Amid Factoring Boom, Industry Leader Reminds Business Owners to Examine Funding Offers Carefully
HOUSTON, June 17, 2021 (Newswire.com) - Leading factoring company Charter Capital is urging business owners to explore their funding options carefully as they ramp up post-pandemic recovery operations. With the return of customers and S&P 500 gains leading to greater optimism, it's easy for still-vulnerable businesses to put themselves in a precarious position, company representatives say.
Those considering rapid funding options are encouraged to read "Important Questions to Ask Before Signing a Factoring Agreement," which is now available at CharterCapitalUSA.com.
Gregory Brown, co-founder and executive manager of Charter Capital, notes that small businesses, in particular, often need working capital injections to ramp up for a busy season. Coming out of the pandemic is similar, though the need is much greater due to the extended closures and economic uncertainty.
"Businesses are stocking up, purchasing equipment, and hiring again, which is a very promising sign," Brown says. "However, they need cash to do it. Some feel like they don't have options and, unfortunately, take the first offer they're given, while others miss critical details in their agreements that will impact their recovery in the long run."
Brown says business owners seeking funding should be on the lookout for hidden fees and odd fee structures that make it difficult to identify what the final cost will be. Long-term contracts and funding delays can also be problematic.
"Invoice factoring is a no-debt solution, which can give businesses a leg up during the recovery," Brown explains. "But, even within the industry, there is a wide variety of terms, and the benefits will differ, too."
Factoring, which is akin to getting an advance on a B2B invoice, is sometimes paired with perks like fuel cards for transportation companies or same-day payment options for businesses across the board. By evaluating these types of benefits alongside traditional considerations such as fees, business owners will get more growth potential from their partnership, Brown notes.
Those interested in exploring factoring or obtaining a free rate quote may do so at CharterCapitalUSA.com.
About Charter Capital
Headquartered in Houston, Texas, Charter Capital has been a leading provider of flexible funding solutions for the B2B sector for more than 20 years. Competitive rates, a fast approval process, and same-day funding help businesses across various industries secure the working capital necessary to manage daily needs and grow. To learn more, visit CharterCapitalUSA.com.
Source: Charter Capital
