Q: Are there restrictions as to how I can use the money from factoring? A: NO! That is the beauty of factoring your accounts receivables. The money is yours, you earned it through the sale of goods and services. BFC simply gives you access to the funds 60 to 90 days sooner than you would… Continue Reading
Category: Questions & Answers
Q: How is Factoring different than a loan? A: With Factoring, we are simply giving you an advance on the money that is owed to you by your clients, less a small percentage for funding your receivable in advance. When the client pays their invoice, you turn that payment over to BFC and the factoring amount is… Continue Reading
Question: How much money can I get for my receivables? Answer: Your business will be approved for a monthly invoice factoring amount. You can factor invoices up to that amount. Typically we will advance from 70%-80% of an invoice, with the balance held in reserve until the invoice is paid. Send your questions… Continue Reading
Answer: Factoring isn’t a loan, so the fact that your company doesn’t have the right “ratios” or that banks have turned you down for a line of credit or working capital loan doesn’t matter. If you have creditworthy business clients and good receivables, you may be a candidate for factoring.
In any contact we may have with your clients, such as verifying that invoices are correct or following up on a late payment, they will be treated with the utmost respect, and in some cases, may not even know that they are not dealing directly with your company. We want your clients to be happy…. Continue Reading