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Business Funding - A/R Funding (aka Factoring)
FAQ's- Frequently Asked Questions
Accounts Receivable/Invoice Funding [Factoring]
1. What is Accounts Receivable Funding (aka Factoring)?
- Accounts Receivable Funding, also known as Factoring, or Invoice Financing, is simply... the purchase of a company's Accounts Receivable (business invoices) at a discount. It's a natural step in financing used by many businesses.
Purpose - Factoring is a quick and flexible way to obtain cash when you need it. With Factoring, you get money in as little as 2 to 3 days for work you’ve already completed, rather than waiting the customary 30 days, or even 60 - 90 days or more before receiving payments from clients and customers.
2. What Kinds of Businesses can get Accounts Receivable (A/R) funding?
- A whole host of varied businesses. They provide both products and services to other Businesses (B2B) as well as to Government agencies (B2G), and offer credit payment terms (and issue Invoices) to their customers.
- Typically, these include --• Staffing firms •Manufacturers •Security & Guard Alarm services • Cleaning/Janitorial services, • Health Care Providers • Medical Device makers & suppliers, • Engineering and Consulting services • Distributors & Wholesalers • Graphic Design companies,• Computers (hardware/software) • Cable Installers, • Industrial & Heavy Equipment suppliers • Trucking companies, and many more. ---> (See HOME Page,
'Our Services' for additinal businesses that quickly benefit from
using A/R funding.)
3. How can My Business Qualify for Accounts Receivable
(Invoice) funding?
- By telling us a little about your company and its officers, your customers, how much money you need and how soon you need it. Then complete a short Application, sign and submit it to us by e-mail or fax. (Snail mail works fine as well.) We will respond to you the same day or within 24 hours.
4. All well and good. But what if...
...I've been in business less than 3 years, don't have such hot credit, had a bankruptcy several years ago, and cannot currently qualify for a traditional bank loan?
- Not to worry. If you have issued invoices to creditworthy customers for work you've completed for them, these prior happenstances will NOT necessarily prevent you from qualifying for Invoice Financing. Just let us know your circumstances up front so we can get you the best funding for your situation.
5. So How does the Funding Process work?
• Submit an Application along with a few requested documents.
•Discuss your special financing needs with Sea-Green Financial
and the selected Funder; ask and get all your questions answered.
• After evaluation of your documents and situation, and completion of
due diligence search, our Funder will send you aFormal Proposal
(term sheet).
•Review this formal proposal with your Consultant and Funder; make
any changes or edits you feel are necessary and are agreed upon.
• Have all designated principals sign the final Agreement and return it to the Funder - ASAP for expedited service.
• Then, follow the Funding company's procedures for submitting the
invoices you want funded.
That's about it. - No long committee decisions, no big binder full of financials going back 5 years, no compensating balances, etc. Just the requested documents verifying the essentials of your business, and getting the most flexible plan that meets your needs.
6. How Soon can I get funding for my invoices?
- You are ready for funding as soon as your account is set up. When you submit approved invoices, the funding company purchases them and within 24-48 hours will forward to you anywhere from 72%-85% of the face value of the invoices. The balance is remitted back to you when the funder collects payment from your customers (less his fee).
7. Anything Else I need to know?
- Yes - You can review your account status 24/7 online.
- And... know that your satisfaction is our goal. That is why we will continue working on your behalf throughout your funding process and are always available to answer any questions you have.
8. Can I Amend my agreement with the Funder if my
circumstances change?
- Businesses and economic conditions are continually changing. Recognizing this, the Funders (Factors) we work with are very flexible in dealing with clients and can usually meet your changing needs. Call and let us know what additional or changed services you require, and we will work on your behalf to provide them to you.
SPECIAL REPORT --
Can You Factor Invoices Even if Your Margins are Small? A resounding YES! All you need do is check out a few simple facts. Call us to receive your copy of this Special Report, and to find out --
What Else Is New In Factoring?
