How Factoring Works
The factoring process is quick, easy and gets your company the funding you need within 24 hours. Here’s how accounts receivable factoring works:
1. You serve your customers as usual.
2. After services are completed and/or products delivered, submit the invoices you wish to factor to PRN Funding.
3. PRN Funding will verify the invoices and notify your customers to send the payment to PRN.
4. PRN Funding advances cash to your company, usually between 80 to 90 percent of the invoice amount. The remaining percentage is held in reserve until payment is received.
5. Your customers pay their invoices to PRN Funding.
6. Once PRN Funding receives payment, we release the reserve amount minus a small fee for our factoring services.
View the transcript for Factoring Step by Step.
The On-Going Process: Factoring Flow Chart
Ready to factor your receivables now? Here's how to get started:
- 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.
Free Factoring Quote
Cleveland, Ohio 44122