New to Factoring?

For those who aren't familiar with factoring, it is basically a fast way to get cash to run your business.

Factoring is Not a Loan

When you send your customers an invoice, they usually have 30 days to pay you back. Factoring companies will give you the bulk of the cash up front, sometimes within 24 hours, and collect the payments from your customers themselves. Once the invoices are paid in full, you’ll get the balance left over, minus a small fee.


Factoring Doesn't Require Debt

Sounds simple enough – fast cash for your business – no loans, no debt.

So how do you go about choosing the best factoring company?

Not all of them are created equal. Not all of them will give you the same level of service you need to help grow your business.

Everyone claims they have the simplest rate structure in the industry, no long-term contracts, same day funding, no up-front fees, no monthly minimums or maximums, etc., etc., etc.

We also offer these same benefits, but we GO THE EXTRA MILE FOR YOU that other factoring companies don’t.

Here’s Why We Are The Factoring Company You Need For Your Business

No other factoring company matches our level of superior service and offerings.


As you can see, we simply have more to offer you.

Other factoring companies don’t even compare.
Worcester

And Not All Factoring Companies Can Say This:

More than half of our new business comes through client referrals.

So, Can Your Company Use Factoring?

Of Course! Companies of all sizes, from small privately-owned companies to large multi-national corporations, use factoring as a way to increase their cash flow. Factoring spans all industries, including trucking, transportation, manufacturing and distribution, textiles, oil and gas, staffing agencies and more.

Companies use the cash generated from factoring to pay for inventory, buy new equipment, add employees, expand operations—basically any expenses related to their business. Factoring allows a company to make quicker decisions and expand at a faster pace.

Unlike a bank loan, factoring has…

  • No principle or interest to pay over time
  • No debt to repay
  • Unlimited funding potential – no caps
  • Fast funding – no waiting months like at a bank
  • Approval is based on the strength of your clients, not your credit
  • Startups are welcome in using funding services

Some of the benefits you receive with factoring are:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Information for the city of Worcester

"

Worcester is a city and the county seat of Worcester County, Massachusetts, United States. Named after Worcester, England, as of the 2010 Census the city's population was 181,045, making it the second largest city in New England after Boston. Worcester is located approximately 40 miles (64 km) west of Boston, and 38 miles (61 km) east of Springfield. Due to its location in Central Massachusetts, amidst Massachusetts' major metropolitan regions, Worcester is known as the ""Heart of the Commonwealth"", thus, a heart is the official symbol of the city. However, the heart symbol may also have its provenance in lore that Valentine's Day cards were invented in the city.

 

Worcester was considered its own region for centuries; however, with the encroachment of Boston's suburbs in the 1970s after the construction of Interstate 495 and Interstate 290, it now marks the western periphery of the Boston Worcester Providence (MA RI NH) U.S. Census Combined Statistical Area (CSA), or Greater Boston. The city features many examples of Victorian era mill architecture.By the mid 19th century Worcester was one of the largest manufacturing centers in New England. The city�s large industries specialized in machinery, wire production, and power looms. And although manufacturing has largely declined, the city still maintains large manufactures Abrasives, which was bought by in 1990, Construction and the Company. TheCompany pioneered aeronautical equipment including anti gravity suits and noise attenuating headsets.

 

"

 

Information for the state of Massachusetts

Sectors vital to the Massachusetts economy include higher education, biotechnology, finance, health care, and tourism. Route 128 was a major center for the development of minicomputers and electronics. High technology remains an important sector, though few of the largest technology companies are based there. In recent years tourism has played an ever-important role in the state's economy, with Boston and Cape Cod being the leading destinations. Other popular tourist destinations include Salem, Plymouth and the Berkshires.

 

As of June 2012, the state's unemployment rate was 6.0%, well below the national level of 8.2%. Sectors vital to the Massachusetts economy include higher education, biotechnology, finance, health care, and tourism. Route 128 was a major center for the development of minicomputers and electronics. High technology remains an important sector, though few of the largest technology companies are based there. In recent years tourism has played an ever-important role in the state's economy, with Boston and Cape Cod being the leading destinations. Other popular tourist destinations include Salem, Plymouth and the Berkshires. Particular agricultural products of note include tobacco, livestock, and fruits, tree nuts, and berries, for which the state is nationally ranked 11th, 17th, and 16th, respectively. Massachusetts is the second-largest cranberry-producing state in the union (after Wisconsin).

