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Receivable factoring is a finance solution that allows business owners to quickly turn invoices into working capital. In spite of waiting for weeks for customers for paying their invoices, receivable factoring lets business owners to get an advance for those invoices and use the cash to fulfil the business needs instead of waiting for customers to pay. It’s more considered for the businesses that have long net terms but along with that have ongoing operational expenses.
Receivable factoring makes it possible to finance an existing business for the needs. Getting a debt helps business in generating capital for the maintenance and growth. Factoring receivables is a kind of financial transaction and debtor finance in which a business sells its accounts receivable or invoices to a third party/factor at some discount. A business performs receivable factoring of its assets to meet and overcome its present and immediate cash needs. Factoring is commonly known by accounts receivable factoring, invoice factoring and sometimes erroneously accounts receivable financing. Receivable financing is a term that is more accurately used for describing a form of asset-based lending using a company’s accounts receivable or invoices as collateral.
Receivable factoring is a form of business finance which begins when your business provides products to thee creditworthy customers. After completion of service i.e. shipping goods, your business would follow the steps below:
Receivable factoring is important for business owners who generally handles a lot of invoices, need funds more quickly, and are waiting for the payments from their customers.
The application process is simple and only takes a few days. To get started, the following information is requested by the factoring companies:
For complex situations, or applications that demand for large amounts, the applicant may require to submit some additional information.
Features of Connect2India finance
Complete online application process makes it easier for us to process forms faster and provide same day loan approvals.
With online loan processing, business loan is disbursed within 3-5 business days of loan approval.
No need to put your valuable assets in risk, we have unsecured loan that do not require any collateral.
Our advanced algorithms determines the best rates for the type of loan you business require.
There will be no hidden costs or any other charges involved. Only processing fee of 2% is charged
Loan repayment structure can be customized depending upon how your business is growing.