When trying to decide between factoring or a bank loan, the immediate answer is based on how much time and debt you have. A regular bank loan means more debt and does take time to structure. Factoring is not a loan and is paid out in 24 hours or less.
There are limits imposed by bank loans that do not grow as your relationship grows, however with a factoring company like ours, as your business grows, our relationship grows. Here at Corporate Billing, we have been helping businesses grow since 1995 and we specialize in relationships.
24 Hour Funding
Invoice Factoring approval and funding can be within 24 hours or less while bank loan approval processes are quite long, expensive, and the qualifications rigorous.
Debt-Collateral
More debt or No debt? That question must be answered as you move forward with your business. If you are comfortable with adding debt to your company then a bank loan is an option, however invoice factoring is not the same as borrowing money. Instead, you are selling your accounts receivables with no debt added to the business.
Control & Choice
You control what invoices are sent in for invoice factoring and you choose when you send them, based on your cash flow needs.
Contracts
Your loan with the bank has a contract with strict guidelines and covenants. However, your invoice factoring program has NO covenant requirements and no term limits as we want to earn your business every day here at Corporate Billing.
If you would like to hear more about invoice factoring, Corporate Billing has provided thousands of clients in the United States and Canada with access to capital and a suite of other customized solutions on flexible terms. Get the money you have earned in 24 hours from a partner you can trust.
Contact Us Today! 877.584.3600 or sales@corpbill.com