A purchase order is a formal agreement that a product is going to be bought at a specified price. A contract is similar to a purchase order, except that the contract documentation is used to order a service rather than a product.

Purchase order transactions are distinct from factoring transactions in that purchase orders are simply promises to purchase goods, rather than an invoice for goods already delivered.

Typically purchase orders will be funded, then a factor will step in after the goods or services have been delivered and will pay for the funding source the amount they advanced, plus their fee. The factor will then continue the transaction as a normal factoring service.

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