How The Factoring Process Works
The Factoring Process: Easy to Apply, Simple to Qualify
The factoring process is quick, easy and gets your company the funding you need within 24 hours. Here’s how accounts receivable factoring works:
- You serve your customers as usual.
- After services are completed and/or products delivered, submit the invoices you wish to factor to PRN Funding.
- PRN Funding will verify the invoices and notify your customers to send the payment to our lockbox/
- PRN Funding advances cash to your company, up to 90 percent of the invoice amount. The remaining percentage is held in reserve until payment is received.
- Your customers pay their invoices to PRN Funding.
- Once PRN Funding receives payment, we release the reserve amount minus a small fee for our factoring services.
Ready to Get Started?
- First, fill out an online application
- We review your factoring application immediately. If approved, we will forward documentation for your review and approval.
- When you return these documents, we review your company’s background for UCC liens, tax liens, judgment liens, etc. This review can typically be completed within 3-5 days.
- Once the review is completed, funding can begin immediately.
Get the Financing You Need, When You Need it the Most
We’re here to help you get started! Call 216-504-1000