The short answer is NO. However, as with most business relationships, you must first establish an account. The process is not long but will establish your factoring discount rate.
The factoring discount rate is determined by a number of variables such as the type of business you are in (for example, construction is more expensive than manufacturing), the number of monthly invoices to be factored, the dollar amount of each invoice, the credit quality of your clients & their payment history, as well as other credit risks. There may also be a small setup and monthly maintenance fee based upon your needs.
Once we do an initial factoring and establish the account, you are not required to factor invoices each month. The account is there when you need it, and we are happy to assist.
At BUSINESS FINANCE CORPORATION, we are here to help you grow.Please call us at 702-947-3800 If you have questions about factoring send it to David@bfc.vegas.