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A Division of Business Factors
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$25 - $49/hr
2 - 9
United States
What can a business do without cash? Not much these days, which is why the most successful businesses choose factoring to resolve cash flow difficulties. With Tri-State Factors, you can get your business growing again and leave the cash flow problem behind.
Call Tri-State Factors today for a free, no obligation quote and get your business back in the game where it belongs. Since 1969, we‘ve been helping businesses just like yours get on track financially with a dependable, local factoring solution. It’s time to let business owners do what they do best – so Apply Today & leave the stress behind!
Explore Tri-State Factoring office locations and service areas.
50 Harrison St. Suite 307-G Hoboken New Jersey New Jersey United States 07030
1-800-672-3844
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What primary financial service does Tri-State Factoring provide?
The company specializes in invoice factoring, which allows businesses to convert outstanding accounts receivable into immediate cash. This service helps companies improve cash flow by providing funding based on the value of their unpaid invoices rather than waiting for standard payment terms.
How does the invoice factoring process work?
The process involves selling business invoices to the factoring company at a discount. Once the invoices are verified, the company advances a significant percentage of the invoice value to the client. When the customer pays the invoice, the remaining balance is returned to the client, minus a small factoring fee.
Which industries can benefit from these factoring services?
Factoring services are available to a wide range of B2B industries. Companies that provide goods or services to other businesses and have creditworthy customers are typically eligible for this type of financing, regardless of the specific sector.
Is a high credit score required to qualify for factoring?
Approval for factoring is primarily based on the creditworthiness of the customers who owe the invoices rather than the credit history of the business seeking funding. This makes it an accessible option for companies that may not qualify for traditional bank loans.
How quickly can a business receive funding?
One of the main advantages of invoice factoring is the speed of funding. Once the initial setup process is complete and invoices are submitted, funds are typically available much faster than through conventional lending channels, often within a few business days.
Does factoring create debt for the business?
Factoring is considered a sale of an asset—the invoice—rather than a loan. Because it is not a loan, it does not create new debt on the balance sheet, which can be beneficial for maintaining a healthy financial profile.
What is the geographic service area for Tri-State Factoring?
The company operates out of its headquarters in New York and provides financial solutions to businesses throughout the region and beyond, focusing on helping companies manage their working capital needs effectively.
Are there long-term contracts required for factoring services?
The terms of service are designed to be flexible to meet the specific cash flow needs of each client. Interested businesses should contact the office directly to discuss the specific agreement terms and how they align with their operational requirements.
How does factoring differ from a traditional bank line of credit?
Unlike a bank line of credit, which is based on the business's overall financial health and credit history, factoring is based on the value of the invoices. Factoring is often easier to obtain and can be scaled up as the business grows and generates more invoices.
What are the costs associated with invoice factoring?
The cost of factoring is determined by a fee charged on the invoices processed. This fee depends on factors such as the volume of invoices, the credit quality of the customers, and the duration the invoices remain outstanding.
Can startups or new businesses use these services?
Yes, startups and newer businesses that have established B2B customers can utilize factoring. Since the funding is tied to the invoices and the creditworthiness of the customers, a long operating history is not always a strict requirement for approval.
How can a business get in touch to start the application process?
Potential clients can reach out by calling the office directly or using the contact information provided on the official website. A representative will guide the business through the necessary steps to evaluate eligibility and set up the account.
Does the company handle the collection of invoices?
As part of the factoring service, the company manages the collection process for the invoices that have been purchased. This allows business owners to focus on their core operations rather than chasing down late payments from customers.
Is it possible to factor only a portion of invoices?
Clients have the flexibility to choose which invoices to factor. There is no requirement to factor every single invoice, allowing businesses to use the service strategically to manage cash flow gaps as they arise.
What information is needed to apply for factoring?
To begin the application, businesses typically need to provide information about their company, a list of their customers, and copies of the invoices they wish to factor. The team reviews these documents to determine the funding capacity.
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