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3 Invoice Factoring Services You Should Know

3 Invoice Factoring Services You Should Know

Invoice factoring is one of the solutions for short term issues in cash flow. Suppose you need cash right away, but customers can’t pay for services or goods until later; this is where invoice factoring, along with invoice financing, can convert your unpaid invoices into faster cash. But don’t consider invoice factoring as loan. It is a process in which you sell your invoices at a discount to any invoice factoring company; in exchange, the company will give you lump sum cash.

In turn, now the factoring company owns your invoices, and they get paid when they collect from your customer, who has a stipulated time period of 30 to 90 days. The discount rate can vary from 1-5%, depending on invoice amount. The pros in this case are easy approval, fast cash, and improved cash flow. However, it is also costly, you lose direct control, and a customer’s bad credits can derail your finances.

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Here are three resources that can help you with your invoice factoring.

1. FactoringClub

FactoringClub is a web directory service that provides you with in depth information about invoice factoring companies, such as locations, descriptions, credit facilities, terms, services, industries served, contact information, features, and more. Any business owner looking for accounts receivable financing will find the right invoice factoring company to cater their needs on the FactoringClub site. It can help you find a company based on location, name, keywords, and industry.

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Finding the right factoring company for your business requires common sense and research. You can find companies with specialties in accounts receivable financing, commercial finance, purchase order financing, invoice factoring, equipment financing, and asset based lending.

FactoringClub helps you save time and stress. People tend to rely on reviews to find realistic insights of companies, but reviews may not always be true; FactoringClub gives you the option to talk their reputable factoring brokers, who can provide you with an unbiased opinion about any factoring company listed on FactoringClub, or they can recommend you a factoring company based on your needs.

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After providing the details of your business, you can compare the cost of different factoring companies, which will determine a cost based on how much you intend to spend per month, expected average invoices, days outstanding, and customer credit.

2. American Receivable

American Receivable provides an excellent invoice factoring service with strong support, no extra fees, and good rates. It has solid eligibility requirements and customer support systems, and offers stellar features, non-recourse factoring, and no commitment minimums, which makes it great for business. You will have a dedicated account manager, who will have complete knowledge about your account and information required for processing.

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American Receivable offers flexible factoring services for both short and long term business. They have made it easy for small businesses with credit ratings to qualify for factoring, in spite of rigid requirements. They focus on your customers’ creditworthiness, but not your business’s credit history or revenues, and they offer generous factoring terms that will help business with cash flow. They do not limit the number of invoices you can submit, and you can submit an application online, or through fax. The recovery days are up to 120 days.

3. Riviera Finance

Riviera Finance is an invoice factoring service that offers competitive rates, fast turnaround time, and various services, such as non-recourse factoring. They will buy any invoice, regardless of how overdue it is. You can start with Riviera Finance by filling out a form, or online submission. For small or medium sized businesses, they offer great security, which means they have freedom to explore new opportunities and expand.

They specialize in small business financing, invoice factoring services, business cash flow solutions, and accounts receivable management. They offer 24-hour guaranteed funding, skilled employees, application interfaces, and the highest cash advances in the industry; accounts are available online 24/7, no set up fees are required, and no long term contracts are mandatory. The only drawback is you have to pay a termination fee if you choose to stop factoring with them.

So try out any of these services to ease your cash flow and have improved business transactions.

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Abhay Jeet Mishra

Writer at Lifehack & Enterested.com

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Last Updated on July 8, 2020

10 Smart Productivity Software to Boost Work Performance

10 Smart Productivity Software to Boost Work Performance

Productivity is the ability to perform tasks efficiently and in a timely manner. In today’s busy and competitive business world, productivity is paramount for any business, organization or corporation.

Productivity is more than just performing tasks successfully. It is about investing and allocating resources, so the company or business can perform to meet its core goals.

As part of 2019, it is important to commit to new goals. When shopping around for new productivity software keep in mind the following things: cost, reliability, cross-platform compatibility, on the go, technical support, etc.

In the subsequent sections, we will examine the most recommended productivity software in the marketplace. In addition, we will look at what makes them tick and what separates them from the rest of the pack.

Projects and Tasks Management

1. Monday dot com

    Monday dot com was founded to create a team management solution so people connect to workplace processes across any industry. The productivity tool is used in more than 140 countries.

    The user interface is intuitive and impressive. It makes collaboration productive and fun because of its simplicity.

