{"id":12096,"date":"2021-08-11T10:27:00","date_gmt":"2021-08-11T10:27:00","guid":{"rendered":"https:\/\/www.factris.com\/?p=12096"},"modified":"2022-12-14T07:36:59","modified_gmt":"2022-12-14T07:36:59","slug":"factoring-pros-and-cons","status":"publish","type":"post","link":"https:\/\/www.factris.com\/en\/news\/factoring-pros-and-cons\/","title":{"rendered":"The Pros and Cons of Factoring"},"content":{"rendered":"

[et_pb_section fb_built=”1″ _builder_version=”4.16″ _module_preset=”default” custom_padding=”21px|||||” global_colors_info=”{}”][et_pb_row _builder_version=”4.16″ _module_preset=”default” max_width=”700px” custom_padding=”2px||4px|||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_button button_url=”\/en\/news\/” button_text=”Back to the news page ” module_class=”btn-back” _builder_version=”4.16″ _module_preset=”default” custom_button=”on” button_text_color=”#001194″ button_bg_color=”rgba(0,0,0,0)” button_font=”||||on||||” button_icon=”#||divi||400″ button_icon_placement=”left” button_on_hover=”off” global_colors_info=”{}” button_text_color__hover_enabled=”off|hover” custom_padding__hover_enabled=”off|desktop” custom_padding__hover=”|||59px|false|false”][\/et_pb_button][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.16″ _module_preset=”default” max_width=”700px” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.18.0″ _module_preset=”default” header_font_size=”46px” header_line_height=”1.4em” header_2_font=”|700|||||||” header_2_text_color=”#000a54″ header_2_font_size=”27px” header_2_line_height=”1.3em” header_3_text_color=”#000a54″ header_3_font_size=”25px” header_3_line_height=”35px” header_4_text_color=”#000a54″ header_4_font_size=”21px” header_4_line_height=”29px” hover_enabled=”0″ global_colors_info=”{}” sticky_enabled=”0″]<\/p>\n

More businesses than ever before are turning to factoring to meet their financing needs. Find out what the benefits and downsides are to see if it\u2019s right for you.<\/h2>\n

No matter how rich the soil is, a farmer is not going to grow anything without enough water.<\/p>\n

The same can be said about successfully running a business: no matter how high overall profits are, growth will grind to a halt without enough working capital.<\/p>\n

Factoring is proving more and more effective at supplying businesses the capital they need to keep growing. But is it the best choice for your business? Find out the pros and cons of factoring to make an informed decision.<\/p>\n

But first, let\u2019s understand what factoring is.<\/p>\n

What is factoring<\/h2>\n

Factoring<\/a> is a form of debtor financing. When your business sells an unpaid invoice to a factoring company, you receive quick capital for the invoice amount, minus fees charged by the factoring company. The factoring company then takes over the process of collecting the debt from the entity that didn\u2019t pay your invoice.<\/p>\n

Why would a business choose factoring over traditional forms of financing? There are many reasons why it’s gaining popularity. Let\u2019s look at three.<\/p>\n

The benefits of using factoring<\/h2>\n

Necessity is the mother of invention. And there are financial needs for a business that aren\u2019t satisfied by traditional financing. Here are three ways that your business benefits from factoring:<\/p>\n

Instant access to your money<\/strong><\/h3>\n

If every customer or client paid their bills right on time, many businesses would never need financing. But in the real world, things are more complicated. Money is constantly flowing out, with regular expenditures such as covering supply costs, payroll, etc.<\/p>\n

On top of that, there are overhead costs surrounding goods or services that are spent on the customer\u2014the same customer that hasn\u2019t yet paid their invoice.<\/p>\n

That\u2019s where factoring provides a major advantage: instead of having to wait 30 to 90 days for customers to pay their invoices, you can get this money from a factoring company in only a few days. This lets your business continue to grow smoothly.<\/p>\n

Cash Flow<\/strong><\/h3>\n

Fast-growing companies have to incur a lot of costs in order to continue moving forward. This can create a significant funding gap. And the faster they grow, the more the funding gap grows.<\/p>\n

Factoring offers a unique advantage in this respect. This is thanks to directly financing debt instead of involving a third party to secure a loan to cover that debt. So the more outstanding invoices you have, the more cash flow you can receive with factoring.<\/p>\n

Thus, you no longer have to wait for bills to be paid before the money is in your bank account every month, allowing your business to scale with near-instant cash flow.<\/p>\n

Easier than a bank loan<\/strong><\/h3>\n

As touched on earlier, trying to take out a loan can sometimes cause more problems than it solves. That\u2019s because bank loans aren\u2019t always easy to apply for and can take time before you acquire funding.<\/p>\n

This delay can be especially difficult when you’re already struggling with growing cash-flow issues. In addition, your company is tested for creditworthiness with a regular bank loan. So you may have to wait a substantial amount of time only to be denied approval for the loan from the bank.<\/p>\n

