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When it comes to selecting the best factoring company in Georgia, business owners often face the challenge of finding a solution that addresses their cash flow needs effectively. As entrepreneurs ourselves, we understand this pain firsthand. Identifying a trusted partner that offers quick and seamless factoring services can be a daunting task. While we cannot make the decision for you, we can certainly assist in your evaluation process. In this article, we will analyze the advantages and disadvantages of a few options and provide guidance based on insights from our satisfied clients. Armed with this information, you will be equipped to make an informed decision that best suits your business.
As you look into different invoice factoring service providers, it’s important to consider all the different variables so you can select the right capital solution to achieve stable cash flow. Look for reputable factoring companies that offer flexible factoring programs tailored to your specific needs. This includes comparing the fee structure, credit requirements, and other points we’ll go over.
Factoring Companies in Georgia: 4 Top Options
FundThrough
FundThrough is an AI-powered invoice factoring service that provides Georgia business owners with flexible access to working capital tailored to their needs. With FundThrough, you can enjoy unlimited funding based on the size of your outstanding customer accounts, ensuring that your funding grows as your business grows. Quick access to capital is guaranteed, with invoices typically paid within days. The FundThrough platform is designed with advanced AI and automation features, offering a quick and seamless funding experience. Additionally, you’ll benefit from dedicated support from our highly reviewed team, ensuring you have a trusted partner in your success. We also offer accounting integrations with popular software like QuickBooks and Enverus, so you can pull invoices eligible invoices into your account with no effort.
Pros:
Quick access to capital: Get your invoices paid in days with FundThrough’s efficient funding process.
Flexible funding: Access funding whenever you need it, with no minimum funding volume required after your initial funding.
Easy funding process: Submitting an invoice for funding is as simple as a single click after customer setup.
No long-term commitment: FundThrough doesn’t require long-term contracts, providing you with the freedom to fund only when you want to.
One up-front fee: Our pricing structure features a transparent, single up-front fee. For specific pricing details, refer to our pricing page.
Dedicated support: Your dedicated account manager is here to help you with personalized support at every step of the funding process.
Accounting integrations: FundThrough offers integration with popular accounting software like QuickBooks and Enverus, enabling you to pull eligible invoices directly from your accounts.
100% advance rates: FundThrough advances the entire invoice less one fee.
Unlimited funding: Get as much funding as you have invoices for.
Cons:
Technology requirements: To work with FundThrough, you are required to use our platform, which may not be suitable for businesses relying on other systems or processes.
Limited to invoice factoring: FundThrough specializes in invoice factoring and does not offer invoice financing options, which may not align with the needs of businesses seeking financing alternatives.
CTA: If you think FundThrough might be the right partner for you, see if you qualify in less than 2 minutes.
Eagle Business Credit is a trusted provider of credit services and financial solutions, specializing in providing financing to businesses. With their expertise in invoice factoring, they offer flexible funding options to meet the financial needs of businesses. Their commitment to fast and easy qualification ensures businesses can access the financing they require quickly.
Pros:
Tailored financial solutions: Eagle Business Credit offers customized financing options to businesses, providing the necessary funds to support their growth and operational needs.
Quick and easy qualification: With a streamlined application process, businesses can easily qualify for financing, allowing them to secure the funds they require without unnecessary delays.
Fast funding turnaround: Eagle Business Credit ensures businesses receive their funds within 24 hours, enabling them to access immediate working capital to address financial obligations and seize growth opportunities.
Versatile fund usage: The funds you get through their credit services can be used for various purposes, like purchasing inventory, expanding operations, hiring additional staff, and covering other business-related expenses.
Cons:
Funding limited: Funding lines go up to $5,000,000.
Specific to invoice-based financing: Their services are primarily focused on invoice factoring, which may not be suitable for businesses that do not generate significant receivables or would prefer more financing choices from one partner.
altLINE Factoring is a trusted factoring company that provides customized financing solutions to address the cash flow requirements of businesses. As a bank, altLINE offers direct funding, eliminating intermediaries and reducing borrowing expenses.
