they’re right for you.