Factoring of Accounts Receivable is a convenient solution that many types of companies can use to get cash fast. The problem is that if you are not familiar with Factoring it can be difficult to know what to look for in a Factoring company. That’s why we have created this brief guide with four questions you should ask to find the right Factoring company for your business.
How’s Their Customer Service?
Great customer service is one of the key aspects to look for in a Factoring company. Do they offer fast response times? Are they polite and knowledgeable? How easy is it to get personalized assistance?
These questions matter for two reasons. First, you obviously want to get the best service available. But you should keep in mind that your Factoring company may also interact with your clients, so you want to make sure to work with an extremely professional organization.
At ACS Factors customer service is our top priority. Not only do you get a specialized personal account executive, but you also have access to our CEO!
What Are Their Approval Times?
Factoring is meant to be a straightforward process to help businesses get a quick infusion of capital by unlocking the cash tied in their unpaid invoices. However, some Factoring companies make you wait days to get approval, potentially slowing down your business and putting in jeopardy your ability to seize new revenue opportunities.
That’s not the case at ACS Factors: With us, you get approval in hours, not days. This is how Factoring is supposed to be: simple, convenient, and fast.
Are Their Terms Flexible?
From long-term contracts to penalties and monthly minimums, there are many rigid terms that some Factors may try to impose on you. Consider all these conditions carefully and make sure to choose the company that gives you the most flexibility.
When you choose ACS Factors you get the freedom to get the funding you need when you need it:
- No deposit or application fees
- Month-to-month deals
- No minimum funding
- No fees if you don’t factor
- Easy-to-increase funding limits
Recourse or Non-Recourse?
There are two basic types of Receivables Factoring: Recourse and non-recourse. Simply put, with recourse Factoring you agree to pay back to the Factoring company any invoices they are unable to collect from your clients. By contrast, with non-recourse Factoring, the Factoring company absorbs the risk of any unpaid invoices.
At ACS Factors, we are a non-recourse Factoring company, which means that we take the risk if your client cannot pay—our loss not yours!
Great customer service, fast approval times, flexible terms, and non-recourse Factoring. With ACS Factors you get all these convenient features and more. Our mission is to advance the capital you need to move your business forward.
We are located in Upland, California, and have many clients in the distribution and logistics corridor which includes Ontario, Riverside, Fontana, Jurupa Valley, and Moreno Valley.