Unlike most other forms of commercial financing, accounts receivable factoring is pretty easy to set up. Usually an application needs to be filled out. Some factoring companies require an application fee, others do not. Along with the application and a copy of your current AR aging report you may get a good idea of the terms & conditions on your factoring deal. Remember the rates for invoice factoring depends largely on the creditworthiness of your customers, and the dollar volume of business being generated.
So where with a bank you might need a loan package including tax returns, proof of profitability, personal financial statements etc., with factoring an application and aging report will get you in the door. Very easy to set up and get started.
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