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1.800.828.0091
Invoice Financing Made Simple

FAQS

After an invoice is submitted, how long is it before you advance funds to me?
Once set up in our system for factoring, you’ll receive funds by cheque or direct deposit within 24 to 48 hours.

How much money can I get for my receivables?
Every business is unique. Once your approved by CANA Factors for an invoice financing amount you can factor invoices up to that amount. Typically we will advance up to 80% of an invoice, with the balance held in reserve until the invoice is paid.

Are there restrictions as to how I can use the money from factoring?
NO! That is the beauty of factoring your accounts receivables. The money is yours, you earned it through the sale of goods and services. CANA Factors simply gives you access to the funds 30, 60, 90 and even in some cases, up to 120 days sooner than you would normally receive the money if you had to wait for your clients to pay their invoices.

How is Factoring different than a loan?
With Factoring, we are simply giving you an advance on the money that is owed to you by your clients, less a small percentage for funding your receivable in advance. When the client pays their invoice, you turn that payment over to CANA Factors and the invoice is closed out.

Are my customers going to be concerned about being asked to remit payment directly to a factoring company?
We are simply your Accounts Receivable Dept. Today’s business community is increasingly accepting the type of capital provided by factoring companies as a standard way of doing business. CANA Factors understands how important your customers are to your business. We treat each and every one of your customers respectfully and professionally. CANA Factors works hard to make sure that your customers will enjoy working with us as much as they do working with you.

How can factoring help my cash flow forecasting?
When you perform cash flow forecasting, you predict when you will receive payments from your customers. Payment is typically within 30, 60 or 90 days of submitting an invoice. When you factor with CANA Factors, there’s no more guessing as to when a customer may get around to paying you. Instead you know you will receive cash within 24 to 48 hours of issuing your invoice, allowing you to forecast cash flow with greater certainty.

How do my customers know to remit their payments to CANA Factors?
When your company first comes on board with CANA Factors, we begin by sending your customer a letter of assignment, signed by you, to announce your relationship with CANA Factors – acting as your accounts receivable department for this invoice.

How do I get started?
To get started factoring your accounts receivable invoices, simply contact us or complete and submit the quick Contact Form available on our website. One of our representatives will be in contact with you promptly to walk you through the process and answer your questions.