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invoice factoring company reviews

PRN Funding Invoice Factoring Review

PRN Funding Invoice Factoring Review

Overview

PRN Funding is an invoice factoring firm that works exclusively in the healthcare industry. They are based in Cleveland, OH, and offer collections services in addition to invoice factoring for businesses.

Pros

One of PRN Funding’s strongest advantages is they provide funding incredibly quickly once you factor an invoice. You can use this capital to meet payroll, invest in new technologies, or anything else that might help grow your business.

PRN Funding is also strong in that they provide non-recourse funding, which means that there’s no risk of a chargeback if your client doesn’t pay their invoice. Non-recourse factoring provides a more secure revenue stream that recourse factoring, making it preferable in almost every instance.

Finally, they provide fast cash for companies that are facing cash issues. This can help a business grow by providing it the capital needed to complete more advanced and lucrative projects.

Cons

However, there are some issues with PRN Funding. The first is they don’t have a very good website, which is a red flag in today’s internet-obsessed culture. Oftentimes we found that a slow or bad website corrosponds to lower marks for customer service and satisfaction.

PRN Funding also loses points because they lack the information that businesses interested in factoring need to be able to compare their services to their competitors. As a result, we don’t have the information we need to do a fair apples to apples comparison, costing them points in our review.

Finally, their fees are on the high end of what we expect in the industry. This brings them down a few marks because fees can be a red flag for other pricing transparency issues. Greater fees also relate to lower customer satisfaction in our research.

See also  TCI Business Capital Invoice Factoring Review

Verdict

PRN Funding is a good choice for healthcare invoice factoring. The reviews we found were positive, and they offer fast funding and non-recourse financing. A bit more information on rates and fees, and they could easily be one of our best invoice factoring companies