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GET A QUICK FACTORING QUOTE.
General
What is factoring?
What is the difference between
factoring invoices on "non-recourse" and
factoring invoices on "recourse"?
What types of businesses
do you factor?
What size clients does Vast
Funding serve?
Do you have any restrictions
as to the location of a client?
What about the location
of a client's customers?
Can you supply me with references
from existing clients?
Application Process
Do I have to pay a fee to get started
or for you to process my application?
How long does it take to process
my application?
Do I have to be an established
business, operating a minimum number of years, to
be approved?
Invoicing and Collections
Do I have to factor
all my invoices?
Are my receivables leined
as collateral?
Does Vast Funding
require additional collateral?
How long do I have to commit
to factoring my invoices?
How do my customers know where
to send payments?
How do I receive my
money from the factored accounts?
When do I receive the monies?
General
Q: WHAT IS FACTORING?
A: Factoring is the purchase of accounts receivable
for immediate cash. Factoring gives businesses the
power to ensure growth without diluting equity or
incurring debt.
Q: WHAT IS THE DIFFERENCE
BETWEEN FACTORING INVOICES ON "NON-RECOURSE"
AND FACTORING INVOICES "WITH RECOURSE"?
A: When an invoice is factored on a "non-recourse"
basis the Factor takes the credit risk of the account
debtor, thereby protecting the client from credit
loss. When an invoice is factored "with recourse"
it means that the client is ultimately responsible
for payment, regardless of whether the account debtor
pays or not.
Q: WHAT TYPES OF BUSINESSES
DO YOU FACTOR?
A: Vast Funding serves a wide range of industries,
including trucking, temporary personnel agencies,
printing companies, manufacturers, wholesalers, and
many service industries such as janitorial and armed
guard services. Most any business that sells a product
on terms not exceeding 60 days can use factoring.
Q: WHAT SIZE CLIENTS DOES
VAST FUNDING SERVE?
A: Vast Funding serves companies from start-up to
$200 Million in monthly sales.
Q: DO YOU HAVE ANY
RESTRICTIONS AS TO THE LOCATION OF A CLIENT?
A: No. Vast Funding is a nationwide commercial finance
company--we can serve clients in all 50 states and
Canada.
Q: WHAT ABOUT THE LOCATION
OF THE CLIENT'S CUSTOMERS?
A: Vast Funding purchases credit-worthy invoices from
anywhere in the US and Canada. Vast Funding also purchases
invoices from other countries on a case to case basis.
Q: CAN YOU SUPPLY ME WITH
REFERENCES FROM EXISTING CLIENTS?
A: Yes. Vast Funding is proud of the service we offer
and are more than happy to provide references once
we have received a completed application package.
Application Process
Q: DO I HAVE TO PAY A FEE TO GET
STARTED OR FOR YOU TO PROCESS MY APPLICATION?
A: No. Vast Funding requires no start-up fees unless
you have no invoices to factor.
Q: HOW LONG DOES IT TAKE TO
PROCESS MY APPLICATION?
A: Normally between four and seven working days is
enough to get a client funded. We are generally able
to give preliminary approvals within 24-48 hours via
a term sheet that details the basic terms of factoring.
Keep in mind that there is a verification process
that Vast Funding must perform on the invoices that
are submitted to us for financing. In some cases,
the time required to verify these invoices is the
driving factor behind getting the funding in a timely
manner.
Q: DO I HAVE TO BE AN ESTABLISHED
BUSINESS, OPERATING A MINIMUM NUMBER OF YEARS, TO
BE APPROVED?
A: No. Vast Funding prides itself on catering to the
financing needs of small to medium size businesses
that are recently founded. Even pure start-ups are
not a problem in most cases, as long as there are
bonafide accounts receivable.
Invoicing and Collections
Q: DO I HAVE TO
FACTOR ALL OF MY INVOICES?
A: No. You are always free to decide which invoices
to factor and which to keep in house.
Q: ARE MY RECEIVABLES
HELD AS COLLATERAL?
A: Yes. Vast Funding requires a first position on
all accounts receivable while you are factoring.
Q: DOES VAST FUNDING
REQUIRE ADDITIONAL COLLATERAL?
A: No. Within our traditional factoring programs,
a first position on accounts receivable is all that
Vast Funding requires.
Q: HOW LONG DO I HAVE TO
COMMIT TO FACTORING MY INVOICES?
A: Our standard term is six months. However, we can
adjust the term to meet the needs of the client.
Q: HOW DO MY CUSTOMERS KNOW
WHERE TO SEND PAYMENTS?
A: When Vast Funding purchases an invoice, it is stamped
with our address before being mailed to the customer.
Q: HOW DO I RECEIVE
MY MONEY FROM THE FACTORED ACCOUNTS?
A: Vast Funding can wire funds to your account, send
a check through FedEx or any other overnight service,
via US mail or we can simply drop your check of in
person. In some cases, if your bank has a branch near
our operations office we can deposit the check directly
into your account.
Q: WHEN DO I RECEIVE
THE MONIES?
A: Vast Funding funds all verified invoices submitted
on pre-approved debtors within 24 hours of receipt.
If the debtor has not been pre-approved for purchase,
we will try to fund those invoices as fast as possible,
usually within 24 hours as well. This kind of quick
turn around is the reason many businesses use Vast
Funding. This is also why Vast Funding has become
the largest privately held factoring company in North
America, and the reason we are viewed as the industry
leader.
Vast Funding wants to address any and all questions
you might have regarding our program. If the information
you are seeking is not here, please fill out our short
contact and quote form and we will be happy to assist
you in any way.CLICK
HERE TO GET A QUICK FACTORING QUOTE OR IF YOU HAVE
ANY QUESTIONS.
