Local Factoring in the State of Michigan
Your Best Choice For
Factoring in Michigan
Michigan Payroll Funding
Known for its stunning Great Lakes shorelines and innovation in the automobile industry, Michigan consistently ranks in the top ten most business-friendly states, with the majority of Michigan businesses surveyed regarding Michigan as an ideal state to start and grow your business.
With steady economic growth, a culture geared towards innovation, low cost of living and low taxes, a talented workforce with the highest concentration of engineers in the country, and strong global connections, it is easy to understand why Michigan is highly recommended for business.
Why Choose Invoice Factoring for Your Michigan Business?
In a strong economic environment, competition can be steep. Michigan startups and small businesses may need help maintaining a steady cash flow and keeping up with larger businesses. This issue of gaps in cash flow is only exasperated by the fact that many businesses that need financial assistance are finding themselves unable to be approved for traditional loans.
Turn Outstanding Invoices into Working Capital with MI Invoice Factoring Services
When Michigan businesses find themselves needing to secure funding that is yet to be bankable, invoice factoring becomes a solution as innovative and creative as the state of MI it serves. A/R factoring is offered even to businesses with poor credit, and in fact, many banks even send us their loan turndowns. As a simple, accessible financial tool, invoice factoring can ease pains in cash flow and turn them into cash flow success.
Are you worried about meeting payroll? Read what to do if you can’t make payroll from a Michigan factoring company.
How Does Michigan Business Factoring Work?
So, you’ve been told that invoice factoring is an innovative, accessible financial tool that helps businesses all over the state of Michigan. But how does invoice factoring actually work?
It’s a simple, easy-to-understand process. After your Michigan business has successfully completed a transaction and provided its services to satisfied customers, an invoice is now created. Yet these invoices are often on payment terms of 30, 60, or even 90 days: your business is likely already familiar with the headache of slow payment and the financial issues gaps in cash flow can bring in.
This is where invoice factoring comes in. When you sell your unpaid invoices to an A/R factoring company like Bankers Factoring, we will provide you with an immediate cash advance of 80-93%. This cash advance is after our quick, simple, easy approval process that requires minimal documentation and requirements, and we are proud to offer your Michigan business same-day funding after approval. Approval for invoice factoring is not based on your credit but on your customer’s credit, creating a greater opportunity for reliable cash flow funding.
Once you have received your cash advance, we will collect the payment from your customers ourselves with our famous Bankers’ light touch, taking the burden off your hands. After your customer has paid, we will issue you the rest of the reserves minus an affordable, low factoring rate.
Invoice Factoring from Grand Rapids to Lansing to Detroit.
When this process has been completed, your Michigan business will find itself with its gaps in cash flow closed, thanks to the immediate, safe, and reliable funding that Bankers Factoring provides. Invoice factoring is a trustworthy, dependable form of financing that can be completed as many times as your business needs. There is no limit to how many invoices you can factor.
Do you still have questions about invoice factoring? Read our invoice factoring FAQ and get your questions about our MI factoring company answered.
How Bankers Factoring Protects Michigan Businesses from Bad Debt with MI AR Factoring
Doing business in the Great Lakes State is a breath of fresh air among its beautiful coastlines, with over 3,000 miles of freshwater coasts. Enjoying nature can be a great stress reliever any time you find the worries of running a business getting to your head. Another way to decrease your stress and minimize your worries is with bad debt protection from non-recourse factoring.
Non-recourse factoring is a unique type of invoice factoring that Bankers Factoring provides to your Michigan business. With non-recourse factoring, if your customer becomes unable to pay thanks to issues with credit, we will absorb this loss, taking on the credit risk and protecting your business from being in bad debt. As employee-owners ourselves, we understand what it takes to run a business, and we work to truly protect yours in every way we can.
With the ultimate protection that non-recourse factoring provides, your Michigan business can breathe easy knowing that the threat of non-payment is now a non-issue.
Learn more about the true security bad debt protection provides.
The Benefits Bankers Factoring Provides to Michigan Businesses
Bad debt protection is one of many great benefits that Bankers Factoring provides for your Michigan business. As a leading invoice factoring company, if you choose to fund your MI business with our award-winning services, you will receive quick and easy funding and the full benefits of working with Bankers Factoring. When doing business with us, we work to help your business succeed in every way we can.
- Quick, simple cash flow solutions
- Fast application and approval process
- Same-day funding after approval
- Low costs and no hidden factoring fees
- Access to two decades of knowledge and expertise
- Steady cash flow versus slow-paying customers
- Special staffing agency line of credit programs
- Cost similar to swiping a business credit card
- Bad debt protection with non-recourse factoring versus credit insurance.
- Bank financing turndowns
- High accessibility – banks send us their loan turndowns
- Famous Bankers’ light touch with your clients
- 24/7 online reporting portal
- Sliding scale fees that drop as your business grows
Thanks to Bankers Factoring’s simple application, waiting for months on end for critical funding becomes a thing of the past, and you can secure funding for your Michigan business by the end of this week. Don’t hesitate to contact Bankers Factoring today and begin your journey of true financial security, all while enjoying the full benefits that we provide.
Ready for the owner-employees of Bankers Factoring to grow your Michigan business with our award-winning receivable factor financing, including bad debt protection? Use our fast online factoring application or call 866-598-4295.
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