Ozarks Capital Funding

Invoice factoring gives your company much-needed working capital. Call us today at (417) 849-7394 to get started!

Ozarks Capital Funding header image 2

Submit a Complete and Organized Package

April 9th, 2010 · No Comments

When a business owner or financial executive makes the decision to factor invoices, he or she usually wants to start as soon as possible.  Like any other financing, there are steps to be taken for approval.  With accounts receivable factoring, qualification usually isn’t nearly as cumbersome as applying for a bank loan.  But it is important to have your ducks in a row when submitting the package to the factoring company.

Most invoice factoring companies expect a completed application, which consists of information about the company, it’s management, and it’s customers.  In addition, a current aging report of receivables, past two years financial statements, and corporate or LLC documents is required.  Some factors ask for more information on the front end, but for the most part, these documents are what is needed for the factoring company to make a preliminary evaluation.

In order to expedite the processing of the account, make sure the application is filled out in its entirety and that everything else on the checklist is included.  There are so many companies applying for factoring that if there are any parts of the package incomplete, it will cause the application to be kicked out and could delay the process for weeks.

As a broker, I often keep the process moving along without delays.  For example, a medical imaging company sent me what they thought was a financial statement.  Instead, it was a list of expenses with dates next to them (like a disbursement journal).  If this had been sent to the factoring company, they definitely would have rejected it and probably had hesitations about ever doing business with them.

Tags: Accounts Receivable Factoring by Ozarks Capital Funding · accounts receivable factoring · cash flow · factoring accounts receivable · factoring invoices · receivables factoring · receivables financing · working capital

0 responses so far ↓

  • There are no comments yet...Kick things off by filling out the form below.

Leave a Comment