Procedure: Steps Involved in Factoring
1. The first step involves establishing a factoring account with us. That typically takes up to 3 business days. Part of our due diligence process is doing credit checks on your largest and best customers. If their credit ratings are good, you will most likely qualify for this type of financing. After your business qualifies and an account is established, you can get a cash advance into your bank account within a day.
2. The largest customers whose invoices you wish to factor will be notified that until further notice, their payments are to be remitted to Fuller Business Funding. Your smaller customers whose invoices you may wish to factor may simply be notified of a change in the remittance address. Our only tangible security in making advances to you is by having the majority of the payments flow directly to us. We cannot rely on you to forward those factored payments to us in a timely manner.
3. To factor an invoice, you email an image of it to us, along with a list and copies of any other invoices you want to get an advance on. And within a day, we will electronically deposit the bulk of that invoice amount into your bank account. If we send you those funds by ACH, the money will arrive in your bank account the next morning. Whenever your need for cash is more urgent, we can wire the money to you within a few hours. After a customer of yours remits a payment to our address, first we recover our advance, plus the finance charge. After that, the remainder of the payment belongs to you. As with the advances, we will deposit those rebates into your bank account electronically. To keep track of all of these transactions you can monitor your account with us via an online web portal 24/7. Our cloud-based factoring software enables you to generate most any type of report needed. However, if you ever have any questions, we will be happy to assist you by phone or email.
For any questions, please call us at 541-484-7044.