Bay View Funding President, Glen Shu is passionate about helping businesses obtain financing that is otherwise potentially out of their reach. In a recent informative video, he talks about how the specific services at Bay View Funding work, and how they can benefit those businesses seeking alternative funding opportunities.
Many clients who use Bay View Funding for their invoice factoring needs have similar challenges when it comes to managing cash flow. When the focus is on successfully growing a business and pursuing new business opportunities, traditional financing can sometimes be hard to secure, but there is always a need to be able to cover costs and pay suppliers on time.
Glen describes financing as ‘a doorway that allows businesses to seek new opportunities and take themselves to the next level.’ As a business supplies more goods or services to their customers, obviously the amount of their accounts receivable begins to grow. Valuable cash is locked into outstanding accounts receivable, cash that can be used to grow the business and fuel new opportunities.
There are many reasons that a business does not qualify for a bank loan or line of credit, or for an SBA loan. Often it is because the business has not been operational for long, has a bad credit history, or it is not generating the profits it needs. When this happens, that funding door is closed until the business can be developed to qualify for the more traditional forms of financing. Building upon the doorway analogy, Glen explains how invoice factoring opens that door, it allows companies to use the resources on hand, such as their outstanding accounts receivable so they can come to an invoice factoring company and unlock the cash flow.
- Invoice factoring focuses on accounts receivable. Qualification is not based upon the history of the business or how well it has performed over the years.
- Bay View Funding offers specific industry solutions where businesses are able to quickly and efficiently access their cash from their outstanding accounts receivable.
Glen and his team establish the benefit of invoice factoring by asking some fundamental questions such as how much value is it to your business to have cash today as opposed to waiting 30 to 90 days for payment? Once a relationship is established, clients have a number of options when it comes to interacting with Bay View Funding on a daily basis.
- A 24-hour portal allows clients to access their account information from current balances to payments received and invoices factored.
- All clients have a dedicated team of professionals helping with day-to-day responsibilities that no longer have to remain in house. They can be outsourced to Bay View Funding.
To find out more about Bay View Funding and the different services surrounding accounts receivable financing, take a moment to watch the video.