Invoice factoring is for manufacturers, distributors and other types of businesses that sell goods or services to credit worthy commercial accounts on open terms. There are several forms of accounts receivable factoring, some of which require a factoring company that specializes in a specific industry.
Freight factoring is for transportation companies that need working capital to pay drivers, purchase fuel and maintain vehicles. Freight factoring is commonly available in the marketplace and prospects can enjoy great rates and flexible terms through this form of accounts receivable factoring.
Construction factoring is for general and sub-contractors working on commercial or government projects. This form of accounts receivable factoring allows contractors to receive funds after submitting approved progressive billings. Construction companies typically use accounts receivable factoring proceeds to pay for labor and materials.
Medical factoring is for medical practices collecting payments from Medicare, Medicaid and other third party insurers. Healthcare facilities and providers use this type of accounts receivable factoring to cover payroll and expenses. Medical factoring is almost exclusively done by companies that specialize in this type of accounts receivable factoring.
Spot factoring is for companies that only have occasional working capital needs. This type of accounts receivable factoring allows the client to pick and choose what invoices to factor. While the cost of spot factoring is more than other types of accounts receivable factoring, it is a great option for companies that have occasional working capital needs.
Customized Financing Options
Asset Based Lending
Revolving lines of credit up to $20,000,000
Accounts Receivable Factoring
No minimums, up to $20,000,000
Secondary lines of credit for ABL or Factoring
Equipment & inventory facilities
Great for staffing & temp agencies