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Factoring is a financing method that allows business owners to obtain working capital by selling their invoices. For example, if a furniture manufacturer ships an order of tables to a retailer and generates an invoice, they may face a cash flow issue because the retailer might take 30 to 90 days to pay. To address this, a factoring company evaluates the retailer's creditworthiness, ensuring they can pay. The factoring company manages payment records and collects payments from retailers, allowing the manufacturer to access immediate cash to restock inventory and cover expenses without waiting for invoice payments.
