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1. What exactly is factoring?
2. How does Facteon's service work?
3. Do I need to provide Facteon with finanical statements or an audit of my books?
4. Do I need to sign a contract?
5. For what types of receivables will Facteon pay me cash?
6. How much cash will you give me for an invoice?
7. What will my clients think?
8. I have clients all over the U.S. Are there any restrictions?
9. How does Facteon receive payment?
10.What if my client does not pay?
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What exactly is factoring?
Factoring is the purchase of your accounts receivable (invoices) in order to
provide you with the cash flow you need when you need it. Factoring is
a widely accepted business practice used by large, mid-sized, and small
companies.
In most cases, we can have you the cash you need in 48 hours. Once you've
established your account, the process takes just 24 hours.
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How does Facteon's service work?
Visit our Test Drive for an in depth explanation of our process.
Here's how it works. You perform a service or deliver a product and you
are ready to invoice your client, the amount is $25,000 (it could be
as high as $100,000). Fax a copy of the invoice to Facteon so we can
begin working for you right away, then overnight us the original.
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Do I need to provide Facteon with finanical statements
or an audit of my books?
No, we never ask you for financial statements or require a company audit.
The only information we need to get started is contained in our Startup
Checklist.
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Do I need to sign a contract?
There are no contracts with Facteon. We can provide you cash for one
invoice or cash for all of your invoices. Once you create your Facteon
account you can use it as much or as little as you'd like. The bottom
line is that you're in control.
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For what types of receivables will Facteon pay
me cash?
Any type of receivable for which a service has already been rendered or a
product has been delivered. There are just a couple of exceptions that
your Facteon representative will go over with you.
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How much cash will you give me for an invoice?
We pay you 70%-80% of the invoice amount right away. When we receive
payment for the invoice, we send you the remaining 20%-30% less
Facteon's service fee. View the Facteon Test Drive to learn more and
take a look at our rates table.
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What will my clients think?
Selling your receivables to Facteon only changes the address to which
your clients remit payment. Your clients don't need to pay faster,
and the name on the check (your business) stays the same.
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I have clients all over the U.S. Are there any
restrictions?
No. We can work with any business or government agency in the United
States.
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How does Facteon receive payment?
The same way you do. We deliver your invoice and Authorization Letter
to your client once services have been rendered or your product has been
delivered. Take the Facteon Test Drive to learn more.
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What if my client does not pay?
Facteon does not require a personal guaranty of collection. If your
client's business goes bankrupt and payment is not remitted, Facteon
assumes the loss of funds that we advanced to you. If payment is not
remitted due to a dispute with you, we will work with you to
reclaim funds.
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Factoring (selling your receivables) is a common business practice.
From your clients' perspective, your company is probably not the first
to utilize this source of cash. They understand that your business
is growing and that you need cash to fuel that growth.
See Facteon's 5 Things to Tell Your Client for
more information.
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