|1. What is Factoring?|
The definition of factoring is quite simple...the sale of invoices at a discount. However, the implementation of factoring by the hundreds of factors throughout the United States is quite different and complex. After reviewing this website you should have a better understanding of how factoring works and how Prestige Capital differentiates itself from the rest of the factoring community.
|2. What are Prestige's basic requirements for factoring?|
Our clients provide goods or services to creditworthy customers, and we can verify that the invoices being considered for factoring are accurate. We base our approval decision on the creditworthiness of your customer and NOT on the financial strength of your business... it’s that simple. APPLY NOW
|3. When was Prestige established?|
|Prestige Capital was co-founded in 1985 by Harvey Kaminski.|
|4. What is the professional experience of Prestige's management?|
|See the Management Team section.|
5. Are there any geographical restrictions as to where your clients are located?
No. We have clients located throughout the contiguous United States, Canada and Puerto Rico.
|6. Do you require certified Financial Statements to be considered for factoring?|
|No. We have no financial statement requirements at all. No compiled, reviewed, projected or certified financial requirements.|
|7. What types of business does Prestige Capital service?|
Almost all business types are considered by Prestige. The only industries that we are specifically not interested in are third party healthcare receivables and fine jewelry. See Industries served for a list of some of the industries we have been successful in funding.
|8. Does one have to be operating profitably for Prestige to factor them?|
|No. Many of our clients are either in the very early stages of growth and have not yet turned a profit, or no longer qualify for traditional bank financing due to losses.|
|9. How do we get started with Prestige?|
|See our Application form to get started and see Process to close.|
|10. What volume of sales does my company need to generate to be considered by Prestige?|
|If you intend to factor over $100,000 per month of your sales, Prestige is interested in your business. We have the ability to factor up to $10 million in receivables to any one client.|
|11. How long does the closing process take?|
|We have closed transactions in as little as three business days from the initial call to funding. The average transaction takes between 5 and 7 business days.|
|12. Do you require personal guarantees?|
We do not require traditional personal guarantees as we take the credit risk on factored invoices. However, if the invoices are not bona fide and valid, the principals may be responsible for damage suffered by Prestige.