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Factoring provides your business with the cash flow, credit guarantee, collection and accounts receivable management services. In factoring there are no deductibles or co-insurance payments that credit insurance companies charge. A collection agency usually provides one service, which is collection.
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factoring advice boosts business cashflow but there are costs and it brings a third party into the relationship between the business and the customer. A credit insurance policy provides between 80% to 100% cover against the non-payment of debts due to the insolvency or default of an insured customer.
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What is the difference between factoring and a credit insurance policy or a collection agency?
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