Invoice Factoring Comparison

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Customer SupportExcellentExcellentExcellentExcellentExcellent
Product TypeInvoice FactoringInvoice FactoringAsset-backed Line of CreditInvoice FactoringInvoice Factoring
Required Time in Business3-monthsn/a12-monthsn/an/a
Required Credit Score530n/an/an/an/a
Required Business Revenue$10K/monthn/a$500K/yearn/an/a
Credit Facility Size$20K - $2M$5K – $2M$250K - $1MUp to $100K$5K - $5M
Advance Rate85% to 90%Up to 95%n/a100%Up to 90%
Max Overdue Account12-weeks60-daysn/a90-days90-days
Discount or Interest Rate0.3% - 1% per weekStarts at 2%High teens$52 – $82 per every $1KStarts at 1.5% per month
Additional FeesNonePossible early termination fee1.5% origination fee Possible early termination feeNoneNone
Contract Lengthn/aMonth-to-month to 12-months1-yearn/an/a
Monthly Minimums/MaximumsNoneNonen/aNoneNone
Factor All Invoices?NoNon/aNoNo
Recourse or Non-recourseRecourseNon-Recoursen/an/aRecourse
Notification or Non-notificationBothNotificationn/an/aNotification
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