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Fast Cash Factoring Auction

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  • Posted on 23rd Sep, 2022 06:42 AM
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Factoring, business - Fast Cash Factoring Auction - Entrepreneur.com

This story appears in the July 1999 issue of HomeOfficeMag.com.

Many companies looking for an immediate injection of capitalhave used factoring, a financial service offered by certain lendersand factoring firms in which they purchase -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 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."

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