 

We relieve your headaches and stress of collecting on accounts receivables.  

Factoring is when a third party commercial finance company purchases the Invoices or Accounts Receivable from a business. -Worcester Factoring Companies

 

 

GET RID OF THOSE RECEIVABLES!  

Worcester Factoring Companies Articles

The benefits of using a Factoring company versus a bank loan

 

If you are looking for a convenient way to obtain business capital, factoring is one of the best options available out there. From a recent study, it has been identified that many people go for bank financing in such instances, considering that it is the least expensive method of investing. However, factoring is associated with many other advantages and we will let you know about them through this article.

 

A proper cash flow is something that every business in the present world should have. In addition, they need to speed up their cash flows along with time. Otherwise, it will not be possible for them to get banks for financing. Unfortunately, banks are not in a position to accommodate all the financial requirements of a company, due to tough credit standards. That is where factoring comes into play. It happens when a company sells its accounts receivable to a bank or a factoring company. The amount that can be taken depends on value of the invoice.

 

Key benefits associated with factoring

 

• A company can get large amounts of capital through factoring. It is because this method is entirely based upon accounts receivable. It has impressed many small scale businesses out there since they can obtain a bigger line from their accounts receivable for services or goods. They will not be able to get such a big amount of capital from any conventional bank lender out there. Factoring is something that is based on the credit strength of your potential customers. If your company has more potential customers with healthy credit strengths, you can easily enjoy the benefits of factoring.

 

• Factoring is quicker than traditional bank loans. Since most of the accounts receivable factoring lines are in a position to be set up, approved and actively funded within a matter of few weeks, you can go through a hassle free process. However, banks will take more time to engage with their credit reviewing activities about your company. They might even wait for audit results or fiscal period closes. Therefore, if you are in need of quick business capital, factoring is the number one option available out there to consider.

 

• Factoring is something that expands quickly along with the growth of your company. Almost all the factoring companies out there support it. Your company doesn’t need to have an excellent track recording of business. You just need to select a factoring company that is big enough to accommodate all your business development ambitions.

 

• A factoring company does not offer loans to their clients. Therefore, you cannot find many similarities between a loan and factoring. A factoring company will purchase your accounts receivables along with cash. Therefore, it can be considered as a similar process to increasing the working capital, while showing it as a liability in the account balance sheets. This will even reduce debt in the balance sheet, when compared to borrowing. At the end of the day, your company will get the opportunity to enjoy a lower debt to equity ratio.

 

• Factoring is less expensive than equity. Most of the businesses approach equity investors to cater their financing requirements. However, there isn’t any substitute for equity capital in some expansion purposes and business investments. Almost all the equity investors expect a higher return from the accounts receivable than the cost. When it comes to factoring arrangements, you won’t be able to find any dilutive effect on shareholders. This will assist you a lot to stay away from hassle.

 

• Factoring is also recognized as one of the best options available to improve your turn. In the present world, many factoring companies will verify invoices with your customers and check whether they are being paid on time. This will motivate your customers to pay the invoices on time through a gentle reminder. This will result in a better service delivery from your end as well.

 

 

 

We relieve your headaches and stress of collecting on accounts receivables.

 

 

Worcester Factoring Companies Articles

Questions You Need to Ask Your Factoring Company

 

In today’s marketplace we’re seeing more and more factoring companies, and factoring fees, rates and agreement terms have become very competitive. This means that, as a potential factoring customer, this competitiveness should work to your advantage. However, there are some issues you must consider when choosing a factoring company to suit your specific requirements.

 

Before entering into any factoring agreement, here are some important questions you should ask –

 

What Are Your Terms?

 

As a factoring customer, you’ll be looking for as much flexibility in your factoring agreement as possible. It may be that you choose a long term contract with your factoring company if it includes flexible rates or a price break. In today’s competitive market, many factoring companies are agreeing to adjust their rates based on competitive offers from other factors or increased factoring volume.

 

The majority of factoring agreements are a one year contract, which appears to be industry standard, and this contract will renew automatically unless you provide the factoring company either 60 or 90 days notice.

