| Q |
|
What is invoice discounting or factoring? |
|
|
|
| A |
|
Invoice discounting, or factoring, enables a company to get immediate cash by selling one or more of its current receivables for the invoice amount less a small discount. |
|
|
|
| Q |
|
Who can benefit from this form of financing? |
|
|
|
| A |
|
Small to medium-size manufacturing, wholesale and service businesses that do business with large companies and governments. |
|
|
|
| Q |
|
What if our company already uses a bank? |
|
|
|
| A |
|
Factoring can be used in conjunction with your present bank financing. |
|
|
|
| Q |
|
Does a company have to sell all of its invoices? |
|
|
|
| A |
|
No, a company is never required to sell all of its receivables. You sell only as much or as little as you like, or need. |
|
|
|
| Q |
|
After we submit an invoice, how long is it before funds are advanced? |
|
|
|
| A |
|
Funds are advanced within 24 hours after verification of the invoice. |
|
|
|
| Q |
|
Will Fleet Street purchase invoices payable by companies outside of Ontario? |
|
|
|
| A |
|
Yes, Fleet Street purchases invoices payable from other provinces as well as U.S. invoices. |
|
|
|
| Q |
|
Will you work with brand new businesses? |
|
|
|
| A |
|
Yes, our business is specifically geared to helping new companies grow. We understand the cash requirements of starting up. |
|
|
|
| Q |
|
Will you help companies that have already lost money? |
|
|
|
| A |
|
Yes, Fleet Street is interested in helping companies in which future earnings are stalled by current, temporary cash shortages. |
|
|
|
| Q |
|
Does Fleet Street provide any other services? |
|
|
|
| A |
|
Fleet Street will, in certain cases, provide purchase order financing through supplier guarantees. |
