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Invoice Factoring Companies in Kansas
Many Kansas companies have a solid business model, but need more working capital to fuel their business. Invoice factoring is a fast and easy way to boost working capital without taking on a loan.
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%.
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, 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 Kansas
While there are many nationwide and regional factoring companies, some are better than others. The best factoring companies in Kansas we could find include Interstate Capital. They have one of the best discount rates around and will fund up to 100% of an invoice. 1st Commercial Creditis another invoice factoring service that Kansas residents have recommended. They work with a number of industries, including construction, manufacturing, and trucking. 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 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.