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Invoice Factoring Companies in Washington
Many Washington firms are primed for success, but can’t get the working capital they need to grow. 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, 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 Washington
While there are many nationwide and regional factoring companies, some are better than others. The best factoring companies in Washington we could find include CapitalPlus Equity. They don’t require long term contracts, and provide funding within 24 hours of buying an invoice. 1st Commercial Creditis another invoice factoring service that Washington residents should look in to. They work with a number of industries, including construction, manufacturing, and trucking. 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 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.