Small businesses, more than ever, are facing cash flow challenges. To keep your business running efficiently, you need cash on hand for payroll, inventory and all your expenses. Invoice factoring can provide a solution, letting you have consistent cash flow independently of when your clients pay your invoices. Let’s look at what small business factoring is and how it can help you. Read more
Purchase Order Financing During COVID-19
COVID-19 has been stressful and challenging on many levels. In addition to health concerns, the economy has suffered greatly with many jobs lost and businesses shutting down or filing bankruptcy. With the slowdown in many industries and traditional lenders’ underwriting process becoming more stringent, many business owners have discovered the benefits of alternative financing such as invoice financing and purchase order financing.
Traditionally, importers and distributors of consumer goods & supplies selling to retailers were most often using purchase order financing to grow their businesses. In the new landscape, many retailers are requiring longer payment terms which only increases the need for companies selling to them to obtain short-term funding such as purchase order financing and accounts receivable factoring.
How Does Invoice Factoring Affect Your Customers?
If you’re looking into financing solutions for your business, you may be considering invoice factoring, a process that lets you collect payment on invoices immediately, so you don’t have to wait for clients to pay. Factoring has been around for quite a while but there’s still a shroud of mystery surrounding it, at least for those who haven’t researched it. One area of concern that some businesses have involves the way invoice factoring affects customers. Let’s explore some common concerns so you understand the process a little better. Read more
Tired of Late Payments? 4 Tips to Get Paid on Time
For a business that depends on invoice payments rather than cash purchases, late customer payment can be anything from an annoyance to a disaster. According to some estimates, as many as 60 percent of invoice payments are late. When you have regular expenses such as payroll to meet, this can cause serious problems for your cash flow situation. The following are some tips to protect yourself from late invoice payments and enjoy better cash flow.
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2020 Guide to Trucking and Transportation Industry Events
One of the best ways to keep up with the latest developments in the trucking industry is to attend live events and conferences throughout the year. These give you a chance to meet experts as well as other trucking business owners, drivers and everyone connected to the industry. Here is a guide to trucking industry events of 2020. Read more