Company description
My Factoring Network was founded in 2012, it is pioneering the strategic online matching of businesses that require factoring services for their cash flow needs and factors/lenders that want to provide those services. Factoring is a financial transaction whereby a business sells its accounts receivable (invoices) to a third party (called a factor) at a discount.
There are many businesses that don’t have enough working capital. My Factoring Network help these businesses get cash through factoring accounts receivable. Manufacturing companies, distribution services, retailers, trucking industry, and many others use accounts receivable financing to get rid of cash flow crunch.
Maintaining a continuous cash flow for small business is very tough. Banks don't provide loan to small and start-up business as the risks are very high. My Factoring Network helps these businesses get cash by factoring. After buying accounts receivable the factor company gives advance cash to the seller of the account. The advance is often 50-75% of the purchase price of the accounts; the balance is paid after deducting factor’s discount and other charges, upon collection from the account client.
My Factoring Network also provides purchase order financing. Growing small business doesn’t have enough working capital to fulfill their purchase order. These businesses include producers, distributors, wholesalers, resellers of manufactured goods and many more. At My Factoring Network there are hundreds of lenders ready to provide finance that can be used to complete their purchase order.
My Factoring Network aims at connecting business to capital resource through online factoring. They help businesses and lenders in finding the perfect match which helps business in eliminating cash flow problems by avoiding debt.
