Invoice Factoring Made Simple • Lendr

Factoring

Factoring made simple

We know getting a loan can be difficult, especially during this challenging time. Turn your unpaid invoices into an instant source of cash with our factoring solutions. We offer two factoring services to help you bridge the gap between the sale and delivery of your products and services.

How it works

Our 2 tiers of service include a full service factoring offering which includes services ranging from collecting on your invoices to paying your staff and even 401k management. Our Invoice Funding offers just the basics, cash for your invoices as soon as you make the sale.

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The process

Get setup quickly

Apply online in minutes, send in supporting documents, let your customers know of your new payment options and you're all set.

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Full Service Factoring

Everything & then some

Let us take care of the financial aspect of your business, we want to help you focus on what you do best.

3% - 5% per invoice
  • Receive the Full Invoice Value
  • Weekly, Bi-weekly or Monthly invoicing of clients
  • Payroll Processing and Related Tax Filings
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.5% - 3% per invoice
  • Receive the Full Invoice Value
  • Dedicated 24/7 Support
  • Flexible contract terms up to 14 months
Just the basics

Funding Invoices quickly

For our customers who just need funding on invoices quickly with non of the frills. We will happily fund up to 90% of the invoices value and assist on collection, the basics have perks too.

Available 24/7

Backed by an amazing support team

Have questions? Need something explained? Give us a ring at (888) 887-2812 we love helping clients with whatever they need. Customers slow to pay? Our dedicated team of support reps will gently remind your customers of their invoices and provide options to pay.

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FAQ

What will you need to get started?

To get started with a factoring agreement with Lendr, here’s what you’ll need:

  • Factoring application
  • Updated aging report (AR)
  • 2 years of most recent business and personal tax returns
  • 3 month of business bank statements

What is an Aging Report?

An aging report (AR) is a document that lists unpaid customer invoices and unused credit memos by date ranges. The primary purpose is to keep track of unpaid customer invoices and the number of days they have been outstanding (i.e. overdue for payment).

What documentation will I need?

You don’t need to submit these all at the same time, but here is the complete list of documents you may need. Every business is different and the documents needed will reflect that, don’t worry if this list seems long.

  • Completed factoring application for all majority owners
  • Two years of corporate tax returns and two years of personal tax returns for all majority owners
  • Copy of driver’s license for all majority owners
  • Articles of Incorporation for the company and the Operating Agreement
  • Workers Compensation Certificate
  • Financial statements for Year-End of the past calendar year
  • YTD AR Aging, YTD PL, YTD Balance sheet
  • A copy of any current invoicing

What is a NOA?

Factoring and asset-based lending are similar in that your assets are utilized to help you get funding right away.

With both commercial asset-based lending and personal asset-based lending, you get to keep your assets. Then, it is your responsibility to collect invoices and pay back the asset-based loan as agreed in your terms and conditions. Asset-based lending is more like an equity line of credit or term loan from an asset-based lending bank.

Factoring is a “buy-out.” You are not responsible for the collection of the invoices you sell. Instead, we purchase them from you at a small discount and then collect the funds from your clients and customers.

What is a NOA?

A NOA or Notice of Assignment is a letter signed by you that notifies your customer of your updated payment options. Which is a fancy way of saying paying us directly.

Is factoring considered a loan?

No. Neither the business or factor acquire or issue debt as part of a factoring agreement.

Interested in Factoring for Your Business?

Get started today and improve your workflow.