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There are two basic types of factoring: recourse and non-recourse. Find out what is non-recourse factoring below:
To understand non-recourse factoring, we need to define recourse. If your customer’s business fails or files for Chapter 11 bankruptcy protection, the factor will be the one standing in line at the bankruptcy hearing, hoping to get paid. It bought the invoice based on the creditworthiness of your customer. Factoring without recourse gives you some control. It is a service if a factoring service agrees to buy an invoice and the customer can’t pay for it.
A non-recourse factoring company will help you with your factoring receivables. Non-recourse factoring is a common and convenient way to turn something of value into the cash you need. Not all factoring agreements are the same so it’s important to read the contract and ask questions when you have them. If it’s confusing or you’re not getting answers, then maybe it’s time to look at someone else to factor your invoices.
Triumph Business Capital offers you factoring solutions to pay off your debts and invoices. With factoring, you sell unpaid invoices to a factoring company like Triumph Business Capital, which pays you the amount you’re owed on the invoice less a small fee, and then the factoring company is responsible for collecting from your customer.
factoring receivables
To find out more info on what is non-recourse factoring, contact us today!
Read More: https://www.invoicefactoring.com/factoring-blog/what-is-non-recourse-factoring/
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