Using a factor or a financing receivables firm to provide short-term funding for selling accounts receivable (AR) is an ideal option for many small businesses and start-ups. This allows your company access to a high percentage of the AR value in just a few days rather than weeks or months.
With only a short delay between invoicing and payment through selling your AR to a financing receivables firm your business can continue to function. It will be able to make payroll, buy materials and even expand the business based on sales already closed and on the books.
Choosing a financing receivables firm utilizing cutting edge technology also has advantages. The use of technology to access your account through their secure system takes all the guesswork out of planning, budgeting and managing your small business finances.
With the rapid approval of applications a critical consideration, using a financing receivables firm with the full application process online is a time-saving feature. When the application is completed, submitted and processed through secure online forms the speed of approval, and funding, is much greater.
While a financing receivables firm typically operates on standard business hours, your company may not do the same. By utilizing a factor incorporating the latest in technology you have access to your account when you need it. This includes after hours, weekends and on holidays.
In addition, using state of the art technology through the services the financing receivables firm provides to their clients through in-person calls is also a critical concern. Working with a firm with immediate access to your account when you have a question or concern reduces the time it takes to get the issue resolved.
The use of technology by the financing receivables firm needs to extend into all aspects of the services provided. Technology should be used in the processes of underwriting, funding, servicing and collections.
Technology, as a tool, simply enhances the efficiency of the entire funding process. The factor can more accurate track and follow up on invoicing and payments as well as providing funding without any delays.
It also means fewer chances of past due invoice issues as the factor is always managing invoicing and payment through fully automated services. With lower numbers of past due or late payments, the residual amount of the funding is available to you on the date anticipated.
Technology is an important part of any services offered by a financing receivables firm. Utilizing this tool provides efficient, accurate, and timely funding for a small business.
Our financing receivables firm focuses in on how the technology we use maximizes the services we provide to and for our clients. To learn more about United Funding see us online at www.ucfunding.com.