Spokane, WA -- (SBWIRE) -- 03/20/2014 -- Universal Funding, one of the country’s leading invoice factoring companies, announced that it renewed an annual contract with insurance provider Euler Hermes for the third straight year.
“Three years ago we began offering accounts receivable insurance to our clients to protect them against a loss on receivables,” shares Heather Dickerson, the Credit Manager at Universal Funding. “If a client’s debtor doesn’t pay on an invoice we can file an insurance claim on our client’s behalf and recoup the loss from insurance.” This becomes an especially resourceful practice when a client’s customer declares bankruptcy and they still owe on an open invoice. The insurance policy lessens the loss that can result when an invoice goes unpaid while using full recourse factoring.
In 2013 Euler provided policies for $79M of insured sales on Universal Funding’s client accounts. The services can be as great as $2M on any 1 buyer and the typical turnaround is between one business day and one business week.
What makes Universal Funding stand out from other factoring companies is their process of assessing the risk of their clients’ customers’ credit and payment cycles to determine a recommendation for accounts receivable insurance. This is a complimentary service that Universal provides to all of their factoring clients. If the assessment proves that the accounts would benefit having additional accounts receivable insurance, they would work with Euler to provide those services. Other factoring companies make their clients responsible for researching and obtaining such policies.
“Many times a business is crippled when a customer goes out of business and still owes funds for products and services already provided. We want to make sure our clients are exposed to the least amount of risk when factoring their accounts receivable with us, “confirms Universal’s CEO Henry Wozow.
About Universal Funding
Universal Funding Corporation is a privately-held factoring company providing companies with working capital to stabilize cash flow and foster growth. Since 1998, Universal Funding has been financing receivables and developing personalized solutions by looking at an individual business, the climate of their industry, and the strength of their customers. We are committed to our clients and are able to offer scalable programs that grow as their business grows. We’ve assembled a dynamic team of specialists who strive to provide excellent service every day and you will experience first-hand that we value the quality of our business relationship far more than the quantity of business we do together. Based in Spokane, Washington, Universal Funding provides accounts receivable financing for companies throughout the United States.