Questions?
Here we answer the most common questions and concerns about Factor Plus and Factoring
How do I apply?
Applying is quick and easy! Factor Plus has a one page application that you must fill out and send us by email with a minimum amount of supporting documents. Our team will review your application and get back to you to discuss your financing options in less than a day!
Do factoring companies contact my company’s customers?
Yes, usually with a one-time mailed notice (Notice of Assignment), advising the customer to send payments to the factoring company. Factoring companies understand the importance of preserving business relationships, and will handle all communications with your client in a professional manner.
Can I factor with overdue invoices?
Most companies allow you to factor invoices up to 30 days old.
Does invoice factoring require personal guarantees?
Unlike traditional bank loans, invoice factoring does not require personal guarantees.
Will factoring affect my company’s credit score?
No. Invoice factoring, also known as accounts receivable financing, will not affect your credit score because you are not incurring any debt.
How is factoring different from a bank loan?
Will my clients think my business is in trouble if I factor?
Factoring is an accepted form of financing in the freight industry. When a company factors, it will put itself in a stronger financial position, which helps build confidence in its business.
Does my emerging company (startup) qualify to access factoring services?
I am a new company. Do I qualify for factoring if I have no credit history?
We do not require the history or credit quality of your company. We will provide you with your client’s credit information to ensure that you receive payments for your services immediately.