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Small Business Owners Use Factoring Invoices Discounting to Double Exports

Trade officials in the US are encouraging small businessmen to double their exports by 2015, which is one of the goals of the current administration and this encouragement led to shifting of attention to factoring invoices as a method. Out of 30 million small and medium sized businesses in the US, only 1% are exporting goods. The National Export Initiative (NEI) is an effort to lead to long-term, economic growth for the United states that is sustainable. The target is to double the amount of exports in the succeeding five years, which is then equivalent to two million jobs for the jobless.

President Barack Obama announced the export initiative in 2010, which asked small and medium-size businesses to export, because the more small businesses export, the more they produce; and the more they produce, the more revenues they have to hire employees.

Today exports are on track to achieve the 15 percent yearly gains required to reach the goal, up nearly 17 percent on the year through November. However, achieving this goal may be a challenge because the administration is using a benchmark of 2009.

US companies could earn increased revenues if they were to begin exporting. However, in order to prepare they will need cash, and one method of achieve this goal is to begin factoring invoices. Factoring invoices have been around for more than a thoUSAnd years old. Traditionally, this is a financing method used during those times when goods have to shipped from one American colony to another. Factoring is different from a loan but rather a purchase of receivables or financial assets. Its difference from bank loans is defined by the following characteristics. Bank loans involve two parties, and factoring involves three parties. Factoring is based on the value of the receivables. On the other hand, banks use the company’s credit worthiness as basis.

Here is the process… A company that does factoring invoices takes on the process of due diligence that can take around two days. After this step, the client can now start making their offer on the invoices that are for sale. Once the invoices are received, the company can now start checking the creditworthiness of each debtor in the invoices while making sure that the sale was completed. Next the debtor is advised of the purchase of the invoice by the factoring company. It is as simple as that. After all that, the client then acquires their cash. Once the credit period is over, the debtor will have to pay directly to the factoring company thus completing the transaction.

As the government plays a critical role in the implementation of this initiative to open up new markets, and to double US exports, those companies that begin factoring invoices will be accruing the necessary cash to begin exporting, earn more revenues, and hire more people who have been out of work.

If you have questions about how factoring invoices could assist you with setting up exporting services, or if you are seeking an alternative funding source for small businesses, simply search online for the keywords accounts receivable factoring, or factoring invoices, and read the hundreds of thousands of articles on the topic.
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