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Remittance Advice

Factor Company

Factoring is a form of financing in which a business sells its receivables to a third party or "factor company" at a discounted price. Under this arrangement, the factor agrees to provide financing and other services to the selling business in return for interest and fees on the money that they advanced against receivables invoices. Businesses in need of cash can thus secure up to 80 percent of the receivables' face value (a higher percentage can sometimes be secured, but in most instances 20 percent is held in reserve until the account balances are paid off).
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