Crestmark Bank provides a wide range of financial solutions for businesses such as asset-based lending, accounts receivable financing, business line of credit, term loans, and more. In this review, we focused on their accounts receivable financing (A/R Financing) offering, also known as invoice factoring.
Quiz: Is Kabbage or OnDeck Right for Your Business?
Summary of Crestmark Bank User Reviews
As of the date this article was written (08/29/18), there are no recent user reviews of Crestmark Bank online. If you are a past or current Crestmark Bank customer, leave a review to help other small business owners that are deciding whether or not to use the company.
Crestmark Bank Pricing
Crestmark doesn’t publish specific rates online. Typically, advance rates for lending range from 70% to 95%, depending on your industry and situation. Crestmark may advance up to 90% of an eligible invoice after you formally invoice your customer for goods/services. The remaining 10% will be released once they receive your customer’s payment, less an undisclosed administrative fee.
Interested users need to contact support to get specific pricing details. Crestmark’s invoice management team will also follow up with your customer to help ensure they pay according to your invoice terms.
Crestmark Bank Features
Check out the list below of some of Crestmark Bank’s features.
- Cash for invoices within 24 hours
- Competitive rates
- Fast response time
- Proposal turnaround within one day
- Closing in as early as 7-10 days
Helpful Lenders Resources
6 Best Accounts Receivable Financing Companies 2019: Fundbox, BlueVine, Fluid & More — Accounts receivable financing is based on various factors like size, credit score, age, and whether it’s an individual or a group who’s applying. After looking at the most popular options and some of the newest players in the space, we decided to review Fundbox, BlueVine, and Fluid.
What Invoice Factoring Is & How It Works — Invoice factoring is a type of accounts receivable financing that converts outstanding invoices due within 90 days into immediate cash for your small business. Check out this article to learn more about it.
What’s the Difference Between Invoice Factoring and Invoice Discounting — There are two types of invoice financing: traditional invoice factoring and invoice discounting. Traditional factoring offers larger amounts of capital, while invoice discounting offers smaller amounts of capital, but at lower rates. Check out this article to know more about the two options.
How to Improve Your Invoice Factoring Application: A Step-by-Step Guide — Unlike traditional loans that often require personal credit scores as part of the application and approval process, factoring lines of credit are typically backed by a company’s assets and are considered the primary factor for approval. Read this article and learn how to do your factoring application properly.
Crestmark Bank FAQ
What type of industries does Crestmark Bank provide financial assistance to?
Crestmark Bank services a wide range of industries including distributors, manufacturers, and service-based institutions. They don’t cater to construction and third-party medical companies though.
How long does the funding process usually take?
It usually takes 48 hours to fund your first invoice. Subsequent cash-to-invoices transactions can be funded within 24 hours.