Invoice financing often called accounts receivable financing allows business owners to finance outstanding invoices. Invoice financing companies advance you cash collateralized by your unpaid invoices, giving you an excellent way to put money back into your business.
With invoice financing, you can get a fast advance of about 85% of the value of your invoices, with most of the other 15% paid to you later.
Here’s what makes accounts receivable financing unique: your credit rating isn’t very relevant. Why not? Because the factoring company will be more focused on the credit of the company that owes you money, as it’s the crucial factor that determines how likely the factoring company is to get paid once ownership of the invoice has been transferred.
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If you need quick access to working capital, account receivable financing is an ideal solution. An invoice financing application is a fast and simple process. Because your invoice determines the amount and terms of financing you qualify for the invoice itself will be the most important part of the application process. ( Some invoice financing companies will look at your credit score and business financials as well.)
Overview
Any business with a business-to-business model can qualify for invoice financing, as long as they currently have outstanding receivables.These lenders don’t care as much about your revenue, profitability, or time in business.Since your invoices will act as the loan’s collateral, lenders just want to make sure the invoices make sense for them to finance. The rest of your business isn’t too important. The maximum amount you can qualify for depends on the total amount and quality of your invoices, as well as on your creditworthiness.
| Time in business | 1 years+ |
| Annual Revenue | $100k+ |
| Credit Score | 600+ |
| Repayment Options | When customer pays Invoice |
| Max. Advance | Up to 95% of outstanding Invoices |
Here are the basic documents you will need to apply for your Accounts Receivable Financing.