How will factoring help my business?
The benefits will vary from business to business, but factoring usually provides a source of consistent funds and healthy cashflow. Without question, factoring has become a widely accepted means of business finance worldwide. It is considered an ideal way to provide strong cashflow for companies of all sizes.
How are fees for factoring services determined?
We calculate each client's fee based on a combination of variables. These include volume, credit quality of debtors, advance rate desired and number of invoices.
How much is advanced?
The typical advance rate is 80 percent, but we do fund up to 90 percent based on the variables listed above.
How long does it take to get started?
With no delays, we can get you started factoring with us within 22 hours.
Where and how do I receive my money?
It's simple. Either stop by our office with your invoices and wait in our lobby for a check, or deliver your invoices to us via any method convenient to you including U.S. mail, overnight service, or leave in our drop box. Invoices received by noon will be funded the same afternoon via direct deposit to your bank account or fuel account.
How long do I factor for, and can I easily quit factoring?
We have clients that factor for a short period of six months and some that have been with us since nearly our company's beginning. We have many examples of clients who came to us for a while and then resumed a bank line of credit. No matter the duration, we are committed to making any transition to and from us as seamless as possible for you, your company and your customers.
What will my customers think?
Concept Financial Group is not a collection agency. We understand the importance of business relationships and treat each debtor as though he or she is your best customer. We handle every collection in a professional manner. Be assured, your customer relationship will not change. Our role as your financial partner will be on the administration side only.
Why would I factor instead of getting a bank line of credit?
First off, we encourage you to explore all financing options available to you. In many instances, a bank line may be ideal for your business. However, it may not be ideal if your bank is any of the following: adverse to receivables as collateral; will not give you a high enough line amount to support your current business and future growth; has a long and cumbersome approval process; believes you are growing too fast; or, can't/won't offer the back office support we provide as part of our service. These are just a few examples of the many possible reasons to consider factoring.
Why choose Concept Financial Group?
- Generate cash flow immediately with same day funding on your invoices.
- Funding direct to your checking or fuel account.
- Reserves returned when collected.
- No minimum volume requirements.
- No long-term contracts.
- Professional collection calls start at 15 days on all new debtors.
- Immediate info on credit checks.
- Amount of funding grows with your invoices.
- You are not required to factor all your accounts.
- Honest, friendly staff that actually enjoys helping you.
When did factoring begin?
Concept Financial Group certainly did not invent factoring. It most likely originated around 726 B.C. when traders sold carpets at a discount for cash.