New to Factoring?

For those who aren't familiar with factoring, it is basically a fast way to get cash to run your business.

Factoring is Not a Loan

When you send your customers an invoice, they usually have 30 days to pay you back. Factoring companies will give you the bulk of the cash up front, sometimes within 24 hours, and collect the payments from your customers themselves. Once the invoices are paid in full, you’ll get the balance left over, minus a small fee.


Factoring Doesn't Require Debt

Sounds simple enough – fast cash for your business – no loans, no debt.

So how do you go about choosing the best factoring company?

Not all of them are created equal. Not all of them will give you the same level of service you need to help grow your business.

Everyone claims they have the simplest rate structure in the industry, no long-term contracts, same day funding, no up-front fees, no monthly minimums or maximums, etc., etc., etc.

We also offer these same benefits, but we GO THE EXTRA MILE FOR YOU that other factoring companies don’t.

Here’s Why We Are The Factoring Company You Need For Your Business

No other factoring company matches our level of superior service and offerings.


As you can see, we simply have more to offer you.

Other factoring companies don’t even compare.
Miami

And Not All Factoring Companies Can Say This:

More than half of our new business comes through client referrals.

Some of the benefits you receive with factoring are:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Information for the city of Miami

Miami, the second largest city in Florida and seat of Miami Dade County, is located in the southeast part of the state, on Biscayne Bay.The area was once the home of the Tequesta Indians until they were nearly wiped out by European diseases and warfare brought on by two centuries of Spanish control of Florida. Miami was founded in 1870 near the site of Ft. Dallas, built in 1835 during the Seminole Indian wars. The city's name is probably derived from Mayaimi, an Indian word for big water. Miami is the only U.S. city to have been planned by a woman. Julia Tuttle, a Clevelander, arrived there in 1891 and bought several hundred acres on the bank of the Miami River. She convinced New York financier Henry M. Flagler of the area's vast potential and persuaded him to extend his Florida East Coast Railroad to Miami in 1896, the year the city was incorporated. Flagler dredged Miami Harbor, built the renowned Royal Palm Hotel, and promoted the area as a winter playground. Tourists flocked there, and by 1910 the city was a thriving recreational area.

 

Miami survived the collapse of a land speculation boom in the 1920s and severe hurricanes in 1926 and 1935 and continued to grow. It experienced a monumental population boost during the 1960s, when about 260,000 Cuban refugees arrived on its shore. They made a great impact on Miami, which is now a bilingual metropolis.Miami is an international banking and finance center and has the greatest concentration of international and Edge Act banks (banks making only foreign loans and deposits) in North America; these constitute a major employment base. Greater Miami has a highly diversified economy with numerous multinational and Fortune 500 companies. It is a national leader in biomedical technology, and the health care sector is a major industry. Greater Miami is also part of an area known as the Computer Coast of Florida, and its growing technologies include computers, electrical engineering, and plastics manufacturing.Miami is one of the world's leading year round resort centers. The city is a major transportation hub, and the port of Miami is the world's largest cruise port and a major seaport for cargo. The famous island resort of Miami Beach, incorporated in 1915, is connected to Miami by four causeways.Miami is a major center of commerce, finance, and boasts a strong international business community. According to the ranking of world cities undertaken by the Globalization and World Cities Study Group & Network (GaWC) in 2010 and based on the level of presence of global corporate service organizations, Miami is considered a "Alpha minus world city".

 

Miami has a Gross Metropolitan Product of $257 billion and is ranked 20th worldwide in P, and 11th in the United States.Several large companies are headquartered in or around Miami, Miami is a major television production center, and the most important city in the U.S. for Spanish language media. Miami is also a major music recording center, along with many other smaller record labels. The city also attracts many artists for music video and film shootings.Since 2001, Miami has been undergoing a large building boom with more than 50 skyscrapers rising over 400 feet (122 m) built or currently under construction in the city. Miami's skyline is ranked third most impressive in the U.S., behind New York City and Chicago, and 19th in the world according to the Almanac of Architecture and Design.

 

The city currently has the eight tallest (as well as thirteen of the fourteen tallest) skyscrapers in the state of Florida, with the tallest being the 789 foot (240 m) Four Seasons Hotel & Tower.During the mid 2000s, the city witnessed its largest real estate boom since the Florida land boom of the 1920s. During this period, the city had well over a hundred approved high rise construction projects in which 50 were actually built. In 2007, however, the housing market crashed causing lots of foreclosures on houses. This rapid high rise construction, has led to fast population growth in the city's inner neighborhoods, primarily in Downtown, Brickell and Edgewater, with these neighborhoods becoming the fastest growing areas in the city. The Miami area ranks 8th in the nation in foreclosures. In 2011, Magazine named Miami the second most miserable city in the United States due to its high foreclosure rate and past decade of corruption among public officials. In 2012, Magazine named Miami the most miserable city in the United States because of a crippling housing crisis that has cost multitudes of residents their homes and jobs.

 

The metro area has one of the highest violent crime rates in the country and workers face lengthy daily commutes.Miami International Airport and PortMiami are among the nation's busiest ports of entry, especially for cargo from South America and the Caribbean. The Port of Miami is the world's busiest cruise port, and MIA is the busiest airport in Florida, and the largest gateway between the United States and Latin America. Additionally, the city has the largest concentration of international banks in the country, primarily along Brickell Avenue in Brickell, Miami's financial district. Due to its strength in international business, finance and trade, many international banks have offices in Downtown such as , which has its U.S. headquarters in Miami. Miami was also the host city of the 2003 Free Trade Area of the Americas negotiations, and is one of the leading candidates to become the trading bloc's headquarters.As of 2011, PortMiami accounts for 176,000 jobs and has an annual economic impact in Miami of $18 billion. It is the 11th largest cargo container port in the United States. In 2010, a record 4.33 million passengers traveled through PortMiami. One in seven of all the world's cruise passengers start from Miami.

