Business Financial Services, Inc. commonly known as BFS is situated in Raleigh. The company extends Business Cash Advances to various customers throughout United States of America. This is usually done by means of accounts receivable financing . A merchant’s cash stream is utilized by the sale of credit cards.
This serves for automated repayment . The process of funding adopted by Business Financial Services is not very complex. First credit card receivables are bought from retail stores or other merchants. It is usually bought at a discounted rate. The merchants are given the advance before hand.
Thereafter only a small fraction of the payment collection from credit card transactions is made by Business Financial Services. The company is regarded as a boutique funding shop . There are several professionals working at BFS, who cater to the needs of the innumerable clients it serves.
The success of Business Cash Advance Program lies in the fact that the company has a strong agent network. Business Financial Services does not recruit direct sales force . Instead, it concentrates mainly on finances as well as underwriting.
Features of the funding process:
The Business Cash Advance Program comprises receivables factoring, which is referred to as a kind of financing. In this system of financing, the business owners are allowed to dispose off their future receivables. The sale is usually done at a discounted rate. It allows the businessman to make use of a lump sum money, which has been deposited in the business account in the following ways:
As working capital
For advertisement purposes
For purchase of equipments
A business may qualify for Business Cash Advance for an amount ranging from $3000 to $300,000.
Increase the credit score of the company
Businesses are not required to shell out upfront fees, equity loss or closing costs.
Businesses may also use credit card transaction for repaying the Business Cash Advances. It may be mentioned here that the amount rendered by the Business Financial Services may not be regarded as a loan but it is only an advance.
Last Updated on : 1st August 2013