Factoring is the method by which a business sells its accounts receivables or its invoices to a third party who is also called as a factor. It is a commercial financial company that helps businessmen to receive cash immediately and proceed with their normal business. When businesses face situations where there will be a delay in receiving cash by 30 to 60 days, such people make use of factors to provide the cash immediately, for a small fee. The nature of the company, the nature of the clients and the amount to be collected determine the fee collected by factoring companies. The factoring companies are selected as best, according to the fee collected, recourse factoring and collection service of the factoring companies. A few of the top factoring companies have been selected and the criteria on which they have been selected are mentioned here.
Criteria Considered while Choosing the Top factoring companies.
Companies like Universal Funding Corporation provide a large upfront percentage as well as charging a low interest. They offer good email service as well as providing live chat facilities and phone options too to help in communicating with the client and supplier. When specific industries are considered, some companies provide specialized services. CapitalPlus is one such company that specializes with construction companies. They enquire into the credit-worthiness of their companies before taking up factoring services. Some factors check into the delinquent accounts before taking up the factoring work such as Charter Capial. Dealstruck has been considered one of the top factoring companies as they provide customized solutions to many types of industries.
Fundbox helps companies to get their cash flows as well as providing free account access services. Interstate Capita provides its service through online applications and their quick quote form. BlueVine helps in the credit lines for small businessmen as their pricing structure is transparent and they respond immediately.