How to Submit a Payment Request for Factoring

Eddie Davis -

With FINSYNC's Payments Plan, you have access to a network of Factors looking to help you improve your cash flow. With factoring, you can get a cash advance using an invoice that your customer will pay at some time in the future as the collateral.

Follow these steps to submit your payment request to your factor:

1)  Create and send the invoice to your customer.

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2)  Return to the main payments screen and click the drop down next to "Request Payment" and choose "Collect." (You can dismiss the informational call out once you read it)

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3)  On the next screen, choose the invoices (payment requests) that you want to submit to your lender by checking the box in the far left column.

You'll see a table appear with a summary of how large of a cash advance you are requesting and the total of the collateral you are submitting (sum of your invoices).

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4)  You'll hit "Submit" to push your request over to your Factor electronically.

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5) You'll then receive a notification by email from the Factor when they've had a chance to review your submission and can accept their offer.

Have more questions? Submit a request

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