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Factoring provides credit protection, accounts receivable financing, and collection services. GBC will purchase your accounts receivable and collect the money from your customers. We assume responsibility for the credit loss.
When a business is in the developing or growing stage, cash flow could be a problem. You can convert the accounts receivable into cash. GBC will purchase your accounts receivable.
Factoring is not a loan. There is no debt. If you borrow money from conventional bank, it requires not only collateral but also increases your debt ratio. Since factoring is not a loan, we do not require additional collateral.
GBC provides factoring to different industries such as apparel, textile, furniture, footwear, luggage, computer parts, electronics, auto parts, beauty supplies, tire, various gift items and so on.
Services factoring company (GBC) can provide
Free Credit search - GBC can provide prompt and accurate credit check on your buyer.
Protection from bad accounts receivable - Thru GBC's payment guarantee, you can avoid bad debts (monetary loss).
Advance on accounts receivable - You can improve your cash flow. Due date of invoice is usually 30-60 days. Up to 80% of invoice amount may be advanced.
Collection services - GBC will collect fund on matured invoices. You do not need to maintain collection staff.
Accounts receivable bookkeeping - GBC administers aging and collection of your accounts receivable.
Benefits of factoring
Enhance cash flow.
Eliminate bad debts.
Reduce operating (A/R and bookkeeping) costs.
Increase sales.
GBC factoring program provides
Low factoring commissions.
Availability of no minimum commission plans.
Flexibile advances.
Low interest rate on advances.
Purchase order financing is a unique tool. When you have a purchase order that is beyond your financing capabilities, you will need financing sources. GBC can provide customized financial package to meet your financing needs.
You can take large orders.
Easier to obtain than conventional bank borrowing.
No additional collateral is needed.
Increase your sales without additional cash.
Trade financing is a tool for import and export business. Our products are very flexible and competitively priced.
Up to 100% financing available for qualified transactions.
No collateral required.
Flexible to meet your needs.
Various types of trade finance products are available.
1) Import financing
Global economy resulted in very competitive market. Cost of manufacturing in United States is higher than some other countries in the world. In global economy, those who can provide good quality merchandise at lower cost will take the market. Therefore, many manufacturers and wholesale businesses are interested in imported goods. It is not easy to visit foreign lands and make purchases. GBC can introduce you to manufacturers in Bolivia, Brazil, Philippines, Vietnam, and China. We can provide necessary fund to open letter of credit (LC) if and when you want to make purchases.
GBC can provide total import services including shipping, transportation, (US) custom service, and storage.
2) Export financing
There are great demands for American products in foreign markets. Foreign buyers who are not familiar with American manufacturers need to utilize established middlemen in United States. Those middlemen obtains order from the foreign buyer and makes purchase on their behalf. In this case, buyers from foreign country will issue LC.
If and when those middlemen do not have big capital, GBC can provide factoring services. With the fund financed by GBC, they can fill the orders from foreign buyers and ship them.
GBC has special services for foreign export businesses interested in North American market. The United States has a very open and highly competitive market. It would be very difficult for foreign export business that come to trade shows to make large sales on letter of credit. Factoring allows you to make sales on credit term.
Main features of GBC international factoring service
Trade show schedule.
Reservation of show booth (if you wish to participate).
Referral of translator for your show booth.
Free credit search of your prospect buyers.
Arrangement of group booth participation.
Referral of qualified and confident business lawyers and CPA in case you would like to establish branch office in the United States.
The factoring process
Buyer place an order.
You submit order to GBC for approval.
We collect credit and financial information from the buyer.
We make a decision based on buyer credit
We notify you of the guarantee decision.
You ship the merchandise to the buyer.
You send an invoice to the buyer and send a copy to us along with shipping documents. Invoice should have the instruction for the buyer to pay GBC directly.
If you need to borrow money against the open invoice, GBC can advance money against the account receivable.
We collect the money from the buyer on due date.
When we collect the money, your advance is now paid off. If there are no advance outstanding, the fund will be released to you.
General Business Credit Leasing specializes in supporting start-up companies. We have a proven record of approving, funding and servicing leases for companies that have been in business less than two years.
In most cases, the full amount of the equipment, as well as the service, shipping, installation costs and maintenance can be included in the lease. This spreads the cost out evenly over the term of the lease, freeing up your money to work harder for you.
Realize significant tax savings
Monthly payments on operating leases are typically viewed as operating expenses, offering significant tax benefits. You should always consult with your financial advisor to determine the most tax-beneficial lease for your company.
Better use of capital
By leasing, a company can free up the money that would have been spent buying a lift truck and use it instead in a more profitable way like buying inventory that can generate profit or a plant expansion that will allow your business to grow and increase in value.
Immediate use of modern equipment
Because there is no large initial outlay of money required, the low monthly payments for state-of-the-art equipment can easily fit into a budget.
Develop a new line of credit
Because GBC's credit use the equipment itself as collateral for the lease, you do not have to use other lines of credit you may have with the bank.
Benefits from inflation
Lease payments are fixed for the term of the lease. As inflation occurs, your payments remain the same, so you are receiving more value for your dollar.
Simplifies budgeting
With equal monthly payments, you know exactly what the equipment will cost over the term of the lease.
Pays for itself
Because you pay each month for the "use" of leased equipment, this equipment is generating the income each month to make the payments it is paying for itself