Does it cost anything to receive a term sheet?
- No, there is absolutely no cost for you to submit your initial paperwork to us for review. If we determine you are an eligible candidate, the terms of financing and any corresponding costs will be outlined in the term sheet.
I have been in business for less than a year. Am I still eligible?
- Absolutely! We work with start up companies that need additional cash flow to support growth and expansion.
My personal credit is horrible. I can't even get a credit card. Can you still help my business?
- YES! We base our decision on the creditworthiness of your customers, not you or your business credit history.
Once I receive my advance, how do you get paid back?
- We will advise your customers to send their payments to a designated lock box that we set up for you. This ensures payments are received by us and posted to your account quickly. Payments are still made payable to you! Once received, we will repay our advance and return the remaining funds back to you, minus our fee.
Will you send us copies of all the payments you receive from our customers?
- Of course! We want you to know what is happening with YOUR money, so once we advance on an invoice, from that point forward you will have access to all kinds of reporting. As payments are received, we will email you copies of the checks along with our internal reports so you can see how we applied that payment to your account.
Do I have to factor ALL my invoices?
- Absolutely not, although there are many factoring companies out there that do require you to factor everything. For us, we think the genius of factoring is that you should be able to use it only when you need it. Once your customer is set up in our system and sending payments to the lock box, you can pick and choose which invoices to factor at your leisure. Although all payments for that particular customer will still be required to remit all payments (factored or non-factored) to the established lock box address.
If I don't factor an invoice, what happens when you receive the payment?
- We conveniently refer to those as "non-factored payments" and they are remitted back to you 100%. No factoring fees apply.
What are your typical fees?
- That is hard to say because it depends on many factors such as volume, frequency of funding, creditworthiness of your customers, type of financial service, etc, but we have an excellent low cost source of funds behind us, so our fees are typically lower than average factoring companies.
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