Invoice factoring is one the most quick and easy means of acquiring much-needed capital. How long does it take for the factoring company to wire funds into your bank account?
The factoring application is just a few pages and most of the time tax returns aren't required. Within a day, a Letter of Intent (LOI) is sent out. Upon agreement of the factoring terms & conditions, the accounts receivable Purchase & Sale Agreement is delivered overnight. When the signed agreement is returned the funding can start. This usually can take from 5 – 10 days.
Once the factoring account is set up, then getting an advance on an invoice is a matter of verification and notification. The factor notifies the account debtor (customer) to make payment directly to the factoring company, and verifying that the work has been completed. This can usually take anywhere from a few hours to the next day. After submitting an invoice from a completed job, a bank wire goes out within 24 hrs. Can you get a bank loan that fast?
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Kent Harlan, CPA
Ozarks Capital Funding, LLC
www.ocflink.com
5 comments:
Invoice factoring is the easy way of access to loan for small business companies where the credit invoices of the company is taken is as security for the lending purpose.
Factoring is a boon for truckers for the reason that it provides a steady inflow of cash into the business.
factoring is an easy technique or process to get loans. nice post
Really helpful post..Thanks..
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