Factoring: What It Is and How to Choose a Service | Business News Daily


Choosing a factoring service doesn’t have to be complicated. Here are three things to consider when selecting one for your business:

What type of factoring does your business need?

How much of your outstanding invoices do you need funded and when do you need it?

How much are you willing to pay?

We will help you answer these questions below, but if you already know what you need and just want to see our recommendations for the best factoring service, visit our best picks page.

The first step to choosing the right factoring service for your business is figuring out which type of factoring you actually need. For instance, do you need a factoring service that covers all of your outstanding invoices upfront, or will a partial payment suffice? Do you prefer to keep receiving payments from customers, or will you hand collections over to the factoring company? And do you want to be held responsible to the factoring company if customers don’t pay? These are just some of the considerations we’ll cover below.

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