A new website called FactorForYou has launched that is something of an online dating service for small- to medium-sized business (SMB) owners who want to turn accounts receivable (AR) into cash and the owners of factoring companies that make such transactions happen, according to a press release.
FactorForYou states on its website: “Choosing a factoring company can be a challenge. Between different rate structures and terms it can be almost impossible to compare companies. Let us put our experience in the factoring world at no cost or commitment to you!”
“We know this is a service that can make a big difference for many businesses,” commented a spokesperson from FactorForYou.com. “It is a true win-win for all involved. We are encouraged to hear very frequently that this service has helped many small businesses take things to the next level.”
Factoring companies buy the receivables of businesses and then set about collecting the owed funds or re-selling the obligations. Using factoring companies is different from using receivables as collateral for loans.
FactorForYou operates in California, Florida, Illinois, New Jersey, New York, Ohio and Texas. Its website implies it may operate in additional states at some point. The company states that the sectors it serves include: small business; construction; staffing; transportation; government; health care; oil and gas; and manufacturing.
Businesses have seen varying degrees of disruption in the ability of customers to fulfill obligations during COVID-19. At the same time, government programs in parts of the world have significantly expanded the funding options available to SMBs, PYMNTS reported.
Factorforyou.com is based in Brunswick, New Jersey.