Need Fast Cash?

Get your money today instead of waiting for your invoice to get paid

Invoice, or Accounts Receivable, factoring is an alternative lending option for small business owners who need cash fast, but it is tied up in invoices. If you’re waiting anywhere from 30 to 90 days to get paid but you need money now, invoice factoring through ProFinance may be the answer to your problems.

Through accounts receivable factoring, a lender purchases your outstanding invoices or purchase orders. A set amount of the unpaid invoice is then advanced to you, while the lender attempts to collect the debt directly from the client. This frees up your current financial bind and the invoice works as a type of collateral for the lender, so it’s easier to qualify.

The way invoice factoring works involves a simple math formula. Depending on the terms of your lender, you will receive a certain percentage of your invoice upfront in immediate funds. The rest of the percentage is held in reserve by the lending company. The lender will collect the outstanding amount from the client, subtract a weekly factoring fee from the reserve, and then give you the remaining balance.

Since they get the cash upfront on an invoice that could have otherwise extended to 90 days or beyond, this is obviously an attractive lending option for many small business owners. In exchange for a small fee, the borrower gets immediate and guaranteed funds and doesn’t have to deal with tracking down the payment themselves.

Clients Choose ProFinance for their Loans and lines of Credit Because:

The quick and easy loan process lets you apply in minutes.

Upon approval, you can have your funds as early as the same day.

Our multiple alternative lending options let you choose the financing that fits your needs.

Qualifying For This Loan

The factoring costs will vary depending on the lender, but they generally run anywhere from 1% to 3% of the total of the invoice. There may be other processing fees, too, so be sure to ask for the fine print when you work with an invoice factoring lender and only work with a reputable lender, like ProFinance.

If you are concerned that you won’t qualify for this type of loan because you don’t have a high annual revenue or haven’t been in business that long, don’t worry. This form of lending doesn’t rely on traditional sources of credit. The invoice or accounts receivable is your collateral. The customer’s creditworthiness is what is at play, not your own.

To be approved for invoice factoring financing with ProFinance, have on hand when you contact our agents the following information:

  • A government-issued photo ID,
  • Your business’s legal information,
  • The invoices and contact information for those that you want to finance,
  • Your accounts receivable ledger, and
  • The terms of the invoices.

For small business owners who frequently invoice customers and have to wait to get paid, accounts receivable factoring is an excellent short-term solution. You can get access to your cash fast without having to wait for your customers to pay.

If you need working capital or a quick influx of cash, fixed-term loans may not be the right solution for you. Ask your agent at ProFinance if an invoice factoring loan will be beneficial to you. Even if you have had difficulty getting financing through other avenues, you may be able to qualify for an invoice factoring loan.

How To Apply:

1. Complete the short application form

Our application process takes less than 10 minutes, either online or on the phone.

2. Choose the lending option that suits your needs

Our agents will let you know which financing options you qualify for and you can decide which one you want to go with.

3. Access your funds

Complete the online checkout and the money is in your business bank account within 24 hours