 

The Civic Center has the country's second largest concentration of medical and research facilities. It is the center of Miami's growing biotechnology sectors.Tourism is also an important industry in Miami. Along with finance and business, the beaches, conventions, festivals and events draw over 38 million visitors annually into the city, from across the country and around the world, spending $17.1 billion. The Art Deco District in South Beach, is reputed as one of the most glamorous in the world for its nightclubs, beaches, historical buildings, and shopping. Annual events such as the Miami is the home to the National Hurricane Center and the headquarters of the United States Southern Command, responsible for military operations in Central and South America. In addition to these roles, Miami is also an industrial center, especially for stone quarrying and warehousing.

 

These industries are centered largely on the western fringes of the city near Doral and Hialeah.According to the U.S. Census Bureau, in 2004, Miami had the third highest incidence of family incomes below the federal poverty line in the United States, making it the third poorest city in the USA, behind only Detroit, Michigan (ranked #1) and El Paso, Texas (ranked #2). Miami is also one of the very few cities where its local government went bankrupt, in 2001. However, since that time, Miami has experienced a revival: in 2008, Miami was ranked as "America's Cleanest City" according to for its year round good air quality, vast green spaces, clean drinking water, clean streets and city wide recycling programs. In a 2009 UBS study of 73 world cities, Miami was ranked as the richest city in the United States (of four U.S. cities included in the survey) and the world's fifth richest city, in terms of purchasing power

 

 

Information for the state of Florida

In the twentieth century, tourism, industry, construction, international banking, biomedical and life sciences, healthcare research, simulation training, aerospace and defense, and commercial space travel have contributed to the state's economic development. The Gross Domestic Product (GDP) of Florida in 2010 was $748 billion. Its GDP is the fourth largest economy in the United States. In 2010, it became the fourth largest exporter of trade goods.The major contributors to the state's gross output in 2007 were general services, financial services, trade, transportation and public utilities, manufacturing and construction respectively.

 

In 2010 and 2011, the state budget was $70.5 billion, having reached a high of $73.8 billion in 2006and 2007. Chief Executive Magazine name Florida the third "Best State for Business" in 2011. Agriculture is the second largest industry in the state. Citrus fruit, especially oranges, are a major part of the economy, and Florida produces the majority of citrus fruit grown in the United States. In 2006, 67% of all citrus, 74% of oranges, 58% of tangerines, and 54% of grapefruit were grown in Florida. About 95% of commercial orange production in the state is destined for processing (mostly as orange juice, the official state beverage). Citrus canker continues to be an issue of concern. From 1997 to 2013, the growing of citrus trees has declined 25%, from 600,000 acres (240,000 ha) to 450,000 acres (180,000 ha). Tourism makes up the largest sector of the state economy. Warm weather and hundreds of miles of beaches attract about 60 million visitors to the state every year. Florida was the top destination state in 2011. 42% of poll respondents living in the Northeast United States said they planned on visiting Florida over spring break.

 

Amusement parks, especially in the Orlando area, make up a significant portion of tourism. The Walt Disney World Resort is the largest vacation resort in the world, consisting of four theme parks and more than 20 hotels in Lake Buena Vista, Florida; it, and Universal Orlando Resort, Busch Gardens, SeaWorld, and other major parks drive state tourism. Many beach towns are also popular tourist destinations, particularly in the winter months. 23.2 million tourists visited Florida beaches in 2000, spending $21.9 billion

 

You have things to do and sometimes it just does not make sense to put them off until you get paid  

Factoring is when a commercial finance company, also known as a factor or factoring company, purchases a business's outstanding accounts receivable. -Florida Factoring Companies

 

 

NEED MORE MONEY!  

Florida Factoring Companies Articles

Effective Ways for Small Businesses to Avoid Cash Flow Problems

 

Without steady cash flow most businesses will fail to thrive, especially small businesses and start-ups. We've all heard the phrase "Cash Is King" and that's certainly true for established businesses, but for new businesses just getting started cash flow is even more important. Sadly, many new businesses fail to realize just how devastating cash flow problems can be to a business trying to establish themselves in the market. In fact, many businesses die a sad and lonely death simply because of bad cash management, and these are businesses that would otherwise have survived had they not experienced cash flow problems. Statistics show that 82% of businesses fail because they were unable to manage their cash. That's a tragic figure, especially when there are effective ways for new, small, and even large businesses to avoid these problems.

 

So, let's take a look at some important rules that small businesses should be aware of to ensure they never have to face liquidity.

 

No. 1: It's Cash That Sustains Business Growth

 

So many businesses don't consider cash flow an issue because they see the orders flooding in; however, many growing companies do experience cash flow problems. Increased sales generally mean increased costs to deliver orders; plus, in order to support the new volume of business other sections of a business typically need to grow. Your business may appear to be highly successful as orders continue coming in, but keep in mind that the faster your business grows the more financing it will need.

 

No. 2: Margins Are Just Accounting - They're Not Cash!

 

We know that accounting, and accountants, can be pretty creative with figures because there's nothing shareholders and board members love more than hearing about the industry-leading margins you're achieving; but your board members and shareholders are not the ones who have to find the money to meet payroll and pay your landlord. Margins don't pay your employees. Your sales may be booked down when your customer's order is delivered, but how long will it be before you receive payment? 30, 60, 90 days, or even longer? If your customers are not paying you and you're struggling to pay your expenses, your business is now in survival mode. Keep in mind that you may have great accounting margins but still have an empty bank account.

