Working Capital Solutions

Factoring Explained

A way to turn receivables into immediate cash - while managing risk and working capital.

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Turning Receivables Into Liquidity

Most companies don't have a revenue problem - they have a timing problem.

You sell today, but you don't get paid for 30, 60, or even 90 days.

Factoring is one way companies bridge that gap by converting receivables into immediate cash.

Definition

What Is Factoring?

Factoring is a financial arrangement where a company sells its accounts receivable to a third party (a factor) at a discount in exchange for immediate cash.

Instead of waiting for customers to pay, the company receives a large portion of the invoice value upfront.

When the customer pays, the remaining balance - minus fees - is settled.

It's a way to accelerate cash flow by monetizing receivables.

Process

How It Works in Practice

1

Company generates an invoice

2

Invoice is sold to a factoring provider

3

Company receives advance (70–90%)

4

Customer pays the factor

5

Remaining balance released minus fees

Factoring is less about risk transfer and more about cash flow acceleration.

Why Use It

Why Companies Use Factoring

Improve cash flow
Fund growth without taking on traditional debt
Smooth working capital cycles
Support payroll, inventory, and operations
Bridge gaps between revenue and payment

Many companies use factoring not because they have a problem - but because they're growing.

Benefits

Benefits of Factoring

Immediate access to cash

Flexible financing tied to sales volume

Less reliance on traditional bank lending

Can scale with growth

May include collections support

Some risk protection available

What to Consider

Cost (discount/fees)
Customer interaction (factor may collect directly)
Perception with customers
Not all receivables may be eligible
Does not always transfer full credit risk
Comparison

Factoring vs Credit Insurance

Factoring

  • Focus: Cash flow / liquidity
  • Converts receivables into cash
  • May include some risk protection (depending on structure)
  • Transaction-based

Credit Insurance

  • Focus: Risk protection
  • Protects against non-payment
  • Does not accelerate cash flow
  • Policy-based structure

Factoring solves for timing. Credit insurance solves for risk.

Use Cases

When Factoring Makes Sense

Rapid growth requiring working capital
Long payment cycles
Limited access to traditional financing
Need for predictable cash flow
Seasonal or cyclical businesses

When Risk Is the Primary Concern

Credit insurance may be a better fit when:

High customer concentration
Concern around specific accounts
Protecting margins from losses
Supporting long-term credit strategy

How They Work Together

Many companies don't choose one or the other - they use both.

Credit Insurance

Protects the receivables

Factoring

Monetizes them

Together

Provide both liquidity and protection

Protection strengthens the asset. Financing unlocks its value.

In Practice

How This Plays Out in Practice

1

A growing company uses factoring to fund expansion

They need immediate cash to purchase inventory and hire staff while waiting for customer payments.

2

Credit insurance is added to protect larger accounts

Key customers represent significant exposure and need protection against default.

3

Lenders increase availability due to reduced risk

The combination of factoring and credit insurance makes receivables more bankable.

Not Sure What Structure Fits?

Every situation is different. A quick review can help determine the right approach.

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Start With Clarity

Understanding your options is the first step.