Factoring companies in South Carolina buy your accounts receivable and advance you a percentage of the money. You receive the balance when the customer pays the invoice minus a fee. If your business has grown so much that your accounts receivable are much larger than your cash on hand, now’s the time to look for factoring companies. South Carolina receivables factoring companies will buy your receivables and you’ll pocket much needed cash that you can then reinvest in your business.

You can also use a South Carolina invoice factoring company if you want to expand your business. Rather than taking a loan and going into debt, sell your invoices to an SC factoring company to help your business grow. You can use the cash you receive to buy more inventory, hire more people or upgrade your equipment.

If you run a South Carolina-based business, consider the following when looking for South Carolina receivables financing:

1. Check out local South Carolina factoring companies.

2. Find an online factoring company to handle your South Carolina receivables factoring.

3. Select a nationwide factoring company that has factoring companies in South Carolina.

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

Check local South Carolina invoice factoring companies to receive the personal touch

Use local factoring companies. South Carolina based companies will provide more personalized service for your South Carolina invoice factoring business than national companies.

I recommend: Accord Financial has helped small to mid-size businesses for more than 25 years. They are located in Greenville, SC. Platinum Funding Group has representatives in South Carolina and more than 15 years in the finance business. It offers factoring to all businesses.

Look for reliable online factoring companies that can handle your South Carolina A/R factoring

When looking at online factoring companies you need to look at its history and the ease of approval by the factoring company. Also, take into consideration the rates the company charges for handling your South Carolina accounts receivable (A/R) financing.

I recommend: Alliance One has account executives who have been in the finance business for more than 30 years. It specializes in factoring to small and mid-size businesses. Crestmark Commercial Capital Lending, LLC has been in business since 1991 and provides South Carolina A/R financing to every size business. Capital Plus, founded in 1990, offers South Carolina invoice factoring to any business. It offers up to 85% advance rates, helps you build your credit and gives you much needed cash when you need it.

Find a national company that can handle your South Carolina receivables financing

Even though local South Carolina business factoring companies are likely to provide more personalized service, there are some excellent national companies that can handle your South Carolina receivables financing.

I recommend: ONAN Commercial Lending is a division of ONAN Capital Holdings, Inc and provides financing to small and medium sized businesses nationwide. Rexford Funding is a nationwide company that has account executives who have been in the finance business for more than 30 years. It is committed to bringing South Carolina business factoring to small businesses.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Getting a loan in South Carolina is difficult for new businesses. South Carolina factoring companies offer you an alternative since factoring is not a loan, and your customers' ability to pay is the basis of your approval.
• •  Make sure you understand the terms of the factoring company in South Carolina that you decide to engage. The amount of the advance on your accounts receivable can vary from 65% to 97%, and the fees vary from 1% to 5% of your receivables.