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Invoice Funding Made Simple in 4 Easy Steps

Applying for an invoice funding program can seem like a daunting task, especially if you do not know what information and documents you need to apply. From the first interaction all the way to initial funding, we compiled every action and documents required during each step below. Keep in mind, some applications may be different but generally request the same information.

  1. Contact with the Lender: Whether you have been directly contacted or reached out to the lender yourself, most lenders will ask you to fill out their online application. This typically requires basic business & owner information and examples of customers & accounts receivables
  2. Proposal and Documentation Request: Once the lender approves your application, they will send a proposal contract with terms and request the following documents (1) Proof of business (ex. Articles of organization), (2) Owners ID, (3) Signed credit application, (4) Financial Statements, (5) Sample of open invoices
  3. Full Underwriting: Once the lender has received the signed proposal and supporting documentation, they will perform a full underwriting process that will verify your business, invoices, and check the financial reliability of your customers
  4. Client Commitment and Account Setup: Once the lender approves all of the documentation, they will send an official agreement including terms and filing forms. You will also receive a welcome package and schedule training sessions with the client service team to walk through your account and invoice submission process.


That is as simple as an invoice funding application process can be, however if you are currently working with a different lender and looking to transfer your account, things can get a little more complicated.  Once you begin working with a lender, they will file a UCC form under your company name. That UCC filing will need to be subordinated or released if you are looking to transfer from one lender to another. One important consideration when switching lenders is to look for contract termination or cancellation fees if you do not meet the full term.  Another important component is whether you currently have any outstanding funds in your account, as they will need to be paid off before you can complete the transfer.

Your new lender is there to help with the conversations with your previous lender and you can authorize them correspond directly.  Although the process seems lengthy and complicated, the benefits of increased cash flow and professional invoice management can provide you more time to focus on managing and growing your business. 


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Get the funding you need, when you need it.

Give us a call to discuss your business funding objectives, so our advisors can show you examples of similar businesses leveraging cash-flow solutions to scale their business quickly. 

You can customize and manage how you want to factor with Kompass Funding, so you get the funding you need, when you need it. Our clients can even avoid waiting 30 to 60 days for your customers to pay invoices, we pay you the amount of the invoice within 24 hours and assume the risk of collection.

Now you can focus on growing your business. 

Let's talk.
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