Manufacturing factoring allows you immediate access to as much as 90 percent of your unpaid invoices in cash! Unlike a business loan, invoice factoring for manufacturing turns your open invoices into cash you can use to meet your financial needs and increase your cash flow.
Invoice Factoring for Manufacturers
Factoring your manufacturing invoices is a simple process:
- Submit unpaid manufacturing invoices for completed work to the factor
- The manufacturing factor will verify your invoices and deposit funds into your account within 24 hours
- Continue running your business as usual while the factor works with your customers to collect
- When the invoice is paid, the factor will send you the remaining invoice amount minus a small factoring fee
- There are no limits to how you apply the funds you receive by factoring your manufacturing invoices. Use the working capital to purchase new materials, update inventory, make payroll and other employment expenses, or invest in building your company
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Benefits of Manufacturing Invoice Factoring
Ongoing access to cash is just one of the many advantages of a thriving manufacturing factoring relationship. Below are some of the other great benefits of manufacturing invoice factoring.
Qualify with poor credit
No matter your company’s size or situation, you can still qualify for a manufacturing factoring program. Factoring is designed to help start-ups as well as companies with poor credit ratings to get the cash they need. The factoring approval process is based on the credit of your customer, not you. Moreover, with a steady source of working capital you can pay down your company’s existing debt and build or repair your company credit.
Manufacturing invoice factoring allows you unprecedented control over your operating costs. You can choose how many invoices you factor and how often, so by identifying payment patterns you can submit them at the best possible time to keep your costs low. In addition, choosing to work for reliable customers will give you even greater confidence in your business.
Take your manufacturing company to the next level with even more ways to save money:
- Back office support – Your manufacturing factor will collect from your customers directly and perform background checks to qualify your customers, all at no added cost to you. Monitor your account 24/7 with unique online access.
- Volume discounts – You may qualify for a reduced factoring fee if you factor a large number of manufacturing invoices in a given month. Once you discuss this with your manufacturing factor it should appear in your factoring agreement.
- Creditor incentives – Negotiate discounts for early payment or bulk orders knowing you have the cash on hand to cover your expenses. Your creditors will be happy to work with you when they know their bills can be paid too!
It’s easy to begin manufacturing invoice factoring – contact us today and fill out a short application. You can be approved in as little as 3 to 5 business days with a minimum of paperwork.Manufacturing is a central industry to a reviving economy, so don’t let your recovery rest on slow payments! Contact Factor Finders to begin manufacturing invoice factoring today.