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Invoice Factoring Companies in Louisiana
Many Louisiana 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 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%.
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 Louisiana
While there are many nationwide and regional factoring companies, some are better than others. The best factoring companies in Louisiana we could find include Crestmark. They offer recourse and nonrecourse factoring for a wide variety of industries. Lendvois another invoice factoring service that Louisiana residents should look in to. Lendvo has a fast approval process and specializes in online businesses. Finally, you should consider looking into Factor Funding Company. They provide fast approval, faster funding, and work with many 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 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.
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.