I'd like to answer one of the most frequently asked

However in this article, I'd like to answer one of the most frequently asked questions about nurse staffing account receivable factoring: What is needed to complete an initial factoring transaction? 1. The first thing a nurse staffing account receivable factor does prior to an initial funding is check into the credit worthiness of the agency's customers. Credit approval for a first-time debtor (customer) is simple. The agency supplies the factor with the name and address of the new debtor, and then the factor will run credit on that debtor. Once approved, the agency can present invoices for sale. 2. The business owner sends out the original invoices to their debtors as normal, and then sends a copy of those invoices along with proof of performance (signed time sheets) to the factoring company. This can usually be accomplished via fax or email. It is important to note that the nurse staffing account receivable factoring company will only purchase invoices for shifts that have already been worked. 3. The account receivable factor will then verify that the invoices are valid by speaking with a nurse scheduler or Director of Nursing (DON) at the facilities where the shifts were worked just to confirm that the nurses worked the shifts listed on the invoices. 4. Once the invoices are verified, the factoring firm will then notify the facilities' accounts payable department that payments for the agency's invoices should be sent to the factor's lock box. This is typically accomplished with a brief conversation, followed by a fax or email with a notification letter attached. 5. Once the nurse staffing account receivable factor is comfortable with its verifications and notifications, the next step is to move money. A typical advance is usually between 75% and 90% of the invoice. In addition, funds will usually be advanced via ACH or WIRE within 24 hours. 6. The agency's customers will send payments directly to the nurse staffing account receivable factoring company. Once received, the reserve is released back to the agency owner minus the discount fee. (NOTE: The balance of the advance (10-25%) is called the "Reserve". The Reserve is held back until the customer pays the invoice in full.) So there you have it. An initial nurse staffing account receivable funding transaction can be completed in six simple steps. Keep in mind that the ongoing factoring process is much quicker after a debtor has been pre-approved. 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