Get SME Loan In Singapore
SMEs are an integral part of Singapore economy but they do tend to crash with staggering cash flow problems. SME loans and external funding are solutions to keep up with the world.
Factoring is a financial service where you sell your receivables account to a third party. In return, you receive upfront funds based on your receivables accounts. This party is known as a “factor”. A factor can be a person, company, a financial institution that offers such financial services. Usually, companies and business owners make use of this service by selling their outstanding invoices to a factor to receive immediate funding.
Invoice financing in Singapore
Invoice financing is not a new term in Singapore, especially when it comes to SMEs. Invoice financing is a very commonly used financial solution in Singapore when businesses face a cash crunch. Invoice financing services provide quick funds which help businesses come out of their cash flow problems quickly and grow their business.
Businesses also use invoice financing to maintain long term liquidity by financing their slow-paying invoices. Many businesses keep a long-lasting customer relationship with the financing companies. You need to choose a trustworthy company with whom you engage in financing for smooth functioning.
Finaxar is a leading invoice financing company in Singapore
At Finaxar, we focus on providing invoice factoring services to our customers in a faster and secure way. Our application process is online and hassle-free in terms of documentation. You can start with us by signing up on our website and connecting your accounting software to the account. Our cash flow experts are dedicated to go through your application and complete the verification process within 72 hours. Once approved, you’ll be credited with 80 % of the invoiced amount. There is no fee you need to pay at any stages till here.
Once the payment date is due, we will collect the invoice amount directly from your customer and then will proceed to pay you the rest of 20 % of the invoiced amount. At this step, we will deduct a small fee for our services. If you have any more doubts on Invoice factoring and how it works, you can consult with our support team here.