Do you buy accounts receivable?
Yes! We do not lend money; we make an outright purchase of the financial rights to your invoices at the time of billing.
What type of receivable is acceptable?
Any valid invoice for healthcare services already performed that has not been pledged to another entity.
Are government receivables acceptable?
How do you collect?
The same way you would collect: you invoice your customer for the service you performed. We then take over all collection responsibilities.
Is the invoice on our billhead or yours?
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.
What will my customers think?
Receivables-based financing is used by many of the largest corporations in the world to improve cash flow, support growth, and increase profits. Many of your customers may use this factoring service themselves and others have become familiar with it through other vendors. The fact that you qualify for this ‘credit line’ makes a strong positive statement.
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.
Can we qualify if we have a history of credit problems such as bankruptcy, IRS liens or judgments?
How do factoring requirements compare to debt financing?
Unlike debt financing requirements, PRN Funding does not require a history of profitability, a long operating history, personal collateral or any personal guarantees.
How quickly can I receive my money?
Once an account has been established, you can receive cash advances within 24 hours for a verified invoice sent to an approved credit risk.
Can we qualify if we already have existing credit lines or SBA loans?
Can we qualify even if we are just starting in business and have no credit history?
Yes, if you have creditworthy customers.
What will it cost?
We publish our rates so that our clients (you) know exactly what each transaction will cost. Rates are available upon request.
How do you make money?
We get our fee when the invoice is paid. (We subtract our fee from the ‘reserve’ amount after the invoice is paid and before we forward the balance of the reserve to you.)
What is the smallest invoice you will accept?
We have no minimum!
What is the largest invoice you will accept?
We have no maximum! We provide funds to any size business.
How long is your contract?
There is no fixed-term to any of our contracts. You can sell us invoices for as long or as short of a period as you require.
Do I have to factor all of my invoices?
No, you can factor as few as one or as many as all of your customers’ invoices.
Do I have to sell my future receivables to you?
No! Sell one or as many as you need to meet your cash flow needs. Stop when you wish, or continue as needed.
What happens if my customer does not pay?
As a non-recourse factor, PRN Funding assumes the risk of your customer not being financially able to pay for the services provided. However, we do not assume the risk of non-payment due to disputes regarding quality or timeliness of goods or services.
Are there any geographical restrictions to your service?
Will factoring be good for my business?
Yes, as long as you wisely use the additional time and cash derived from factoring. Factoring can be quite beneficial if you use it as a means to increase your sales, improve your credit, take advantage of early payment discounts or focus on managing your business.