“Not only will they provide the funds, [but] they will usually guide you and assist you along the way,” said Wilbert Wynnberg, an entrepreneur and speaker based in Singapore. “Remember, there is no point in borrowing money just to lose it later. “
With invoice financing, also known as factoring, a service provider fronts you the money on your outstanding accounts receivable, which you repay once customers settle their bills. This way, your business has the cash flow it needs to keep running while you wait for customers to pay their outstanding invoices.
Eyal Shinar, CEO of small business cash flow management company Fundbox, said these advances allow companies to close the pay gap between billed work and payments to suppliers and contractors. Continue reading “These experienced businesspeople can save you tons of money in the long run”