Lyon Capital adds spot factoring service
Heath E. Combs -- Furniture Today, February 10, 2011
PITTFORD, N.Y. — Lyon Capital Corp. has expanded its services to include spot factoring, through which clients are not required to factor all invoices and accounts.
Through the spot factoring process, there are no contractual sales volume minimums and no reserve accounts, or money held in a trust to do secure factoring, company officials said.
The spot factoring service allows companies to choose which invoices to factor and which to keep - since some companies only factor when they need cash flow or want to lay off credit risk, avoid high account concentration or manage receivables, Lyon said.
For customers with bank lines of credit or other funding sources, Lyon also is offering non-funds factoring with full accounts receivables management and collections along with a credit guarantee.
Through the non-funds factoring Lyon does the underwriting and takes the credit risk.
"Since Lyon Capital has direct access to the most up to date credit information in the industry via its sister company Lyon Mercantile, we are able to offer a higher approval rate than most in the industry," said Rick Mantin, president, in a press release.
Lyon typically services clients with $100,000 to $5 million in annual sales.
Furniture Today's Ray Allegrezza Speaks with Stephen Bogart about Fine Furniture's New Bogart Line