Massachusetts factoring companies buy your accounts receivable and advance you a percentage of the money. You receive the balance when the customer pays the invoice minus a fee. If your business has grown so much that your accounts receivable are much larger than your cash on hand, now’s the time to look for factoring companies. Massachusetts receivables factoring companies will buy your receivables and you’ll pocket much needed cash that you can then reinvest in your business.
You can also use a Massachusetts invoice factoring company if you want to expand your business. Rather than taking a loan and going into debt, sell your invoices to a MA factoring company to help your business grow. You can use the cash you receive to buy more inventory, hire more people or upgrade your equipment.
If you run a Massachusetts-based business, consider the following when looking for Massachusetts factoring services:
1. Check out local Massachusetts factoring companies.
2. Find an online factoring company to handle your Massachusetts business factoring.
3. Select a nationwide factoring company that has factoring companies in MA.
Action Steps
The best contacts and resources to help you get it done
Check local Massachusetts business factoring companies to receive the personal touch
Use local factoring companies. Massachusetts based companies will provide more personalized service for your Massachusetts factoring than national companies.
I recommend: Boston Financial Corporation, founded in 1978, caters to small and mid-size businesses. They are located in Charlestown, MA.
Riviera Finance is located in Boston, MA and guarantees 24-hour funding.
Look for reliable online factoring companies that can handle your Massachusetts A/R factoring
When looking at online factoring companies you need to look at its history and the ease of approval by the factoring company. Also, take into consideration the rates the company charges for handling your Massachusetts accounts receivable (A/R) factoring.
I recommend: Alliance One has account executives who have been in the finance business for more than 30 years. It specializes in factoring to small and mid-size businesses.
Crestmark Commercial Capital Lending, LLC has been in business since 1991 and provides factoring to every size business.
Find a national company that can handle your Massachusetts factoring services
Even though local Massachusetts business factoring companies may provide more personalized service, there are some excellent national companies that can handle your Massachusetts factoring.
I recommend: Commercial Capital LLC has representatives in every state and offers factoring to small and mid-size businesses. It has rates as low as 1.5% and advances as high as 90%.
ONAN Commercial Lending is a division of ONAN Capital Holdings, Inc and provides financing to small and medium sized businesses nationwide.
Tips & Tactics
Helpful advice for making the most of this Guide
- Getting a loan in Massachusetts is difficult for new businesses. Massachusetts factoring companies offer you an alternative since factoring is not a loan, and your customers' ability to pay is the basis of your approval.
- Make sure you understand the terms of the factoring company in Massachusetts that you decide to engage. The amount of the advance on your accounts receivable can vary from 65% to 97%, and the fees vary from 1% to 3% of your receivables.
The official source of Massachusetts Factoring Companies is
the Massachusetts Factoring Companies page at Business.com
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