 

What’s Your Fee Structure?

 

The fee structure may vary depending on both the factoring company involved and your industry. Some factoring companies charge a flat fee, which is calculated as a percentage of the total value of the invoice. On the other hand, other factoring companies charge additional fees to cover costs associated with doing business, such as money transfers, software, and so on. Ensure that the factoring company you’re considering working with is completely upfront and transparent with you about its terms and fees.

 

Are You Able to Offer Both Recourse and Non Recourse Factoring?

 

Recourse factoring:

 

Recourse factoring is less expensive than non recourse factoring. With recourse factoring, you (being the client) are ultimately responsible if the factoring company is unable to collect on your customers’ invoices. However, you’re not necessarily required to pay the debt out of pocket if you have a recourse agreement and the customer defaults on payment. It may be that the factoring company will withhold a portion of future cash payments or payments held in reserve, with the money being placed in an escrow account until such time as the debt has been paid.

 

Non recourse factoring:

 

When you have a non recourse factoring agreement, the credit risk for the collection of customers’ invoices lies with the factoring company.Therefore, we believe it’s to your advantage to use a factoring company that offers both recourse and non recourse factoring, simply because you may find that some of your customers are more suitable for recourse factoring than others. In addition, you need a factoring company with a strong credit team because they can work with you to ensure you’re dealing with good customers: to a certain degree this will relieve some of the pressure of being responsible for bad debt.

 

How Long Has the Factoring Company Been in Business?

 

With the marketplace becoming increasingly competitive, today we’re seeing the creation of more and more factoring companies. However, many of these companies are recent start ups, with limited industry experience. Make sure you research the factoring company’s history prior to entering into any factoring agreement: also research its background into providing financial services in your specific industry.

 

Do You Have the Capital to Grow with Me?

 

The fact that there’s no limit to the level of financing is the major advantage factoring has over traditional bank lending. As your company continues to grow, so too should the funding of invoices grow with you. Do your research and learn as much as possible about your potential factoring company’s client base and their capital structure.

 

Does this factoring company have a limit to the number of debtors it takes on? What’s a typical account size? What’s the factoring volume of their largest client? You’ll probably find that factoring companies who have been serving your industry for many years will have greater capacity to finance your company as it continues to grow.

 

Is There Anything Else You Can Do for Me?

 

Obviously, factoring is more expensive than a conventional bank loan, and this is partly due to the back office services that your factoring company is able to provide. Besides collections and financing, many factoring companies will evaluate companies in your industry and provide credit information. Therefore, when looking for a factoring company for your business, make sure the one you choose offers additional services and products that can assist you in making good business decisions.

 

How Do We Start Factoring?

 

Fortunately, factoring companies are not unduly concerned about your balance sheet before they decide to work with you, unlike banks. However, they do have a process to follow when selecting new clients, so be sure you understand what the factoring company is looking for when it’s considering you as a client. Are they looking at your credit ratings and/or your customers’ payment histories?

 

Are they looking at your personal credit score?

 

In many cases a company will start factoring because it’s looking for a quick injection of cash, so you need to know how many days the factoring company will take to review and process your application.

 

 

 

 

Worcester Factoring Companies Articles

Why Do Companies Choose Factoring?

 

We know that factoring is the ideal way for a business to access instant cash on their company’s receivables, but there are other important benefits as well. Factoring can be a very handy financial instrument for many businesses.

 

Listed below Are Six Key Benefits of Factoring

 

No. 1: Back Office Solutions

 

Anyone running a business knows just how time consuming and expensiveit can be collecting payments from customers. When you employ a factoring company they’ll take over that role for you using their own collection specialists: it’s their job to follow up with customers until such time as your account has been paid in full. In addition, some factoring companies use online accounts, which means that you’ll have the ability to track your customers’ payments in real time.

 

Handing this time consuming part of your business over to the factoring company frees up your time to do what you do best – running your business, looking for new business opportunities, and providing your customers with excellent customer service.

 

No. 2: Better Quality Customers

 

Some factoring companies have their own rating systems for companies involved in your industry, in addition to having access to credit data on companies that could well become your new customers, and days pay information. Others create their own rating systems for companies working in your industry, which allows you to make calculated, informed decisions about both existing and new customers.

