The banks will not talk to me because I just started my business. Can I still qualify for factoring?
If you do business with creditworthy customers, you can qualify for accounts receivable factoring even when you own a start-up business. Qualifying for factoring is easier than a bank loan, because it's based on the financial strength of your customers, not your credit rating or financial history.
The advantages of financing with a factoring company such as Accutrac Capital over your bank include:
- easier to obtain than a bank loan
- your client's credit rating determines eligibility, not yours
- quick turnaround of cash, usually within 24 hours
- no more risking business or personal assets as collateral
- no monthly payment obligations, the factoring company gets paid when your customer pays
- no need to renegotiate a loan every time you need additional funds
- saves time and headaches checking credit ratings and chasing receivables
- expert advice from skilled professionals who understand your business