• What information do you need to start factoring my accounts receivable?
- Complete our Short Form Application to start the process . We will review it and contact you within 24 hours.
- To expedite, we will then need documentation about your company. Those documents include:
- If a start‐up and available, copy of your business plan
- Accounts receivable aging report
- Accounts payable aging report for prior year and year‐to‐date
- Profit & Loss (P&L) statement and balance sheets
• How long does it take to get funded?
The entire process can take anywhere from two days to two weeks depending on how quickly we receive the needed documents and the number of accounts to be factored.
• Can we qualify for accounts-receivable financing with a history of credit problems?
Yes. CFS is more concerned with the credit quality of your customers.
• Our business just started. Can we qualify despite the fact that we have no credit history?
Yes. CFS works with new companies and factors invoices to provide the cash flow they need to succeed. We will look at your customers ability to pay, not yours.
• Can we qualify if we already have loans or a line of credit?
Yes. Having an existing loan is not a determining factor for qualification. However, as part of your loan, you may have pledged your Accounts Receivables as collateral. If this is the case, CFS will work with you and your current lender to structure a Subordination Agreement. This is a common occurrence, and in almost all cases, the bank will agree to work with us.
• What does accounts-receivable financing cost?
Our fees depend on the industry, the credit quality of your clients and the advance rates. A complete, simple to understand, fee schedule will be provided before we begin funding. As we are a Receivables Management firm, we ensure that you understand exactly what the cost will be prior to factoring. In addition, we will work with you to help you minimize your fees.
• How large does our invoice need to be to qualify?
We will accept single invoices as small as $100.00