 

No. 3: Instant Access to Cash

 

When a company provides goods or services on credit it usually has to wait somewhere between 30 and 90 days for customers to pay on their invoice, and this very often leads to cash flow problems for the business. And that’s the beauty of factoring! When you use a factoring company you’ll typically receive an advance on an invoice within 24 hours. This immediate injection of cash allows businesses to purchase additional equipment, employ new staff, and cover other business expenses.

 

No. 4: Growing Your Business

 

Because factoring provides instant access to cash, it offers you the flexibility to grow your business at a faster pace. In addition, factoring is very simple to set up. A factoring account can be created within a matter of days, whereas a traditional bank loan can take weeks. And, there’s no limit to the amount of funding a factoring company can provide, unlike bank loans. Of course, this is assuming the factoring company you choose to work with has a strong capital structure. Over a period of time, the volume of factoring can increase within months – from thousands to millions of dollars.

 

No. 5: Funding for Start Ups

 

Start Ups quite often require financing to get their business up and running; but because they have no cash flow statements or balance sheets, and no business history, they’re highly unlikely to qualify for cash flow or asset based lending.

 

Factoring is not concerned about these requirements because it’s main interest is in the credit history of your customers. Before a factoring company offers you financial assistance it will examine your customers’ credit scores, their payment patterns, and general financial health. Typically, the factoring company will not be interested in how long your company has been operating.

 

No. 6: Factoring Is Not a Debt

 

Factoring does not become a debt to your business because it’s not a loan. Your business receives financial support from the factoring company as and when you accumulate invoices, and the matter is settled once your customers have paid in full. It’s true that if you’re utilizing recourse factoring, you, as the factoring client, assume the risk if your customers default on payment; however, factoring companies usually allow businesses to work off that amount by retaining a portion of reserve payments or future cash payments.

 

 

 

You Can Find More Information at  http://receivablesfunding.org/
and at www.truckingfactoringcompany.com/

Call Us Today at: 1-888-239-9162

 

Watch our Factoring Company Video below to see how we work for you.

 

 


 

Get CASH NOW for your outstanding invoices.

 

Worcester Factoring Companies Links

New York City

 

Los Angeles

 

Chicago

 

Houston

 

Philadelphia

 

Phoenix

 

San Antonio

 

San Diego

 

Dallas

 

San Jose

 

Austin

 

Jacksonville

 

Indianapolis

 

San Francisco

 

Columbus

 

Fort Worth

 

Charlotte

 

Detroit

 

El Paso

 

Memphis

 

Boston

 

Seattle

 

Denver

 

Washington DC

 

Nashville Davidson

 

Baltimore

 

Louisville Jefferson

 

Portland

 

Oklahoma City

 

Milwaukee

 

Las Vegas

 

Albuquerque

 

Tucson

 

Fresno

 

Sacramento

 

Long Beach

 

Kansas City

 

Mesa

 

Virginia Beach

 

Atlanta

 

Colorado Springs

 

Raleigh

 

Omaha

 

Miami

 

Oakland

 

Tulsa

 

Minneapolis

 

Cleveland

 

Wichita

 

Arlington

 

New Orleans

 

Bakersfield

 

Tampa

 

Honolulu

 

Anaheim

 

Aurora

 

Santa Ana

 

St. Louis

 

Riverside

 

Corpus Christi

 

Pittsburgh

 

Lexington Fayette

 

Anchorage

 

Stockton

 

Cincinnati

 

St. Paul

 

Toledo

 

Newark

 

Greensboro

 

Plano

 

Henderson

 

Lincoln

 

Buffalo

 

Fort Wayne

 

Jersey

 

Chula Vista

 

Orlando

 

St. Petersburg

 

Norfolk

 

Chandler

 

Laredo

 

Madison

 

Durham

 

Lubbock

 

Winston Salem

 

Garland

 

Glendale

 

Hialeah

 

Reno

 

Baton Rouge

 

Irvine

 

Chesapeake

 

Irving

 

Scottsdale

 

North Las Vegas

 

Fremont

 

Gilbert town

 

San Bernardino

 

Boise

 

Birmingham

 

Rochester

 

Richmond

 

Spokane

 

Des Moines

 

Modesto

 

