We Empower Growth
We value simplicity, transparency, and ease of access.
You value cash flow, consistency, and predictability.
To us, this is a winning combination.
We pay you for the invoices you issue each week, and you have an agreed amount of time to pay us back. Let Pace play the bank, so you don’t have to. Focus on growing your business, not chasing clients for payment and worrying about cash flow.
Let's do this together.
If you find yourself waiting for customers to settle their outstanding invoices, you're not alone. Invoice factoring offers a solution.
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Typically, invoices come with payment terms ranging from 30 to 60 days. This means that once you send an invoice to your customer, it could be a month or longer before you receive the payment. Such extended payment cycles often leave small business owners strapped for cash, making it challenging to cover essential expenses like payroll, utilities, or inventory. This financial strain can hinder your ability to grow your business or sustain daily operations effectively.
What is Invoice Factoring?
Invoice factoring is a way for businesses to get quick cash by selling their unpaid invoices to another company, called a factoring company.
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What Does a Factoring Company Do?
Instead of getting a loan from a bank, businesses sell their unpaid invoices to a factoring company. This doesn't hurt their credit score like a loan would. It's often called "accounts receivable financing" and helps small businesses get money from their invoices faster.
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How Factoring Works
The factoring company buys the invoices and immediately gives the business a large majority of the money for them upfront, usually about 90%. This allows small businesses to pay their employees on time, buy new materials, and kickstart on new projects.
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Understanding the Process
Like we said, we like to keep things simple. Factoring invoices is a fairly straightforward process. Once you understand how it works, it's easier to see if it's a good option for your business's finances.
Breaking It Down
1
You send us an itemized list of your invoices
You put together an itemized list of your weekly invoices from jobs that have already been completed, but that you have not yet received payment for. That list gets sent directly to us.
2
We send you money for those invoices almost immediately
Within a day, we send you the capital to cover those invoices, minus a small fee. Never again miss out on business opportunities while waiting for clients to pay you.
3
Within 60 days, you send us the funds your clients paid you
As the money comes in from your clients, you send us that capital. But don't worry, you have a full 60 days to send us those funds. In the meantime, you can start growing your business.