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Invoice Factoring Companies in South Carolina
Many South Carolina businesses have been looking for ways to improve their working capital. 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%.
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 South Carolina
While there are many nationwide and regional factoring companies, some are better than others. The best factoring companies in South Carolina we could find include 1st Commercial Credit. They work with a number of industries, including construction, manufacturing, and trucking. Factor Kingis another invoice factoring service that South Carolina residents have recommended. They have low discount rates, but high initial funding, which makes them perfect for growing businesses. 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 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.
There are many reasons to try invoice factoring. Check out some reviews of these companies and see if they’re right for you.