If you are facing cash flow challenges while waiting for payments for outstanding invoices to come in, a new wave of FinTech firms may offer just the help you need. In order to grow your small business, you need quick, reliable access to cash. When cash flow problems materialize, companies struggle to pay their bills, buy new equipment and supplies, make payroll, target new customers, open additional locations, remodel existing ones, and develop new products, among other things. Late payments are one of the major causes of cash flow problems for small businesses. While sending out bills might help pad your accounts receivables, however, it doesn’t exactly help your bank account until the checks come in. It’s great to complete a project or ship an order to a customer and send out an invoice right away. It’s not only mom-and-pop shops that can’t afford to settle their bills in a timely manner either: Our research revealed large corporations-like McDonalds and Walmart-often take the longest to pay what they owe to small businesses. According to a Fundbox analysis of 20 million invoices, 64% of small businesses are routinely affected by late payments. Indeed, it’s more common than you might think. So how do you manage those situations when a client is stubbornly holding back payment? Unfortunately, while these best practices increase your odds of getting paid promptly, they don’t guarantee it. 7 Components of a Great Project Estimate.Want to unlock cash caught up in unpaid invoices today? Upload an invoice into FundThrough or sync your QuickBooks account to have eligible invoices automatically pulled in.
Factoring can be largely effective if you have a large invoice that could free up significant cash and help your business grow. Factoring companies in Fintech space can process applications in as little as 24 hours. Invoice factoring can resolve the cash flow gaps quicker than traditional loans. Struggling with unpaid invoices could mean much worse than mere cash flow gaps. In return, the factor would give you cash equivalent on a percentage of your unpaid invoices. You can unlock the cash that is caught up by selling unpaid invoices to a third-party factor. Factoring is a quicker way of collecting unpaid invoices. You might still have unpaid invoices even if you have tried to mitigate them. Employing and executing all the techniques does not guarantee that you will have timely payments.
Lastly, you can always factor your unpaid invoices. Report a bug, suggest a feature request, or ask a question here. Use our help resources to learn which solution works best for your business. Our team is available Monday – Friday, 9am – 5pm ET. We’re always here to discuss how we can work together to help small businesses grow. We’re always looking for bright, passionate people to join our team.įundThrough in the press, and updates about our company.
Get to know our story and why we work to help small businesses reach their full potential. Join us in our goal to help small businesses boost their working capital and grow. Read our thought leadership, case studies, company updates, and more. New to invoice funding? Read our thought leadership to help you boost your working capital. Read the success stories of small businesses that use invoice funding to expedite their growth. Learn which industries we help and the companies that reduce their wait time for working capital. Get the working capital you need in 24 hours or less for one low price.įundThrough has the highest customer satisfaction rate in the industry.
Use our simple invoice financing product, best for funding up to $15,000. 1 factoring platform to boost cash flow within 24 hours. Discover how easy it is to get fast funding for your business.