Traditional Factoring. . .
Once you qualify for factoring with Belcorp Financial the process is simple.
- Present your invoices to Belcorp by delivery, e-mail, or fax.
- Within two hours you may pick up a check or receive a wire transfer of the net funds available to you based on your factoring terms.
- All of your customer payments will be sent directly to a post office box, using your company name, which Belcorp maintains.
- Your funds generally become immediately available to you without the delay you may currently experience when depositing a check at your banking institution.
- As Belcorp receives the payments from your customers we will apply them to your invoices, always retaining an up-to-date aging report for your accounts receivable. We will fax a copy of these payments to you on a daily basis.
- The advance rate is usually 75-80% and sometimes higher. The reserve (a percentage of the value of the invoices presented for sale) is held at the time of the purchase (no greater than 20-25%). This reserve is returned to you at the time the invoice is paid in full. Belcorp releases this reserve to you as each individual invoice is paid and not when the entire batch of invoices presented is paid.
- Belcorp Financial is not a collection company and therefore will only retain ownership on invoices for approximately three months.
- We offer the option of preparing accounts receivable statements. Some customers tend to pay only on statements and not individual invoicing. This can add to the efficiency of collection.
Belcorp Financial Services, Inc. • 120 E Ogden Ave., Suite 124 • Hinsdale, IL 60521
Telephone: (630) 789-3300 • Fax: (630) 789-3316