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Ian Johnson from DriveSuccess.com discusses the difference between financing receivables through a bank and using an asset-based solution like receivables factoring. He addresses common customer inquiries about comparing the two methods and highlights the benefits of factoring. An example is provided on his website, including a sample Excel spreadsheet for inputting variable interest rates and collection days. Johnson notes that banks typically charge a cost of capital, citing a yearly interest rate of 6%, which translates to a daily rate of 0.0164%. This information sets the stage for analyzing financing options in terms of costs and advantages for businesses.
