FAQ
General Questions
Unlike banks, which rely on the financial strength of the client, factoring relies on the creditworthiness and financial strength of your customers.
Insight Funding Source, LLC does not loan money, instead we purchase your accounts receivable for a discount, providing you a line of credit based on the money you are waiting to receive. This is called factoring.
Approvals can happen as quickly as 1 business day and funding as soon as a few hours after account set-up and invoices are received. To be approved is the key and that takes getting us the info we need to make a fast decision.
This depends on many factors which can include the financial strength of your customers, your sales volume, trends in customer payment cycles, the size of your invoices, and the current economic climate of your specific industry.
YES! We concentrate more on the financial strength of your customers as they are the ones that pay us. We love helping companies in their early stages to grow when the bank says NO.
Other Questions
We first will talk about your business, your needs, and make sure you understand how the process works. Then the key is to get us your company financials and submit a brief application. Once we have this we can put together a proposal, generate contracts, conduct lien searches and filings, and when approved funding is ready to go.
First, you send your invoice directly to your customer, just as you do now. You also send a copy of that invoice to us. Then, we send a letter introducing us to your customer on your letterhead. We confirm the invoice with your customer on your behalf as your new Accounts Receivable Management Company. Your customer will then be asked to remit payment to Insight Funding Source, LLC.
Our experience in working with other financial institutions allows us to arrange a solution. This can be a subordination agreement or a negotiation to release any liens that may be attached to your receivables from your bank, as we have to hold the rights to the financial asset we are purchasing from you.
Typically the answer is YES. It depends largely on the size of the tax lien relative to your monthly volume. The other variable is in the details of your workout agreement with the tax agency.
Call us today at +1-866-932-7707 or click this contact us link and we will get in touch.
Providing customized funding solutions for your business. We tailor accounts receivable factoring designed specifically for each client we serve.
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