Factoring For Manufacturing Companies
Manufacturing companies have been coming to Paragon Financial Group for over 18 years for their financing needs. When the banks either couldn’t provide financing or offered too little, Paragon could promptly offer manufacturing companies a steady stream of cash through the invoice factoring of their account receivables.
Here at Paragon Financial, we know that waiting 30-90 days for payment of an invoice ties up your cash flow. By receiving payment immediately upon invoicing, through our factoring program, you will have the money to increase growth, meet payroll and pay suppliers obligations. We will wait for your customer to pay.
This process is called factoring, and it means Paragon advances you up to 90% of the invoice amount immediately, and gives the remaining balance when your clients settle the entire amount. Here is how invoice factoring for manufacturing companies works in three simple steps:
- Your manufacturing company provides goods or services to creditworthy customers and then invoices them with a copy sent to Paragon.
- Paragon will fund your business with an immediate payment of 70%-90% of the received amount.
- Customers make payment directly to Paragon according to the terms of the invoice, and Paragon return the balance of the paid invoice to you minus a fee.
It is that simple! Get started today by filling out the simple and quick online application on the right-hand side of this page.
Remember, Paragon does not sign you on to long-term contracts. Our agreements allow you the flexibility to factor what you want, when you want. You can pick and choose the accounts that you want to factor.
Paragon Provides The Capital You Need Immediately
Increase Your Companies Cash Flow
Get money as soon as you finish the work. Paragon does not ask for equity in your company, nor are you taking on additional debt. We provide the capital you need and to keep your business growing.
Client Credit Services
Paragon can act as your in-house credit department at no cost to you. Before doing business with a new customer, let Paragon give you a comprehensive payment and credit history so you can avoid problem clients.
Accounts Receivable Management
Paragon provides on-line, real time reporting. You can log on anytime and see updated aging reports, collection reports, and more. Back date certain reports and print them out directly for internal use or accounting purposes.
Paragon is not a collection agency, but we do have a team of callers that put in friendly reminders to accounts when they get past due. We make sure to handle all calls in a professional manner. If we discus it with you first, Paragon is fully capable of applying the appropriate pressure when needed.
Flexibility
Here at Paragon, we allow you to use invoice factoring when and if it is beneficial for you and your company. We do not ask you to sign on to any long-term contracts. With Paragon, you choose the accounts that you want to factor and, unlike other companies, we do not require you factor the entire account. You get the flexibility to factor what you want, when you want, if and when it’s beneficial for you.
Available Cash Lets You Win More Business And Get Discounts From Suppliers
Big companies can take longer to pay you. This can restrict your available cash and make it difficult to complete orders or perform larger jobs. Invoice factoring can give you the available cash to quick pay your suppliers. As little as a 2% quick pay discount can cover the greater part of your factoring cost.