 

No. 3: When You're Selling B2B (Business-to-Business) Cash Flow Problems Will Likely Be Your First Issue

 

The more sales you make the more money you make, but when you're selling B2B it's not always that simple. Yes, you sell and deliver goods or services to another business and provide them with an invoice, and your customer will pay the invoice at a later date. But how much later? If you chase the business too hard for payment they'll probably never work with you again, so you could receive payment months later. You're not going to pass up businesses who buy with high volume, so you have no choice but to wait. So, you end up with a cash flow problem.

 

No. 4: Cash Flow Problems Can Occur Very Quickly

 

It doesn't take much for cash flow management to become a serious problem, so monitor your cash flow very carefully. Determine how much of your working capital is locked into receivables, inventories, raw materials, and so on; and know exactly how much money is required to meet both your sales targets and operating expenses. You may have made the sales but that doesn't mean you have the cash, and you may have paid for inventory but that doesn't mean it's automatically a cost of goods sold.

 

No. 5: Your Inventory Ties up Cash

 

You can't sell your goods until you've purchased or built them and, whether your goods are sold or not, your vendor still expects to be paid. This means that your inventory is locking up your cash. You could eventually make two times or even three times your money on your inventory, but margins do not equal cash.

 

No. 6: You Must Be Practical About Working Capital

 

Working capital is the figure left over when current liabilities are deducted from current assets, which means it's the money you have in your bank account available for meeting operating costs, paying vendors, and buying inventory - all the while waiting for your business customers to pay your invoices. Understanding and grasping the concept of working capital is a very necessary survival skill in business because being able to maintain sufficient cash to pay your own financial responsibilities whilst dealing with all the unknowns in business can be very tricky.

 

No. 7: Be Clear on What "Accounts Receivable" Actually Are

 

The money owed to you by your customers is called accounts receivable, which means the money that's sitting in your customer's bank account that belongs to you is called receivables. Just like inventory, the amount of money in your accounts receivable column is money you don't have. Certainly, you've done the deal and you've sent the invoice, but now you're waiting to be paid. You must remain very vigilant until such time as the invoice has been settled and the money is physically in your bank account.

 

8. Monitor the Health of Your Business Very Closely

 

Three aspects of your business that require close monitoring include -

 

-Inventory Turnover: Measure how long your inventory stays on your balance sheet without being converted to cash;

 

-Collection Days: Measure how long it takes to receive payment for services rendered or goods sold;

 

-Payment Days: Keep a record of how long you wait before paying suppliers.

 

Now, make a plan. Project these figures out to 12 or 18 months ahead then compare your plan to what actually occurs. This is a really great way of gaining some insight into your own business.

 

No. 9: Prepare for Financing before You Actually Need It

 

Don't wait until you need financing to start reaching out to finance companies. Contact companies who provide financing, especially credit line financing, and look for products where interest is not payable if the money is not used. Don't wait for your business to have cash flow issues. Waiting until you urgently need cash or a loan will subject you to higher interest rates and dodgy terms. Start the process while your business is healthy, which will allow you to negotiate finance terms from a position of strength. We strongly suggest you be proactive and find a partner ready to finance your business; a partner that's prepared to grow with you.

 

 

You have things to do and sometimes it just does not make sense to put them off until you get paid

 

 

Florida Factoring Companies Articles

 

 

 

 

 

Florida Factoring Companies Articles

Business Is Booming but Your Company's Cash Strapped!

 

A business needs good cash flow for many reasons, and many businesses have learned the hard way that business can be booming but they can still suffer from cash flow problems. There are many scenarios where a business might urgently require access to cash: it could be due to the sudden growth or expansion of a business, a major transaction may need to be expanded, perhaps there's a need to purchase equipment or even to employ more personnel.

 

Interestingly, research shows that many businesses (both small and medium-size) fail, not because business is bad, but because they experience difficulties when trying to meet short-term financial responsibilities. So how can a growing and profitable business get into serious financial trouble, or even go broke? It seems so contradictory, but on closer examination you'll see that it's not surprising at all.

 

Many Businesses Experience a Cash Flow Dilemma

 

It's so easy for a business to get into a situation where they have a cash flow problem: you only need one or two larger accounts to default on payment, or to take an additional 60 or 90 days to pay, and now you've got a cash flow problem!

 

Traditionally, business owners have depended on conventional lending sources for a business Line of Credit, and this often includes short-term Bridging Finance. But there are also many people in business who've used their personal credit cards for business-related expenses. Once business owners have exhausted traditional means of funding, the process of acquiring extended financing can become a time-consuming, trying, and often impossible task.

 

Factoring

 

Fortunately, today, we have a viable and effective alternative for business owners to get through cash strapped periods, particularly during periods of expansion and business growth. This innovative form of financing is known as Factoring; it's also sometimes referred to as Asset Based Lending or Accounts Receivable Financing.

 

Factoring has become a workable and realistic solution for many businesses, particularly when cash flow is uncertain and threatens the viability, or even survival, of the business.

 

How Does Factoring Work?

 

Basically, when a business has credit-worthy accounts receivables, the factoring process provides the business with an instant cash injection on those receivables. So, sometimes, when a lender says 'no' to a business, a factoring company may say 'yes', thus offering the much needed cash injection that so many businesses require to move forward.

 

Factoring companies understand the financial needs of their trucking clients and react very quickly to provide them with the professional, personalized, hands-on attention that they require. Freight Bill Factoring is actually a very simple process: it provides a business with instant cash flow in order to satisfy its cash needs, which in turn enables the business to grow and prosper.

