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If your business is dealing with a cash flow shortfall, factoring debt can help you with unlocking working capital trapped in your accounts receivable.
What is factoring?
Factoring and collections companies operate remarkably similarly on the surface since they’re both dealing with receivables and can help you get the cash you’re owed.
Debt collectors structure their contracts in a variety of ways. In some cases, the debt. The collection agency simply goes to work on your behalf. A factoring company isn’t so different. You’re selling your unpaid invoices to a third party too. Regardless of whether you’re working with a debt collection agency or factoring services, your creditworthiness won’t be a major concern. Debt factoring and invoice collections will both work to ensure invoices get paid.
what is factoring
The Difference Between Factoring and Collections
Factoring Doesn’t Cover Old Debtor Factoring
Debt collectors focus on outstanding invoices or older debt. It’s common for a debt collection agency to take over an account after 90 days, though some companies don’t enlist the help of a debt collector until the account is six or more months overdue.
Factoring Gives You Cash Up Front
Debt collection agencies may agree to collect on an invoice, but they don’t give anything out until they’ve successfully collected payment from the debtor. Factoring agents will advance most of an invoice’s value upfront.
If you think factoring debt is the best solution for your business, contact us to get started with a free rate quote.
Here's my website: https://vivacf.net/insights/difference-debt-collection-invoice-factoring/
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