Medical Transcription Services
Invoice Factoring & Receivable Financing For Medical Transcription Services Providers
Paragon Financial was founded in the mid-90’s with the initiative to afford growing businesses an alternative to conventional Bank Financing. When the banks either couldn’t grant funds or bestowed too little, Paragon could promptly offer medical transcription services providers a steady stream of cash through the invoice factoring of their account receivables. We understand that waiting 30-60+ days for payment of an invoice ties up your working capital. By receiving payment immediately upon invoicing, through our factoring program, you will have the money to meet payroll, grow your company, and pay suppliers. We’ll wait for your customer to pay. Fundamentally, factoring provides you with up to 90% of the outstanding invoice now. You get the remaining balance when your client settles in full. Here’s how invoice factoring for medical transcription services providers works in three simple, easy steps:
- Your medical transcription services 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’s simple as that! Get started immediately by filling out the simple and quick online receivables factoring application. And remember, Paragon’s 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 Gets You Money To Run Your Business
Increased Capital Without Increased Debt
Invoice factoring brings you the money that is due to you without incurring increased debt. Paragon asks for no equity in your firm and you maintain full control of your business.
Customer Credit Services
At no extra cost, Paragon now acts as your in-house credit department. If you’re thinking about doing business with a new client, give Paragon a call. We’ll give you detailed information on their payment and credit history. Paragon can help you stay clear of doing business with bad companies.
We Can Help You With Your Accounts Receivable
Paragon provides on-line, real-time reporting. You can log on anytime and see updated aging reports, collection reports, and more. Backdate 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. When discussed with you first, Paragon is fully capable of applying the heat when needed.
Paragon lets you factor the invoices you want, when you want, with no long-term contracts. We let you factor as much or as little of an account as you wish. You factor only what is advantageous to you.
Get Supplier Discounts – Win More Business
The ultimate goal of invoice factoring is to increase your available funds. This will enable you to go after bigger clients and larger contracts. Often, you will find that it takes the big guys longer to pay. This can lead to difficulties in filling larger orders and performing larger jobs. Helping you to grow your business is the purpose of The Paragon Factor. Increased cash flow can enable you to quickly pay your suppliers. This can allow you ask for trade discounts. Often, as little as a 2% quick pay discount can cover some, if not all, of your factoring costs.