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New Century Financial Invoice Factoring Review
New Century Financial is a working capital company that offers invoice factoring and other services to companies in a wide range of industries, including staffing, transportation, oil and gas, energy, manufacturing, and service.
The best feature of New Century Financial invoice factoring is that they don’t have any startup or termination fees. This can save companies a lot of money when compared to some of the other factoring services we looked at. Applications can be filled out online and have a 24 hour or less turnaround time for approval. Funding for purchased invoices comes in the same day that New Century chooses to buy them. They offer up to 90% initial funding, which is more than many of the invoice factoring companies reviewed, and focuses on the credit of the customers rather than the business making them an excellent option for startups or companies that have had credit issues in the past. Their 1.25% minimum discount rate is in the middle of the industry range, but is very attractive when the lack of fees is taken into account. Moreover, New Century doesn’t have any factoring commitments or minimums, which make them a good option for companies that are looking for flexibility.
One of the biggest issues with New Century is a lack of transparency in their information. We couldn’t find any information on their factoring minimums or maximums, nor could we get information on time commitments. New Century also lacks live chat support, which is fast becoming a must for any industry, but especially within the financial products and services market.
New Century is a good option for invoice factoring services. They have a solid reputation and customer reviews were, on balance, very positive. Make sure you clarify what the ceiling is for the value of factored invoices before you commit, and you should be good to go.