Frequently-asked questions:

 

How does invoice, or accounts receivable, factoring work?

Factoring your accounts receivable is very easy. When you factor you are selling your accounts receivable.  To do this, you call us or complete our simple online application.  We’ll request a little documentation (e.g., copies of your invoices) from you and perhaps have a few follow-up questions. Once you are approved, you select the customers and invoices you’d like to sell to us. We advance the funds to you and you can use them immediately to pay rent, purchase supplies, meet payroll, take advantage of expansion opportunities, or any other way you choose. When your customer ultimately pays the invoice, we collect back the money we gave you earlier and send to you any excess funds.

How does credit card factoring work?

Credit card factoring is also called merchant cash advance. If your customers often pay you with credit cards, we can advance you funds based on your future credit card receipts. It is a simple and fast alternative to a business bank loan. To do this, you call us or complete our simple online application. We’ll request a little documentation (e.g., copies of your invoices) from you and perhaps have a few follow-up questions. Once you are approved, you tell us where to send the money.  It’s that simple.

How quickly can invoice and credit card receivable factoring be arranged?

We know you’ll be impressed with our quick turn-around times.  It’s possible to approve you in as little as 24 hours.  Most customers who don’t need an approval “yesterday” are approved in three to five days.

Why should I factor my invoices or credit card receivables?

Companies factor their accounts receivable for all types of reasons. You might choose to factor in order to:

  • Increase your marketing and advertising
  • Finance seasonal needs
  • Reduce your bad debt and improve your credit rating
  • Keep your fixed assets unencumbered
  • Offer extended credit terms to your clients
  • Retain equity and ownership since invoice factoring leaves your balance sheet unchanged
  • Meet increased sales demands
  • Avoid lengthy bank loan documents with all sorts of restrictions on how you operate your business

What should I tell my clients if I factor their invoices?

You’ll find most of your clients don’t care if you factor their invoices. In fact, because we deal only with your client’s accounts payable department and because factoring is so common these days, it is unlikely any other departments in the company we will even know you are factoring. If you mention it or if they ask, we’ve discovered the following responses are appropriate:

  1. Working with GrowCo Factoring & Financial helps me grow my business
  2. Working with GrowCo Factoring & Financial to handle my accounts receivable allows me to focus on providing you the best service possible
  3. Your payment and contract terms will not change at all

How does purchase order, inventory, and asset-based financing work?

Unlike factoring, these types of financing are loans. If you’ve ever applied for a bank loan, however, you’ll be amazed at how much easier the approval process is for these types of loans. The value of the purchase orders, inventory, or assets are the primary criteria for underwriting these loans.

What types of businesses do you work with?

We offer many different financial products – from invoice and credit card factoring to purchase order and other asset-based financing.  We serve companies in all types of industries, including:

  • Staffing and recruiting
  • Transportation and freight
  • Government contractors
  • Construction and manufacturing
  • Medical
  • Oil and gas
  • Restaurants and bars
  • Liquor stores
  • Distributors (hosiery, electronics, fuel, food and beverages, etc.)
  • Importers (apparel, diamonds, home furnishings, chemicals, etc.)
  • Printing
  • Janitorial and maintenance
  • Consulting
  • Software development
  • Graphic design
  • Media and publication
  • Software and online solutions providers

If you have specific questions that were not answered above, please contact us and we will get back to you promptly.

Benefits of Factoring with GrowCo:

  • Rates as low as .5%
  • Funds deposited into your account within hours
  • No long-term contracts
  • No minimum volumes or minimum fees
  • Factor only when you want
  • Factor only the invoices you want
  • Flexible and creative financing programs other than factoring
  • Super fast approval
  • No application fees

No Financials Needed. No Application Fees. Creative Financing for Any Industry. Rates as Low as .5%.

Call us 24 Hours a Day, 7 Days a Week: (866) 268-9515.