So you have won a huge opportunity to grow your business with a new client, you are incredibly excited but wait! Where will you get the cash-flow to pay your suppliers and staff?
Invoice factoring is vital to help grow your business as it has many benefits to make business deals less stressful on you, your business partners and on your bank account. Invoice factoring is easier than getting a business loan from a bank and can also give you immediate cash for your sales invoices. It also opens more opportunities to work with higher paying clients and larger projects as your business grows.
What is invoice factoring?
Invoice factoring is a type of debtor finance in which a business sells its accounts receivables to a third party like Key Factors for immediate cash. This process enables your business to cover the gap of slow payments instead of waiting up to 90 days to get paid. With Key Factors invoice factoring you can get up to 80% of the invoice value in as quick as 4 hours, and the remaining 20% is credited to you once the customer pays.
Here are a few helpful tips on how to grow your business with invoice factoring.
Grow your business with upfront working capital
With invoice factoring, it gives you upfront funds to be able to put money where you need to. Which as a result will help you grow your business. Whether it be hiring new staff, renting a new office space or purchasing new equipment to help you fulfill your business needs. With invoice factoring, you have the flexibility to access funds and use them in your business instantly.
Pay your suppliers on time
Being able to pay suppliers up front and on time for their work is very important to help grow your business as you can often negotiate better deals for payment upfront, and on top of this, you will gain a great reputation among your suppliers which will help with getting better business deals in the future.
Use Invoice factoring to pay your staff
Nothing is more stressful when trying to grow your business than thinking about how to pay your staff wages. Invoice factoring will help you ensure they are paid correctly and on time so that you can continue to run your business. Invoice factoring can also help with expanding your staff as your company’s revenue grows, making the workload less stressful on your current resources.
Speak to Key Factors about Invoice Factoring
Key Factors can help you set up invoice factoring
and answer any questions you may have. We can also follow up on unpaid invoices on your behalf to allow you the freedom to focus on your business.
Key Factors allows businesses to have access to cash within as little as 4 hours! With no minimum volume or ongoing monthly charges, we can help you bridge the gap of slow payments so you can focus on growing your business. With offices in Perth, Sydney and Melbourne, our local State managers can provide a tailored invoice financing solution to suit most Australian businesses. With over 30 years of experience in invoice factoring, your business is in good hands.
at Key Factors and a local state manager will be more than happy to discuss your needs and provide you with a quote to suit your requirements.