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AltLine The Southern Bank Company Review 2020 | Factoring Service Reviews

By
Sean Peek
,
business.com writer
|
Jan 14, 2020
Image Credit: wutwhanfoto / Getty Images
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altLINE is the alternative lending arm of The Southern Bank Company, an established lender that has been in business since 1936. Because it is backed by a reputable bank, it has unprecedented authority in the industry and offers some of the most competitive rates of all the services we evaluated. With its minimum qualifications, funding options and an unparalleled reputation, altLINE is our pick as the best overall factoring service.

altLine The Southern Bank Company

altLine The Southern Bank Company

The Best Factoring Companies of 2020

The Verdict

altLINE The Southern Company is in a unique position among factoring companies. It is a division of an established bank. Its minimum qualifications, funding capabilities and strong reputation all add up to make altLINE the best overall factoring service.

View all our factoring service reviews on our best picks page.

altLINE The Southern Bank Company Rates and Fees

When you factor your invoices with altLINE, you can get an advance ranging from $30,000 to $5 million. The factoring service will advance you between 80 and 90% of the face value of the invoice within 24 hours. An 80% advance is on the lower end for factoring, but a 90% advance should help you with your cash flow bottleneck. 

On average, most factoring companies charge between 1 and 5% of each invoice you factor with them. The rate for altLine starts lower at 0.75% and goes up to 3.5%. This low starting rate is better than most competitors, but your actual rate will depend on your business, industry and specific needs. 

altLINE offers three different accounts-receivable-based products: asset-based lending, accounts receivable financing and invoice factoring. altLINE will work with your business to find the best financial option for your business, which is a huge plus. 

Minimum Requirements

Like most other factoring companies, altLINE considers the creditworthiness of your customers to assess risk. altLINE does not use your credit score as a primary consideration to determine whether they will work with you or not. However, your specific rate will be determined, in part, by your customers' credit and ability to pay their invoices. 

Additionally, this factoring service does not consider the profitability of your business, which is beneficial for new or small businesses. altLINE also overlooks how long you have been in business, which is beneficial for startups.

Ease of Application

Like most factoring companies, altLINE does not charge an application fee. You can request a free quote from altLINE's website to determine what your rate will look like. The process is straightforward, simple and can be completed in just a few minutes. 

Once you complete the quote, an altLINE loan specialist works with you to determine if factoring is the right service for your business's needs. If you proceed with invoice factoring, you will then fill out an official application. You don't have to prepare a substantial amount of documentation for altLINE, as your customer's credit score is their primary focus. 

Once you have submitted your application, it can take up to seven days to be approved, which is longer than many of the other factoring services we reviewed. However, subsequent invoices are advanced to you within 24 hours.

Customer Service and Support

altLINE has one of the best reputations in the factoring industry because it is backed by a trusted bank. As of January 2020, it has an A+ accreditation with the Better Business Bureau. altLINE is one of the few factoring companies we reviewed that provides detailed, transparent information on its website. 

Similarly, when we called altLINE, posing as a small business owner, the customer service representatives we spoke with provided clear, concise information regarding its products. They were also helpful and friendly, and they didn't push us to apply for their services. Rather, they provided different options for us to consider and answered all of our questions, which is somewhat of a rarity in the factoring industry.

Limitations

altLINE is an excellent alternative lender with excellent factoring services. Our sole complaint is that initial funding can take up to seven days as the company finalizes your agreement and sets up your account. However, after your first invoice has been factored, subsequent invoices take less than 24 hours to advance funds, which is the industry standard. 

Editor's note: Looking for the right factoring service for your business? Fill out the below questionnaire to have our vendor partners contact you about your needs.

altLine The Southern Bank Company

altLine The Southern Bank Company

The Best Factoring Companies of 2020

The Verdict

altLINE The Southern Company is in a unique position among factoring companies. It is a division of an established bank. Its minimum qualifications, funding capabilities and strong reputation all add up to make altLINE the best overall factoring service.

Sean Peek
Sean Peek
Sean Peek is a writer, small business owner and SEO specialist. He began his career in digital marketing as a freelance writer in 2013 and has over five years of experience in the B2B space. You can learn more at lightningmediapartners.com.