Pros:
Effortless approval: altLINE simplifies the approval process compared to traditional loans, focusing more on the creditworthiness of your customers rather than your own credit history or collateral.
Accelerated cash flow: altLINE swiftly infuses businesses with cash, enabling smooth operations by delivering cash advances within a matter of hours after invoice submission.
Enhanced flexibility for clients: Optimized cash flow empowers you to offer flexible payment terms to your customers, fostering stronger relationships and unlocking new business opportunities.
Seasoned partner: altLINE, a division of The Southern Bank Company, has been serving businesses for more than 80 years.
User-friendly online management: altLINE’s user-friendly online platform streamlines the factoring process, providing convenient access and management capabilities for business owners.
Cons:
Potential for reduced upfront funding: altLINE offers advance rates ranging from 80 to 90% of the invoice amount, so the full value of your invoices may not be disbursed upfront. This could impact your immediate cash flow and necessitate additional financing to cover the remaining amount.
Additional fee: altLINE might impose an initial filing or origination fee of $350 to $500, which contributes to the overall cost of their factoring
service.
Action Capital Corporation is a market-leading commercial finance company headquartered in Atlanta, GA. With a history dating back to 1959, the firm was initially established to provide credit to government contractors. Action Capital is now one of the largest non-bank providers of working capital financing for small and medium-sized businesses.
Pros:
Comprehensive credit products: Action Capital offers a range of credit products, including commercial financing, factoring or financing facilities utilizing accounts receivable and earned but unbilled revenue, asset-based lending, and government contractor financing. This allows businesses to access flexible capital to start, grow, sustain, or turn around their operations.
Competitive terms and fees: Businesses benefit from competitive terms, such as interest charged monthly and no standard origination, termination, or treasury fees.
Fast application process: Action Capital aims to communicate their proposal to you in one week or less and can set up a new line of credit in days on a tight timeline.
Extensive industry experience: With decades of experience, Action Capital understands the unique financing requirements of various industries.
Cons:
Facility limits: Factoring or financing credit facilities offered by Action Capital range from $50,000 to $7,000,000.
Less than 100% advance rates: Action Capital offers up to 90% of the value of accounts receivable assets and 85% of the value of earned but unbilled assets.
Choosing the Right Invoice Factoring Company
When it comes to selecting the best-fit invoice factoring company for your business, there are a few key factors to consider. After all, you want to make sure you’re partnering with a provider that understands your unique needs and can offer the best solutions. Here are some essential points to keep in mind:
Funding limits: Take a look at the funding limits offered by different factoring companies. If you have outstanding or unpaid invoices of significant value, or if you anticipate needing access to funds for future growth projects, check that the provider can accommodate your funding requirements.
Advance rate: Consider the upfront percentage of your invoices that the factoring company will advance to you. This injection of cash can be crucial for meeting your financial obligations. Look for a company that offers a competitive advance rate that aligns with your needs.
Factoring fees: Evaluate the cost of factoring, including any potential hidden fees that may come into play. Along with the discount rate, check for additional charges such as service fees or application fees. It’s important to understand the full picture and determine if the services provided are worth the investment.
Level of commitment: Assess the level of commitment expected by the factoring provider. Some companies require you to factor all invoices from a particular client, while others offer more flexibility. Consider your preferences and choose a provider that aligns with your business’s specific requirements.
Experience and track record: Look for a factoring company with a solid track record and experience in your industry. This familiarity with your business services can be invaluable, as they will have a better understanding of your invoicing and payment terms. However, don’t discount newer providers who may still offer excellent service depending on the complexity of your industry.
Approach and technology: Consider the company’s approach and how they use technology. A streamlined and efficient process, such as online applications and portals for managing factored invoices, can save you time and make the funding process smoother.
Recourse vs. non-recourse: Understand the difference between recourse and non-recourse factoring. Recourse factoring holds you responsible if your customer fails to pay, while non-recourse factoring offers protection against non-payment. Consider the payment history of your clients and weigh the cost implications before making a decision on which type of factoring to choose.
