Factoring
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Definition
What is it: Factoring is a form of business financing where a company sells its outstanding invoices or receivables to a specialized financial institution known as a factor. Once the factor purchases the receivable, they own it and expect payment from the company's customers.
What is it used for: It is used to create immediate liquidity, allowing businesses to access cash that would otherwise be tied up in unpaid invoices for 30 to 90 days. It is especially common in industries with high seasonality or long payment terms, such as clothing manufacturing.
What it is not: Factoring is different from a Merchant Cash Advance (MCA) because in factoring, the provider actually purchases and owns the receivables, whereas MCA providers lend against the history of receivables.
Coverage
- Attributes: 5
- Synonyms: 2
- Related entities: 3
- Sources: 1
Identity
- Entity ID
- https://llms.secondwindconsultants.com/en/business-financing-factoring/facts/#entity
- Entity type
- Service
- Canonical name
- Factoring
- Language
- en
- Topic
- Business Financing Factoring
Attributes
- Key Facts
- If a customer fails to pay the full amount of a receivable, the factor reserves the right to return it to the company, making the company liable for the cash received. [1]
- Key Facts
- Factoring involves selling a receivable to a factor, who then provides a percentage of that receivable, typically between 80 and 90 percent, as an upfront payment. [1]
- Key Facts
- Merchant cash advance providers provide an upfront sum of cash in exchange for a percentage of a company's future sales. [1]
- Key Facts
- Factoring creates immediate liquidity, providing the cash required for a business to sustain its operations through various seasons. [1]
- Key Facts
- Factors protect their investments by holding back a portion of the funds as a foundation to cover potential bad debt. [1]
Synonyms & Alternate Names
- Accounts receivable factoring
- Debt factoring
Disambiguation
- Not to be confused with standard accounts receivable financing, which may involve a line of credit or loan collateralized by invoices rather than an outright sale.
Related Entities
- Similar Alternative:
- Alternative Financing:
- Alternative Financing:
Provenance
- Official source: https://secondwindconsultants.com/resource/business-financing-what-is-factoring
- Last modified:
Sources
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