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You sell unpaid invoices to a factor at a discount and receive most of the value immediately, commonly 80% to 90%, with the balance less the fee when your customer pays. It is a sale of receivables rather than a loan, so it does not add debt to your balance sheet.
A percentage of invoice value, usually charged per 30-day period outstanding. The real cost depends on how slowly your customers pay: an invoice settled in 30 days costs a fraction of one that takes 90. Because it prices on your customers' credit rather than yours, factoring is accessible to businesses that cannot get a term loan.
Usually yes, since payment is redirected to the factor. Confidential facilities exist at higher cost. In sectors where factoring is routine, such as trucking and staffing, customers think nothing of it.
