![]() ![]() To qualify for invoice factoring from AltLINE, you need to have a minimum 500 FICO score and the ability to factor at least $15,000 of your invoices per month. Keep in mind, AltLINE offers year-to-year contracts. “That helps create a stronger long-term relationship.” “The more they use us, the more comfortable we can get with their customers’ payment behavior,” Justice says. However, you’re not required to factor all their invoices. Once approved, you’re expected to factor at least $15,000 per month of your invoices with AltLINE. If you agree to the proposal, AltLINE will provide a credit memo and approve within 24 hours. ![]() “We don’t care about debt service ratio or liquidity all we’re looking at is accounts receivables and your customers,” Justice says. In order to qualify, AltLINE either wants to see that your business is working with several large accounts or a lot of smaller accounts. In particular, AltLINE will look at their Dun & Bradstreet report and their credit insurance reports. Part of the underwriting process includes looking at the credit quality of the debtors (in this case, your customers). Once AltLINE receives this paperwork, their team can put together a proposal in as little as 24 hours. Once AltLINE receives your application, they’ll request the following forms: an accounts receivables aging report, a sample invoice, and a copy of the driver’s license for anyone who owns at least 10% of the business. Justice says the application takes no longer than 10 minutes to complete. To apply for invoice factoring from AltLINE, you’d start by filling out and submitting an application through the AltLINE website. But first, let’s learn about what invoice factoring is. In this review, we’re going to break down AltLINE’s invoice factoring product to determine if it’s a good solution for your business’s financing needs. “You’re essentially letting the business fund itself.” “Invoice factoring is a great way to grow a business with very little investment involved,” says Chas Justice, business development officer at AltLINE. Today, The Southern Bank and AltLINE service businesses across the country with their invoice factoring product. What is AltLINE? It’s the commercial financing division of The Southern Bank-an Alabama-based bank that got its start back in 1936. Today, there are many trustworthy lenders offering invoice financing-also known as accounts receivable factoring-solutions that can help businesses maintain cash flow and cover operating expenses. While this type of financing may have had a bad reputation in the past, due to less-than-reputable lenders, that’s no longer the case. If you’re looking for a business loan, you may have come across invoice financing in your research. ![]()
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