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Invoice Factoring Companies in Utah
Many Utah companies have a solid business model, but need more working capital to fuel their business. 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%.
Not everyone stands to beneft from invoice factoring though. Some companies may not have invoices large enough to justify factoring, and others may worry that customers will be nervous about paying a third party. 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 Utah
While there are many nationwide and regional factoring companies, some are better than others. The best factoring companies in Utah we could find include Crestmark. They offer recourse and nonrecourse factoring for a wide variety of industries. CapitalPlus Equityis another invoice factoring service that Utah residents should look in to. They don’t require long term contracts, and provide funding within 24 hours of buying an invoice. Finally, we recommend checking out Factor Funding Company. They provide fast approval, faster funding, and work with many 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.