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.
Charlotte

And Not All Factoring Companies Can Say This:

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

So, Can Your Company Use Factoring?

Of Course! Companies of all sizes, from small privately-owned companies to large multi-national corporations, use factoring as a way to increase their cash flow. Factoring spans all industries, including trucking, transportation, manufacturing and distribution, textiles, oil and gas, staffing agencies and more.

Companies use the cash generated from factoring to pay for inventory, buy new equipment, add employees, expand operations—basically any expenses related to their business. Factoring allows a company to make quicker decisions and expand at a faster pace.

Unlike a bank loan, factoring has…

  • No principle or interest to pay over time
  • No debt to repay
  • Unlimited funding potential – no caps
  • Fast funding – no waiting months like at a bank
  • Approval is based on the strength of your clients, not your credit
  • Startups are welcome in using funding services

Some of the benefits you receive with factoring are:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Information for the city of Charlotte

Charlotte has become a major U.S. financial center and is now the second largest banking center in the United States (after New York).[] The nation's second largest financial institution by assets, , calls the city home. The city was also the former corporate home of Wachovia until its 2008 acquisition by in San Francisco CA; with the two banks fully merged at the end of 2011, which included transitioning all of the branches in the Carolinas to o branches by October 2011. Since then, Charlotte became the regional headquarters for East Coast Operations of , which is headquartered in San Francisco, California. Charlotte also serves as the headquarters for capital markets activities including sales and trading, equity research, and investment banking. headquarters, along with other regional banking and financial services companies, are located primarily in the Uptown central business district.Charlotte has eight Fortune 500 companies in its metropolitan area, listed in order of their rank: was headquartered in Charlotte.

 

Charlotte is the major center in the U.S. motorsports industry, housing multiple offices of industry's race teams, employees and drivers are based nearby. The large presence of the racing technology industry along with the newly built , is iuencing other top professional drag racers to move their shops to Charlotte as well. The Metrolina Speedway is expected to bring more local racing along with a skate park, shoppes, restaurants, and an cale hotel.Located in the western part of Mecklenburg County is the U.S. National Whitewater Center, which consists of man made rapids of various degrees and is open to the public year round. One Center behind the in Uptown CharlotteThe Charlotte Region has a major base of energy oriented organizations and has become known as Charlotte USA The New Energy Capital. In the region there are more than 240 companies directly tied to energy sector collectively employing more than 26,400. Since 2007 more than 4,000 energy sector jobs have been announced.

 

Major energy players in Charlotte include The University of North Carolina at Charlotte has a reputation in energy education and research and its Energy Production and Infrastructure Center (EPIC) trains energy engineers and conducts research.The area is an increasingly growing trucking and freight transportation hub for the East Coast. The Charlotte Center city has seen remarkable growth over the last decade. Numerous residential units continue to be built uptown, including over 20 skyscrapers under construction, recently completed, or in the planning stage. Many new restaurants, bars and clubs now operate in the Uptown area. Several projects are transforming the Midtown Charlotte/Elizabeth area.In 2013, named Charlotte among its list of Best Places for Business and Careers. Charlotte has also been listed as the #20 largest city in the US, and the #60 fastest growing city in the US between 2000 2008.

 

 

Information for the state of North Carolina

North Carolina leads the nation in the production of tobacco and is a major producer of textiles and furniture. It grows 40% of all U.S. tobacco, but the continuing trend is toward diversification. Broilers, hogs, turkeys, greenhouse products, sweet potatoes, corn, soybeans, peanuts, and eggs are important. Plentiful forests supply the thriving furniture and lumber industries. The state has long been a major textile manufacturer, producing cotton, synthetic, and silk goods as well as various kinds of knit items.

