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In 2024, invoice factoring remains vital for SMEs looking to enhance their cash flow, manage working capital efficiently, and drive business growth. By leveraging this financial service, SMEs can mitigate delayed payment challenges, reduce financial risks, and capitalize on new opportunities in an increasingly competitive market.
Invoice factoring, also known as accounts receivable factoring, is a financial transaction where a business sells its outstanding invoices to a third-party company, known as a factoring or invoice factoring service provider. In return, the factoring company advances a percentage of the invoice amount to the business. It assumes responsibility for collecting the full invoice amount from the customers.
