What is an Invoice Factoring Service? Do I Need One?

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The video starts with an illustration of opportunity literally knocking on the door, but the man on the other side of the door cannot open it due to a lack of working capital.
The narrator then explores one of the options that can get you cash quickly, a cash advance loan. He then gives an example of a business that got approved for a $100,000 daily debit loan. On day one, $97,500 is deposited in the account with $1000 per business day ACH withdrawals. After 6 months, the company will have paid back a whopping $125,000, which translates to an annual interest rate of 109%.

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He then says that Triumph does things differently by prioritizing the success of your business. They do this by offering tools such as an invoice factoring service, which is the sale of accounts receivable less a service fee.
The narrator says that while invoice factoring has been a reliable cash-now option for a while, Triumph’s technology has made the process significantly faster and easier. With Triumph, the money will be deposited into your account within 24 hours.
The narrator concludes by remarking that whether you need cash now, back-office solutions, insurance, or fuel advances, Triumph’s team of invoice factoring service experts is equipped to help you open the door to new opportunities.

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