 

Other leading manufactures are electrical machinery, computers, and chemicals; the Research Triangle complex near Chapel Hill has spurred high-tech manufacturing, as well as bringing federal jobs into the state. The state also has mineral resources: It leads the nation in the production of feldspar, mica, and lithium materials and produces substantial quantities of olivine, crushed granite, talc, clays, and phosphate rock. There are valuable coastal fisheries, with shrimp, menhaden, and crabs the principal catches. Charlotte developed in the 1980s into a major U.S. banking center, and related businesses have flourished in the area.

 

We relieve your headaches and stress of collecting on accounts receivables.  

Factoring is available for companies of all sizes, ranging from a one person business to Fortune 500 companies. Every business can use factoring as an effective way of increasing their cash flow -Charlotte Factoring Companies

 

 

FACTORING AT LOW COST IF YOU'RE CAREFUL WITH..  

Charlotte Factoring Companies Articles

Financing Temporary Staffing Agencies

 

In recent years temporary staffing agencies have become very profitable, because the current business environment prefers to outsource employees rather than hire them. This situation creates a very attractive and viable opportunity for temp staffing agencies. But, similar to other businesses, in order to operate a successful temp staffing agency, working capital is an absolute necessity. This requirement of working capital has become a problem for most agencies who often suffer from a cash flow crisis. Having adequate cash flow prevents the company from being run effectively, thus stopping the company from adding new clients. The result is that the business fails to grow. Fortunately, there is a solution to this problem, and the solution is the right type of financing.

 

Payroll and Bills Must Be Paid on Time!

 

The most important and probably the biggest expense of any temp staffing agency is employee payroll. Obviously, employees expect to be paid regularly and on time, and if this is not the case, they'll quickly move on and find work elsewhere. In addition, the agency needs funds to pay for other employee-related expenses, such as employment taxes. When a business fails to comply with tax regulations the costs involved can be extensive and can the even put the business itself in jeopardy.

 

Business Growth Is Impossible without Funds

 

Generally, Government and commercial clients pay their invoices somewhere between 30 and 60 days, and it's this timeframe that creates problems for temp staffing agencies. When an agency takes on a new client, before they start getting paid, the agency must be able to pay the employee's salary for up to two months.

 

This means that the only way to grow a temp staffing agency is to have a cash reserve to pay for running expenses. If you don't have a reserve of funds, then you can't take on new contracts; and if you work with larger contracts you need a larger reserve. And this is where it becomes a vicious cycle, because if you can't take on new contracts then business growth is impossible.

 

Payroll Funding: Helping Your Business Grow

 

Fortunately, there is a solution available for temp staffing agencies to resolve this very common financial problem, and it's known as Payroll Funding, or Payroll Financing. Payroll Funding is a solution that's been designed to help staffing agencies access much-needed working capital.

 

Payroll financing is actually a type of Invoice Factoring, allowing you to finance your slow-paying receivables. This type of funding provides your temp staffing agency with immediate funds. Now there'll be no more waiting for your Government and commercial clients to pay in 60 days - the payroll funding company will pay you within a day or two! Now you'll have the working capital your agency so desperately needs to meet payroll and other expenses; and now you can move forward and grow your business without constantly worrying about slow paying clients!

 

How Does Factoring Work?

 

Factoring is a very straightforward process. Basically, invoices are financed in two separate payments, with the first payment covering approximately 90% of the gross invoice value, and the second payment, which is the remaining 10% less factoring fees, is remitted to you once your client has paid. The first payment is paid into the temp staffing agency's bank account very soon after the invoice has been submitted for financing. In the meantime, your clients are not required to pay any sooner - they simply pay on their regular schedule.

 

Payroll Funding Is Available to Small Agencies

 

One huge advantage of factoring is that it's available to small agencies (even start-ups!) that don't have many assets. Because it's the invoices which are the assets the factoring company is financing, it's the credit quality of your customers that the factoring company is most interested in. Factors can only finance invoices if your customer (the payer) has good commercial credit, and that's why factoring has become a very viable and attractive option for both small and growing agencies whose greatest asset is their good clients.

