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ABOUT US
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OUR PROCESS
SERVICE
Through factoring, Platinum Factoring supports the growth of companies, helping them secure funds by promptly turning their accounts receivable into cash.
FLEXIBILITY
No financial statements required
Expedited application process
No personal guarantees required
We look at the solvency of your customers, not yours
We contract for a stated advance rate on the purchase of accounts receivable, but are open to making over-advances when appropriate, giving you the resources to grow and expand.
OUR BUSINESS
Founded in 1992, by Eyal Levy, Chairman and CEO, Platinum Funding Group offers the power of a strong managerial team combined with vast product knowledge and a set of financial resources and tools, in order to provide timely funding, cash flow and flexibility to its clients.
With headquarters and corporate offices in Manhattan, New York, and a network of offices throughout the country, including Georgia, New Jersey, Chicago, Texas, California and Florida, Platinum Funding Group is a partner of choice for your financing solutions.
Platinum Factoring provides wide-ranging resources. We offer our clients factoring services, letters of credit, account receivable collection, purchase order finance, improved receivable turnover and timely reporting. Platinum Funding Group serves small to medium sized companies with annual sales of between $1 million and $150 million.
Clients range from startups to large well established corporations, and represent a wide range of industries. Platinum Funding Group understands the unique needs of each client, and prides itself on offering solutions tailored exclusively for each company and its sector.
Focused, dedicated, knowledgeable, Platinum Funding Group executives are there to help companies make the right financial decisions in a fast paced, ever-changing market.
SERVICES
Platinum Factoring provides a variety of financial products and services centered around the purchase of accounts receivable from its clients to fund their cash flow needs.
- ACCOUNTS RECEIVABLE FACTORING
The accounts receivable of businesses are traditionally due thirty to sixty days after invoicing. Small to medium-sized businesses, in many cases, cannot afford to wait for payment since overhead expenses such as payroll, rent and taxes must be paid on a more frequent basis. Generally, such businesses have limited availability to credit with suppliers and often require additional funds for working capital to maintain the flow of goods and services. Such short-term funding to facilitate growth or meet seasonal cash flow needs is usually not available from traditional sources.
There is a requirement to meet the financial needs of this generally ignored segment of the business community, specifically companies that do not have access to traditional lending sources. As a result, Platinum Funding Group specializes in factoring, the purchasing of accounts receivable, for growing companies in need of cash.
A portion of the invoice amount is paid to the client upon purchase of the accounts receivable and the balance is paid when Platinum has collected the receivable. There is no need for the client to wait 30, 60 or 90 days to collect the money owed to him or her. Instead, Platinum Funding Group turns the accounts receivable into immediate cash, enhancing clients’ cash flow.
Platinum Factoring purchases accounts receivable, which represent specific obligations arising from the sale of a product or the rendering of services in the ordinary course of the client’s business. The product or service must have been delivered or fully rendered, as applicable, and been accepted by the client’s customer without dispute, offset or other adjustment.
Accounts receivable factoring, or invoice factoring, provides a much needed financial solution without creating debt.
- LETTERS OF CREDIT FUNDING
Platinum Factoring helps to promote the growth/expansion of your business by increasing your ability to purchase goods using Letters of Credit. Platinum's letters of credit, in conjunction with other funding services, will help your company increase its sales or acquire finished goods within the United States or from foreign countries.
INTERNATIONAL LETTERS OF CREDIT
Most foreign suppliers want to be paid, bank to bank, through letters of credit. Platinum will help you use this to your advantage. We will post a letter of credit to purchase your foreign supplied finished goods. For your protection, payments will be made only when the goods have been shipped on time and have passed inspection by Platinum Funding Group's experienced international inspection agent service.
DOMESTIC LETTERS OF CREDIT
Platinum will post a letter of credit to purchase finished goods manufactured in the United States. When your need for goods to fill purchase orders exceeds your credit capacity, we will post a letter of credit ensuring payment to your supplier. You are protected too, since payment will be made only when the goods have been shipped on time and have passed inspection by an experienced inspection service. Letters of credit can be combined with other financial services such as factoring and accounts receivable funding. Companies often find that the aggregation of letters of credit and factoring gives them the strength and ability to expand business. top
- ACCOUNTS RECEIVABLE MANAGEMENT
Platinum Factoring offers outsourcing services to manage your accounts receivables. We take care of the process from purchase order to cash on your behalf, so that your attention can be focused exclusively on the growth of your business. Don’t want to spend any more time on receivable collections or energy arguing with your clients? Our factoring management program will help you preserve your relationship with your customers.
