FAQ

Q: My bank has already turned me down. Can you help?
A: Absolutely! Since Factoring relies on your customers’ financial history, not yours, we can provide cash when banks cannot. Think of us as a business partner who’s there to help you.

Q: When can I get the money for my invoices?
A: Once your account is opened it’ll be only a short day or two to get your first funding. Just complete the Application and fax it back to us with the requested documents. You’ll be approved quickly and we’ll send you an Account Completion Package. Your account is open when we receive that package back.

Q: Do I have to fund all of my invoices?
A: No. You may submit all or part of your invoices based on your cash flow needs.

Q: I only have $11,000 worth of invoices. Can I take advantage of one of your Plans?
A: Sure! We don’t have any minimums or maximums. We want you to use our service because you need it, and because it helps your company grow.

Q: How do I get my customers/clients to pay you instead of me?
A: It’s easy. Factoring has become a widely accepted form of funding for small businesses like yours. We’ll use a simple Notice letter on your letterhead to let your customers know to send the check to us.

Q: I’m currently using another factoring company that is treating me poorly. Can you help?
A: You bet! We’ll walk you step by step through the process of changing factoring companies. With our help it will be quick and painless.

Q: Can I enjoy the services of your company if my company has a Bank Loan?
A: If the Bank has a lien against your Receivables, you should tell us without delay. In this case, the following options are available:

  • The bank will have to subordinate its claim to the receivables in favor of Finishline Capital.
  • The bank will have to be repaid so that it can terminate its claim against your receivables.
  • Should either of these options not be feasible, factoring will not be available as Finishline Capital must have first claim against the collateral against which it is advancing funds to your company.

Q: How does a corporate tax liability affect your ability to fund my company?
A: If an Installment agreement is in place and is current, there is no impact on our ability to fund your company. If, on the other hand, the Tax Authorities have filed a lien against your company because of lack of payment on your part, unless the IRS is willing to subordinate its claim in our favor, your company is not eligible for funding by us.

Q: What information do you need to commence the funding process?
A: A review of our Application Form on our website will show you what information is required from you.

Q: Are you able to fund my company on invoices to all its customers?
A: We will check the credit-worthiness of all your customers and assign lines of credit to each one of them prior to finalizing our factoring contract with you. For us to do this, you will need to supply us with a comprehensive list of all your customers, including proper names, addresses, phone numbers. We will then perform our review and advise you of the lines we will provide.

Q: Will I need to provide you with all my invoices to all my customers to obtain funding?
A: It is our preference and probably more efficient overall, if you factor all your business with us. Nonetheless, you are not required to factor all your customers. Having said that, once you do factor an invoice to any customer, you will then have to factor all future invoices to that customer. Understand though, that ALL your invoices serve as collateral, irrespective of whether you choose to factor all of them, or not. We will not factor single invoices on a “spot” basis.

Q: How long does it take to receive the first funding?
A: Once we receive your information we can respond within 24 hours with our proposal. The initial funding usually takes 2-3 days with all subsequent fundings being on a daily basis.

Q: Do you offer Purchase Order Funding?
A: Yes

Q: Do you offer Inventory Financing?
A: Yes

Q: How do you treat our customers?
A: Good question! Remember, we are not acting as a Collection Agency, we are your Receivables department. We are mindful that your customers put bread on our table while doing the same for you. Our contact with your customers is, at all times, courteous and professional. We will never be rude to your customer, harass them in any way. We want to help build your business and would not do anything that is counter-productive to this.

Unlike several years ago, factoring has become a preferred choice of funding for several industries. It is nothing more than a credit line which banks offer in another form. Most of the customers we have come in contact with are very familiar with factoring and are very receptive.

Q: What happens if the invoice is not paid in a timely way?
A: As a matter of routine, we send out Statements on your behalf each month, showing your customers which invoices are outstanding. In addition, we closely monitor the invoices and will make calls or send emails to customers where invoices are overdue. We will also send out copies of invoices to your customers. In the event that all our efforts fail to generate payment, 90 days after the date of the invoice, it will be “charged back” to your company and you will be responsible to reimburse us for the amount of the initial advance, together with fees to date. This may be done out of your accumulated Reserves, or by the substitution of the old invoice with a new valid invoice. Of course, our monitoring and credit procedures are designed to minimize any incidences of delinquency.

Q: Will you fund Start-ups?
A: Yes

Q: Will you fund me even if I am losing money?
A: Yes

Q: I have poor personal credit. Will that be an issue?
A: No Problem, Finishline Capital relies on your customers’ financial history, not yours.

Q: How much does Factoring cost?
A: 2-3% fees. You should look at this in respect to how much are you losing by not having use of your working capital immediately. Enjoying Vendor discounts, accepting larger customers, growing your business are all benefits of factoring your invoices.

Q: How often may I submit invoicing for funding?
A: Invoices may be submitted daily.

Q: How will I keep up with what is happening on my account?
A: You will have access on-line to view any activity in regard to factored accounts. Also, you will have access to our professionally trained invoice factoring Account Executive. Our Account Executives are there for you and your customers, to insure continuity.

Q: My situation is unique, What are my options?
Finishline Capital takes great pride in overcoming obstacles. We offer creative solutions, not turndowns. Contact us today to see how we can help your business.