Bay View Funding Blog

Are you struggling to find an invoice factoring company that caters to your company needs and the specific requirements of your industry? Discover how a factoring broker can help.

Firstly, let me establish the role of a factoring broker. A broker will work on your behalf to facilitate the sale of your accounts receivables to a factoring company. The process is straightforward, but brokers frequently have industry specific knowledge, which can obviously be handy when you are not sure exactly which invoice financing company to choose from the myriad of possibilities.

Factoring is a fast and efficient financing option, providing cash now for your invoices due to be paid later. When cash flow is crucial, waiting for a bank loan may not be an option that is fast enough!

There are many reasons to factor your accounts receivables and today I will focus on speed. Hurry up and wait is what can happen when you attempt to secure a loan from the bank. Answering many questions, and gathering paperwork relating to the finances of your company may still end in disappointment.

Have you offered your customers payment terms? Factoring your invoices will enable you to easily and promptly receive cash upon completion of the job rather than waiting up to 90 days for payment.

How frustrated must you become before you resort to nasty letters and angry attitudes towards your late paying customers?

Large and experienced AR departments often have a solid policy in place to help with invoice collection from late paying customers. The staff has been carefully trained to remain calm. They have several arrows in their bow to deploy in a potentially inflammatory situation. Not so for small business owners, collecting on your invoices is just a small part of your many responsibilities; you are simply wearing too many hats! And this can be a drain on your time and your patience

Government contracting is an intimidating proposition. Doing business with the largest buyer of goods and services in the world (the U.S. government) does indeed take a lot of preparation, but doing business with the federal government is a huge untapped potential source of income that your business can capitalize on.