Invoice Factoring and Receivable Financing Service Providers
Paragon Financial was founded in 1994 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 service provider companies 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 service provider company, and pay suppliers. We’ll wait for your customer to pay. Get up to 90% of your receivables right now, and the rest when your clients make their final payment. Here’s how invoice factoring for service providers works in three simple, easy steps:
- Your service providers 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 returns 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 accounts receivable factoring application.
Paragon Gives You The Capability To Make Things Happen Now
We Improve Your Cash Flow Without Increasing Your Debt
Invoice factoring is not a loan, so you’re not incurring any debt. We don’t ask for any equity stake in your company. You receive your money immediately upon completion of work. You maintain full control of your business.
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
Our online reports provide you with up to the minute reports on your account. Printing out reports for your accounts is a mouse click away. Paragon is not a collection agency, but we do have an experienced team of callers that can put in friendly reminders to past due accounts. After consultation with you, Paragon can remind clients of their obligations.
Here at Paragon, we allow you to use invoice factoring when and if it is favorable 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 advantageous for you.
Acquire More Business – Get Discounts From Your Suppliers
Factoring gives you the capital to pursue bigger contracts and clients. Paragon gives you the ability to expand your business. When funds are available, you can pay your suppliers quickly. Sometimes getting as little as a 2% quick pay discount from vendors can absorb most of the cost of factoring.