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We factor invoices on a transactional rather than an invoice-by-invoice basis. You may do one transaction per day consisting of any number of invoices. Your rebate will be paid after we first collect enough to repay the 80% advance and our fee. Any amount collected in excess of that total is your rebate.
80% Standard Advance
We advance you 80% of each transaction amount in the form of a wire transfer to your bank account. The unadvanced 20% is called the "Discount," because we buy your invoices at a 20% discount. However, that does not mean that we keep the entire discount. On the contrary, you will receive a portion of the 20% in the form of a "Rebate" if your invoices are paid in a timely manner. The difference between the "Discount" and the "Rebate" is our "Factoring Fee." Also, there are 2 "Rebate Plans": "Plan 1" and "Plan 2." Plan 1 is like a "volume discount," and is reserved for very large transactions with invoices payable by Fortune 500 customers. Plan 2 is for all other transactions. There is only a one percentage point difference between Plan 1 and Plan 2. Here is the rebate structure.
90% Special Advance
We will consider advancing 90% regarding invoices payable by Fortune 500 companies after we have had sufficient collection experience at an 80% advance to demonstrate that your customers for whom you want a 90% advance pay in less than 60 days. There is no rebate regarding 90% advances.
Factoring Invoices Online
The main concept is that our factoring program is entirely paperless & web-based. Therefore, we don't accept paper invoices for factoring, which is one of the things that sets us apart from "Old School" factoring companies. You can either create your invoices using our exclusive, Online Invoice Creation form, or you can create your invoices offline in Quickbooks and upload the invoice data to our server & database using our Exclusive Quickbooks Integration technology.
We don't verify invoices the "Old School" factoring company way: by burdening your customers with repetitive phone calls. Instead, we confirm the invoices in a minimally invasive way using email and special web pages. Click Here for Details.
Our server automatically sends reminder emails to accounts payable 5 days before each invoice becomes due and once a week after they are past due, and stops sending the emails upon receipt of payment.
We need the documents that support your right to invoice your customer, such as:
- Purchase Orders
- Delivery Receipts
- Paper Timesheets
Free Web Factoring Services
We offer many free web services for your convenience and productivity, such as:
- Free text messages (SMS) to your cellphone alerting you of all important events, such as:
- New Customer Approved for Factoring
- New Customer Contacts Approved
- New Invoice Approved
- Money Was Wired to Your Account
- Accounting journal entires are automatically displayed on a web page so you can easily keep your accounting system in balance.