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Frequently Asked Questions

What is Factoring?

Factoring allows a business to obtain immediate capital or money based on the future income attributed to a particular amount due on an account receivable or business invoice.

What is an NOA?

When a company is factoring their invoices, what they are agreeing to do is assign their accounts receivables to their factoring company, who in turn has the right to collect payments for those invoices. The Notice of Assignment is the document used to alert your customers that this change in ownership has taken place.

Why should I consider Factoring?

Money is a scarce commodity. In many cases such as seasonal peaks, large profitable orders, longer customer terms, or when unexpected opportunities arise. When circumstances such as these would benefit your company the quick cash influx from factoring may be just the solution.

What types of customers use factoring?

Great Funds Factoring, LLC website lists many types of companies that use factoring to maintain cash flow, take advantage of profitable opportunities and grow their business. If you are a B-to-B company providing any goods or services, Great Funds Factoring, LLC can help you.

How do I start the process to become a partner with Great Funds Factoring, LLC?

Simply click on the “Get Started” button and it will lead you to our online application. Please fill out the application as completely as possible to ensure quick approval.

How long will the approval process take to become a Great Funds Factoring, LLC account?

Let us know your circumstances and we will respond as quickly as possible.

What is the difference between Full-Recourse and Non-Recourse factoring?

Full-Recourse factoring means that you (the Client), not us (the factor), bears the risk if your customer (the debtor) does not pay the invoice. Non-Recourse factoring means that we (the factor), not you (the Client), absorb the credit risk. Non-Recourse factoring is generally more costly than Full-Recourse factoring.

Will I have a Great Funds Factoring, LLC account representative to work with?

Yes, a personal representative will be assigned to help you every step of the way.

How are Great Funds Factoring, LLC rates established?

In general, the rates for our services are standardized but tailored to your company’s unique circumstances. Your rate schedule will be published to you in writing when your account is approved.

What happens after I am an approved Great Funds Factoring, LLC Client?

We live in a modern age, and Great Funds Factoring, LLC in keeping with the times has automated and simplified your life. You will be able to access your account through our website using any device that allows internet access. Your account will have your unique login and password.

What can I do with my Great Funds Factoring, LLC account?

You will enter your invoice factor requests, monitor your debtors, and be able to access client reports. Manage your business factoring needs from the palm of your hand.

What else can Great Funds Factoring, LLC do for me?

For starters Great Funds Factoring, LLC can handle all of your accounts receivable functions. Let us discuss your individual needs and our creative team will design a solution for you.

Any questions small or large, we are happy to help