Businesses that factor their accounts receivable typically can see important information on factoring companies online portals for clients. Running a business requires company owners to keep track of many aspects of their operations all at the same time, but no element of their daily work is more important than monitoring the company’s financial picture. For small and medium-sized business, it’s a picture that is constantly changing. To make better decisions and to plan for the future, company owners and their business staff member always want to have the latest information on their accounts receivable: that’s the data that drives both long-term and daily operations at the company.
Most established factoring companies have developed user-friendly online portals, or websites, that offer their clients 24/7 access to a variety of reports. These sites include real-time, constantly updated aging reports, summaries of invoices purchased, chargeback and partial payment activity, unapplied cash summaries, reserve reports, and much more. With all the information in one place, online portals allow company owners to instantly see where they stand financially with the invoices they chose to factor. They can also track past and present activity and see an updated list of their debtors. With this valuable online tool, they can check potential customers’ creditworthiness and, perhaps most importantly, they can easily and simply request funding around the clock when they submit new invoices. Client portals are one way that today’s factoring companies make it easier than ever to receive advance payments for work that has been completed. You can begin to turn your accounts receivable into cash in your pocket with a single click.
Benefits of Online Portals for Factoring Clients
- Real-time financial information online
- 24/7 accessibility to aging reports and payment status
- Ability to check customer credit and request funds