B2B Accounts Receivable Factoring: New York Factoring Company
Looking for an accounts receivable factoring company to help you cover operating expenses and improve your business’s cash flow? If you are sitting on a bunch of unpaid invoices in your accounts receivable, you don’t have to wait between 30 and 90 days to access that cash now.
Great Funds Factoring partners with New York businesses to help them access working capital fast—no loans, debts, or business lines of credit required. It’s your cash.
When you use our New York invoice factoring services, you’ll get—
- Short-term funding to help your business get off the ground and grow
- Covering necessary business expenses when you can’t get a bank loan or other financing that requires an established financial history
- Full-service back-office billing and accounts receivables management so you can focus on running your business with improved cash flow
- Payments within 24 to 48 hours
- Fast credit approval process
You can run your business on IOUs from slow-paying customers.
We help turn your unpaid invoices into working capital you can use today. Fill out our contact form and connect with a factoring specialist at Great funds Factoring.
Or, apply now and boost your cash flow within a few business days.
New York Businesses Benefit From B2B Invoice Factoring Services
New York state is the world’s 12th largest economy. 98.8% of all businesses in New York state are small and medium-sized businesses. These New York small businesses employ 49.8% of all employees in the state.
Small businesses are a major contributing factor to New York’s global prominence.
Despite this, small B2B companies in New York that rely on customer invoices as their main source of income still have to wait between 30 and 90 days for their customers to pay. This dilemma creates a significant funding gap that hurts cash flow and prevents small businesses in New York from growing.
How Invoice Factoring Services Helps Fund New York Businesses
Our accounts receivable factoring company helps small businesses access the capital in their unpaid invoices.
Invoice factoring—also known as accounts receivables factoring—is a unique financial service where a factoring company purchases your business’s accounts receivable at a slight discount and works alongside your company to help collect payment from your customers.
As a small business, you can’t wait 30 to 90 days for your slow-paying customers to pay. When your customers don’t pay their invoices promptly, you don’t have the working capital to cover various operating expenses—
- Operation Costs
- Equipment Rental
- Purchasing New Equipment
- Maintenance and Repair Costs
Accounts receivable factoring has some unique advantages over other financing methods.
Why Choose Accounts Receivable Factoring Over Other Financing Options?
There are several reasons why working with a factoring company to factor your accounts receivable is a superior option to other financing methods.
- Invoice factoring is not a loan—When you factor your invoices, there is no debt, no interest payments, and no repayment window. The factoring company purchases your invoices and forwards you a cash advance. You only owe money back if your customer fails to pay their invoices.
- Invoice factoring is fast—After you apply, get approved, and set up in our system, we process the invoices you send us and send your money directly into your business account. This usually takes between one and two business days. Business loans and lines of credit can take weeks or months to be approved. With Invoice factoring, you get your money in a matter of days.
- It’s easy to get approved—You don’t need a long-established financial history and a ton of collateral to get approved for invoice factoring, which you’d need to get approved for a bank loan or LOC. This fact alone makes invoice factoring ideal for new businesses and startups who don’t have the established financial history to get favorable terms on a loan.
When you use our accounts receivable factoring services, we purchase your accounts receivable at a slight discount (known as the factoring fee). The transaction officially closes after your customers pay, but we forward your business a cash advance within one to two business days.
For more information, check out our blog posts comparing different financing options to invoice factoring:
What Businesses Benefit From Invoice Factoring in New York?
We serve all types of B2B companies in New York. Check out all the industries we serve:
How Great Funds Factoring Funds Your New York Business
Our B2B Accounts Receivable Factoring Process
Learn more about Great Funds Factoring’s process below—
At Great Funds Factoring, we understand that there are many financial challenges that even the most successful businesses face.
We believe that good communication is key to developing a strong working relationship with our clients and will strive to be personally available to answer questions about receivable factoring.
During the process, we aim to get a better understanding of your business needs, gain your trust, and determine if open account receivable factoring is a fit for your New York business.
After submitting your credit application, Great Funds Factoring, LLC will review your credit application and other required documents, such as bank statements, master customer lists, and financial statements.
When due diligence is completed, Great Funds Factoring works on the approval process. Usually, the entire process, both underwriting and approval review, takes one to two business days.
Once approved, we will send you the proposal and all documents needed to set up your account.
As you send invoices to your customers, we verify them and advance your funds immediately to your account while holding a small amount in reserve until your customer pays their invoice.
Why Recourse Factoring is Better than Non-Recourse Factoring
There are two basic types of factoring available to small businesses: recourse factoring and non-recourse factoring.
- Recourse Factoring: Your company has to pay the factoring company back if your customer doesn’t pay. This option is much more affordable because the risk is shared between the factoring company and its client. Recourse factoring is much easier to get approved for.
- Non-Recourse Factoring: Your business doesn’t have to pay the factoring company back if your customer fails to pay. This option is much more expensive for businesses because the factoring company assumes all of the risk. Non-recourse factoring is much more difficult to get approved for.
Great Funds Factoring offers recourse factoring, which is much more affordable for small businesses. Check out our blog post on recourse factoring versus non-recourse factoring to learn about the differences in greater detail.
Let us help move your business forward
Great Funds Factoring LLC
Partner With Great Funds Factoring to Fund Your Business Fast
Great Funds Factoring helps fund New York businesses with our invoice factoring and accounts receivables management services. Ready to improve cash flow and thrive? Fill out our contact form and connect with a factoring specialist at Great funds Factoring.
Or, apply now and get cash within a few business days.