What it is
Invoice factoring is a sale of receivables. The business sells invoices, the factor collects from the customer, and you receive the invoice amount minus a fee or discount. Invoice financing is different: there, the business borrows and still owns the invoices.
What's typically needed
- Latest three months of business bank statements
- Time in business
- A government-issued photo ID
- Recent invoices or an accounts-receivable aging report
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Applying has no impact to your credit. Submitting this form does not pull a credit report.
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