Every year thousands of companies of all sizes in Texas choose to speed up their cash flow through invoice factoring. Factoring is an affordable and convenient source of fast working capital that can be used to pay bills, manage payroll, purchase new equipment – whatever you need to run and grow your business. Here’s a brief look at how invoice factoring works:
- You complete your job, delivery or order and submit your invoice to your factoring company.
- The factoring company verifies that the job was completed and pays you the majority of the invoice’s value within a day or two.
- The remaining amount, minus a small factoring fee, will be deposited into your account once your customer pays the factoring company.
Texas Businesses that can Benefit from Invoice Factoring
- Manufacturers:Manufacturing companies, both new start-ups and large, successful factories, all have the same challenges: the need to pay suppliers and workers on time while waiting for customers to pay. Factoring services close the gap between when you deliver your products and when you actually get paid.
- Oil and gas: Texas oil and gas companies play a major role in the state’s economy and can be very profitable for their owners. However, many oil and gas companies can’t ensure that they have a steady cash flow. Invoice factoring enables oilfield service companies and other oil and gas companies to manage payroll, pay for equipment, and other expenses for drilling and production.
- Trucking: Texas is a major transportation hub, linking the East with the West and the United States and Mexico. Thousands of professionals in trucking and freight brokers including owner/operators and fleet owners, depend on factoring their freight bills for reliable cash flow and fuel advances. Factoring enables them to pay drivers, cover fuel costs, keep equipment in good repair, and pay taxes and other costs without waiting for customers or brokers to pay.
Interstate Capital, One of North America’s leading factoring companies, offers factoring services to a wide range of industries in Texas including printers, food services, furniture manufacturers, staffing agencies, technology companies, wholesalers, machine shops, maintenance companies, importer/export firms and security guard companies, among others.
Interstate Capital is located in El Paso, Texas, with additional offices across the Rio Grande River in nearby Santa Teresa, New Mexico. Since 1993, Interstate Capital has successfully funded over 10,000 companies throughout North America and today purchases nearly $1 billion dollars of invoices each year. Interstate Capital has helped many Texas companies with their cash flow solutions and can help you, too.