Money on Tap – iFactoring was started as a pilot project in 1999. The original mandate was to buy single invoices—spot factoring, in the Toronto area. Soon the demand for full factoring grew exponentially while referrals arrived from across Canada. The flexibility of the total package, the rate, the reserve and the lack of time-based contracts all accelerated Money on Tap – iFactoring’s major growth.
Combined factoring volume of strategically aligned group of companies amounted to $21.5 billion in the last year – Statistics Canada.
The hands-on, personalized 24/7 electronic funding of all clients in US or Canadian Dollars has been the main cause for Money on Tap -iFactoring’s success in Canada. All aspects of the factoring process are explained carefully and fully and the factor uses creative financing methods to assist clients whenever possible.
Money on Tap – iFactoring’s clients and customers may be anywhere in Canada or the United States of America while suppliers may be anywhere in the world. All clients are provided with the following:
- back-office credit checking
- live aged accounts receivable listings
- inventory and equipment funding if required
- Purchase Order Funding where the Factor pays clients’ suppliers anywhere in the world with Letters of Credit established in favour of these suppliers. these LCs can be delivered upon manufacture and payable on delivery.
- Letters of undertaking are provided free of charge to local suppliers (vendors) supporting their funding by the Factor.
The entire group of companies is involved in factoring of accounts receivable in many different forms. Through Money on Tap – iFactoring’s connections, outside the group, clients also have access to SRED, leases, mortgages, wealth management and bank lines.
Contact us for information or services on asset based factoring.