How to Utilize Factoring to Grow Your Technology Business
AI IoT SaaS – Not an Alphabet Soup
By now, most of us know that AI stands for artificial intelligence. But, what is IoT? That is the acronym for the Internet of Things. As we move into the digital space, companies that help bring technology and smart applications are being developed in every sector of our personal and professional lives. So, how do you utilize factoring to grow your technology business?
At Prestige Capital, we are always on the cutting edge of financing new and emerging industries by providing growth capital and liquidity to companies whose revenue streams are not traditional in the factoring industry.
AI, IoT and SaaS Companies We’ve Financed
This past year, we financed a company that provides restaurants with IoT solutions to make their kitchen smart. By using this technology it enhances equipment performance while efficiently handling asset inventory and tracking, both saving the company time and money.
We have also financed an AI toy company. As AI becomes less expensive there are more applications for the consumer market. This innovative company is taking the industry by storm, by providing an interactive product for the consumer.
Additionally, SaaS, Software as Service, is a category that we have been financing for the past few years. Although the receivables are a bit more challenging to finance, due to subscription model style invoicing, our creative team at Prestige Capital has learned the best practices in order to assist these clients with their cash flow.
There will be many new opportunities to utilize factoring to grow your technology business in 2019. So far we’ve seen; software for job searches, smart solutions for cooking, and interactive software for children’s arts and crafts. As you innovate software to improve efficiencies in any targeted industry, know that Prestige Capital will be there to assist in financing your growth.
While working at Prestige Capital for 12 years, I have been privileged to work with a creative and innovative team of professionals. We are always interested in learning about new and emerging industries by providing the capital that they require at the time they are at their height of growth.
Venture capital firms and private equity firms are investing heavily in these industries. However, day-to-day operating capital is something that they do not typically finance. Therefore, these companies turn to Prestige Capital to fund their day-to-day operations by using the liquidity from their accounts receivables as the mechanism to have continuous cash flow.
As an avid reader and podcast listener, I have been on a crash course learning about this industry, and it is fascinating. There are so many ways these companies can utilize factoring to grow their technology businesses. Let’s mix this alphabet soup and continue to cultivate this exciting and emerging sector of our economy!
Are you still a little confused about Factoring? Here are a few of our Frequently Asked Questions about Factoring.