 

Growing Your Agency with Factoring

 

Let's take a closer look at how your temp staffing agency can use invoice factoring to grow your company. We'll assume for the purpose of this article that you have a new client who requires six full-time employees for a few months. This new client is a large corporation and has a good reputation. The problem with this corporation, however, is that they pay their invoices in 50 days, and there's no way you can afford to carry the cost of the contract.

 

What's the solution? The solution is actually quite simple: you invoice the client weekly and factor the invoice! This funding strategy allows you to service the contract by providing your agency with weekly funds to pay employees. Providing you have clients with good credit and your agency provides good services, receivables factoring can be used very effectively to grow your business.

 

When factoring is used properly, it can help grow your temp staffing agency well beyond its current financial capabilities.

 

 

We relieve your headaches and stress of collecting on accounts receivables.

 

 

Charlotte Factoring Companies Articles

Questions You Need to Ask Your Factoring Company

 

In today’s marketplace we’re seeing more and more factoring companies, and factoring fees, rates and agreement terms have become very competitive. This means that, as a potential factoring customer, this competitiveness should work to your advantage. However, there are some issues you must consider when choosing a factoring company to suit your specific requirements.

 

Before entering into any factoring agreement, here are some important questions you should ask –

 

What Are Your Terms?

 

As a factoring customer, you’ll be looking for as much flexibility in your factoring agreement as possible. It may be that you choose a long term contract with your factoring company if it includes flexible rates or a price break. In today’s competitive market, many factoring companies are agreeing to adjust their rates based on competitive offers from other factors or increased factoring volume.

 

The majority of factoring agreements are a one year contract, which appears to be industry standard, and this contract will renew automatically unless you provide the factoring company either 60 or 90 days notice.

 

What’s Your Fee Structure?

 

The fee structure may vary depending on both the factoring company involved and your industry. Some factoring companies charge a flat fee, which is calculated as a percentage of the total value of the invoice. On the other hand, other factoring companies charge additional fees to cover costs associated with doing business, such as money transfers, software, and so on. Ensure that the factoring company you’re considering working with is completely upfront and transparent with you about its terms and fees.

 

Are You Able to Offer Both Recourse and Non Recourse Factoring?

 

Recourse factoring:

 

Recourse factoring is less expensive than non recourse factoring. With recourse factoring, you (being the client) are ultimately responsible if the factoring company is unable to collect on your customers’ invoices. However, you’re not necessarily required to pay the debt out of pocket if you have a recourse agreement and the customer defaults on payment. It may be that the factoring company will withhold a portion of future cash payments or payments held in reserve, with the money being placed in an escrow account until such time as the debt has been paid.

 

Non recourse factoring:

 

When you have a non recourse factoring agreement, the credit risk for the collection of customers’ invoices lies with the factoring company.Therefore, we believe it’s to your advantage to use a factoring company that offers both recourse and non recourse factoring, simply because you may find that some of your customers are more suitable for recourse factoring than others. In addition, you need a factoring company with a strong credit team because they can work with you to ensure you’re dealing with good customers: to a certain degree this will relieve some of the pressure of being responsible for bad debt.

 

How Long Has the Factoring Company Been in Business?

 

With the marketplace becoming increasingly competitive, today we’re seeing the creation of more and more factoring companies. However, many of these companies are recent start ups, with limited industry experience. Make sure you research the factoring company’s history prior to entering into any factoring agreement: also research its background into providing financial services in your specific industry.

 

Do You Have the Capital to Grow with Me?

 

The fact that there’s no limit to the level of financing is the major advantage factoring has over traditional bank lending. As your company continues to grow, so too should the funding of invoices grow with you. Do your research and learn as much as possible about your potential factoring company’s client base and their capital structure.

 

Does this factoring company have a limit to the number of debtors it takes on? What’s a typical account size? What’s the factoring volume of their largest client? You’ll probably find that factoring companies who have been serving your industry for many years will have greater capacity to finance your company as it continues to grow.

 

Is There Anything Else You Can Do for Me?

