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Invoice Factoring Companies in Ohio
Many Ohio 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 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 Ohio
While there are many nationwide and regional factoring companies, some are better than others. The best factoring companies in Ohio we could find include Interstate Capital. They have one of the best discount rates around and will fund up to 100% of an invoice. Lendvois another invoice factoring service that Ohio residents have recommended. Lendvo has a fast approval process and specializes in online businesses. Finally, we recommend checking out CBC. They provide both recourse and non-recourse factoring to suit a wide number of business needs.
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.
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.