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.”
What Is A Factoring Company?
There are many organizations out there claiming to help you better run your business. Get-rich-quick schemes and snake oil salesmen are everywhere. Your business is too important to risk with false claims or bad deals. But sometimes, you are in need of increasing your cash flow. You might feel like your only options are selling equipment, letting employees go, or taking out loans. Before you take any of those steps, learn more about what a factoring company can do for you.
The Factoring Company 4-1-1
First off, we’ll explain what a factoring company is. Factoring is when a business sells its accounts receivable to a third-party factoring company. The factoring company charges a small fee and takes over the payment collection entirely. Businesses often find this useful to meet immediate cash needs. Think of it this way: money tied up in accounts receivables and outstanding invoices is YOUR money, a factoring company just helps you access it quicker.
How does Factoring Work?
Factoring is not a loan, it’s a way to get your money sooner. It starts with contacting a factoring company to see if you qualify and get a quote for their services. Then, you literally sell your selected accounts receivable to them. They pay you 80-90% of the invoice in cash, within five days. The factoring company is then responsible for collecting the payments, you don’t have to worry about it anymore! Once the invoice is paid in full to the factoring company, they give you the remaining 10-20%, keeping a small fee for their service. There are no interest charges, no hidden fees, and no risk. Because it’s your money!
Who Uses Factoring Companies?
Businesses of all sizes benefit from factoring. Small businesses can sell their accounts receivables to free up much-needed capital. They then can use it to fund marketing, payroll, or new equipment during growth periods. There are some industries in general that find it especially beneficial. If a business’s billing cycle differs from its customers, factoring can fill in the gaps. This is perfect for government contractors and business-to-business (B2B) service providers. Staffing businesses and security guard companies can also benefit from payroll factoring for similar reasons.
UC Funding: Intelligent Working Capital
If you think selling your accounts receivable could be a good strategy to grow your business, contact us at United Capital Funding. Our fees tend to be significantly lower than other companies, and we can move quickly. Call us as now at 877.894.8232 to see if you qualify and we can give you an instant quote. You can also contact us online. Let us be a partner helping you to achieve your business goals.
Article Posted On: October 02, 2018