What is factoring a business?

Factoring is a financial transaction and a type of debtor finance in which a business sells its accounts receivable (i.e., invoices) to a third party (called a factor) at a discount. A business will sometimes factor its receivable assets to meet its present and immediate cash needs.

Does century Finance receive fees or commissions from repay?

Century Finance does not receive any fees or commissions from Repay. ACH payments can be made for now or scheduled ahead. However, if you want to set up a draft ACH you must contact your local office for a form to setup and sign. Payments made after 6pm will be credited the next business day. Our payment service has been recently enhanced.

Why is factoring important?

The use of factoring to obtain the cash needed to accommodate a firm's immediate cash needs will allow the firm to maintain a smaller ongoing cash balance. By reducing the size of its cash balances, more money is made available for investment in the firm's growth.