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Comparing Factoring Companies

Factor companies are businesses that purchase accounts receivable or invoices at a discounted rate in exchange for an up-front cash payment. In a factoring transaction, all rights to a particular invoice or account are assigned to the accounts receivable factoring company- your customer will pay bills directly to the factor, not to your business.

For this reason, choosing a factoring company is a very important decision. When comparing invoice factoring companies, it is important to consider the level of professionalism and customer service with which they present themselves. Your customers will be communicating with the factor pretty regularly. Most business factoring companies will provide you with examples of the types of correspondences sent to customers, and will allow you to listen in on phone conversations with current “clients,” or those customers whose invoices have been purchased. Make sure that any accounts receivable factoring company you consider presents an image that is consistent with your business.