Money Manifest

Credit Report Wiki

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Increase The Credit Line For Your Business With Accounts Receivable Factoring

Traditionally, a good number of businesses based on the United States were given access to various types of business credit. An example is the bank credit line together with personal and business assets. Another type is the non-asset based credit with the credit card as the main example. Then there is trade credit, which is the kind of credit supplied by vendors only and can only be used when you are purchasing raw items or during inventory and resale. Next is equipment leasing and the last one is one that many business owners do not know exists – accounts receivable factoring.

Growing your vendor credit lines is much simpler than requesting for an extension on your credit from a bank. 80% of goods in most businesses are purchased from the same vendor. What is the importance of properly managing business credit towards vendors? You can increase your bottom line by presenting your business in a light manner. If you continue to pay beyond your credit terms, it does not only cost you a lot of money but it will also make your business look unstable.

It has always been standard in most industries to offer two percent net 10, which means you get a better offer – two percent off the invoice — for paying within net 10 days. In some cases, if you call your vendor and ask, you might be able to get a four percent net 10. In fact, it is a good idea to call competitive vendors and see what their terms are.

Accounts receivable factoring is another way of taking advantage of early payment discounts offered by your vendors. Before you request for an increase in credit lines with your vendors it is important that you establish an impressive credit standing first. The credit department will surely take notice if you continue to take advantage of these kinds of terms each month. Vendor credit lines often grow faster than bank credit, and also vendors measure customers by their ability to pay as well as by volume. A history of paying bills on time may open the doors for you to negotiate for better prices.

Only a few knew of the benefits of utilizing their customer’s credit. Small businesses can take advantage of the customer’s credit through accounts receivable factoring because this allows them to acquire advances against the amount their customers owe them. The way it works is that a factoring company establishes accounts receivable credit lines based on the credit of the customer, so it is not based on your credit, but on their ability to pay. Cash flow is what matters, which is why if you make use of accounts receivable factoring you will be able to acquire better pricing and terms from your vendors and suppliers.

Cash flow can remain stable with accounts receivable factoring, which allows small businesses to pay their debt on time and take advantage of vendors who offer 2% net terms. It makes up for the lost points on factoring and is much better than using credit cards or filing for bank loans.