When Does Factoring Make the Most Sense?
A company can be profitable but still find themselves in a cash crunch when outstanding invoices have not been paid. If the balance sheet isn’t strong enough for conventional financing, you should consider factoring.
Factoring is most suitable for businesses that…
01. Need Funds Quickly
When dealing with a tight cash flow, you probably don’t have weeks to wait, rather, you needed funds yesterday. One benefit of factoring is that it can be quickly and simply put in place by a factor like Accord. Learn more about our newest and quickest factoring solution here.
02. Are Ramping Up for New Business
If your company is gearing up for new business—whether you added new clients, you’re facing a peak season, or you expanded your product offering—a financing facility that will naturally follow your sales is what you may need. In these situations, factoring makes perfect sense.
03. Need to Improve Customer Service
Especially if you’re in fierce competition with another business, you can’t skimp on the quality of service provided to your customers. If you’re unable to meet your customers’ demands, they’ll go elsewhere. Because factoring yields money fast, you can take whatever steps necessary to improve customer service and remain competitive.
04. Want Simple, Easy, Affordable Solutions
For factoring, as well as a provider of other commercial finance options, you can count on Accord Financial. We customize solutions based on every customer’s needs. Give us a call so that we can help your company thrive.