For any business that finds itself drowning in outstanding invoices, a new option could be available to you. According to a company press release, Factoring Companies announced the launch of its business, which is designed to give organizations access to quality factoring companies that offer invoice-factoring services.
”Many visitors of the website may be first time factoring service users and would have little or no knowledge about the process behind factoring of invoices and accounts receivables,” executives explained in the release. “Hence, it was necessary to provide this information, for the benefit of the users."
The company explained that through its website, users will also be provided with the benefits of using factoring services and its advantages over loans. However, any information provided by businesses seeking such offerings will be shared with the relevant companies for a nominal percentage of the total amount owed, according to the release.
Business invoicing issues is not a new topic, and companies of all sizes are considering if it’s time to adapt to electronic options. Last week PYMNTS.com discussed the “2014 eInvoicing Benchmark Report” by PayStream Advisors, which found that 40 percent of companies believe their current invoicing processes are fine. However, they also admitted that manual routing and lengthy approval cycles are resulting in late payments and lost discounts.