NAICS Code 522299-09 - Factors

Marketing Level - NAICS 8-Digit

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NAICS CODE 522299-09
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NAICS Code 522299-09 Description (8-Digit)

The Factors industry is a subdivision of the NAICS Code 522299 and is involved in the business of purchasing accounts receivable from businesses at a discount. Factors provide a valuable service to businesses by providing them with immediate cash flow, which can be used to fund operations or invest in growth opportunities. Factors assume the risk of collecting the accounts receivable, allowing businesses to focus on their core operations. Factors also provide credit analysis and management services to their clients, ensuring that they are working with creditworthy customers.

Parent Code - Official US Census

Official 6‑digit NAICS codes serve as the parent classification used for government registrations and documentation. The marketing-level 8‑digit codes act as child extensions of these official classifications, providing refined segmentation for more precise targeting and detailed niche insights. Related industries are listed under the parent code, offering a broader context of the industry environment. For further details on the official classification for this industry, please visit the U.S. Census Bureau NAICS Code 522299 page

Tools

Tools commonly used in the Factors industry for day-to-day tasks and operations.

  • Factoring software
  • Credit analysis software
  • Invoice tracking software
  • Financial statement analysis tools
  • Risk management tools
  • Customer relationship management (CRM) software
  • Accounting software
  • Payment processing software
  • Electronic data interchange (EDI) software
  • Online factoring platforms

Industry Examples of Factors

Common products and services typical of NAICS Code 522299-09, illustrating the main business activities and contributions to the market.

  • Accounts receivable factoring
  • Invoice factoring
  • Freight bill factoring
  • Medical factoring
  • Construction factoring
  • Manufacturing factoring
  • Staffing factoring
  • Government contract factoring
  • Import/export factoring
  • Small business factoring

History

A concise historical narrative of NAICS Code 522299-09 covering global milestones and recent developments within the United States.

  • The Factors industry has a long history dating back to the 14th century when Italian merchants used the practice of factoring to finance their trade. The industry continued to grow in Europe and the United States in the 19th century, with the establishment of the first factoring companies. In the 20th century, the industry expanded globally, with the establishment of the International Factors Group in 1963. In recent years, the industry has seen notable advancements in technology, with the development of online factoring platforms and the use of artificial intelligence to streamline the factoring process. In the United States, the Factors industry has a more recent history, with the first factoring company established in the 1920s. The industry grew rapidly in the 1980s and 1990s, with the establishment of new factoring companies and the expansion of existing ones. In the early 2000s, the industry faced challenges due to the economic downturn, but it has since recovered and continued to grow. In recent years, the industry has seen increased competition and the development of new technologies to improve the factoring process.