Factoring Broker Faqs Video

The types of clients that PRN Funding prefers factoring brokers to refer to us are basically any type of vendor that is selling goods or providing services to a medical provider. So, if you think of temporary staffing agencies, medical transcription services, medical coding and billing companies, medical supply agencies – any type of company, really, that is selling directly to a medical provider is the perfect client for PRN Funding. A client can definitely start up with PRN Funding if they’re a brand-new business, or even if they have credit problems; even if they’ve had bankruptcies – it doesn’t really matter so much to PRN Funding for the business owner to be a factoring client, because PRN Funding is mostly concerned with the credit-worthiness of the debtors of the clients. Accounts receivable factoring is not a business loan; it’s different than a loan. PRN Funding doesn’t lend money to our clients. What we do is purchase the receivables outright and advance cash on the receivables. So, for example if you have an invoice that is one thousand dollars, PRN Funding will purchase it and advance your client around eight-hundred dollars. We would wait for the debtors to pay PRN Funding the full thousand dollars; at which point we would take our fee and release the difference back to your client. The types of invoices that qualify for factoring with PRN Funding is basically an invoice for a service or a good that has either: the services have already been rendered, or the goods have already been delivered and accepted by the client. Basically there are no restrictions on the size of invoice that PRN can buy. We can start with companies by purchasing a very first invoice, if need be – whether it’s hundreds of dollars or thousands of dollars – PRN Funding doesn’t have any minimum amounts; nor do we have any maximum amounts. PRN Funding’s factoring services are geared towards our client’s needs; so as they grow so too does the credit line. A lot of potential factoring client ask PRN Funding: Does it matter where their business is located? And, the answer to that is, “No.” But it does matter, however, where their debtors are located, or their customers. As long as the customers are located somewhere within the United States, PRN Funding is able to factor their invoices. Another question that commonly comes up is, “Is there a term to PRN Funding’s factoring contract?” and the answer to that is no - our term agreement is open-ended, and that’s different from a lot of other factoring companies that request that you stay in a factoring relationship for one year, or even sometimes two years. PRN Funding is different. We’re very flexible with our terms, and we understand that businesses go through ups and downs. Sometimes they may need to factor for a couple of months; sometimes they may need to factor for a couple of years. Whichever is the case, PRN Funding is able to help. What’s required before PRN Funding can buy the invoice? Basically, that the services have already been rendered, and/or that the debtor has accepted the goods and is happy with what was delivered. PRN Funding will usually verify that the customer is happy with the services provided and/or with the good delivered prior to funding on that invoice. For more information about PRN Funding’s factoring services, please visit PRN Funding’s website at www.prnfunding.com.