General Electric factoring services can provide your business with an essential financial advantage over the competition. GE factoring services involves performing a range of tasks to help your business improve cash flow and increase your performance numbers.

With factoring services by GE, you can use your invoices as collateral in order to get immediate money to run your business. This can prove especially helpful to a business that extends a no payment period to customers.

1. Find out the basics of factoring by GE. You need to know the services that they provide as well as the cost of the different services.

2. Apply for GE Capital factoring services. You’ll need to give the company some basic information about your company in order for an associate to determine how to best serve your business.

3. Use the funds to pay off any debts and keep your business operation. If you run into a cash flow problem again, you can contact GE about using their factoring services again.

Action Steps
The best contacts and resources to help you get it done

Research the services available as part of GE receivables factoring

The GE factoring company that you employ will purchase the invoices of your small business at a discounted rate. Your clients will then have to pay them directly in order to settle the account. You will lose a small percentage from your receivables department without the need to take out a loan to keep your business afloat.

I recommend: On GE Money, you’ll see what factoring services the company offers their clients. Once you read an overview of the services, you can contact a local GE Money center for more information on GE factoring. The Hoovers site will also give you information on GE Commercial Finance department and the GE receivables factoring services available.

Determine whether you will benefit from the factoring services by GE

Although immediate cash may initially sound like a good idea, you're going to want to utilize factoring calculators in order to decide whether to apply for GE factoring services. The calculations will let you know if you'll see an improvement in cash flow for your company.

I recommend: On Goodman Factors, you can punch in the calculations in order to see what type of cash flow you can expect after using General Electric factoring services. If you’re unsure of the interest rate, then you can use one of the free downloadable factoring calculators on Q Archive.

Apply to participate in General Electric factoring program

If you decide that General Electric factoring will increase your cash flow without significantly hurting your bottom line, then you should set out to begin the application process. GE will need to know specifics about your business and revenue in order to determine your eligibility.

I recommend: Contact GE Commercial Finance in order to apply for their factoring services for your company. You can call the company or opt to complete the online application. You can also apply through GE Capital Solutions, another division of General Electric that offers factoring services.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  You'll need to meet certain criteria in order to prove eligible for factoring services by General Electric. Typically, the company will require that you have operated for more than 3 years and have generated substantial profits.