What is FACTORING?
Factoring is a transaction where a financial services company, like BYRNE Financial, purchases your accounts receivable at a discount. You get cash up-front, and BYRNE Financial takes care of processing and collecting your receivables. Small businesses without financial staffing rely on this service to also act as an outsourced receivables department. Let us make the calls and track your collections for you.
There are two types of factoring, recourse and non-recourse.
Recourse
In a Recourse factoring relationship, you and the factor (BYRNE Financial) determine how long to wait for payment before the receivable reverts back to you. When entering into a recourse factoring relationship, you remain liable should the payee not pay.
Non-recourse
In a Non-recourse factoring relationship, the factor assumes all risk of the customer defaulting on payment. This means that BYRNE Financial is assuming the entire invoice. In this case, while no liability extends beyond the sale, there are different rates and responsibilities involved.
BYRNE Financial provides you with an immediate source of cash flow for your business needs.
Don't let a cash shortage STOP you!
Don't wait 30, 60 or 90 days to get paid!
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For all your factoring needs, please call or apply online anytime.
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