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Invoice Factoring Companies in Oklahoma
Many Oklahoma 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 when a you sell your outstanding invoices to another company to collect. That company then pays you most of the value of your invoices, collects the amount owed, and then pays you the remainder minus their discount rate. Most initial funding is between 70-90%, and the discount rate is usually between 0.5-1.5%.
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 Oklahoma
While there are many nationwide and regional factoring companies, some are better than others. The best factoring companies in Oklahoma we could find include Factor Funding Company. They provide fast approval, faster funding, and work with many small businesses. Crestmarkis another invoice factoring service that Oklahoma residents should look in to. They offer recourse and nonrecourse factoring for a wide variety of industries. Finally, you should consider looking into Fundbox. They provide free accounts and fast funding, making them great for 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 can save companies from having to add expensive staff and software to manage their accounts receivable. As a result, more capital can be focused on your core business processes, helping your business grow 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.