Guide to Utah Factoring Companies

Use a Utah invoice factoring company to boost your bottom line

By Rose Bricker

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Factoring companies in Utah 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. Utah 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 Utah invoice factoring company if you want to expand your business. Rather than taking a loan and going into debt, sell your invoices to a UT 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 Utah-based business, consider the following when looking for Utah receivables financing:

1. Check out local Utah factoring companies.

2. Find an online factoring company to handle your Utah receivables factoring.

3. Select a nationwide factoring company that has factoring companies in Utah.

Action Steps
The best contacts and resources to help you get it done

Check local Utah business factoring companies to receive the personal touch

Use local factoring companies. Utah based companies will provide more personalized service for your Utah invoice factoring business than national companies.

I recommend: Transfac Capital has more than 65 years experience and helps start-ups to seasoned businesses gain and maintain a healthy financial position. It is located in Salt Lake City, Utah. Advanced Commercial Capital, Inc has many years of experience in the finance and business consulting industries and offers high advance rates with low fees and 24-hour funding. They are located in St. George, Utah.

Look for reliable online factoring companies that can handle your Utah 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 Utah accounts receivable (A/R) financing.

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 Utah A/R financing to every size business.

Find a national company that can handle your Utah receivables financing

Even though local UT factoring companies are likely to provide more personalized service, there are some excellent national companies that can handle your Utah receivables financing.

I recommend: ONAN Commercial Lending is a division of ONAN Capital Holdings, Inc. and provides financing to small and medium sized businesses nationwide. Rexford Funding is a nationwide company that has account executives who have been in the finance business for more than 30 years. It is committed to bringing Utah invoice factoring to small businesses.

Tips & Tactics
Helpful advice for making the most of this Guide

Getting a loan in Utah is difficult for new businesses. Utah 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 Utah 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 5% of your receivables.