For tutoring companies providing services to school districts and agencies this time of year can be difficult due to mounting expenses and a slowed revenue stream.
Employing management software such as Oases Online to produce accurate and timely invoices as soon as your billing period ends will help speed up the process. Mistakes on invoices created manually will always slow down your tutoring payments whilst the problem is investigated. But even with accurate invoices delivered a couple of days after the invoicing period ends your contract terms may have you waiting for 30 days for payment. Within that time your expenses, especially payroll cannot be delayed until your money arrives.
If this sounds familiar then consider factoring your invoices for tutoring payments to AeroFund Financial. AeroFund Financial has been in business for over 28 years and is the leading financing company for SES providers who traditionally wait the longest for their payments. AeroFund advance 80% against your open invoices and hold the 20% in reserve until payment is received from your customer/district.
Although they have NO MONTHLY MINIMUMS, fees are based on the volume you factor per month and how long it takes the school system to pay. The program is set up to speed up your cash flow so that you are able to pay for your weekly expenses, such as tutoring compensation. You can factor all or a portion of your accounts receivables.
Advance Rate: 80%
Reserve Rate: 20%, held until the invoice is paid by school system, this reserve gives a cushion for any adjustments that may be made to the invoice by the school system.
Fee: Please request a quote.
Term: 1 Year, with NO monthly minimum, means when you have no business in a month there is no requirement to factor.
Recourse: 90 Days
Monthly Minimum: No Minimum
Set up Charge: $450.00 one time fee, non-refundable documentation fee which may be paid via wire, ACH, cashier’s check or credit card; or may also be deducted from the first funding for $550.00 with pre-approval.
Request more information about invoice factoring.