- Step 1: Determine how much money the business needs.
- Step 2: Find a funder that specializes in business funding for product orders.
- Step 3: Contact the lender and find out the approval criteria. If your business meets the criteria, apply.
- Step 4: If approved and terms are acceptable, gather required closing documentation to fund loan.
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Faq, frequently asked questions on how to get money for product orders
What are product orders?
Product orders are orders for goods. They are commonly made by one company to another.
An invoice style template is used which contains the company name the order is made to as well as description
of product, number of units, price, model number and delivery date.
How can we get money to finance our product orders?
A percentage of the cost of raw materials and manufacturing for production is financed. The
term depends on how long the process takes including delivery to the buyer and payment. Once the process
is complete the funds are repaid by the seller. The transaction is often converted to an account receivable and the receivable
is used instead as an instrument to repay the debt. In this case the buyer pays the cost of the finished product
What is looked at to qualify for product order financing?
Some of the main things that are looked at to qualify for product order financing include the quality of the company your business is providing product for. How likely the company your business is providing product for will pay after the product has been received. The strength of your company is also considered. This includes whether your company has the financial strength to withstand not being paid for 30 to 60 days after delivering the product. Also whether the transaction qualifies for accounts receivables financing. After product has been delivered your company will send out an invoice. If the company that has received the invoice will not pay for 30 to 60 days then they will be looked at to qualify for Accounts receivables financing.