Resources for New York Factoring Companies

Keyword: New York Factoring Companies

There are several New York factoring companies throughout the state, all of which are designed to help businesses receive quick funds in exchange for their account receivable or invoices. These invoices are sold at a discount, allowing the factoring company to make a profit when the account receivable is paid off by the invoice payer. In return, the business that initially sold the invoice receives a quick influx of cash to pay for upcoming bills.

Factoring companies differ from lenders because they are not giving a loan to a business. Instead, the purchased invoice serves as payment to the factoring company. Unfortunately, for the factor, if the invoice payer decides to renege on the debt, then they are out of the money completely.

Throughout the state of New York, there are multiple businesses that deal with factors. Often, these businesses specialize in dealing with specific types of companies whether it be manufacturing or trucking. Companies such as Rosenthal & Rosenthal and OCF cater to the needs of specific New York industries.

The main advantage for factoring companies is the instant profit they receive from taking on another businesses invoice. For more information on New York factoring companies, be sure to check out the links on Business.com.