About Ifg Invoice Factoring
The economic condition during this last year of 2009 has been very difficult for small businesses
, so these times call for creative solutions to help a small business run well. In order to sustain and grow, businesses require some cash on hand. Thanks to single invoice factoring, otherwise known as spot factoring, small business owners are assisted in times of financial needs.
Interestingly, one of the oldest yet most widely used forms of financial business funding is factoring. Standard invoice factoring has been around for about 4,000 years, but now there are a number of innovative new factoring solutions specifically for small businesses who find it difficult to attract conventional funding. Single invoice factoring, or spot factoring, enables companies to acquire short-term working capital and enhance cash flow and grow their businesses.
Because many organizations don't get paid immediately for delivered products or services, spot factoring benefits businesses that don't get paid for 30, 60 or 90 days by advancing up to 90% against the company's invoices. A factoring company such as The Interface Financial Group (IFG) purchases selected invoices at a discount. Spot factoring companies first typically look at the creditworthiness of the client's customers. They can often fund within as little as one day, and they don't expect to buy 100% of a company's receivables, so there are no minimum or maximum sales volume requisites.
Several factoring companies operate on competitive rates. Each and every client's situation will vary and so this may have an effect on the rates that are charged. Because in spot factoring each invoice purchase is seen as a separate transaction, then it doesn't operate in a portfolio lending approach. The transaction is modelled as a buy-sell transaction. Spot factoring service companies are user-friendly, customizable, cost effective, and most of all, speedy. In certain cases, total transaction time is lessened into just 8 hours (as in the case when a client chooses to offer further invoices).
This section of the article shows how single invoice factoring at IFG operates. IFG will undertake a due diligence that often takes one to two business days. Once this step has been completed, the client is at liberty to offer invoices for purchase. Upon receipt of the invoices, the spot factoring company will check the credit of each debtor named on the invoices provided. They ensure that the sale represented has been satisfactorily completed. The debtor is then advised by the IFG about the purchase of the invoice - consequently, the client receives their funding. Once the credit period ends, the debtor then directly pays the spot factoring organization.
Contact The Interface Financial Group (IFG) through telephone number 877.210.9748 for more information about invoice factoring.
by: Iris Caesar
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