4 Ways to Spot a Bad Customer
It is said that one of the secrets to running a successful business is to have only great customers and to avoid the bad ones. This makes perfect sense, but is much easier said than done.
Collapse of MyPayrollHR: What should I do?
As was widely reported online and in most business-related publications, the abrupt closing of the payroll giant processor, MyPayrollHR has left small businesses and their employees scrambling in a state of financial panic. And with good reason. MyPayrollHR and its parent company, Value Wise Corporation closed last Thursday (September 5, 2019) without any warning. It shut down its website and stopped returning phone calls. The company stated that it had over “5,000 companies as clients” as of this past summer. To say this has caused trouble for their former clients would be an understatement.
Why Choose AR Factoring For Your Business?
Accounts receivables (AR) are about as useful as a check you can’t cash out. Waiting to get your money is the name of the game in many industries, but that doesn’t mean it’s easy. But why shouldn’t you get that money sooner? It’s your money after all!
Why Small Business Invoice Factoring Is The Right Choice
Bills are everyone’s worst nightmare. Especially when the money for those bills is MIA. It’s also an unfortunate truth for many small businesses—invoice payments often come in weeks or months later and it’s hard to keep up. But what are you going to do about the bills you have right now?
Florida-based Commercial Finance Firm to have Expert Speak at International Conference
Tampa, FLA (August 22, 2019) – United Capital Funding Chief Marketing Officer Mark Mandula will represent the commercial finance firm at WOA’s inaugural convention in Belgium. The conference will start on Tuesday, October 7, 2019 and is a two-day event that offers networking and educational opportunities to professionals in the finance industry. The theme of the conference is “A World of Opportunities.”
How Does Factoring Work?
If you’re a business owner, you’re likely familiar with a variety of funding options—loans, borrowing, investing, credit, and grants. All these have positives and negatives, depending on your company’s specific needs. Factoring is another excellent option for businesses of all sizes in a variety of industries. Many companies find the downsides are very few compared to other funding sources. But how does factoring work?
Factoring Is A Funding Option
As a business owner, you have so much riding on its financial success. Whatever funding process you choose, you want to understand every step completely. Educate yourself! To summarize it, factoring is selling invoices to a third-party buyer. This third-party buyer is known as a factoring company. The service is also known as invoice factoring or selling your accounts receivables. It is not a loan or a sale of your ownership. Factoring frees up your money so you can use it sooner. You can use it for new equipment, a marketing campaign, or to replenish stock. It’s your money—spend it however you need!
How Does Factoring Work?
Factoring can be a real option for businesses. Here is a step-by-step guide to how factoring works at United Capital Funding.
- Start by reaching out to UC Funding by calling 877.894.8232 or contact us online. You’ll get a quick, free consultation: no long application forms, no collateral, no crazy terms.
- Provide a copy of the invoice is provided to UC Funding. Those in the staffing and service industries along with those who work under government contracts can especially benefit from factoring. Don’t let billing cycles or contract terms prevent you from getting your money.
- United Capital Funding pays you 80-90% of the invoice in cash. Factoring happens in a matter of days—not weeks or months. Remember, this is YOUR money. Factoring helps you access it sooner.
- United Capital Funding acts as your accounts receivables department and services the invoice. The invoice is no longer your responsibility. UC Funding will take care of getting it paid.
- Your client pays 100% of the invoice to United Capital Funding at our secure lockbox facility.
- Once your client pays United Capital Funding in full, we pay you the remaining 10-20% balance minus a small professional fee. That’s it!
Factoring Vs. Traditional Loans
Traditional bank loans focus on your company's balance sheet, profits, and cash flow. When selling your accounts receivable, factoring companies focus on your customer's creditworthiness. Additionally, factoring is not subject to credit cycles, economic volatility, or market fluctuations. The factoring approval process is much quicker and simpler than loan approvals. Clients can receive same-day funding, as opposed to waiting up to 90 days for payment. There’s also no interest—just a small fee taken out of your final payment.
Who Is United Capital Funding?
United Capital Funding is a factoring partner for businesses large and small. We work with a variety of industries. Mom-and-pops and Fortune 500s alike sell us their accounts receivables. Meet our team, learn more about our culture, and ask us your questions. We look forward to partnering with you to see your business succeed.
Article Posted On: December 31, 2018