If you own a business that sells products or services to commercial customers or to the government, you must be familiar with the maxim hurry up and wait. You always end up doing that after you have delivered your services. You hurry up and wait up to 60 days to get your invoices paid. In the meantime, you still have to cover rent, supplier payments and employee salaries. Hurry up and wait, they say.

But this is a major challenge if you are a business owner. It slows down your growth, significantly. Why? When taking a large order, it's not likely you can afford to wait months to get paid. Could you afford to buy the supplies, pay the staff, cover rent? This is the reason why it's a major challenge. You can even be driven out of business because of this.

And yet, when faced with a financial challenge, what does a business owner do? Most will hope for a business loan and go to the bank. But business loans are very hard to obtain and not very flexible. Also, rather than your future opportunities, banks would give loans based on your business past. A financing product that will be focused on your true sales potential is what you will often need. And that product is invoice factoring.

Invoice factoring will provide you with funds right after you invoice your client because it eliminates the 60-day payment wait. Try to imagine this. You deliver your product or service to your customer. You no longer have to wait 60 days just to get paid because you will receive payment in 2 days. How quickly could you grow then? Or how many clients you would be able to take on?

How exactly does this factoring work? Well, it's very simple. You send an invoice to your client and a copy to the factoring company once you have delivered your product. The factoring company advances you a substantial portion of your invoice, usually within a day.

The factoring company's advance gives you the breathing room you want and the money you need to pay business expenses and take on new opportunities. Because of this, your business will be allowed to grow. Once your client pays their invoice to the factoring company, the transaction is settled.

It's easy to obtain factoring. Doing business with solid credit worthy customers is going to be your biggest requirement. That's why you should consider factoring your invoices if you need financing and do business with great customers.

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