Universal Funding Corporation

Overview

Universal Funding Corporation is a family-owned invoice factoring company in Spokane Valley, Washington. Its about page says it has been in business since 1998. The page says it has provided more than $2 billion in funding.

According to the founder's bio, Henry Wozow and his wife ran a printing company that used factoring during a growth phase. They later sold it. They then started a factoring company to offer the same kind of funding to others.

Universal works with established B2B companies that bill on net terms and have steady receivables. Its homepage frames the offer around three numbers: advances up to 95%, rates from 0.55%, and invoice volume between $25,000 and $20,000,000 a month.

Services

• Invoice factoring. Universal manages invoicing and collections for clients, so clients' customers pay Universal directly.
• Purchase order financing.
• Payroll funding for staffing firms.
• Help with merchant cash advance debt or IRS problems. Universal offers funding to businesses trying to get out of these situations.
• Online platform. The company has its own online platform for submitting invoices.
• Account service. According to the fee table, underwriting is done in house and each client gets a dedicated account representative.

The homepage says that, unlike bank lines and merchant cash advances, Universal does not require access to a client's bank account or accounting software for approval.

Industries served

Universal lists these industries:

• Printing
• Manufacturing
• Staffing
• Wholesale and distribution
• Oil and gas
• Transportation
• Business services
• Security firms

The site has a page on transportation and trucking factoring. It does not advertise a fuel advance program.

Published terms

These figures come from the fee table on Universal's rates page. The table also has columns describing what Universal says other lenders and factoring companies typically charge; those columns are not reproduced here. The core fee is quoted for the first 30 days. The table does not say how the fee changes after that, or how often the $50 lockbox fee is charged. The $35 fee applies to each customer credit approval. The $30 outgoing wire fee applies when a client chooses wire rather than ACH.

The rates page says Universal advances up to 95% of eligible invoices. It says advances depend on industry, volume and customer credit. The FAQ says factoring fees in general run from 1% to 5% of invoice value. The FAQ explains spot factoring, contract factoring, recourse and non-recourse in general terms. It does not say which of these Universal offers.

How to apply

Universal requires at least $25,000 a month in invoices. It says funding arrives within 24 hours of approval. Its fee table gives 1 to 2 days to fund. The FAQ says that once an account is established, funding can often happen the same day invoices are submitted. The homepage says Universal does not need access to a client's bank account or accounting software for approval.