 

Obviously, factoring is more expensive than a conventional bank loan, and this is partly due to the back office services that your factoring company is able to provide. Besides collections and financing, many factoring companies will evaluate companies in your industry and provide credit information. Therefore, when looking for a factoring company for your business, make sure the one you choose offers additional services and products that can assist you in making good business decisions.

 

How Do We Start Factoring?

 

Fortunately, factoring companies are not unduly concerned about your balance sheet before they decide to work with you, unlike banks. However, they do have a process to follow when selecting new clients, so be sure you understand what the factoring company is looking for when it’s considering you as a client. Are they looking at your credit ratings and/or your customers’ payment histories?

 

Are they looking at your personal credit score?

 

In many cases a company will start factoring because it’s looking for a quick injection of cash, so you need to know how many days the factoring company will take to review and process your application.

 

 

 

 

Charlotte Factoring Companies Articles

Why Do Companies Choose Factoring?

 

We know that factoring is the ideal way for a business to access instant cash on their company’s receivables, but there are other important benefits as well. Factoring can be a very handy financial instrument for many businesses.

 

Listed below Are Six Key Benefits of Factoring

 

No. 1: Back Office Solutions

 

Anyone running a business knows just how time consuming and expensiveit can be collecting payments from customers. When you employ a factoring company they’ll take over that role for you using their own collection specialists: it’s their job to follow up with customers until such time as your account has been paid in full. In addition, some factoring companies use online accounts, which means that you’ll have the ability to track your customers’ payments in real time.

 

Handing this time consuming part of your business over to the factoring company frees up your time to do what you do best – running your business, looking for new business opportunities, and providing your customers with excellent customer service.

 

No. 2: Better Quality Customers

 

Some factoring companies have their own rating systems for companies involved in your industry, in addition to having access to credit data on companies that could well become your new customers, and days pay information. Others create their own rating systems for companies working in your industry, which allows you to make calculated, informed decisions about both existing and new customers.

 

No. 3: Instant Access to Cash

 

When a company provides goods or services on credit it usually has to wait somewhere between 30 and 90 days for customers to pay on their invoice, and this very often leads to cash flow problems for the business. And that’s the beauty of factoring! When you use a factoring company you’ll typically receive an advance on an invoice within 24 hours. This immediate injection of cash allows businesses to purchase additional equipment, employ new staff, and cover other business expenses.

 

No. 4: Growing Your Business

 

Because factoring provides instant access to cash, it offers you the flexibility to grow your business at a faster pace. In addition, factoring is very simple to set up. A factoring account can be created within a matter of days, whereas a traditional bank loan can take weeks. And, there’s no limit to the amount of funding a factoring company can provide, unlike bank loans. Of course, this is assuming the factoring company you choose to work with has a strong capital structure. Over a period of time, the volume of factoring can increase within months – from thousands to millions of dollars.

 

No. 5: Funding for Start Ups

 

Start Ups quite often require financing to get their business up and running; but because they have no cash flow statements or balance sheets, and no business history, they’re highly unlikely to qualify for cash flow or asset based lending.

 

Factoring is not concerned about these requirements because it’s main interest is in the credit history of your customers. Before a factoring company offers you financial assistance it will examine your customers’ credit scores, their payment patterns, and general financial health. Typically, the factoring company will not be interested in how long your company has been operating.

 

No. 6: Factoring Is Not a Debt

 

Factoring does not become a debt to your business because it’s not a loan. Your business receives financial support from the factoring company as and when you accumulate invoices, and the matter is settled once your customers have paid in full. It’s true that if you’re utilizing recourse factoring, you, as the factoring client, assume the risk if your customers default on payment; however, factoring companies usually allow businesses to work off that amount by retaining a portion of reserve payments or future cash payments.

 

 

 

You Can Find More Information at  http://yklfactoring.com/
and at Receivables Factoring at account-receivable-financing.org

Call Us Today at: 1-866-593-2205

 

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

 

 


 

Get CASH NOW for your outstanding receivables.

 

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