Professional Financing Products and Services Since 2002
WHAT IS FACTORING?
Factoring is the sale and purchase of accounts receivable (invoices) for immediate cash. The typical advance rate is 80%.
HOW FAST CAN YOU GET MONEY?
It will usually take 48 hours to get your first funding set up. We understand your needs and our partners have a process in place to get you started quickly, allowing you to continue growing your business and soar ahead of your competition.
HOW DOES IT WORK?
You set up an account with our partner, then you go out and perform your service or deliver your product or goods. Once you have completed your sale or service, you create an invoice as normal and send it to our partner for immediate advance. Then we wait for payment from your customer while you continue to build your business with the improved cash flow that our partner is providing you.
DO I HAVE TO FACTOR ALL OF MY CUSTOMERS?
No. You can factor what you want as we are not here to require you to factor your customers that already pay you in a timely manner.
DO YOU FACTOR NEW COMPANIES?
Yes. We offer our services to new and existing companies.
IS FACTORING CONSIDERED A LOAN?
No. Factoring is not a loan therefore it will not show up on the company's balance sheet, nor will it show up on credit reporting agencies.
DOES MY COMPANY NEED GOOD CREDIT?
No. We base the majority of our decision on your customers' credit.
DO YOU CHECK CREDIT ON MY CUSTOMERS?
Yes. We will check the credit on your customers for the benefit of your company and our partners. We want to do our best to ensure that you are dealing with customers who will pay.
TO APPLY, please complete the application and e-mail it back to Precision Leasing along with the following information:
1) A/R and A/P Aging Reports
2) Articles of Incorporation/LLC/Partnership
3) Sample Invoice
Should you have ANY questions or concerns, don’t hesitate to contact us.
Thank you for the opportunity!