Even if you have incentives in place for your customers to pay their invoices quickly, be it by giving discounts, offering online payment options, or enforcing late fees, the invoice payment terms can still place a delay on money owing to your business for products or services completed. This can place a crunch on the cash flow you need now to meet wages, new equipment, or growth.
This is where invoice factoring enters as a solution, allowing your business to access a large percentage of the funds held in your unpaid sales invoices. You simply forward your invoices to the factoring firm in exchange for a cash advance, and the factoring firm now owns the invoices and is paid when it collects from your customers. Imagine what you could do tomorrow, if you got paid today, for the work you did yesterday!