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If your business needs financing and your clients have a lot of outstanding invoices, factoring could be a good solution. Factoring allows business owners to sell their accounts receivable to a third party in exchange for immediate funds. The third party, usually a factoring service, will then collect on the business's invoices, deduct their fees and give the rest to the business.
Factoring isn't right for every business; whether it's right for you depends on how much money you are owed and what your profit margins are. But if you think it could be a good fit for your company, here are 15 factoring services to consider.
1st PMF Bancorp
1st PMF Bancorp offers both domestic and foreign factoring services with no application, startup or termination fees. You can also apply online. invoicefactoringus.com
American Receivable
American Receivable's factoring services have no startup or application fees, and you can apply online and receive approval within 24 hours. There are also no repayment penalties. americanreceivable.com
Capital Plus
Capital Plus offers factoring services with no long-term contracts and no monthly minimums, and the company will also work with businesses with limited or no credit history. capitalplus.com
Charter Capital
Charter Capital's factoring services include low rates, no term contracts and same-day funding, and you can apply online for a quote. chartercapitalusa.com
CIT Commercial Services
CIT Commercial Services' factoring services also include credit protection and advice, bookkeeping with EDI (electronic data interchange) invoice and payment processing, and more. cit.com
Crestmark
Crestmark offers both discount factoring and traditional factoring services that cover companies ranging from startups to those with $100 million in sales. crestmark.com
Factor Funding Co.
Factor Funding Co.'s factoring services feature a customized program to fit your business's needs and have no startup or application fees. You can also apply online and get approved within 24 to 48 hours. factorfunding.com
Interstate Capital
Interstate Capital offers same-day funding, 24/7 automatic credit approvals and rates starting at 0.49 percent per invoice. There's no application fee, and you can apply online. interstatecapital.com
New Century Financial
New Century Financial charges no application, startup or termination fees; has no long-term contracts; and lets you apply online to be approved within 24 hours. newcenturyfinancial.com
Paragon Financial Group
Paragon Financial Group's factoring services offer up to 95 percent cash advancement with no application fee, as well as approval in 24 hours. paragonfinancial.net
Riviera Finance
Riviera Finance offers 24-hour funding and a standard cash advance of 91 percent of invoices, and features an online account management system that you can access 24/7. rivierafinance.com
RMP Capital Corp.
RMP Capital Corp. has different factoring services tailored to specific businesses, including public works contractors, service providers, trucking companies and small businesses. rmpcapital.com
RTS Financial
In addition to factoring services, RTS Financial has services for other industries, including trucking and transportation, oil-field services, and textile and apparel, and offers funding within 24 hours and competitive rates. rtsfinancial.com
Universal Funding Corp.
Universal Funding Corp.'s factoring services include 24/7 client service, electronic invoice submittal, on-demand and updated reports, with no application or startup fees. universalfunding.com
USA Factoring
USA Factoring offers services for many industries, including agriculture, trucking and health care, and has no startup or application fees. usafactoring.com
You can read reviews of factoring services on our sister site .
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