 

It works like this! Your company has quality accounts receivables, and needs a cash boost. A factoring company may purchase just one, or a group of your receivables, and in return will immediately give you up to 100% (less fees applicable) of the face value of these accounts. Once the customer invoice has been paid in full the balance is forwarded on. Yes, factoring costs more than other means of lending, but factoring clients believe the benefits far outweigh the costs.

 

The Benefits of Factoring

 

Possibly the greatest benefit of factoring is the short turnaround time, because factoring companies don't have a lengthy loan approval process, unlike banks and other lenders. This means that, with factoring, trucking business owners can have money in-hand by the end of the same working day!

 

In order to receive approval as a factoring customer, a trucking business must first-of-all be a reputable trucking business, and secondly, it must have credit-worthy customers. Once a business has been approved for factoring, funding will be provided on the same day. It's important to note, also, that ongoing financing is only limited by the amount of receivables available for purchase.

 

In the last decade we've seen factoring grow very quickly, and today it's become a financially feasible alternative for many trucking companies. Many trucking companies have stated that Freight Bill Factoring has made it possible for them to process orders and undertake loads from brokers that would otherwise have been impossible because of a lack of financing. Freight Bill Factoring is here to stay, and it clearly has a place in today's business environment. Because of factoring, a trucking company can expand its customer base, increase loads, and even survive a seasonal slump. Thanks to Freight Bill Factoring, many businesses have been able to expand and grow, and easily survive in what has become a very competitive industry.

 

 

 

 

 

Florida Factoring Companies Articles

Medical and Healthcare Invoice Factoring

 

Don't Wait to Be Reimbursed - You Can Receive Payment Today!

 

Anyone in the healthcare profession is painfully aware that third-party payers like Medicaid, Medicare, HMOs, Workers Compensation, and other private insurers, can take what appears to be an unnecessary long time to settle your accounts. But there's good news, because with 'factoring' there'll be no more long waiting periods to receive payment on your medical receivables. For anyone in the healthcare profession who provides any type of medical services, factoring is here to assist with cash-flow.

 

Is There a Difference between Medical Factoring and Healthcare Factoring?

 

There actually is a difference between these two types of factoring, even though we hear many people using these two phrases interchangeably. Basically, when there is no third-party payer involved, then healthcare factoring applies, and if a third-party payer is involved, then medical invoice factoring companies are used.

 

Healthcare and medical receivables factoring is available for the following services -

 

- Hospitals

 

- Group and Sole Practitioners

 

- Laboratories

 

- Physical Therapy and Rehabilitation Facilities

 

- Chiropractors

 

- Nursing Homes

 

- Durable Medical Equipment (DME)

 

- Medical Staffing Companies

 

- Medical Billing Services

 

- Medical Supply Companies

 

- Medical Coding Services

 

- Ambulance Providers

 

- Medical Transportation

 

- Medical Transcription Services

 

- Medical and Non-Medical Home Healthcare Providers

 

- Imaging Facilities Providing CT Scans, X-Rays, MRIs, and so on; and

 

- Many More!

 

Factoring for Healthcare Receivables

 

We typically associate healthcare receivables with customers who are not reliant on third-party payers. This includes sectors involved with medical staffing, medical supplies, medical transcription, medical coding and billing, and so on. Basically, it means that vendors who use healthcare factoring receive the benefits of an unlimited line-of-credit, all based on the services they provide.

 

 

You can see below that factoring healthcare receivables is a very simple process -

 

 

- As the healthcare vendor, you still invoice your customer for work you've completed. Some of the more common customers will include medical offices, nursing homes, hospitals, and so on.

 

- The next step is for the vendor to forward a copy of the invoice to the healthcare factoring company. Your factor will handle the collection of payment on your behalf.

 

- The factoring company will deposit an amount of money in the range of up to 85% of the gross value of the invoice into the vendors bank account within 24 hours, or less.

 

- The remaining (approximately) 15% will be held by the factor until such time as the account has been paid in full by the customer.

 

- Once the invoice has been paid in full by the customer, the factor will release the remaining 15%, less the agreed-upon fees, back to you, the vendor.

 

Factoring for Medical Receivables

 

Regardless of whether your business bills Medicaid, Medicare, Blue Cross/Blue Shield, a third-party insurance company, or HMOs, we have the perfect factoring solution for you.

 

The benefit to you of factoring your medical claims is that you'll receive upfront capital. It's the factor who will seek payment of your invoice.You can see below that factoring medical claims is a very simple process -

 

 

- As the provider, you'll continue submitting your claim to the third-party payer.

 

- At the same time, you'll submit a copy of the paperwork to your factoring company.

 

- The factoring company will deposit an amount of money in the range of up to 85% of the net collectable value into the vendors bank account within 24 hours, or less.

 

- Once the third-party payer pays your claim in full, the factor will release the remaining 15% (approximately), less the small agreed-upon factoring fee.

 

 

 

 

Florida Factoring Companies Articles

Important Points to Remember When Choosing Your Factoring Company

 

Now that you've decided that factoring would be a solid business decision for your company, the next step is to find the perfect factoring company for you. Once you start looking you'll discover that there are many factoring companies (or 'factors') in the marketplace, and this is the perfect situation for you as a potential factoring client.

 

But it can also be confusing, because now you have to find the right factoring company to suit your business's needs. To assist you in making the right decision we've listed below the main issues that should be considered when choosing a factoring company.

 

Factoring Fees and Terms

 

Before making your final decision and entering into a factoring agreement, check out the fees applicable and the terms of the contract. Both of these can vary a lot, depending on the factoring company and the industry it's serving. When you start your research you'll discover that some factoring companies charge a flat fee: this fee is, in effect, a certain percentage of the total value of the customer invoices you sell to them; whilst others have additional charges to cover the general costs of doing business - such as, money transfers, shipping, collateral, and so on.

