Frequently asked questions
What does Platinum Funding Group provide?
We are a finance company that specializes in factoring of accounts receivable. We offer a variety of financial products and services to our clients, ranging from factoring, the purchase of accounts receivable, specialized funding, letters of credit, purchase order financing, and debtor-in-possession financing. Through years of experience, we have gained numerous insights into market activity, serving as partners in our clients' progress.
How does factoring work?
Factoring, or Accounts Receivable Finance, allows you to turn your invoices into cash. Platinum Funding Group buys open invoices/accounts receivable in a non-recourse transaction. We advance a significant portion of the value of the invoice upfront, thus accelerating your cash flow and providing working capital so you can pay your suppliers, meet the payroll deadlines and grow your business.
How can I benefit from the products and services that Platinum Funding Group offers?
Platinum Funding Group can help you find practical, fast, and reliable financial solutions if you are a company with any of the following needs:
· Improving your cash flow
· Expanding your working capital
· Seeking bridge funding
· Experiencing distress or considering filing for bankruptcy
Who may need Platinum Funding Group's services?
We offer funding to companies who:
· Are growing dynamically, have maximized their bank lines of credit and need additional capital.
· Are unable to obtain financing through their local banks because they are a young company or even a startup.
· Are currently in workout at their bank and are seeking alternatives.
· Have filed or are on the verge of filing for bankruptcy.
· Are looking for quick bridge financing in order to obtain permanent financing.
. Are looking for leveraged buyout financing for their own company or another company. top
Who are Platinum Funding Group's clients?
We serve a variety of industries, including:
· IT staffing companies
· Temporary staffing agencies
· Distributors (hosiery, electronics, fuel, food and beverages, etc.)
· Importers (apparel, diamonds, home furnishings, chemicals, etc.)
· Printers
· Janitorial, building maintenance and window cleaning services.
· Security guard agencies
· Limo services
· Computer consultants
· Modeling agencies
· Photographic labs
· Software developers
· Graphic design companies
· Media and publication companies . top
What qualifications do prospective client’s need?
· Companies must sell their products or provide services to creditworthy commercial clients.
· Companies’ annual sales volume should exceed $1,000,000 top
What don't we fund?
· Companies with consignment sales, pre-billing or progress billing
· Construction deals where the general contractor will have a first lien
· Third party medical deals, wherein the receivables are paid by Medicare or Medicaid.top
How quickly can funding be arranged?
Platinum Funding Group is known throughout the industry for being fast and efficient.
With sufficient information, typical turnaround time from the initial conversation with a Platinum Funding Group representative until receiving the requested funding is approximately 5 to 7 business days. top
Why should companies finance their receivables?
Besides providing additional working capital, Platinum Funding Group’s program has many additional benefits/advantages for a company, including:
· Taking early advantage of volume discounts and early payment discounts
· Purchasing additional inventory
· Reducing bad debt and improve credit rating
· Outsourcing accounts receivable management, credit checking and collections
· Increasing advertising and marketing efforts
· Financing seasonal needs or larger orders
· Offering extended credit terms to its clients
· Keeping fixed assets unencumbered
· Retaining equity
· Meeting increased sales demands without having to worry about the restrictions of conventional lines of credit. top
When was Platinum Funding Group founded?
Platinum Funding Group has been a financial partner to hundreds of companies in the U.S. since 1992. Our senior advisors are committed to helping build the financial success of their clients. top
How do I contact a financial advisor at Platinum Funding Group?
Our dedicated team of experts will be happy to assist you with your financial needs. You can call our toll free number 1-888-700-7528. We will review your situation and offer fast, reliable solutions that fit your unique requirements. top
Where are your offices located?
Platinum Funding Group’s headquarters are located in midtown Manhattan, New York, with a network of offices around the country, enabling us to effectively serve clients throughout the United States. top
I want to join your team. Can I become a broker?
Platinum Funding Group is frequently looking for brokers and partners to join its ranks. We can develop a mutually beneficial relationship – Platinum finds a solution for your client’s financing needs and you earn commissions. Visit our Broker page. top |