With the valuable service of factoring and accounts receivable management, we remove the hassle associated with a loss of capital. As a result, you have an improved cash flow, increased collections, faster receivable turnover and reduced days sales outstanding.
For a great ease of use, we offer online account information. Whether you’re traveling or need financial information after hours, your factoring information is only one click away. If you are an established business, or a new company with exponential growth, you can benefit from our accounts receivable management services. top
- DEBTOR-IN-POSSESION FUNDING
Platinum Factoring funds companies that are evaluating the option to reorganize under bankruptcy proceedings or already operating in Chapter 11 bankruptcy. Accounts receivable factoring, or invoice factoring, provides a much needed financial solution without creating debt.
Chapter 11 mandates the presentation of a reorganization plan to the court. Such a plan has to be approved by the court in order to avoid Chapter 7 liquidation. By offering Working Capital financing, Platinum Funding Group assists companies in avoiding such an unfortunate occurrence.
Turning accounts receivable into cash is a temporary solution until a more substantial plan can be structured. Platinum Funding Group offers receivable-based working capital funding and works jointly with asset-based lenders in order to provide a whole suit of solutions for working capital requirements.
Platinum Factoring tailors a financing program specifically suited to the business needs of its clients and can implement such funding within 5-7 business days. top
- BRIDGE FUNDING
Platinum Factoring understands the cycle constraints that companies are confronted with. We provide funds on a short-term basis to bridge the gap between the purchase of assets and the sale of goods so that there is no interruption in the production-sale sequence. top
- TRI-PARTY AGREEMENTS
This unique way of financing, in conjunction with our factoring services, will allow you to purchase finished goods without using letters of credit. Purchase order financing is most needed during your growth and expansion when cash flow reserves become insufficient. Platinum Funding Group agrees to finance the cost of your goods directly to your supplier and frees up your cash for other critical business expenses.
Platinum will create a tri-party agreement among your supplier of finished goods, your company and Platinum wherein we mutually agree that once the goods are shipped and accepted by your customer, Platinum Funding Group will advance the amount owed by you directly to your supplier. This service allows your supplier to rely on Platinum's performance. This service is very useful for clients who are short on cash, enabling them to pay their suppliers without the burden of costly letters of credit. top
- GOVERNMENT RECEIVABLES FUNDING
As a government contractor, your business can benefit tremendously from the services provided by Platinum Funding Group. You can gain access to unlimited working capital through the creditworthiness of the United States Government. We understand the specific nature of your operation when big contracts exhaust all your operating capital. Factoring your government receivables will eliminate cash flow shortages in weekly payroll and fixed overhead.
Platinum Factoring associates have the knowledge and experience in dealing with government receivables. Our team of experts is familiar with the Assignment of Claims and the Federal Acquisition Regulation (FAR), the Federal laws regulating procedures for assigning financial rights to invoices of government contractors. Once you provide the information about your accounts receivables, Platinum Funding Group makes an immediate decision to fund government receivables so that your business can prosper. top
- ACQUISITION FUNDING
Platinum Factoring delivers essential funding to help companies or investors acquire their target companies. The additional capital we provide enables businesses to increase their productive assets, cover operating expenses, take advantage of trade discounts and bulk purchases, restructure debt, control seasonal cash flow fluctuations, increase profit margins through greater sales volume and enhance overall corporate growth.
Platinum does not require owners to relinquish equity or give up business control. Unlike bank borrowing, Platinum's commercial finance programs allow businesses to obtain cash without necessarily having to pledge personal collateral, without assuming additional debt and without necessitating forced cutbacks that might adversely affect growth. top
- EARLY-STAGE VENTURES
Early-Stage companies with limited capital benefit the most from our services. We understand the struggle of attaining capital to finance the growth of your new business or meet cash flow shortages. For companies growing at an exponential rate, it is of utmost importance to be able to access funds immediately, with minimal requirements.
With invoice factoring, Platinum Funding Group turns your receivables into cash so your business can continue to grow. We can also open Letters of Credit for your suppliers when you present us with a purchase order from a creditworthy customer. Our factoring programs are especially valuable for young companies growing at a rapid rate. top
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