How Factoring Receivables Means More Than Just Cash To A Growing Business

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By Bibby Financial Services

18 Jul 2018

Growing businesses often have cash flow needs on short notice. In today’s business environment, there are a lot of options for securing capital including cash advances, quick business loans, factoring receivables, invoice discounting and other financial products from alternative lenders. What criteria can a business use to distinguish one alternative lender from another? How can a business avoid paying exorbitant rates when faced with an urgent cash crunch? We’ll address these questions for you and provide guidance to help better understand the options available to businesses. 

In busy, growing companies many accounting administrative tasks, also known as “back office” tasks, either require much of a business owner’s time or requires an employee to wear multiple hats. This critical business support structure is not intentionally neglected, it is simply often the least planned for activity when running a business. Companies that have great success and grow quickly are typically focusing on their core competencies, and rightfully so. This can leave administrative tasks as a procedural weakness. What if your financing company also supported you as you grew? There are financing companies that help businesses with common accounting needs like accounts receivables management support, including actively making collection calls and following up with customers for prompt payment. In addition to this service, Bibby Financial Services offers expert advice from credit management professionals to help you evaluate potential customers. 

Many businesses find it a challenge finding a financing company, but by using these simple criteria, it doesn’t have to be that way. Having a vetted financing company that provides personalized and relationship-based solutions that are customized for your business alleviates several of the stressors facing small and medium size business owners. As with any challenging tasks, finding the right resources early on and having a network in place can provide much more support than going at it alone. Many businesses find a factoring services partner is the best solution in both good times and in bad and offer more services and solutions than traditional lender type financing companies. A factoring services partner like Bibby Financial Services (BFS) understands your business as a unique entity and provides a personal service, not just an automated phone line or support via the website. In addition to customizing a funding solution to your business, BFS supports your business by providing relief from accounting administrative tasks through our standard back-office support, designed to reduce paperwork and time spent on accounting tasks like collecting on debt. Should you vet your customers before offering payment terms? Could you use support to ensure outstanding invoices are regularly called on? BFS streamlines your invoicing and collection processes to help free up your time, leaving you free to concentrate on what you do best – running your company! Contact us today to learn more.

 


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