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Finance & Accounting

Understanding Your Invoice Factoring Agreement

“Misdirected payments.” “Minimum Sales Commitment.” “Reserves.”

Are your eyes starting to glaze over? We don’t blame you. Invoice factoring has been around for thousands of years, but it seems like the terms have only gotten more complicated.

The invoice factoring agreement is a financial contract that details the costs and terms of your plan. It is important to study and understand it because invoice factoring sometimes involves terms and provisions that are hard to discern. In fact, a contract may even impose fees that weren’t covered in your initial proposal.

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Every small business faces periods of lumpy cash flow. Often times, this uncertainty comes on the heels of an unforeseen cost. These expenses could be a whole host of unique reasons — a new large order with high material cost or a broken machine that has production at a standstill.

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How Factoring Can Help You Grow Your Business

Invoice factoring can take your business to the next level.

You’re a business owner with a stable business growing at a moderate pace.

Suddenly, there’s an opportunity that could propel it to the next level. Maybe it’s a huge order from a retail giant, or a lucrative contract with a major manufacturer.

You jump at the chance, but then you face a dilemma: It usually takes 60 days and sometimes longer for this new customer to pay its vendors, sometimes longer. You now have this huge unpaid invoice. Meanwhile, you require funds for other business needs. You need to pay your employees and procure supplies for other smaller jobs.

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BlueVine customer Crush & Lovely

THE CLIENT: Crush & Lovely

Founded in 2004, Crush & Lovely is a New York-based strategic design company that helps businesses with their strategy, design and content creation.

Their clients include nonprofits and Fortune 100 companies, says CEO Matt Blanchard. One prominent client is National Geographic, whose transformation from an iconic monthly print magazine to a digital content producer got a boost from Blanchard’s team.

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Small Business Loans BlueVine Guide

You need money to start, sustain, and grow a business.

The good news for small business owners and entrepreneurs is there are now many more financing options available. But you need to understand your choices in order to make the smartest decisions for your business.

In most cases, your decision will be based on why and how soon you need the financing. Here are 3 business scenarios and the top financing options to consider.

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