 

Ensure that the factoring company you're considering working with is transparent and upfront with you about its fee structure. In addition, you may want to consider a long term contract with your factoring company if it includes flexible rates or a price break. If you're receiving competitive offers from other factoring companies or you have increased factoring volume, you'll discover that many factoring companies will be prepared to adjust their rates. A one year contract is the industry standard for most factoring agreements. Generally, unless you give your factor a 60 or 90 day notice, your factoring contract will automatically renew.

 

What's the Difference between Recourse and Non Recourse Factoring?

 

It's important that you understand the difference between recourse and non recourse factoring prior to choosing your factoring company, because you need to know what the best fit would be for your company and your customers. So, with non recourse factoring, all of the credit risks for the collection of the invoice belong to the factoring company; while recourse factoring means that, with you being the client, you'll ultimately be responsible if the factoring company is unable to collect payment on your customers' invoices.

 

There are benefits to recourse factoring, and perhaps the main benefit is that it's less expensive than non recourse factoring. If you have a recourse agreement and the customer defaults on payment, it doesn't automatically mean that you'll be asked to settle the debt out of pocket. Generally, what happens is that the factor will hold back a portion of either future cash advances or payments being held in reserve, with the money being placed in an escrow account awaiting settlement of the debt.

 

Our suggestion is that you find a factoring company that offers both recourse and non recourse factoring, because not all of your customers will be good candidates for recourse factoring. An experienced factoring company working with a strong credit team can also behelpful in ensuring you're working with good customers: this will relieve some of the pressure of being stuck with bad debt.

 

Experience and Capital: The Two PreRequisites

 

Your company should be looking for a factoring company with experience in your industry, including the capital structure to fund your business as it continues to grow. Once you start researching factoring companies you'll discover that there are a lot to choose from; however, many of these are recent start ups with limited experience. Prior to signing any factoring agreement, do your research and look into the history and background of the factoring company concerned, especially its ability to provide financial services in your area of expertise.

 

The idea with factoring is that, as your company grows, the funding of your customer invoices will grow with you.Research the factoring company's client base and their capital structure. What's a typical account size? What's the factoring volume of their largest client? Is the factoring company limited to how many debtors it can handle? In general, factoring companies that have been serving your industry for many years will usually be able to offer your business the best deal.

 

Additional Factoring Services

 

There are many more benefits to factoring than simply increasing your company's cash flow. Because the factoring company will be handling the collection of your customer's invoices, your company will be saving time and resources. A good factoring company will also be able to evaluate companies in your industry and provide credit information. In short, your factor will ensure that you experience excellent customer service. You'll be matched with your own representative who'll be able to address any questions or concerns you may have about your factoring account.

 

So, when researching factoring companies, look for a factor who not only offers additional products but provides a high level of customer service that will help your business grow by assisting you in making smart business decisions.

 

 

 

 

 

Florida Factoring Companies Articles

The benefits of using a Factoring company versus a bank loan

 

If you are looking for a convenient way to obtain business capital, factoring is one of the best options available out there. From a recent study, it has been identified that many people go for bank financing in such instances, considering that it is the least expensive method of investing. However, factoring is associated with many other advantages and we will let you know about them through this article.

 

A proper cash flow is something that every business in the present world should have. In addition, they need to speed up their cash flows along with time. Otherwise, it will not be possible for them to get banks for financing. Unfortunately, banks are not in a position to accommodate all the financial requirements of a company, due to tough credit standards. That is where factoring comes into play. It happens when a company sells its accounts receivable to a bank or a factoring company. The amount that can be taken depends on value of the invoice.

 

Key benefits associated with factoring

 

' A company can get large amounts of capital through factoring. It is because this method is entirely based upon accounts receivable. It has impressed many small scale businesses out there since they can obtain a bigger line from their accounts receivable for services or goods. They will not be able to get such a big amount of capital from any conventional bank lender out there. Factoring is something that is based on the credit strength of your potential customers. If your company has more potential customers with healthy credit strengths, you can easily enjoy the benefits of factoring.

 

' Factoring is quicker than traditional bank loans. Since most of the accounts receivable factoring lines are in a position to be set up, approved and actively funded within a matter of few weeks, you can go through a hassle free process. However, banks will take more time to engage with their credit reviewing activities about your company. They might even wait for audit results or fiscal period closes. Therefore, if you are in need of quick business capital, factoring is the number one option available out there to consider.

 

' Factoring is something that expands quickly along with the growth of your company. Almost all the factoring companies out there support it. Your company doesn't need to have an excellent track recording of business. You just need to select a factoring company that is big enough to accommodate all your business development ambitions.

 

' A factoring company does not offer loans to their clients. Therefore, you cannot find many similarities between a loan and factoring. A factoring company will purchase your accounts receivables along with cash. Therefore, it can be considered as a similar process to increasing the working capital, while showing it as a liability in the account balance sheets. This will even reduce debt in the balance sheet, when compared to borrowing. At the end of the day, your company will get the opportunity to enjoy a lower debt to equity ratio.

 

' Factoring is less expensive than equity. Most of the businesses approach equity investors to cater their financing requirements. However, there isn't any substitute for equity capital in some expansion purposes and business investments. Almost all the equity investors expect a higher return from the accounts receivable than the cost. When it comes to factoring arrangements, you won't be able to find any dilutive effect on shareholders. This will assist you a lot to stay away from hassle.

