[Jason Galaz]

We are constantly being asked for terms and are not interested in issuing them to any company, especially these days. I would however be interested in referring our clients to a finance company to be approved for terms if that company basically bought the invoice. Does any one know of any companies that do that?

 

[kimura-mma]

You can look into "factoring." Basically, you would sell the invoice to the factoring company at around 80% of the value of the invoice. This would give you cash on hand and guarantee payment. Of course, the trade off is only getting 80%. Not sure if that's what you're looking for, but it's something to consider if you need it.

 

[Jason Galaz]

I've heard of that years ago and forgot all about it. Thank you for your help. I'll look into it.

 

[rhilferding]

We don't offer terms and it works just fine. We take credit cards.

 

[phillipevans]

Yes its sounds like you should look into invoice finance also know as factoring or invoice discounting.

When you look for a provider make sure ask them a lot of questions... Do they understand your business, who your customers are, where you trade etc.

Its important to pick the right funding partner

 

[Jason Galaz]

Thank you for the help. Does anyone have a factor company they can refer?

 

[splathead]

It could just be me, but I'm not prepared to give up 20% of my income to someone who who can't pay me in more traditional ways. For some of us, that's our entire profit.

If the customer can get approved from the factoring company, then they can get approved from a credit card company too. If they can't pay cash, or use a credit card, then I'm sorry, but I probably don't want to deal with them. Unless I'm passing the 20% cost to them.

 

[charles95405]

I sure agree with Joe...If they can't pay conventionally, I will pass