Spot Factoring is technically speaking not financing at all. It is the outright sale of an asset (the receivable) owed from a credit-worthy customer for immediate cash.
Spot Factoring works exceptionally well for companies that only need financial help for a very short time. Typically Clients have taken on a new larger customer that has eaten up most of the working capital in the business. Without additional monies how can you keep your other customers serviced? Invoices are sold outright at a discount as you would any other asset in your company. Your customer agrees to Pay Philmark directly for the goods or services delivered. Once verified you have the cash in your bank account, usually that same day to meet that payroll, remitance, or other critical operating expense.
Many Spot Factoring client’s choose to continue to use Philmark’s factoring services and eventually covert over to our Flex-Factor Program