The business of invoice factoring isn’t new and has been around for 4000 years and counting. Surprised! Don’t’ be as this infographic will take you through the history of invoice factoring right from the time of King Hammurabi of Mesopotamia to the 21st century and the growth of the US invoice factoring market. The purpose behind this infographic is to illustrate how invoice factoring has come into being through the ages and the different ways in which it has been used by businesses.
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The idea is to also showcase the significance of invoice factoring in the world of business especially since the time the banks started decreasing loans to small businesses. This infographic uses facts and figures to explain the progress of invoice factoring through different time periods in history and its growing significance in the 21st century.
This infographic also explains the working of invoice factoring to highlight the ease with which small businesses or any businesses for that matter any business, can get access to cash flow with ease and without any inconvenience. It also talks about the benefits of this alternative finance method for small businesses and why it still continues to hold sway in this day and age. It’s very interesting to note that invoice factoring received a huge boost right from the time banks became more closefisted about lending money to small businesses.
Today, invoice factoring is a billion dollar industry and it doesn’t seem likely that the revenue generated from this financing method will be going down anytime soon. In fact, more and more businesses are recognizing the various benefits of invoice factoring and for many it’s the first stop in their search for getting a loan to finance their business needs. If you go by the size of the invoice factoring market in the US, you will realize that it’s has already emerged as the trusted source of finance.