How Factoring Works

The program is simple and easy to use. Here is how it works:
  1. You complete our application, and provide required documentation.
  2. We perform our due diligence, usually within 48 hours. This involves checking the credit quality of your customers, checking anything unique to your industry or transactions, and determining your true funding needs.
  3. We send you a proposal and finalize our contract terms.
  4. Once we sign an agreement, we notify your customer's Accounts Payable department that we have entered a financing agreement and the program is ready to go.
Once established, the program follows three easy steps:
  1. You send your invoices to your customers as normal. Whenever you want to factor invoices, you send a summary sheet and a copy of the invoices to Elite Commercial Lending by fax or email.
  2. Elite Commercial Lending verifies the invoice and then advances 60% to 80% of the invoice amount by Direct Deposit or wire transfer, usually within 24 hours.
  3. When the bank we work directly with collects from your customer, they retain the amount originally advanced plus a nominal fee, and return the balance to you.