Does this scenario sound familiar? Your customers are slow in paying your invoices and you have more cash in receivables than in the bank. Sales activity at your business is good, but your income is locked up in outstanding invoices. You need cash for payroll, equipment and inventory, but your bank has declined your loan request.
If this is your situation, then it’s time to be proactive about finding different ways to solve and improve cash flow crisis. The lack of ready cash can quickly get out of hand in many small businesses and result in you being unable to pay staff, suppliers and day-to-day expenses.
If your bank manager has you on pins and needles waiting for loan approvals, then consider partnering with a factoring company instead. When you factor your invoices, you can get your invoices paid upfront within one or two days, without waiting 30, 60, or even 90 days.
One of the major advantages of opting for factoring instead of a bank loan when you face a cash flow crisis is that you will be able to improve your financial situation immediately without incurring a new line of debt. This alternative financing method is often used by small business owners because it gives them an easy and effective way to instantly improve their cash flow, even if they don’t have the strong credit history and collateral required for a bank loan.
Another benefit of opting for financing services with a factoring company is gaining the support of a team of professional collectors who will contact your clients for you. This in-house collections solution will save you and your staff from the challenge of following up with outstanding accounts.
With some factoring companies, such as Interstate Capital, you can choose to factor all of your invoices or only certain invoices. Interstate Capital, a leading factoring company since 1993, has helped many small business owners get through their cash flow difficulties and then put them on track to grow their business and become more profitable in the future. Get an instant factoring rate quote today.
Taking Control of Your Cash Flow is Easy
Why wait 30, 60, or even 90 days to get paid for work you’ve completed?
Savvy business owners put themselves in charge of when they get paid by factoring their invoices.
It’s an easy cash flow financing tool that turns the funds just sitting in your accounts receivable into money in your pocket without waiting for your customers to pay.
With a cash boost like this, go ahead and invest in your company! Buy more equipment, hire new staff – whatever you need to grow your business.
Plus, when you pay your vendors early, you’ll save money with volume and early-pay discounts – and improve your credit score at the same time.
Take control of your cash flow. The friendly experts at Interstate Capital can get you paid fast! Contact them today!