Factoring companies purchase your accounts receivable and pay you a percentage of the money. In turn, they add on fees and pay you the rest of the money once your customer has paid the balance on the account. Michigan factoring companies are available to help you stay on track with your company's finances.

1st Commercial Credit is one company you can refer to for your Michigan business. This company offers revolving receivables credit lines that range from $5,000 to $10 million. In order to apply for this factoring service, simply complete the application and sign the short-term agreement. There are no minimum invoice fees and no monthly minimums. Additionally, you may qualify for rates as low as 1.59 percent.

Capital Plus, another option for your Michigan business, is located in Grand Rapids. This company offers you services without long-term contracts and upfront fees. After you apply, you can receive your approval in as little as 24 hours with same-day funding and no monthly minimum or hidden fees. This company can provide you with an advance rate of up to 85 percent.

Invoice Factoring Group also offers your Michigan business factoring services. Some of the options include construction, medical, export, and freight bill factoring.

For more information on Michigan factoring companies, refer to the links on this Business.com page.