The Factoring Blog - PRN Funding's Tips for Decreasing Factoring Fees

Here are three quick tips to help medical staffing companies, medical transcription services, medical coding companies and medical supply businesses to decrease their factoring fees with PRN Funding:

• Retain your invoices for a while after you provide goods/services to your customer.  Send them to an accounts receivable factor only when you absolutely need the money.  PRN Funding's factoring fees are based on how much time passes between when we purchase the invoice and when we receive payment from our clients' customers.  So one way to save money is to limit the amoutn of time PRN Funding owns your invoices.
  
• Factor customers with better credit history.  While PRN Funding will only factor customers who have acceptable credit, those who have a better credit history will be less expensive to factor because they will pay their invoices in a more timely basis.
  
• Allow your customers to absorb some of all of the factoring fee by slightly raising your prices or by charging a fee for invoices paid past the due date.

 

Posted on 5/22/2008

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