Is Financing Solutions a Factor Business
When it comes to obtaining financing for your business, you have numerous options. You could turn to a bank, an alternative lender or a factor business.
If you have decided that receivable factoring is right for you, you should be aware that not all companies are the same. It is important to find a factor business that you can trust, with the best terms and policies to fit your unique needs.
What Are the Pros and Cons of Working with a Factor Business?
For many small business owners, getting a fast business loan from a bank is not an option. Banks require tons of collateral, an excellent credit score and mountains of paperwork.
While you are waiting to be approved for a quick business loan, you may have loads of cash in your accounts receivables, but your clients can take up to 90 days to pay. That’s where accounts receivable financing, or factoring, can help.
However, with traditional factoring, your clients will have to pay their bills to the factor, which is a clear signal that your business is in trouble. Also, they typically charge outrageous fees, which can equal tens of thousands of dollars. Additionally, they lock you into long term repayment schedules that could take you years to repay.
How is Financing Solutions Different from a Traditional Factor Business?
Financing Solutions (www.financingsolutionsnow.com) is a factor business, but they are different than traditional factoring because your clients still pay what they owe you directly to you, just like they’ve always done (not to a factor or PO box). They also provide you with cash against your future receivables, but they are so much easier than using a long term factor.
For one thing, Financing Solutions offers a fast application process that takes just minutes to complete. Also, they provide a convenient repayment schedule which allows you to repay the money in a few short weeks or months, with no early payment penalties.
Factors That Can Turn a Good Business into a Great Business
Your business is probably pretty good right now. If you have survived for more than two years, you have already outdone approximately half of the businesses that started at the same time. Nonetheless, in order to stay successful, you must find ways to take your business from good to great.
One thing you can do is to put more emphasis on customer service to differentiate yourself from the competition. Research has shown that, all other things being equal, consumers will go where they feel appreciated. Many will even pay more for this recognition.
You should also highlight and promote what makes you unique. Do you go above and beyond to meet customer demands? Does your company have an exciting culture? Is your product more durable or convenient than others? These are all the kinds of factors that matter to the public but if they don’t know about them, you are just spinning your wheels.
Another way to make your business great is to contact Financing Solutions. They will give you the fast cash you need to take your business to the next level.