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How Long Does It Take To Process An Invoice In Factoring Financing?

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By Author: Stephen Perl
Total Articles: 3
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In the age of rocket-science, people are looking for hassle-free solutions. Businesses who are looking to get their invoices cleared by factoring financing often have the question how long is it going to take if they want to sell their invoices.

Invoice factoring is a highly cost-effective approach that businesses opt for to manage their cash-crunch situations. Assuming it to be a faster way to avail cash - which by the way it is - they often end up waiting for many days to get their invoices cleared. They visit a factoring company hoping the whole process to be a cakewalk, but often end up walking a long, tardy route.

This blog aims to improve your know how about the processing duration of an invoice. Please read on…

Following is the procedure followed in converting your invoices to paychecks when you go for invoice factoring:

Preliminary approvals - This is the part where you fill out all the necessary forms and documentation required to get started. Standard procedure would require you to submit the invoice and fill out the details of your business, client, type of invoice, and so on.

Verification - Once all the documentation phase is over, the company will scrutinize all the details and qualify them for their authenticity. If they find all the details satisfactory, they move further with the process.

Factoring the invoice - The third and final step is actually factoring the invoice. Once they have completed all the standard procedures, transferring a cash is the only thing that is left. Money can be wire transferred to your account.

Now, talking about the duration; it is possible that all this can be tackled in a single business day. Considering the financing company didn’t slow the process and there was also no delay from the client’s end, it would take approximately 24-48 business hours to factor an invoice.

While there is no norm regarding how long the whole procedure would take, same day funding is a reality.

Mostly businesses take a total of 3 business days to carry out the entire transaction and disburse the amount. Funds can be more quickly received if you are dealing with the right invoice factoring financing company. Find a merchant that believes in faster processing of invoices so that you don’t have to face any difficulties in your business operations.

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