Lots of companies factor their invoices to get paid upfront for completed work. Big companies, small companies, new companies, established companies. Factoring turns a company’s accounts receivable into money in the bank without waiting for customers to pay and without incurring debt, making this a very popular cash flow solution with all kinds of companies.
Any business-to-business company that delivers a product or service to another company can be a good candidate to rely on factoring. Any company that issues invoices and offers payment terms to their customers can benefit from the advantages of factoring. Companies in a variety of fields rely on factoring, including – but not limited to – the following industries:
- Staffing (office, janitorial, medical, IT, factory, and other specializations)
- Oilfield services
- Produce/agricultural and food products
- Government contracting
Whatever industry you are in, you could be a good candidate for factoring for a variety of reasons including the following business scenarios:
- Fast-growing company lacking working capital to complete orders
- Small business needing back office solutions, such as collections, credit checking, and real-time record-keeping
- New company with no credit history or business track record
- Business with customers that require long payment terms, up to 60 or even 90 days
- Company with seasonal ups and downs
- Business that need to purchase more equipment for expansion
- Business with no collateral
- Company with financial issues such as bankruptcies, tax liens, and low credit scores
Who uses factoring? Millions of companies around the world. Whatever your industry or your business situation, you could be a good candidate for invoice factoring. When you are ready for an affordable, debt-free funding solution, the cash flow experts at Interstate Capital, one of North America’s top factoring companies, can help you get started. It starts with a no-obligation factoring rate quote.