From the course: Financing Your Business
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Invoice financing
From the course: Financing Your Business
Invoice financing
- If your company has invoices and gets paid later, then invoice financing might be something that's helpful to you. If you do business with a large company, there's a good chance they're going to take a while to pay you. When I was self-employed for many years, I did some consulting for some very large financial institutions, the same financial institutions that expected me to pay my credit card balance in 30 days, but sometimes it would take them several months to pay me for the consulting work that I did. If your business has a hard time with cashflow because you have invoices outstanding, you may be able to enter into a relationship that's often referred to as factoring. And that's where you get money for your invoices more quickly. There are different ways that this can be structured. The company that provides the financing or factoring may either collect for you or may expect you to pay them back once you get…
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