Quick answer
An invoice for partly completed work may be ineligible until a measurable milestone is accepted. A submitted progress invoice is not proof of final acceptance.
Key takeaways
- An invoice for partly completed work may be ineligible until a measurable milestone is accepted.
- Provide the contract's milestone language, approval certificate and any retainage schedule.
- A submitted progress invoice is not proof of final acceptance.
What to bring to a funding conversation
Provide the contract's milestone language, approval certificate and any retainage schedule.
A current receivables aging, customer contract, actual invoice and proof of accepted goods or services show what the buyer owes.
Identify the buyer, transaction amount and the exact date cash is needed; a specific packet is more useful than a broad sales projection.
How to compare cost and timing
List each step—invoice issue, buyer approval, any advance, collection and release of the remaining balance—on a timeline. Ask for the total cost in dollars if the buyer pays on schedule and if payment is delayed.
A fee quote should explain when charges begin, whether there are minimums, and who receives customer payments.
Decision point
An invoice for partly completed work may be ineligible until a measurable milestone is accepted.
A submitted progress invoice is not proof of final acceptance.
Compare this proposal with a bank line, trade credit or self-funding using the same transaction and dates. The lowest advertised rate may not cover the cash need at the right time.
Next step
Send a confirmed order or completed invoice and supporting evidence to National Invoice Factoring for an individual review. No financing terms or approval can be inferred from this general guide.
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Written and reviewed by the National Invoice Factoring funding team — specialists in receivables and trade finance since 2009.
