A Business Financing Program
Waiting from the time a product or service is sold until the day payment is received, can upset even the most resourceful companies — ultimately stunting growth and hurting productivity. Accounts Receivable Financing can be the answer to this cash flow dilemma.
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What are the benefits of Accounts Receivable Financing?
How does the Accounts Receivable Program work?
By submitting copies of invoices to the bank through online software, you can receive an “advance” on the money owed from your customers (accounts receivable). Payments for these invoices are then submitted for processing and serve as repayment for the advance on the line of credit.
Bank staff are available to assist you with these transactions and provide timely communication regarding both completed and pending activity. We do not bill, nor do we collect, outstanding balances. Rather, we provide necessary information for you to conduct follow up and obtain payment for your accounts receivable.
Unlike a traditional business line of credit that charges interest, this business line of funding charges a discount fee (percentage) on each invoice. This fee will vary depending on several criteria, but it is generally similar or less than the fee that would be paid for the business to accept payment by credit card.
The overall value of receiving an advance on expected payments can be significant, including:
- Allowing you to take advantage of supplier and other prompt payment discounts
- Increasing sales
- Utilizing predictable cash flow for improved and efficient operations
- Investing in growth opportunities
- Offering convenient terms to meet the needs of your customers