    The tool is deemed to have one of the best user experiences across the mobile and online project and task management platform.

    The product includes usability, customization, admin control, group management and control, private or public control, in-group messaging and more.

    Check out the software here!

    2. Asana

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      The mantra behind Asana’s product is to enable teams from across different organizations to work together effortlessly.

      The software comes with lots of customizations. When you create a project as a user, you can choose between a traditional task view and the kanban-style board view. The dashboard allows you to see the progress on a project, and it includes an excellent advanced set of search tools.

      Also, Asana’s Android and iOS apps do retain the web interface’s clean look and feel.

      Check out the software here!

      3. Trello

        Trello was founded in the summer of 2010 and two years later the platform added 500,000 members. Anyone within sales, marketing, HR and operations can collaborate successfully with this product.

        Moreover, the tool has over 100 plus integrations with Google Drive, Slack, Jira and others. The product works flawlessly across various platforms.

        Some of the well-known features includes is speed, easy-to-use, and set up. The interface includes due dates, assignments, file storage, checklists and more.

        Check out the software here!

        4. Jira

          The Jira software is flexible and heralded as the next-generation project.

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          The software allows teams to design and adapt the software to an organization’s needs. This includes having visibility into long term goals, project roadmaps, status of work, real-time release information and more. In addition, the interface is customizable.

          The Atlassian Cloud does not support multiple separate domains, subdomains or domain aliases in Google Apps.

          Check out the software here!

          5. Evernote Business

            Evernote was founded in 2008 and reached 11 million users by 2011. The company was founded on the premise that their product should address the ever-increasing volume and speed of information.

            The product helps bring together groups of teams because of versatility and functionality. It creates documents, collaboration on projects, store information all a single location.

            Moreover, you can find information quickly and includes effective search capabilities and integrations with existing tools you may already use.

            Check out the software here!

            Communication

            6. Slack

              Slack was founded in 2013 and the tool is heralded as a collaboration hub. Slack is where productivity happens. When you start a new project, hire new staff, deploy a code, review a sales contract, finalize on a budget, Slack covers all of these. Some of the major highlights include highly customizable notifications and seamless integrations with other collaboration and office tools. The free version of the software comes loaded with features, but does not archive old message. So, you have to review what are the best options for your organization or business.

              Check out the software here!

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              7. Spike

                Newcomer Spike makes emails more conversational by helping teams maintain productivity, communication, and collaboration. All of these are achieved from within their inbox.

                Spike works on top of any existing email (O365, G suite, and IMAP) turning it into a real-time messenger and making your communication much more functional and efficient.

                Spike’s features include built-in groups and channels, voice and video calls, email encryption, instant access to all your files, and much more.

                Check out the software here!

                Creation

                8. Office 365

                  Microsoft’s Office 365 could not be excluded from the conversation and especially as it pertains to productivity software.

                  Of course we are all familiar with Word, Excel, PowerPoint, and Outlook. But there is more capabilities that come with it.

                  You have business-class email, online storage space, and teamwork solutions. These services can be accessed from just about anywhere.

                  Within this suite is Microsoft Sway, which is a presentation software and a step above PowerPoint.

                  Check out the software here!

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                  9. Grammarly

                    Grammarly helps to cut down time on editing. Professionals in several industries like law, healthcare, academia, marketing, engineering and journalism use it to provide instant feedback on the accuracy of writing in English.

                    Once you install the extension from Google Chrome, you can get corrections when you are drafting an email, using social media and other apps.

                    Grammarly is AI powered and it’s a wonderful tool to have to check spelling and grammar before a presentation.

                    Check out the software here!

                    Team Analytics

                    10. ActivTrak

                      ActivTrak is a business intelligence tool that allows you to access team behavior analytics. In other words, it is data-driven.

                      The pros include two-factor authentication with active directory integration. You can also automate your alerts and it has an intuitive interface with easy-to-use admin controls.

                      Furthermore, it comes with Google sign-in, iOS app, productivity track, and more. The bottomline is the product offers employee productivity metrics along with team behavior analytics.

                      Check out the software here!

                      The Bottom Line

                      Depending on the size, budget, resources, and immediate needs of your company, not all productivity software will exactly solve your problem. You will have to contact any of the providers above and probe extensively to find the right product that is made for your business.

                      More Productivity Tools

                      Featured photo credit: Domenico Loia via unsplash.com

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