Many companies looking for an immediate injection of capitalhave used factoring, a financial service offered by certain lendersand factoring firms in which they purchase business-to-businessreceivables for immediate cash and a service fee. The problem isthat factoring rates, while lower than ever, still vary widely fromlender to lender--with commissions and incentives providing aless-than-level playing field for the average small business owner.Enter Capital Ideas. The financial consulting firm's FactorBids.com is an onlinefactoring auction block, where companies can seek the mostcompetitive rates nationwide on any given day. What's more, theservice is easy to use. Just complete an online one-page Q&Adata sheet, and within three business days, you get a listing ofthe lowest factoring rates available, given your businessparticulars. The service also provides consultation on howfactoring works.
There's no obligation to accept any financing offers, andthe service is free, regardless of whether any transaction takesplace, according to Capital Ideas' Brian Ross. "Fundingturnaround is fast," Ross explains. "The whole process ofconverting invoices into cash takes less than a week."
When Her Parents' Restaurant Burned Down, This First-Generation Founder's Hot Sauce Brand Rose From the Ashes to Take on Corporate Giants
Not Hitting Your Goals? Here's How to Know If You Should Change Tactics or Strategy.
You Can Generate Your Own Viral LinkedIn Post With This Hilarious Tool
This Couple Lost Everything When the Housing Market Crashed. But Manifesting 'Magic' Helped Them Launch a Metaphysical Brand With 10 Stores.
The Best Software Solutions and Tech Providers in the Franchising Industry
This 18-Year-Old Student Wanted a Better Way to Keep Track of His School Work. So He Built an App — and a Business.