In a world full of varying financial solutions, it seems that they all get grouped together. In reality, each option comes with a blend of unique characteristics. At Transfac Capital, our forte is factoring.
What separates factoring from other financial services, such as ACH and SBA loans? This is the question we will be answering through a series of articles, aptly titled “Factoring Facts.” From the ideal clientele to the time it takes to get financed, we intend to answer all of your questions.
Tip 2: When/How Will I Receive the Funds?
Once the application and funding process begins, if everything is in order, working capital can be received within as little as 24 hours. This quick turnaround time attracts business owners, as other lending options can take months to complete. Payment options come in the form of a wire transfer or a cashier’s check.
The factoring process doesn’t end with the cash advance. Invoices sold to the factor will be collected and used to pay service fees, with costs differing based on a number of characteristics. Once the factor has covered the overhead, surplus cash will be transferred to your business.
If you would like to know more about how factoring can help your business grow, contact us at (888)222-2840. A member of the Transfac team is waiting to answer any question you may have!
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