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Ian Johnson from DriveSuccess.com discusses the differences between bank financing and receivables factoring, an asset-based financing solution. He addresses customer inquiries on comparison and analysis, highlighting the benefits of factoring. Johnson provides an example available on his website, including a sample Excel spreadsheet to input variables like interest rates and invoice collection days. He explains that banks typically charge a cost of capital; in his example, the annual interest rate is 6%, resulting in a daily interest rate of approximately 0.0164%. The tutorial aims to clarify these financing options for better decision-making.
