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Invoice Factoring Companies in Mississippi
Many Mississippi 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.
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, 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 Mississippi
While there are many nationwide and regional factoring companies, some are better than others. The best factoring companies in Mississippi we could find include CBC. They provide both recourse and non-recourse factoring to suit a wide number of business needs. 1st Commercial Creditis another invoice factoring service that Mississippi residents have recommended. They work with a number of industries, including construction, manufacturing, and trucking. Finally, you should consider looking into Paragon Financial. They provide 90% initial funding, as well as payroll financing services.
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 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.