 

' Factoring is also recognized as one of the best options available to improve your turn. In the present world, many factoring companies will verify invoices with your customers and check whether they are being paid on time. This will motivate your customers to pay the invoices on time through a gentle reminder. This will result in a better service delivery from your end as well.

 

 

 

 

 

Florida Factoring Companies Articles

Factoring

 

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trucking factoring companies
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As the owner of your own business, you may be more than aware already of the difficulty in making sure that cash flow issues do not become a problem down the line. After all, the worst thing that can possibly happen for your business is to find yourself embroiled in a long and difficult situation that leaves you forever trying to find two pennies to rub together.

 

For any business in this situation, the problem can come for waiting for work to clear up and actually be paid into your account. Invoices, cheques and the like can take some time to actually processed which can leave you with short-term cash flow issues. Thankfully, there are options out there for businesses to look into - and one of these is factoring companies.

 

Factoring companies will, in exchange for your invoices, provide you with the cash today so that you don't need to worry about the waiting period that could make paying the bills and getting materials more difficult. With this type of setup, invoice factoring can become incredibly useful for many businesses who need to get out of a cash trap which they have found themselves in.

 

Because, depending on the size of the job, it can take up to 60 days for some businesses to get paid then it's important to cover your own back and not leave yourself short in that day. after all, how many businesses have two months revenue just lying there to cover all the losses until they get paid?

 

This is especially true of trucking companies. They tend to deal with lots of invoices which means a significant amount of running around and donkey work for the business owner themselves. Trying to get paid in time can become an incredible hassle and this is why you get specific trucking factoring companies who are happy to help out truckers specifically.

 

As we all know, trucking is an incredibly large industry with many companies out there employing hundreds of drivers. Unfortunately, many of these drivers can spend night in the cold or hungry as they are still waiting for work from six weeks ago to actually pay them. When this is the situation for a trucking company, turning to factoring companies for assistance might be the best choice left.

 

This means that a trucking company can pay the wages of the staff, keep all the vans topped up with fuel and continue to scale, grow and expand without always waiting for the never-never with money which is taking forever to arrive coming in. businesses running without a factoring model put in place are leaving themselves in significant risk, as competitors cash out fast and continue to expand.

 

There's genuinely nothing to be worried about when it comes to using a Factoring company - they aren't like a payday loan firm or somebody who is going to leave you with a huge pile of debt to apy back. Although you are technically borrowing a loan, so long as you only ever give them genuine invoices from work you have already finished you are merely speeding up the payment process.

 

In the United States, where trucking companies thrive, factoring companies are not considered borrowing in any capacity. This confidential agreement then allows both parties to profit and enjoy a comfortable future - it gives the factoring company a guaranteed asset of income to add to the list and it gives the trucking firm a wad of cash that they worked hard to earn.

 

The trucking company will usually need to pick up the invoice and cash it in still, and then make the payments back to the factoring company. Because it's a confidential agreement, and it can look bad for a business to be involved in this type of short-term finance even though it's perfectly legal and a very common practice, it's usually in the hands of the company to get the money for the factor.

 

This is an extremely old business type and has been used for many years by many different types of work - but none more so than truckers. While you may miss out on a small part of the money , something like 15% depending on who you work with, it means that you are getting the money today and can actually start putting some food on the table.

 

After all, an IOU or an invoice is not going to be you fed and washed, is it? For trucking companies when the money can be good one day and gone the next, it's up to the drivers to work sensibly and to ensure they are leaving themselves with a significant amount of time and finance to get through the week until they are paid again.

 

So the next time your trucking business is having some short-term cash flow issues and you are spending too much time chasing up slow paying clients, why not start considering to use factoring businesses as a way to change your motive and give yourself a more comfortable future in the eyes of your trucking staff and your bank balance?

 

 

 

 

 

Florida Factoring Companies Articles

Healthcare Staffing Factoring

 

The healthcare field is arguably one of the most rapidly growing industries in the United States. With the baby boomers, the largest section of our population, reaching retirement age the need for expanding healthcare services has never been more pronounced.

 

At the center of this growth are healthcare staffing agencies that hire for hospitals, clinics, doctor's offices and a wide range of medical facilities. However, while business is booming the ability for these staffing agencies to expand is inhibited by the customer invoice system. Fortunately, there are healthcare staffing factoring companies around to help them in their time of need.

 

We asked the owner of a local healthcare staffing agency, Joy Reed, to talk to us about how factoring companies helped expand her business and provide a much needed boost at a critical time for her company.

 

"Hello Joy and welcome. I was hoping you would tell us a little about how healthcare staffing factoring companies helped your business, but I suppose we should begin by how you got started in this business?"

 

Joy Reed (JR), "Thanks for having me. I actually have been a part of several start-up businesses in my recent career and was looking for a field that would show a lot of promise. It was pretty clear to me that medical staffing was a big need in the healthcare field so I set about to start my own business. I had experience in starting up businesses before, so I drew up a business plan, took out a loan, rented the offices and hired a staff to get started."

 

"So, you did what most people do in starting up a business. How did it do?"JR: "I actually got off to a pretty good start. I had made a few contacts and managed to get some business right away. This was really helpful because as you might know our clients use invoices for payments and it can take up to 90 days before we actually get the cash in hand. Around four months in we were facing a real crossroads as new opportunities opened up for our business, but we didn't have the cash on hand to take advantage."

 

"I'm a little confused. You say you were doing well, but you didn't have the ability to expand your business?"

 

JR: "That's right. The problem was back to the invoices that were making up wait up to 3 months before we had the cash. I really wanted to expand my staffing business to handle the new opportunities I was being presented, but I couldn't because I was still waiting on the invoices to finally turn to cash. So I was asking my accountant about what could be done when the suggestion of a healthcare staffing factoring company was introduced."