However, factoring is easily and quickly arranged. Thanks to automated processes and custom-made online platforms, Factris makes it fast and simple to factor an invoice.<\/p>\n

Another reason factoring is faster is that with factoring companies focus on your customers and not your company. They want to know if your customers are able to pay the invoices in order to make their approval decision.<\/p>\n

Thus, instead of having to wait day after day to know if you can receive a loan, you can often find out the next day\u2014or sometimes even the same day, and then quickly receive the amount you need.<\/p>\n

At Factris, we specialize in speed and ease of financing. One way we do this is by taking over accounts receivable management. Because the outstanding invoice is now ours, we take care of managing the debtor.<\/p>\n

Think about what you would be able to accomplish without having to spend time worrying about debtor management anymore. Moreover, you can now cultivate improved relationships with clients since you don\u2019t have to do the dirty work of going after unpaid invoices from them yourself.<\/p>\n

After reviewing the many benefits factoring offers, it\u2019s clear that it has its place in helping businesses receive working capital. But what are its disadvantages? We\u2019ll examine those next to have a complete picture of factoring.<\/p>\n

The disadvantages of factoring<\/h2>\n

With all of its benefits, factoring does come with some drawbacks. These disadvantages may be minor or major, depending on what you want for your business.<\/p>\n

Cost of factoring<\/strong><\/h3>\n

Even though factoring is a form of debtor financing, you are still required to pay interest on the money you \u201cborrow\u201d with factoring.<\/p>\n

It also has costs associated with each invoice you factor, since you pay a fee with every invoice you factor.<\/p>\n

Less control over debt management<\/strong><\/h3>\n

Having the factoring company assume the responsibilities for collecting debts can be a double-edged sword: on one hand, a business may prefer to not have to worry or deal with contacting customers to resolve overdue payments.<\/p>\n

But on the other hand, not every entrepreneur likes to hand over control of dealing with customers. A business may not feel comfortable with having another entity assume this role, especially if customer relations are handled in a unique way.<\/p>\n

Summary<\/h2>\n

For many, the advantages factoring offers far outweigh the drawbacks. It\u2019s fast, easy, flexible, and scalable\u2014just to name a few benefits. It does come with drawbacks, however. These are important to weigh to make the best decision for your business.<\/p>\n

Do you want to know more about factoring and how it can help your business? We offer personalised answers from a human being, not a machine. Feel free to contact a Factris representative<\/a> to keep moving forward.[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.16″ _module_preset=”default” max_width=”700px” custom_padding=”2px||4px|||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_button button_url=”\/en\/news\/” button_text=”Back to the news page ” module_class=”btn-back” _builder_version=”4.18.0″ _module_preset=”default” custom_button=”on” button_text_color=”#001194″ button_bg_color=”rgba(0,0,0,0)” button_font=”||||on||||” button_icon=”#||divi||400″ button_icon_placement=”left” button_on_hover=”off” hover_enabled=”0″ global_colors_info=”{}” button_text_color__hover_enabled=”off|hover” custom_padding__hover_enabled=”off|desktop” custom_padding__hover=”|||59px|false|false” sticky_enabled=”0″][\/et_pb_button][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.7.6″ _module_preset=”default” background_color=”#000A54″ custom_padding=”20vh||20vh||true|false” global_module=”2087″ saved_tabs=”all” global_colors_info=”{}”][et_pb_row _builder_version=”4.16″ _module_preset=”default” custom_padding=”0px||0px||true|false” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.16″ _module_preset=”default” header_font=”|700|||||||” header_text_color=”#ffffff” header_font_size=”46px” header_line_height=”2em” header_2_font=”|700|||||||” header_2_text_color=”#ffffff” header_2_font_size=”46px” header_2_line_height=”2em” header_3_font=”|700|||||||” header_3_text_align=”center” header_3_text_color=”#ffffff” header_3_font_size=”25px” header_font_tablet=”” header_font_phone=”” header_font_last_edited=”on|desktop” header_line_height_tablet=”1.8em” header_line_height_phone=”1.4em” header_line_height_last_edited=”on|phone” header_2_font_size_tablet=”” header_2_font_size_phone=”32px” header_2_font_size_last_edited=”on|tablet” header_3_font_tablet=”” header_3_font_phone=”” header_3_font_last_edited=”on|phone” header_3_line_height_tablet=”” header_3_line_height_phone=”1.8em” header_3_line_height_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n

