![]() This can be incredibly convenient because instead of having to wait 30 to 90 days for customers to pay their invoices, you can get this money from a factoring company in a matter of days. This money is then sent to your bank account and you can immediately use it for your business. ![]() Factris pays the invoice to you, taking over the payment term. In practice, it means that you send a copy of every invoice sent to Factris. ![]() The concept of factoring at Factris is very simple. For instance, factoring is ideally suited for small businesses and freelancers who need to bridge the gap between when the work is completed and when they get paid for it. It makes factoring the ideal solution for many businesses in different forms. By selling the invoice to the factor, you as an entrepreneur no longer have to worry about collecting the invoice and you can be sure that you will have the relevant amount on time. And that is not surprising, as factoring is the way to receive money for a sent, unpaid invoice, without having to take into account a payment term. But why would you do this and how exactly does factoring work in practice? What is factoring?įactoring is becoming increasingly popular among entrepreneurs as an alternative method of financing. In other terms, factoring revolves around selling unpaid invoices to a factor (in this case Factris), which then takes on the payment of the invoice and the risk of collecting payment from the customer. This definition is: the business activity of selling debtors to a financial institution at a discount to obtain cash. When we want to look at what factoring exactly is, it is useful to first take a closer look at the definition of the word. Because what exactly is factoring, how does factoring at Factris work, what types of factoring are there and for whom is factoring actually suitable? You can read it in this blog! What does factoring mean? Never heard of factoring before or just want to know more about it? No problem, we are happy to explain it to you.
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