Facebook Takes Factoring to Main Street
Facebook recently announced its Invoice Fast Track program to small businesses to help overcome the challenges associated with slow paying customers. This is essentially a factoring solution in which Facebook purchases invoices to commercial customers for a 1% fee. With funding as soon as the next day, this can be a great solution to improve your cash flow.
Facebooks Fast Track program is only available to businesses that have majority ownership that are certified as racial or ethnic minorities, women, U.S. military veterans, LGBTQ+ people or individuals with disabilities. Eligible businesses must be certified by an approved partner organization. Additionally, your business must have invoices to corporate or government customers that have an investment grade rating. More information about the Facebook Fast Track program can be found here.
While Facebook’s program might work for a select group of businesses, swellFi can provide similar factoring solutions for a variety of business. Factoring is a great way to improve your cash flow by getting funded immediately after submitting approve invoices. In many cases you can use the proceeds from factoring to pay down your vendors quicker and received discounts greater that the cost of the factoring.
Additionally, one of the benefits associated with partnering with swellFi for factoring is that you will avoid costly mistakes of doing business with companies that have poor purchase history. You will essentially have in in-house credit team at your disposal that can review the credit worthiness of potential customers. When you incorporate that into the total cost of factoring, it becomes a very affordable solutions and one that can potentially prevent thousands of dollars or more of bad debt write offs.
Contact swellFi today to find out how factoring can improve your cash flow and provide you with fast working capital.