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In this tutorial, Ian Johnson from DriveSuccess.com explains the differences between financing receivables through a bank and using an asset-based financing solution known as receivables factoring. He addresses customer inquiries about comparing the two methods and highlights the benefits of factoring. The example discussed is available on his website, along with a sample Excel spreadsheet for inputting interest rates and collection periods. Johnson notes that banks charge a cost of capital, exemplified by a yearly interest rate of 6%, which translates to a daily interest rate of approximately 0.0164%.
