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Invoice Factoring Companies in New Hampshire
Many New Hampshire businesses have been looking for ways to improve their working capital. One of the most popular ways for a company to speed up their revenue stream 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, many companies can benefit from invoice factoring services, including those who are looking to increase their working capital without taking out a loan.
Best Invoice Factoring Companies in New Hampshire
While there are many nationwide and regional factoring companies, some are better than others. The best factoring companies in New Hampshire we could find include Interstate Capital. They have one of the best discount rates around and will fund up to 100% of an invoice. Fundboxis another invoice factoring service that New Hampshire residents should look in to. They provide free accounts and fast funding, making them great for small businesses. 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 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 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.