Fayetteville

 

Tacoma

 

Oxnard

 

Fontana

 

Columbus

 

Montgomery

 

Moreno Valley

 

Shreveport

 

Aurora

 

Yonkers

 

Akron

 

Huntington Beach

 

Little Rock

 

Augusta

 

Amarillo

 

Glendale

 

Mobile

 

Grand Rapids

 

Salt Lake City

 

Tallahassee

 

Huntsville

 

Grand Prairie

 

Knoxville

 

Worcester

 

Newport News

 

Brownsville

 

Overland Park

 

Santa Clarita

 

Providence

 

Garden Grove

 

Chattanooga

 

Oceanside

 

Jackson

 

Fort Lauderdale

 

Santa Rosa

 

Rancho Cucamonga

 

Port St. Lucie

 

Tempe

 

Ontario

 

Vancouver

 

Cape Coral

 

Sioux Falls

 

Springfield

 

Peoria

 

Pembroke Pines

 

Elk Grove

 

Salem

 

Lancaster

 

Corona

 

Eugene

 

Palmdale

 

Salinas

 

Springfield

 

Pasadena

 

Fort Collins

 

Hayward

 

Pomona

 

Cary

 

Rockford

 

Alexandria

 

Escondido

 

Mckinney

 

Kansas City

 

Joliet

 

Sunnyvale

 

Torrance

 

Bridgeport

 

Lakewood

 

Hollywood

 

Paterson

 

Naperville

 

Syracuse

 

Mesquite

 

Dayton

 

Savannah

 

Clarksville

 

Orange

 

Pasadena

 

Fullerton

 

Killeen

 

Frisco

 

Hampton

 

Mcallen

 

Warren

 

Bellevue

 

West Valley City

 

Columbia

 

Olathe

 

Sterling Heights

 

New Haven

 

Miramar

 

Waco

 

Thousand Oaks

 

Cedar Rapids

 

Charleston

 

Visalia

 

Topeka

 

Elizabeth

 

Gainesville

 

Thornton

 

Roseville

 

Carrollton

 

Coral Springs

 

Stamford

 

Simi Valley

 

Concord

 

Hartford

 

Kent

 

Lafayette

 

Midland

 

Surprise

 

Denton

 

Victorville

 

Evansville

 

Santa Clara

 

Abilene

 

Athens

 

Vallejo

 

Allentown

 

Norman

 

Beaumont

 

Independence

 

Murfreesboro

 

Ann Arbor

 

Springfield

 

Berkeley

 

Peoria

 

Provo

 

El Monte

 

Columbia

 

Lansing

 

Fargo

 

Downey

 

Costa Mesa

 

Wilmington

 

Arvada

 

Inglewood

 

Miami Gardens

 

Carlsbad

 

Westminster

 

Rochester

 

Odessa

 

Manchester

 

Elgin

 

West Jordan

 

Round Rock

 

Clearwater

 

Waterbury

 

Gresham

 

Fairfield

 

Billings

 

Lowell

 

Ventura

 

Pueblo

 

High Point

 

West Covina

 

Richmond

 

Murrieta

 

Cambridge

 

Antioch

 

Temecula

 

Norwalk

 

Centennial

 

Everett

 

Palm Bay

 

Wichita Falls

 

Green Bay

 

Daly City

 

Burbank

 

Richardson

 

Pompano Beach

 

North Charleston

 

Broken Arrow

 

Boulder

 

West Palm Beach

 

Santa Maria

 

El Cajon

 

Davenport

 

Rialto

 

Edison

 

Las Cruces

 

San Mateo

 

Lewisville

 

South Bend

 

Lakeland

 

Erie

 

Woodbridge

 

Tyler

 

Pearland

 

College Station

 

Albany

 

Allegheny

 

Brooklyn

 

Camden

 

Canton

 

Dearborn

 

Duluth

 

Fall River

 

Flint

 

Gary

 

Hammond

 

Kenosha

 

Livonia

 

Lynn

 

Macon

 

New Bedford

 

Niagara Falls

 

Parma

 

Portsmouth

 

Reading

 

Roanoke

 

Scranton

 

Somerville

 

St. Joseph

 

Trenton

 

Utica

 

Wilmington

 

Youngstown