How Invoice Factoring Works
When providing factoring Great Lakes Business Credit actually purchases the invoices you create. When an invoice is purchased, Great Lakes Business Credit will pay you up to 85% of the invoice amount. We will tell your customer we purchased that invoice and direct them to pay to our lockbox.
Once your customer’s payment is received Great Lakes Business Credit remits the remaining amount (i.e. 100% minus 85%) to you after deducting our fees.
- Great Lakes offers factoring up to $2,000,000
- Great Lakes pays up to 85% of invoice amount at purchase
- Quick approval and funding; We can normally approve and fund your transaction within three weeks of receiving your financial information
- No maturity dates; no pre-payment penalties; you can exit the contract by giving as little as a sixty day notice