Illinois Factoring Companies For Small Businesses
Do you find that your business has gaps between issuing an invoice after completing work and receiving payment from your customers? Waiting as long as 60-90 days for slow-paying customers to pay their invoices can be stressful. Not to mention, it creates unnecessary struggles to cover every day operating costs. Illinois invoice factoring is a practical and straightforward process that can help your business solve any cash flow issues and help you achieve the business of your dreams.
What is Invoice Factoring?
Invoice factoring is an alternative lending option available to companies that are struggling with working capital or that have even been turned away from conventional loan providers. Invoice factoring, also known as accounts receivable factoring, is fast and can put money in your account quickly — especially when you need it most.
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How Illinois Factoring Works
To begin factoring, Factor Finders will match you with a factoring agency that excels in your market. Then, the application process is quick and easy — usually only taking between 3-5 business days. Once approved, you can submit open, unpaid invoices to your Illinois factoring company. The factor will verify that work has been completed and advance you 70 to 98 percent of the invoice value.
While you continue running your business as usual, your factor will collect payment from your customers. Then, apart from a small factoring fee, they will send you the remaining amount of the invoice.
You can factor as many invoices as you want, as often as you need, to maintain a working level of capital.
Small Business Friendly Financing
Don’t just try to keep up with the fast pace of a big city. Whether you’re based in Chicago, Springfield, or any other city in Illinois, an invoice factoring company will substantially support your business. Their industry expertise, attention to detail on your account, and the built-in benefits of invoice factoring make factoring small-business-friendly to obtain working capital.
Streamlined qualification process
Even if you have poor or little business credit, you can be approved by an Illinois factoring company. We base our funding decisions largely on the creditworthiness of your customers, who will ultimately pay the invoice. As long as you are working with reliable customers, we can create the right invoice factoring program for your company.
Same-day advances available
Once you start working with one of our Illinois invoice factoring companies, you will receive deposits within 24 hours of invoice verification. Your factor will initiate either a same-day wire, or a next-business-day ACH transfer, depending on the terms of your agreement.
Unlike traditional loans or lines of credit, invoice factoring does not create debt on your balance sheet. Instead, it helps you build or re-establish a high credit rating for your future credit needs. Illinois invoice factoring further helps you build your credit by giving you access to early-pay discounts and other prompt payment incentives.
Cash flow to take on new projects
Have you ever turned down an order because you were worried about not having the funds upfront to complete it? Never turn down an order for monetary reasons again! You can apply your factored funds to any and all areas of your business that need support.
Back office support
Spend more time providing great service and investing in your company. Illinois invoice factoring companies offer administrative support to their clients, including credit verification for new and current customers, as well as targeted collection efforts to minimize your fees. In addition, you can get updates on your account any time, anywhere, with online reporting services.
The Fastest Way To Get The Funds You Need
Give us a call today. 855-322-8671
Invoice Factoring is Available in your Industry
Factor Finders’ funding partners specialize in the industries that keep Illinois running, including:
- Retail & Service
- Oil & Gas
Illinois invoice factoring companies create “Business sovereignty, financial union” – so why wait? Learn more about the benefits of factoring for your company and start factoring your invoices today!