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Ian Johnson from Drive Success discusses the differences between financing receivables through a bank and using receivables factoring, a form of asset-based financing. He addresses customer inquiries on comparing these options and outlines the benefits of factoring. An example analysis is available on his website, including a sample Excel spreadsheet for inputting variables like interest rates and invoice collection days. Johnson explains that banks charge a cost of capital, using an example with a yearly interest rate of 6%, equating to a daily interest rate of 0.0164%. He aims to clarify the analysis process for businesses considering these financing methods.
