Fund services firms lagging in digital journey
Fund services firms lagging in digital journey
Despite the fact that the vast majority of trust, corporate and fund services see the benefit of adopting digital technology, only a third have actually started on their digitalisation projects.
Factoring Invoices- Financing For Small Business Owners
Peter has clients that want to pay in 45 days and suppliers/employees that want to be paid in 10. Since the company does not have a lot of money in the bank, the math doesn’t work.
Is there a solution? Yes, Peter should consider factoring his invoices to fix his cash flow. Factoring will provide him with the necessary cash to pay suppliers and employees, while eliminating the 30 to 45 day wait to get paid.
Invoice factoring works as follows:
1. You deliver the product or service and invoice your client
2. You send a copy of the invoice to the factoring company for financing
3. The factoring company advances you up to 90% of the invoice. You get immediate funds.
4. Once your client pays the invoice, the transaction is settled
With factoring, Peter will be able to meet his current obligations. His company will also have enough cash on hand (or liquidity) to bid on new job proposals, allowing him to grow the business and take it to the next level.
Money’s Mostly Digital, So Why Is Moving It So Hard?
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Writing by Sam Denby and Tristan Purdy
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References
[1] https://fraser.stlouisfed.org/files/docs/historical/nmc/nmc_491_1910.pdf
[2] https://www.linkedin.com/pulse/western-union-company-generations-transferring-cash-sweta-chaturvedi/
[3] https://www.youtube.com/watch?v=K1yjHtAi1ig
[4] https://youtu.be/gd8B-zrMSYk
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