Winston Financial Group is a factoring firm that provides financing for small and medium-sized companies by purchasing their commercial accounts receivable. Financing provided by Winston Financial Group helps the businesses accelerate the cash flow, thus boosting sales and production of the companies.
Factoring is a financial tool used by the companies, mostly retailers, to turn the accounts receivable into operating cash within a day. Such receivables can be for any services performed or any products delivered by the companies. Factoring is used by the companies to receive instant cash for the customers' invoices in case those invoices can be factored.
Winston Financial Group provides an opportunity for the companies to turn the accounts receivable into cash without focusing on the collection process. The factoring company often confirms that the customers have received goods or services, thus eliminating any potential disputes that may arise.
Factoring companies provide financing for a certain fee that depends on the quality and performance of the receivables. Thus, factoring services can be provided to the businesses that do not qualify for bank financing or do not have strong balance sheets. Winston Financial Group provides financing even to those companies, which have tax problems or have filed for bankruptcy.
Managers of the companies can easily use the factoring services provided by Winston Financial Group. They will have to submit an online application and the company will contact them regarding the further actions to be taken.
Factoring is not the same as providing the loans, as the companies sell their assets to the factoring firms and do not borrow any money. Many businesses prefer to factor their invoices during the economic downturns as they do not have to prove their creditworthiness, and it is much easier to sell the commercial accounts receivable than to get a bank loan. Overall, there are many benefits of factoring, and the only disadvantage is that the accounts receivable are sold at a discount price.
References
Winston Financial Group, Inc. (n.d.). Winston Financial Group. Retrieved from http://www.winfin.com/index.php
