Businesses who utilize factoring include startups seeking to finance growth, established companies bridging temporary cash flow shortfalls and the many businesses frustrated by banks.
Clients choose a factoring company for several reasons including ease of working with them, capability to grow alongside them and ancillary partnership benefits. Harper’s online invoice management system makes it easy for you to request funding and monitor your outstanding advances from your laptop or phone.
Compared to a bank loan, Harper’s application process is much simpler and faster. After the application is approved, funding is processed within 24 hours (Harper provides same day wires as requested). Factoring, in general, is a quicker, less complicated financial solution than bank funding. It is also much, much less expensive than merchant cash advances. In addition to the benefits described above, factoring is NOT debt, it is a sale of receivables. Thus there’s no restrictions on use of funds like there would be with a loan!