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AltLine The Southern Bank Company Review 2019 | Factoring Service Reviews

By
Sean Peek
,
business.com writer
| Updated
Jun 25, 2019
Home
> Finance
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The Southern Bank Company is an established lender that has provided small businesses with funding since 1936. Its alternative lending arm, altLINE, provides various alternative funding options, one of which is invoice factoring. Unlike most factoring services we reviewed, altLINE is backed by an established, reputable bank. Because of its minimum qualifications, funding capabilities and strong reputation, altLINE is the best overall factoring service.

altLine The Southern Bank Company

altLine The Southern Bank Company

The Best Factoring Companies of 2019

The Verdict

altLINE The Southern Company is an established small business lender that provides invoice factoring. Its minimum qualifications, funding capabilities and 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 an 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% for each invoice you factor with the service. altLine's rate starts lower at 0.75% and goes up to 3.5%. While this fee is lower than that of most of its competitors, keep in mind that your actual rate will depend on your business, industry and specific needs.

It offers three accounts-receivable-based products: asset-based lending, accounts receivable financing and invoice factoring. As a banking company, altLINE will work with your business to find the best financial option for your business.

Minimum Requirements

altLINE does not use your credit score as a primary consideration when evaluating your application. But, like many other factoring companies, it considers the creditworthiness of your customers. Your rate will be determined, in part, by your customers' credit and ability to pay their invoices.

For startups, AltLINE's requirements aren't as stringent. It does not consider how profitable your business is, and it overlooks how long you have been in business.

Ease of Application

Like most factoring companies, altLINE does not charge an application fee. You can go on to atLINE's website, click on the Get A Free Quote tab, fill out the short questionnaire and submit it. The process is straightforward, simple and can be completed in just a few minutes.

Once you complete the online quote form, an altLINE loan specialist will contact you and work with you to determine if factoring is the right service for your business's needs or if there is another financing option that is better suited for your company. If you proceed with invoice factoring, the next step is to fill out an official application and submit it to altLINE. You don't have to compile exhaustive documentation for altLINE, as your customer's credit score is a  primary consideration.

Once you have submitted your application, it can take up to seven days to be approved – this 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. As of May 2019, it has an A+ accreditation with the Better Business Bureau.

It 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. The agents we spoke with were helpful, 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, though, is that initial funding can take up to seven days as the company finalizes your agreement and sets up your account. However, once your first invoice has been factored, you can receive advanced funds in less than 24 hours for subsequent invoices you factor.

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.

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altLine The Southern Bank Company

altLine The Southern Bank Company

The Best Factoring Companies of 2019

The Verdict

altLINE The Southern Company is an established small business lender that provides invoice factoring. Its minimum qualifications, funding capabilities and 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.