Frequently Asked Questions for all of Your Factoring Needs.
Do I have to factor all of my invoices?
CoreFund Capital allows you to choose which credit approved customers you want to factor. You, along with our knowledgeable sales and account management team will help you determine what your cash flow needs are. You can always add additional credit approved customers to your invoice factoring account at any time as your cash flow needs change. Factoring every invoice for your selected customers is required to avoid confusion and frustration for your customer on payment remittance.
Do I have to sign a contract?
Every factoring arrangement requires a Security Agreement to purchase and fund invoices. Although many factoring companies will require a minimum 12 month commitment, CoreFund Capital’s agreements do not lock you into a long-term contract.
Do you charge any minimum monthly fees or account administration fees?
Absolutely not! Nor should you factor with a company that does. CoreFund’s factoring fee structures are clear and concise. Nothing hidden, no surprises.
How can I monitor my account?
CoreFund Capital provides 24/7 online access utilizing the leading factoring software program in the industry. You can easily view the status of your account including information on your current funding, open invoices, payments received, customer credit lines, fees incurred and invoice and check images. In addition, you can request specific reporting to be pushed you to you via email as frequently as you wish. At CoreFund, our Client Web account access provides complete transparency.
How do I submit my invoices for payment?
Immediately after the completion of services, you would provide CoreFund Capital with an invoice and all required back-up paperwork required by your customer and CoreFund to pay the invoice. In most cases, this can be faxed or emailed for immediate processing.
How long does it take to get my money?
CoreFund Capital provides Same Day funding to our Invoice Factoring clients at no additional charge. Approved invoices received in prior to 1:00 PM central time can be funded to your bank account or fuel card account by 4:00 pm central time. In addition, CoreFund provides extended funding times up to 7:00 pm central time for invoices received between 10:00 am and 3:00 pm. Extended funding is at no additional charge and is sent directly to your CoreFund Fuel Card account for immediate access. Need Saturday Funding? We’ve got you covered there too! CoreFund will fund your CoreFund Fuel Card on Saturday for a nominal fee.
How much does it cost to factor with CoreFund?
Unlike many of the factoring companies offering low teaser rates padded on the backend with hidden fees, invoice processing fees and expedited funding costs, CoreFund will provide you with a clear, up-front fee structure so you know exactly what you can expect to pay. Our various programs offer Full Advance Flat Fee all inclusive options, Lower Advance with Tiered Fees, Recourse and Non-Recourse. We even offer a Flat Fee Virtual Office program where we will actually create your invoice, receive and assemble the required backup documents for your funding. Your sales representative will help design the program that fits your needs.
What is Invoice Factoring?
Factoring your accounts receivables gives you immediate access to working capital without incurring debt.
When you sell your invoices to CoreFund Capital, you receive payment of the services you have provided your customers without having to wait 30-60 days, increasing your cash flow to meet your financial commitments. Your company will receive cash advances based on your outstanding invoices, CoreFund will collect directly from your customer and provide you with a complete accounting of each transaction allowing quick and easy reconciling for your bookkeeping.
Factoring with CoreFund Capital not only provides your company with the cash you need to keep your business running smoothly, but also allows you to focus on new business rather than chasing after your money. Our factoring services provide complete invoice auditing, billing, credit clearing, collections, payment posting and reporting to aid in your back office processes.
What is required to qualify?
Since factoring is much different than applying for a traditional loan, the requirements are less stringent. As we are collecting directly from your customers, their credit-worthiness is reviewed. A newly formed entity or less than perfect credit does not disqualify your company from factoring with CoreFund. Your accounts receivables must be clear from any liens placed by other loans companies, banking institutions, factoring companies or tax issues. We can usually process your application in less than 24 hours once we receive the required documentation.
What is the difference between Recourse and Non-Recourse Factoring?
Regardless of which program you select with CoreFund Capital, you receive the same advantage of credit clearing your customers with our superior credit analysis department. Taking the guess work out of extending credit and allowing you to focus on expanding your business with credit-worthy customers.
Non-Recourse factoring means that CoreFund Capital takes on the credit risk of purchased invoices for your approved customers. If an invoice isn’t paid due to your customer becoming insolvent, you’re not responsible for buying the invoice back from CoreFund.
Recourse factoring offers lower fees, as your company would be responsible in the event of any unpaid invoices purchased by CoreFund.
Not sure which solution fits your business needs?
Some questions are complicated and the answers are simple.