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Federal Government Factoring and PO Funding of Government Contracts

Updated by on Oct 19, 2017 in Government Factoring

govt contract financingThe complexities of dealing with the federal government factoring and PO funding of government contracts are more complicated than the financing of private sector sales because of the stringent purchasing requirements for government agencies and strict requirements and compliance on invoicing and payments for these transactions by the government. Most factoring companies, therefore, avoid dealing with government contracts. That is where BusinessCash is different. We understand the requirements and help businesses navigated through the red tape and successfully get them funded.

These requirements are embedded in the Federal Acquisition Regulation (FAR) and iRapt. FAR is a complex set of rules governing the government’s purchasing process. The purpose of these rules is to ensure that purchasing procedures are standard and consistent and that they are conducted in a fair and impartial manner. If you’re making sales to the government, you should have a good understanding of FAR; otherwise, you may make costly mistakes in the sales process.

IRapt (Invoice, Receipt, Acceptance and Property Transfer), which was formerly named Wide Area Workflow (WAWF) eBusiness Suite, is an Internet-based invoice and payment system for government contracts. Like FAR, iRapt is also filled with complexities and requires a substantial input of time to understand the system and use it correctly.

Need a speedy funding for your industry needs while working with the government and getting the job done? Call 866-598-4295 or use the fast, safe & secure online-funding application.

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