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Invoice Factoring Companies in Missouri
Many Missouri companies are on the path to greatness, but could use a boost in the form of extra working capital. One of the most popular ways for a company to speed up their revenue stream is invoice factoring.
Missouri
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, 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 Missouri
While there are many nationwide and regional factoring companies, some are better than others. The best factoring companies in Missouri we could find include Fundbox. They provide free accounts and fast funding, making them great for small businesses. 1st Commercial Creditis another invoice factoring service that Missouri residents should look in to. They work with a number of industries, including construction, manufacturing, and trucking. Finally, we recommend checking out 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 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.
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.
