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Educational Consumer Tips

Factoring Companies

Author: Better Business Bureau
Published:

Factoring companies in South Carolina buy your accounts receivable and advance you a percentage of the money. You receive the balance when the customer pays the invoice minus a fee. If your business has grown so much that your accounts receivable are much larger than your cash on hand, now’s the time to look for factoring companies. South Carolina receivables factoring companies will buy your receivables and you’ll pocket much needed cash that you can then reinvest in your business.

 

  • Make sure you understand the terms of the factoring company in South Carolina that you decide to engage. The amount of the advance on your accounts receivable can vary from 65% to 97%, and the fees vary from 1% to 5% of your receivables.