An Award-Winning Ohio Factoring Company
Ohio Payroll Funding
As the most business-friendly state in the Midwest, those who choose to do business in the Buckeye State of Ohio enjoy a low cost of living, 0% income tax, 27 Fortune 500 companies, a well-educated, driven workforce, and a diverse economy. Ohio is experiencing an economic boom, and the benefits that Ohio offers to its businesses are endless.
Ranked the #1 most affordable state in the United States, Ohio boasts a high quality of life and offers a plethora of opportunities for experiences both professional and outside of work. With a strong growth rate and recovery after the pandemic, Ohio’s economy is resilient, and you can rest assured knowing its community can and will get through anything. There are few places better for your business to grow and thrive than Ohio.
If you have a startup or fast-growing B2B business in Ohio, look to Bankers Factoring for payroll funding.
Why Invoice Factoring for Ohio Companies?
In a state that provides the perfect tools for economic growth, Ohio startups and small businesses need to be able to keep up with the competition. Even in an ideal business environment, being stuck waiting to be paid on invoices on 30, 60, or even 90-day terms is a prominent problem that often creates financial insecurity and gaps in cash flow. The businesses that often need funding assistance the most are also often turned down for the most bank loans.
If issues with securing funding and gaps in cash flow due to slow payment have been plaguing your Ohio business, invoice factoring is here to help. By purchasing your unpaid invoices and providing an immediate cash advance, you are able to enjoy all the benefits of financial health now rather than later, and you are able to use this cash advance to cover any expenses with ease.
Learn more about invoice factoring and our invoice factoring programs.
There are many factoring companies to choose from in Ohio, and Bankers Factoring is here to provide you with the best possible services, solving any issues of slow payment.
Understand how factoring companies verify invoices.
How Does Ohio A/R Factoring Work?
Once your Ohio business has completed a transaction, you often find yourself stuck on gaps in cash flow thanks to extended payment terms. But you don’t have to be at the mercy of slow payment anymore. When you sell your unpaid invoices to an invoice factoring company like Bankers Factoring, we will provide you an immediate cash advance of up to 80-93% with same-day funding after approval.
After this, we will then collect the payment from your customer ourselves (Read: Why Do My Customers Send Payments to the Factoring Company), and once we have received the payment, we will issue you the rest of the reserves, minus a small, easy-to-understand factoring fee.
Invoice factoring fees are some of the lowest of any financial tool, and on top of that, Bankers Factoring has one of the lowest fees in the factoring industry. As owner-employees ourselves, we don’t just want your business: we want to truly see you succeed and work towards helping you create every opportunity possible for your Ohio business.
Once this process has been completed, your Ohio business has now successfully transformed your unpaid invoices into critical working capital, and you can enjoy reliable, secure financial health.
Got more questions on invoice factoring? Read our invoice factoring FAQ and get your questions about our factoring company programs answered.
Why Is Invoice Factoring Different from a Loan?
Both traditional bank loans and invoice factoring are financial tools that help businesses secure funding. Yet many small and upcoming Ohio businesses may find themselves unable to be approved for a bank loan, thanks to matters such as issues with credit, little time in business, and no access to collateral.
To learn more about what to do when you’ve been denied a business or bank loan, read our article on how to obtain financing after business loan denial.
As opposed to bank loans, invoice factoring is one of the most accessible financial tools there are to choose from. The approval process is simple, requiring little documentation. Approval is based on your customer’s credit instead of yours, and as the collateral in invoice factoring is the invoice itself, there is no need to have any additional collateral on the line.
Approval for bank loans can also often take up to weeks and even months, but thanks to invoice factoring’s simple processes, we can fund your business in as little time as this very week, and we are proud to offer same-day funding after approval.
Know more about why choose Bankers Factoring for your B2B financing solution.
Some bank loans or other types of traditional funding options dictate what you can and can’t do with the funding acquired. Some funding options, such as venture capital involve giving up equity in your company. When you factor your invoices with Bankers Factoring, you are free to use your acquired funds wherever you see fit with no restrictions, and you will also never need to give up equity or any sort of ownership.
Read more about traditional loans vs invoice factoring.
Bad Debt Protection for Ohio Businesses With Bankers Factoring
Every day, you spend your time, money, and effort supporting the growth and well-being of your Ohio business. When making sales is the lifeblood of your company, being met with non-payment, especially when you are already experiencing financial issues, can be detrimental. The worry of non-payment may seem like one you’re not able to do anything about.
However, Bankers Factoring offers something unique to your Ohio business that not many factoring companies do: bad debt protection from non-recourse factoring. With non-recourse factoring, if your customer is unable to pay due to credit issues, we will absorb this loss, taking on all the credit risk.
Any worries about non-payment can be put to the side, and you can rest easy knowing that your business is covered by the true protection of non-recourse factoring. Safety, security, and peace of mind are what we contribute to your Ohio business.
Learn more about how non-recourse factoring protects your Ohio business with credit-protected invoice factoring.
Invoice Factoring for Ohio Businesses
Now that you understand the full scope of benefits that Bankers Factoring provides, nothing will stop you from reaching true financial health and security with our award-winning services. Don’t leave your financial health up to chance: contact us today and begin your journey of safe, reliable, and secure funding that other companies in Ohio have enjoyed.