Factoring is a way to get paid almost immediately for the work you do by turning invoices into immediate cash. It allows companies to access their working capital. Factoring is also known as accounts receivable financing.
Factoring is a financial transaction in which a business sells its accounts receivable to a third party, called a factor, at a discount. At iThrive Funding, we buy your invoices for a nominal fee and pay you within 24 hours. Then we do all the billing and collecting so you don’t have to.
Depending on the industry, you will receive up to 95% of the value of the invoice.
There are plenty of benefits to factoring! Because you don’t incur debt and get the cash you need to pay your bills on time, many clients find that factoring can improve their company’s credit rating over time. Also, factoring provides added back office support, free credit checks and professional A/R management services at no additional cost to you.
We keep paperwork to a minimum. We’ll ask you a few basic questions and develop a program tailored to fit your company’s needs. A typical set up can be completed within a couple days.
Once you’re set up, you’ll receive cash in about 24 hours, usually within a couple of hours if the money is going to your iThrive Funding fuel card. Initial funding may take a day or two longer while we set up your account. The quicker we receive the documents we need, the quicker you’ll get paid.
You can factor all invoices or freight bills for customers that meet our credit standards. To help you determine if your customer has been pre-approved, you can use our free 24-hour Credit Check service, which is available via our online account management system after you sign up. Most companies are already in our extensive database; however, an occasional business may not be listed. If this is the case, just call us at 844-770-2958 and we’ll conduct a quick customer credit check for you at no extra charge.
Nearly any business that sells a product or provides a service to a larger credit-worthy business can factor.
Typically it’s just a few cents on the dollar. iThrive Funding will outline a couple of options so you can decide which works best for your company. Our rates are competitive and many companies find factoring often pays for itself because they can put the cash to work for their business.
iThrive Funding focuses on the credit worthiness of your customers when making funding decisions. Banks will focus on collateral, credit scores, financial performance, and cash flows. Factoring is a great alternative. For starters, your company won’t incur any debt when factoring with iThrive Funding. iThrive Funding is able to make quick funding decisions whereas banks may take weeks to get the required approvals. Remember, this is money you already earned. We just get it to you faster.
If a bank has a lien on your company’s accounts receivable, we will ask the bank to subordinate that lien in favor of iThrive Funding. Whether this is possible depends on the policy of the individual bank in question. Alternately, we may be able to arrange to pay down or pay out the loan from your funding.
Transportation, Manufacturing, Staffing, Distribution, Wholesale, Service-based companies and Government
iThrive has no length of business requirement. Start-ups qualify. As long as you are selling goods and/or providing services to reputable companies, iThrive Funding will finance the invoice, even if it is on the first load delivered or service provided.
No. We only rely on the credit strength of your customers.
Yes. If you’re not satisfied with your current factoring company or their credit limits are too low, we would be happy to review your options and provide a customized quote.
Yes, tax problems vary in complexity and are handled on a case by case basis. In many situations we have worked with the IRS so that you may both receive funding and satisfy their needs.
iThrive Funding can purchase up to 100% of your company’s creditworthy accounts receivable.
Initial funding normally takes about one business day after we receive your signed agreement and invoices. After the initial funding, your company may receive funding on the same day we receive your submitted invoices.
Determining your rate is quite straightforward. Factoring companies use a few basic criteria to calculate the rate:
Based on these criteria, rates are typically 1- 5% of the amount invoiced. The benefits of receiving immediate cash typically far outweigh the fee.
Check our website 24/7 or call our office to check the credit worthiness of the customer
You can move on to your next load with cash for fuel and other expenses, eliminating downtime and waiting on payments.
No, you choose which invoices you want to factor. At iThrive, you decide which customers you’d like to factor. With our flexible program, you can add new customers whenever you want.
iThrive Funding handles collections so you can focus on growing your business. We are professional and very courteous in our approach with your customers. Our experienced team of accounts receivable specialists has worked with hundreds of account debtors, and most likely already works with your customers.
We can send your money a variety of ways: by wire transfer directly to your bank account, ACH to your bank account, or through your iThrive Fuel Card.
Non-recourse factoring means the factor (iThrive Funding) assumes the credit risk of non-payment by your customer. Recourse factoring means you always remain responsible for non-payment. iThrive Funding offers both non-recourse and recourse programs.
As a client of iThrive Funding, you’ll receive 24/7 access to your account through our secure online account management system.
Yes, a client just starting with us does not have to wait for new business to begin funding. It is their option to be funded on invoices already outstanding.
Your customers will pay us. Don’t worry, we’ll send a professional notification to your customers and let them know exactly where to send their payments. Most larger companies are quite familiar with factoring and probably already have a relationship with us.
Absolutely! Kick the tires! Try iThrive Funding risk free for 90 days and let us show you how factoring can work for you.
This might happen, particularly during the initial funding process. If this should occur, the check must be forwarded to iThrive Funding at once.
We are not your average factoring company. We pride ourselves in offering win/win solutions. iThrive Funding is about partnerships working together to create success. We guarantee if we are not the right fit for your business needs, we will find someone for you who is.