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How Factoring Financing Works
In a finance factoring transaction, youll send the invoices you hope to sell to a factoring company. They verify the invoices and your customers credit ratings, and then buy the invoices from you at a discounted rate. Funding invoices can take as little as a few days, but often takes up to a week. The invoices are assigned to the factor finance company, and your customers will send payments to the company, not to your business. Once the invoices have been paid, the factoring company sends the balance left on the invoice less a factoring fee.
Factoring isnt for every company. Make sure you know the risks and costs involved before agreeing to a factoring transaction.