 

"Tell us a bit more about factoring companies."

 

JR: "Basically, factoring companies purchase the invoices right on the spot so you can have cash on hand immediately instead of waiting up to three months. For healthcare staffing factoring companies, they will then collect the money from the business when the invoice is read to be fully paid. It really worked out for me because I was able to get cash quickly to add new personnel and even expand my offices to include another section of the building I was renting in."

 

"I understand that factoring companies are there for many different kinds of businesses, including medical staffing. Was it difficult to get set up with a factoring company?"

 

JR: Actually, it was pretty easy once we found a company that met our needs. I just filled out a short form and they looked over a few of the invoices I had to see what companies that I worked with. It really didn't take long at all before they agreed to cash some of the invoices and I got the money I needed to expand."

 

"Could you tell me a little more about the advantages of using a factoring company like this?"

 

JR: "Sure, I was not only able to hire a couple of new people and rent additional space, I've been able to cash my invoices when unexpected bills come up or if I need to make a purchase quickly for a new piece of equipment. This has come in really handy recently when I decided to move to a new location and needed some cash on hand to make the transition. The factoring services are really quite good with reasonable rates and fast service."

 

"What's the differences in using factoring companies over getting a new loan?"

 

JR: "It is frankly much better than getting a loan because with factoring there is nothing to pay back. We are basically getting our own money from the invoices we've earned up front and paying only a small fee. With a loan, I would not only have to pay it back but with interest as well. Factoring for us has really been a godsend when it comes to making decisions about how to expand my business. I'm no longer tied down to waiting 2 to 3 months to get paid when I can take what my business has earned and get cash immediately."

 

"I take it that you are happy with how healthcare staffing factoring has worked out for you?"

 

JR: "You would be correct. I cannot imagine how my business would have expanded at that critical time without factoring companies to buy my invoices. This is a great service that has helped me in my time of need and now my medical staffing business is bigger than ever. I'd recommend factoring companies to anyone running a business that relies on invoices if they need to get cash quickly."

 

There is little doubt that Joy Reed has been quite happy about the services she received working with a factoring company. Perhaps factoring is right for you and your needs, be sure to search for the type of factoring business that works in your field so that you can get the right services in helping your company to succeed.

 

 

 

 

 

Florida Factoring Companies Articles

Bookkeeping Mistakes Commonly Made by Freight Brokers

 

It's true that freight brokers shoulder a lot of responsibility; from matching shippers and carriers, to ensuring that each and every piece of cargo arrives at its proper destination. Freight brokers also have the added responsibility of accurate bookkeeping, because failure to prioritize bookkeeping can result in the loss of money.

 

Below we've listed some common bookkeeping mistakes made by freight brokers, and how to avoid them-

 

Handling the Accounting In-House

 

Many business owners try to save money by handling the books themselves, or perhaps delegating this very important task to a family member or an inexperienced employee. Sure, you may save time and money initially, but errors can be costly: when you attempt DIY accounting you could well end up with more expensive financing terms, higher bond premiums, or a number of other unforeseen expenses. It's very important that you hire a competent bookkeeper because, not only will you save money, but you'll know that the job will be done accurately, quicker, and more efficiently.

 

We understand only too well that running any business is time-consuming and hard work, and many freight brokers are simply too busy doing their day-to-day tasks to focus on bookkeeping tasks, such as the monthly reconciliation of credit card accounts and bank accounts. It's through reconciling statements that you get a clear idea of how much credit or cash you actually have, and you can also pick up on any errors that may have occurred.

 

It can be so tempting to postpone this rather tedious task, but the truth is that your credit card statements and bank statements must be reconciled every month, preferably the moment each statement becomes available. In this way you'll be able to identify any potential problems in a timely manner; problems such as lost checks, missing deposits, fraudulent charges, and so on.

 

Failing to Track Invoices and Receivables

 

You're not going to get paid if you're using poor accounting practices with your accounts receivable. Let's face it, getting paid equals cash, and cash is the lifeblood of every business. An experienced freight broker understands that your cash flow can be strained by the delay between when you pay your carriers and when you receive payment from your customers. If you're finding that tracking and collecting invoices is taking too long, why not consider invoice factoring? An invoice factoring company will purchase your invoices for a small fee, with the bonus being that you get paid immediately, plus you're spared the time and expense of having to deal with collections.

 

Don't Forget Liabilities

 

One of the major considerations a surety has when looking at your business financials in order to underwrite a bond is whether you have sufficient assets to cover your liabilities. Many times we see an inexperienced bookkeeper recording a liability, but when the payment is made they forget to reverse the liability. This is a serious error because it results in liabilities being overstated and net income being understated, which makes your business appear to be less financially secure than it really is. These serious errors can be avoided by employing the services of an experienced bookkeeper. We also recommend that you have another set of eyes (which may be an owner or a CPA) regularly review the balance sheet to check for unusual account balances

 

Too Many Expense Categories

 

Another common error we often see with inexperienced bookkeepers is creating too many expense categories, or miscategorizing expenses. Generally, most industries and businesses have a standard set of expense categories, and when a loan underwriter or surety sees too many categories, or the miscategorizing of expenses, it stands out like a big red flag. It tells them that your books are not well prepared. Use an accountant or experienced bookkeeper to correctly set up your accounting software right from the beginning, and don't automatically add new expense categories unless careful consideration has been made. Remember to ask your accountant or CPA for advice, because they'll be able to guide you on how to classify expenses.

