Interview 5

Convert your invoices into cash instantly with factoring loans.

Accounts receivable factoring is a logical way to fund your business, and it’s easier and less expensive than most funding methods. In the final part of his November 1, 2005 radio interview, Gage Price, President of factoring company MP Star Financial, explains how factoring loans can ease the pressure of waiting for your receivables to be paid. He also describes how simple it is to get started.

Factoring loans fast forward your customer payments so you can put your receivables back to work.

Host: “Gage, say I’m starting a company. How do I get into accounts receivable factoring? How do I implement it? Who do I contact? Can you walk us through the process?”

Gage: “Sure. You choose accounts receivable factoring because you go to the bank and they tell you no. You don’t have a pot full of money to grow your company, but you realize you can sell $50K worth of product. Now you have receivables of $50K outstanding. You’re out of money, but still want to keep the company moving forward. Factoring takes that $50K nest egg you’ve invested, selling and waiting for payment, and converts it into cash so you can make the next sale. Accounts receivable factoring removes the pressure of waiting for the proverbial “check in the mail.” It doesn’t mean you don’t have to collect your receivables, because there is an expense involved. But it does mean you don’t have to spend every waking moment worrying about cash.”

Factoring loans can turn your invoices into real money in as little as 48 hours: no more waiting 60 days to get paid.

Gage continues, “If you’re selling your receivables to a factoring company like mine, simply present your invoices and proof of delivery showing the invoice is valid. Within 48 hours, you’ll receive approximately 80 cents on the dollar. So if you’re sending me a $1,000 invoice, you’re going to get roughly $800 of that invoice within two days, which is much faster than the 60 days it might normally take to get paid.

Take that $800 and use it to purchase inventory or make payroll. Use it to hire someone to take on a new job or a new customer. It rolls forward from there. Unlike a bank, a factoring company grows with you. If you’re a start-up with no receivables, and all of a sudden you have $100,000 in receivables on the books, you can have your line of credit– your factoring line.”

Choose the factoring company that can expertly convert your invoices into cash through accounts receivable factoring.

Start turning your receivables into ready cash today with MP Star Financial. Contact us today online or call 800-833-3765 Ext. #150.

Go to part 1 factoring loans introduction.
Go to part 2: the concept of accounts receivable factoring.
Go to part 3: history of factoring loans.
Go to part 4: receivable factoring for start-ups.

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