Invoice Factoring is the purchase of accounts receivable for immediate cash. You can think of it as a cash advance for businesses. It is an ideal source of funds for companies undergoing growth or that require more working capital than available through a traditional lender. Invoice factoring is the process by which a business sells one or more of its invoices to a third party, known as a factor. Express Business Funding has a strong focus on invoice factoring and related business funding products. As such, we are able to provide a superior product in comparison to other invoice factoring companies in Canada – with greater flexibility, industry specialized services, 24 hour funding, 24 hour application approval time, and an array of additional services benefits at no additional cost.
Most factoring companies in Canada that offer accounts receivable finance & supply chain finance services operate in an intrusive manner towards clients and their customers; insisting that they, the Factoring company, manage the entire process from invoice mailing to final collection. This can often create a conflict since the Client may not have full control over when the bill is actually sent to their Customer. In these cases, the Client has lost an important level of control, and their business will pay for it!
Then, if the factoring company that is managing your account receivables insists on controlling the collection process as well. It is worth recognizing, that accounts receivable financing products generate more money for the factoring company the longer the bill is outstanding, since the fee is usually directly tied to how long it takes for the invoices to pay.
Express Business Funding allows their clients to manage and initiate collection of their own account receivables without the ongoing involvement of a third party. Our perspective is that the client already has a relationship with their customer and is therefore in the best position to make follow-up calls and deal with any potential disputes. Our approach is radically different: as a leading invoice factoring company in Ontario and throughout Canada, we strive to have as little involvement as possible with a client’s customers. Our clients are allowed to manage their own accounts receivable, and unlike the other guys, we do not make collection calls to their customers.
Our invoice factoring company offers financing solutions that involves much more than just a loan rate, such as faster funding, flexible options, and complete control. There are a number of limitations when it comes to obtaining funding using banks. The bank’s funding application, approval and financing process could take months. We offer a quick approval process, and no fixed long-term contracts. Our expertise in this area allows us to provide additional flexibility, industry specialized services, and bonus services to help Canadian businesses stay focused on their growth.