Focus on telling your business story<\/h2>\n

Trade your invoices for working capital by factoring<\/h3>\n

[\/et_pb_text][et_pb_button button_url=”https:\/\/www.factris.com\/en\/eligibility\/” button_text=”See if I qualify” button_alignment=”center” module_class=”btn-tertiary-2″ _builder_version=”4.17.4″ _module_preset=”default” custom_button=”on” button_text_color=”#ffffff” button_bg_color=”rgba(0,0,0,0)” button_font=”||||on||||” button_icon=”$||divi||400″ button_icon_color=”#ffffff” button_on_hover=”off” custom_margin=”||20px|||” custom_padding=”0px|0px|0px|0px|true|true” global_colors_info=”{}”][\/et_pb_button][et_pb_button button_url=”https:\/\/onboarding.factris.com\/en\/sign-up” button_text=”Finance my invoices” button_alignment=”center” _builder_version=”4.16″ _module_preset=”default” button_icon=”$||divi||400″ button_icon_color=”#353540″ button_on_hover=”off” custom_margin=”||18px|||” custom_padding=”10px|40px|10px|25px|true|false” global_colors_info=”{}” custom_padding__hover_enabled=”on|hover” custom_padding__hover=”|50px|||true|false”][\/et_pb_button][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":"

More businesses than ever before are turning to factoring to meet their financing needs. Find out what the benefits and downsides are to see if it\u2019s right for you. No matter how rich the soil is, a farmer is not going to grow anything without enough water. The same can be said about successfully running […]<\/p>\n","protected":false},"author":1,"featured_media":20649,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"\n

Advisory board<\/strong><\/p>\n\n\n\n

Brian Reaves <\/strong>Chief Executive Officer<\/p>\n\n\n\n

Serial entrepreneur and investor in the mobile and payments space. Brian was involved in building 21 prior businesses including 15 mobile networks and 4 payment companies.<\/p>\n\n\n\n

Adam Posma <\/strong>Founder and Chief Product Officer of ClubCollect<\/p>\n\n\n\n

Adam founded ClubCollect in 2013 - a provider of membership fee collection services for sports clubs. He started his career in wealth management at BNP Paribas.<\/p>\n\n\n\n

Dr. Tom F. Lesche <\/strong>Principal at Speedinvest<\/p>\n\n\n\n

Tom started his career in investment banking. Most recently, he was a Vice President at Morgan Stanley in London, advising financial technology companies on a variety of capital markets and M&A transactions. At Speedinvest, he solely focuses on investments in European fintech companies.<\/p>\n\n\n\n

Donatas Juodelis <\/strong>Founder of Debifo<\/p>\n\n\n\n

Donatas started his career as a lawyer but quickly moved to entrepreneurship and investments. Co-founded IT company INNTEC, co-founded factoring company Debifo and a couple of other successful startups. In most of the companies, Donatas was responsible for business and corporate development.<\/p>\n\n\n\n

Faisal Hakki <\/strong>Managing director at AB Ventures<\/p>\n\n\n\n

Faisal is Managing Director at AB Ventures, the FinTech focused, early-stage Venture Capital arm of Arab Bank. Prior to joining AB Ventures, Faisal was CEO at Oasis500 \u2013 the leading seed-stage investment fund and accelerator in Jordan. Faisal has also held senior positions at Accelerator Technology Holdings, Arab Advisors Group and Fastlin.<\/p>\n\n\n\n

Brian Reaves <\/strong>Chief Executive Officer<\/p>\n\n\n\n

Serial entrepreneur and investor in the mobile and payments space. Brian was involved in building 21 prior businesses including 15 mobile networks and 4 payment companies.<\/p>\n\n\n\n

Adam Posma <\/strong>Founder and Chief Product Officer of ClubCollect<\/p>\n\n\n\n

Adam founded ClubCollect in 2013 - a provider of membership fee collection services for sports clubs. He started his career in wealth management at BNP Paribas.<\/p>\n\n\n\n

Dr. Tom F. Lesche <\/strong>Principal at Speedinvest<\/p>\n\n\n\n

Tom started his career in investment banking. Most recently, he was a Vice President at Morgan Stanley in London, advising financial technology companies on a variety of capital markets and M&A transactions. At Speedinvest, he solely focuses on investments in European fintech companies.<\/p>\n\n\n\n

Donatas Juodelis <\/strong>Founder of Debifo<\/p>\n\n\n\n

Donatas started his career as a lawyer but quickly moved to entrepreneurship and investments. Co-founded IT company INNTEC, co-founded factoring company Debifo and a couple of other successful startups. In most of the companies, Donatas was responsible for business and corporate development.<\/p>\n\n\n\n

Faisal Hakki <\/strong>Managing director at AB Ventures<\/p>\n\n\n\n

Faisal is Managing Director at AB Ventures, the FinTech focused, early-stage Venture Capital arm of Arab Bank. Prior to joining AB Ventures, Faisal was CEO at Oasis500 \u2013 the leading seed-stage investment fund and accelerator in Jordan. Faisal has also held senior positions at Accelerator Technology Holdings, Arab Advisors Group and Fastlin.<\/p>\n\n\n\n

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