March 18, 2022
Factoring Brokers FAQ
What types of factoring clients should I refer to PRN Funding?
PRN Funding, LLC focuses exclusively on providing funding for companies that supply goods or services to healthcare providers. If your clients’ customers are hospitals, nursing homes, physicians’ offices, etc. then PRN Funding has the answer for which your clients are looking.(Examples of prospective clients include: temporary nurse staffing agencies, medical transcription, etc.)
Can my client qualify if it is a new business or has a history of credit problems such as bankruptcy, IRS Liens or Judgments?
Any valid invoice for healthcare services already performed that has not been pledged to another entity.
Does PRN Funding loan my clients money?
No, PRN purchases your client’s accounts receivable. We make an outright purchase of the financial rights to your client’s invoices.
What invoices qualify for purchase by PRN?
Any valid invoice for services already performed or goods sold to a creditworthy customer, government agencies included.
Are there any restrictions on the size of the invoice or the location of my client and my client's customers?
You inform your customer that the financial rights to the invoice have been sold to PRN Funding. You continue to bill normally. Checks are made payable to PRN Funding and mailed to our address.
Does my client have to sign a term contract with PRN?
No, PRN Funding provides the ultimate in flexibility. There are no binding term contracts so your client can factor invoices with us for any length of time after the client’s PRN account has been established with us.
What is required before buying an invoice?
The work/goods must have been completed, delivered and accepted; and your customer must be a creditworthy risk.