STEPS INVOLVED IN THE FACTORING PROCESS

Highly Knowledgeable Financial Experts

Invoice factoring is a simple type of transaction in which you can sell your invoices (or accounts receivable) to a third-party company and receive a cash advance in exchange. Factoring goes by a number of different names, such as accounts receivable financing. At Summit Business Financing, we service companies nationwide.

The general steps of factoring include:

  • You sell your service or product to your customers
  • You issue invoices for the products or service
  • You send us a copy of the chosen invoice
  • We verify the chosen invoices with your customers
  • Within the next 24 hours, we advance 70-90% of the invoice amount to you
  • Your customers send the payment to our company
  • When we collect, we return to you the remaining percentage (minus our fee)

  • This system allows you to receive the funds you need to pay your expenses or invest without using a traditional bank loan. To request more information, call us at (201) 963-9185 today!