Factoring Step by Step

How Factoring Works

You fill out an application online.
We review your 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.

Factoring Step by Step Flow Chart: Place your mouse over each numbered step for a brief description.

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