|Who is Winston Financial Group?
Winston Financial Group is an accounts receivable factoring firm, locally owned and operated with over 60 years of financial experience. Our management team knows and understands the needs of small and medium-sized businesses.
What does Winston Financial Group do?
Winston Financial Group provides financing for small and medium-sized companies that need additional working capital. The financing provides your company a steady cash flow which will enable you to grow and prosper.
How does Winston Financial Group do it?
- We purchase your commercial accounts receivable, giving you cash in
24-hours or less.
- We provide credit checks on your current or potential customers.
- Our professional accounts receivable bookkeeping and collection services are part of our total financing program.
What can Factoring do for you?
- Accelerate your cash flow
- Improve credit rating, Increase purchasing power
- Increase production and sales
- Most importantly, it enables your company to GROW.
Who needs Factoring?
- Companies that are growth oriented.
- Companies that may not qualify for bank financing.
- Companies that are young.
- Companies with tax problems.
- Companies without strong balance sheets.
- Companies in bankruptcy.
What amount of accounts receivable would qualify for factoring?
If your company sells a product or provides a service to another business, Winston Financial has programs to fit your individual needs.
How does factoring affect my relationship with my customers?
Winston Financial Group has a positive impact upon your customer relations. We often eliminate potential disputes by confirming that goods and services have been received and rendered to the satisfaction of your customers. To ensure lasting relations all contacts with your customers are handled in a very professional manner.
Who is responsible for collections?
Winston Financial Group encourages you to participate in the collection process. Most companies, in order to reduce the cost typically associated with collections, elect to have us monitor and pursue collections independently.
What type of receivable does Winston Financial Group buy?
Just about any valid receivable for a service performed or a product delivered and accepted.
How do you determine the factoring fee?
The fee is based not on the strength of your company but rather on the quality of your accounts. Therefore, the cost fluctuates according to the credit worthiness and performance of your receivables. When compared to both the cost of maintaining receivable for 30 days or more and the administrative expenses associated with collections, factoring is a prudent business strategy. Many clients use this as a discount, allowing them to offset the factoring fee and work with Winston Financial Group at a minimal cost.
Is factoring a widely accepted financial practice?
Factoring is so widely recognized that nearly every retailer in the United States includes a blank on their purchase orders indicating whether the invoice is to be factored. Until recently, factoring was only available to companies with receivables totaling $20 million or more. Now, due to advances in technology, Winston Financial, a leader in the industry, can serve the small business community without incurring high administrative expenses. Coupled with the increasingly stringent credit parameters of institutional lenders, factoring has become a preferred financial tool for the small and medium-sized business.
What types of reports will Winston Financial Group provide me?
We provide you reports showing the status of each invoice we've purchased, e.g., which ones have been paid and when, which ones are still outstanding, the balance in your reserve account, etc.
Do I have to jump through the same hoops as in bank financing?
No, because at Winston Financial Group, with a completed application and a detailed accounts receivable aging, our factoring proposal will be in your hands immediately.