6 Myths About Invoice Keeps You From Growing

There is no doubt on this that many businesses across the world face late payments from customers. It’s certainly inevitable to make sure you are safe from outstanding invoices. Whenever payment negotiations and conditions get longer, bridging the gap in cash flow becomes immensely vital.
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Invoice making is a great way to get paid sooner, so you can keep your business running smoothly.

Unfortunately, there are still some common myths that exist about invoice financing, which stop businesses from considering it as an option. In this blog, we lift the lid on these common myths:

Myth 1: Invoice financing is expensive

One of the most common myths about invoice financing is that it’s expensive. However, this isn’t the case. When you factor in the cost of late payments – such as interest and charges –invoice financing can actually work out cheaper in the long run.

Myth 2: It’s complicated to set up

Another myth is that setting up an invoice financing facility is complicated. However, this really isn’t the case. Invoice financing is a straightforward process and can often be set up in just a few days.

Myth 3: You should have a good credit rating

Another common misconception is that you need to have a good credit rating to be eligible for invoice financing. This isn’t the case. Invoice finance companies will look at your business’s overall financial health rather than just your credit rating.
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Myth 4: It takes too long to get paid

With invoice financing, you can choose when you want to be paid. Depending on the provider, you can usually get paid within 24 hours – meaning you don’t have to wait 30 or 60 days for payment.

Myth 5: Invoice financing is only for big businesses

Another myth is that only big giants of the market can benefit from invoice financing. This simply isn’t the case. Invoice financing is available to businesses of all sizes and can be a lifeline for small businesses in particular.

Myth 6: You need to have invoices to finance

The final myth on our list is that you need to have invoices to finance. Again, this isn’t the case. Invoice financing companies will often advance up to 85% of the value of your unpaid invoices, even if you don’t have any outstanding invoices at the time.

Besides these mentioned myths, there are many other misconceptions attached to invoicing. We are going to jot down a few of them to make things more clear for you.

It is very expensive:

This is not true, as we have already stated earlier. If you take a look at the big picture, you will realize that it is actually cheaper than the late payment penalties that you might incur.

Only big businesses can receive Invoice financing:

This is another lie that people believe in. The fact is that this facility is available for businesses of all sizes. It can be really helpful for small businesses that are struggling to make ends meet.

You need to have Invoices:

No, you don’t need to have Invoices in order to get Invoice financing. The company will give you an advance even if you don’t have any Invoices outstanding.

It takes too long:

This is not true at all. You can get paid within 24 hours, depending on the provider. There is no need to wait for 30, 60, or 90 days.

It’s complicated:

Again, this is not true. The process is actually quite simple and can be completed in a few days.

Invoice financing can be extremely helpful for businesses of all sizes. If you are facing late payments from customers, then you should definitely consider this option. It can help you bridge the gap in your cash flow and keep your business running smoothly. If you’re considering invoice making for your business, don’t let these myths stop you. Invoice making can be a great way to improve your cash flow and keep your business running smoothly.

Final Words

There are many Invoice maker utilities available on the web that can help you with the process. Do your research and choose the one that best suits your needs. Invoice making can be an extremely helpful tool for businesses of all sizes. Don’t let these myths stop you from considering it for your business.

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