 

Incomplete Information on Invoices

 

It's very important that, when you invoice your customers, you provide sufficient detail on each line item. Do you invoice by weight, per piece, or per mile? Or is the charge a flat fee? If there are additional charges to invoice, such as reimbursements for fuel or fees, these should be listed as separate line items. In addition, these charges must be clearly and accurately detailed in order to avoid any confusion. When you send invoices to your customers that include clear and concise details, it prevents pushback from your clients. If there's missing information on your invoices and your customers are confused by unrecognizable charges, it could well cause a delay in payment, which is the very last thing business owners need.

 

Not Understanding the Functionality of Accounting Software

 

Many freight brokers purchase an accounting software package because they're anxious to get their business up and running, but they fail to learn how to use it correctly. This is probably not an issue if you're already outsourcing your accounting and bookkeeping tasks; but if you're using this software in any way at all, perhaps to enter checks and run reports, it's important that you spend some time learning how to use all the available functions. When used correctly, the right accounting software can save you a lot of time, in addition to providing real-time information on the state of your business. It's this information that helps you make important business decisions!

 

 

 

 

 

 

Florida Factoring Companies Articles

 

 

 

Florida Factoring Companies Articles

Oilfield Services Factoring Services

 

Running a company in the oilfield services industry is no easy business, especially with payrolls to meet, equipment to purchase and deadlines that must be met. The sheer complexity of combining the geological research and modeling, imaging and exploration and finally the drilling to see whether oil is really present can take a lot of investment before any payoff can be seen.

 

For those who own a Frac Sand Hauler for example, the efforts that must be put in to start such as business can be considerable. But arguably the biggest challenge is paying the expenses as the invoices come in. A Frac Sand Hauler often has expenses that must be met immediately, but their invoices can take up to 60 days before they see the money.

 

What follows is an interview with Ray McClerand, a man who owns a Frac Sand Hauler business and ran into the same difficulties that many new companies of his type face. How Ray overcome some of the challenges in paying his bills through oil service factoring are explained in the interview.

 

"Welcome Ray, I'd like to know first why you decided to start up a Frac Sand Hauler company and how you prepared for the challenges it created."

 

Ray McClerand (RM): "I've been in the oil business for the past 15 years or so working on different jobs from roughneck to foreman to deskwork for different companies. A few years ago I saw the potential of having a Frac Sand Hauler business in this area and got together with a couple of partners to create a company. We sat down, went over the details and decided that this would be a real good time to build a business that was serving a particular need in this industry."

 

"So, I take it you created a business plan and took out the appropriate loans in order to purchase the equipment and hire the personnel necessary to get your company started?"

 

RM: "Exactly. Because I had been around this business for a while, I understood what was needed in terms of personnel and equipment. Plus, I had some contacts with others in the business that needed the type of services that a Frac Sand Hauler provides, so I felt that there was some real potential to make a profitable business work."

 

"How did it go over the first six months or so?"

 

RM: "At first, we were really thriving as my contacts had lined up some business my way. Our loans covered the first six months or so of operations and we were doing quite well with the business we had. My partners and I were certainly happy and everything was going good when something really strange happened."

 

"Could you elaborate on what you mean by "strange"?

 

RM: "Yes, after the first five months or so I started getting requests to have our company work with several other businesses in the area. This would mean having to expand our company through buying new equipment and hiring more people. But we did not have the cash on hand to make such a move. We were getting invoices from the businesses that we worked with, but it was taking up to 2 full months before we actually got the cash."

 

"So, you were making enough money to expand, but you didn't have it on hand because of the invoice system?"

 

RM: "You got it. Add to that our initial money from the loan was running out and we needed to start paying it back as well. I knew that if we didn't expand and accept the new business that others would step in and we would lose that money. So, we were in a real pickle until I heard about oil service factoring companies."

 

"Tell us a bit about oil service factoring and how it helped you out?"

 

RM: "Well, one of my partners had heard about factoring companies, so we checked it out and decided to go with one that was best suited for our needs. A factoring company buys our invoices with cash so we have money on hand to pay our bills and do what we need accomplished immediately. The factoring company then collects the money from the invoices when they become due. It's really been a win-win for what we do."

 

"That's interesting. I wonder if you could you explain a little further just how factoring has helped your company?"

 

RM: "Sure, instead of having to wait up to 60 days before we could collect on the invoices, we were able to have the cash on hand immediately to purchase some new equipment and hire some more people to expand our business. This meant that we could accept the new offers that other businesses were providing for us and not having to pass. I cannot say enough about how factoring really benefitted us when it came to expanding our business."

 

"So, it seems like factoring really paid off for you. Do you still use factoring today?"

 

RM: "Yes we do. Although for the most part we still cash our own invoices, whenever we need money quickly so we can buy some new equipment or expand our business a little further, we go back to the factoring company and cash in our upcoming invoices. It really has worked wonders for our company."

 

"Tell me, what would have happened if factoring was not an option?"

 

RM: Frankly, I don't know how we could be in the position we are today without factoring. In this business, you have to take advantage of new opportunities quickly because there are other companies out there who will step in if you don't. Basically, I don't think we would be anywhere near the company we are today if it had not been for factoring.

 

There is little doubt that Ray's company would not be where it was without oil service factoring that allowed him to expand his company when he needed. For those in the oil industry, having your invoices cashed immediately by factoring companies allows greater flexibility so you can grow your business a lot more quickly and take advantage of opportunities.

 

 

 

 

You Can Find More Information at  https://accountsreceivablefinance.org
and at http://truckingfactors.org/

Call Us Today at: 1-866-593-2195

 

Watch our Factoring Company Video below to see how we work for you.

 

 


 

Get MONEY NOW for your outstanding receivables.

 

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