FundThrough’s expertise lies in receivable factoring, offering a fast and streamlined funding solution that allows you to access the cash tied up in your outstanding invoices. Unlike traditional bank loans, FundThrough provides a flexible and efficient alternative that empowers businesses in Georgia to unlock working capital and drive growth. With FundThrough, you can confidently pursue your business objectives while maintaining control over your operations and cash flow. Find the best factoring company with our guide.
How Invoice Factoring Works
Every company has its unique process when it comes to receivable factoring services. FundThrough has developed a quick and easy approach to help companies get paid on their terms and get back to focusing on their core operations. While each factor you’re considering may have specific requirements and circumstances, here is an overview of how receivable factoring works with FundThrough:
Here are the steps for funding an invoice with FundThrough:
Create or connect your account in minutes: Sign up for a free account with FundThrough or connect your existing QuickBooks or OpenInvoice account to get started quickly and easily.
Select invoices to fund: Upload your outstanding invoices or sync them automatically from your QuickBooks or OpenInvoice account. Our accounting software integrations make the process seamless and efficient, allowing you to choose the invoices you want to fund.
Get paid: FundThrough works with your customer to redirect payment to us and verifies the invoices. Once the approval is complete, you can expect next-day payment directly to your linked bank account. See how we work with your customers.
Get back to business: Once your customer pays the invoice to FundThrough based on the net terms, your commitment ends. You can fully focus on your business, knowing that you have the option to receive quick and easy payments for your outstanding invoices through our platform whenever you need to cover business expenses.
We know about the importance of managing business expenses and maintaining healthy cash flow. Our goal is to be your trusted partner, providing you with receivable factoring services that unlock the capital you need to cover expenses, invest in growth, and keep your business moving forward.
We Serve Businesses across Georgia
At FundThrough, we understand the unique cash flow needs of businesses in Georgia. From the bustling Hartsfield-Jackson International Airport in Atlanta to the diverse major industries across the state, including manufacturing businesses, we provide tailored cash flow solutions and flexible accounts receivable financing services. Our commitment extends beyond Georgia, serving businesses throughout the United States and Canada. Whether you are located in Atlanta, Savannah, or any other major city or county in Georgia, we are here to support your business growth and success. Here are a few notable Georgia cities we serve:
- Atlanta
- Savannah
- Augusta
- Columbus
- Macon
- Athens
- Sandy Springs
- Roswell
- Albany
- Johns Creek
- And many more!
No matter where your business is located in America, whether in the subtropical climate of Georgia or the colder cities to the north, FundThrough is ready to help you optimize your cash flow and provide the financial flexibility you need to thrive in your industry. We specialize in serving major industries, including manufacturing businesses, and cater to the unique needs of small and medium-sized businesses. With our extensive factoring experience, we offer customized solutions tailored to your specific requirements. If you’re looking for services elsewhere, see our pages on invoice factoring in Texas, Houston factoring companies, invoice factoring Ontario, and invoice factoring companies in Florida,
Learn more about our invoice factoring services for small businesses and how we can help you in achieving your business goals.
FAQs
Here are some frequently asked questions about invoice factoring:
A: Factoring approval involves evaluating your business, clients’ credit, and verifying invoices. At FundThrough, check if you qualify in under 2 minutes.
A: Payment speed varies. Most factoring companies, including FundThrough, pay as quickly as the next business day after customer setup.
A: Factoring rates typically range from 1% to 6%. The actual rates can vary between factoring companies, and additional fees may apply. At FundThrough, our transparent invoice factoring rate in Georgia is 2.75% per 30 days, with no hidden fees. Visit our pricing page to learn more.
A: No, invoice factoring does not typically require a personal credit check. The approval process focuses more on the creditworthiness of your customers, as they are responsible for paying the invoices. By evaluating your customers’ credit history and payment track record, factoring companies determine the eligibility for factoring.