Factoring Process

How Factoring Works

Before Your Accounts Receivable Can Be Factored:

• You fill out an online factoring application
• We review your factoring application immediately. If approved, we will forward legal documentation for your review and approval.
• When you return these documents, we review your company's background for UCC liens, tax liens, judgment liens, etc. This review can typically be completed within 5 days.
• When the review is satisfactory and complete, funding can begin immediately.

The On-Going Process: Factoring Flow Chart

• Your customer requests that you provide them goods or service.
• If it's a new customer, request a credit check and approval by PRN Funding for factoring.
• Complete the service or deliver the goods.
• You issue an invoice reminding your customer that their receivable has been sold to--and will be collected by--PRN Funding.
• You submit a schedule of accounts for purchase to PRN Funding, including the supporting documentation (purchase orders, invoices, time-sheets, etc.).
• Upon verification of invoices for pre-approved customers, PRN Funding will advance funds within hours.
• PRN Funding provides all accounts receivable and collections services, as required.
• Your customer makes payment(s) directly to PRN Funding's lock box.
• Upon receipt of the payment, PRN Funding remits the difference (reserve) between the collected amount and the advance to you, less our discount fee