Factoring is a way to get paid for your invoices immediately. It's not just for companies in the manufacturing industry. You can use it if you manufacture anything from widgets to yoga pants or even if you're a service company or consultant. Factoring, also called invoice financing, lets you give your invoices to a third party that will pay them out at once in exchange for a percentage of their value. That means instead of waiting 30 days or more for payments on invoices that are due soon, you can get them faster by selling them first and then collecting from the buyer later on—sometimes much later on!
