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“You have always provided service above and beyond any other com-pany I have dealt with. Our account manager gives us 100% and is only one of the reasons we have chosen to stay with you.”
    – Justin, V.P., Security Services Company

HIGHEST CASH ADVANCES
(UP TO 97%)

We offer the highest advances in the factoring company industry. How? Because we use our own money. The others are restricted by their banks.

NO ANNUAL TERM
INVOICE FACTORING CONTRACT REQUIRED

Other factoring companies require you to sign a restrictive contract that ranges from six months to one year or longer. And they require you factor with them during that entire time.

LOWEST INVOICE
FACTORING RATES

We are the factoring industry leader, having the lowest factoring company rates in the industry. How? Because we use our own money. The others are restricted by their banks.

        Call our Veteran
        Factoring Team at:

     1-888-239-9162

        
Email Us

or complete our:
       
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      Factoring
      Request Form

We are a nationwide company offering invoice factoring programs the others can’t because of our unique funding capabilities. The others are restricted by their banks on what kind of factoring programs they can offer. We are not restricted!

Our customers tell us that our combination of low rates, flexible contracts and exceptional service makes us the best choice for invoice factoring services.

We have been providing invoice factoring services nationwide for decades and have clients in hundreds of industries, including factoring for Health Care Staffing, Transportation, Trucking, Manufacturing, Labor Staffing, and much more.

Unlike other invoice factoring companies, our program includes the following features at no additional charge:
• 12-24 hour funding on approved invoices
• Highest advance rates in the industry
• Credit analysis on new and existing customers
• Continuous collection management and follow up on     factored invoices
• Invoice and statement mailing (postage included)
• Account status inquiries anytime; 24/7 online account    access.
• We allow you to electronically submit Invoices
• Free credit checking on new customers at no additional    cost

When you become our client you will be served by our staff that has an average of 11 years account receivable factoring industry experience per account executive (well above the invoice factoring industry norm)!

You will have one dedicated person and his or her assistant who will handle your account. Unlike the others, you don't have to start over each time you call with a new person.

Our flexibility allows you to maintain control:
• You select accounts you prefer to factor on an invoice-     by-invoice basis.
• You control total factoring costs by only factoring on     an “as needed” basis.

Up to 97% Invoice Factoring Advance Rates:

Advance rates are based on overall risk associated with a particular industry as well as experience and track record. We hold reserve accounts to accommodate industries which typically experience dilution and that we would otherwise not be able to service. Advance rates range from 80% to 97% of the gross invoice amount.

Invoice Factoring Fee Structures:

Fees are determined based on your industry, the credit worthiness of your customers, how quickly your invoices turn, and monthly factoring volume.

GET YOUR CASH TODAY!
- Call our invoice factoring specialists at
  
1-888-239-9162, or;

-
Email Us, or;
- Complete our
  
ONLINE INVOICE FACTORING
  REQUEST FORM

 


 

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Factoring Companies

 Invoice discounting  will not be for  everyone. But for  agencies that  want  money  promptly-- or don't  like to  squabble with  banking companies-- it's  another road to go.

 maunfacturing factoring companies

 

  Enterprises  usually  need to have  a bit more cash than they have on hand. It  could be for an  urgent situation, a fleeting opportunity or,  in some cases, such  normal events as a payroll to  fulfill.

 How you can be  well prepared and  stay clear of a cash-flow  crunch? Short of having an ATM in-house,  plenty of  organizations are using what once was a controversial way of  acquiring quick  funds.

It's called  invoice factoring, and it's  based upon a  straightforward  concept. A  small business sells its invoices or accounts receivable to a  business that  focuses on  securing their payments. That  organization, called a  factoring company, advances  the majority of the invoiced  level--  80%-90% % is  typical-- to the business after  looking at the credit-worthiness of the billed party. After the  receivable is paid  completely, the  receivable factoring company remits the balance to the client,  less a transaction, or factoring, fee.

The process can be  quick.  When the  factoring company is satisfied that he or she will be paid, money from an invoice  might be in the hands of the issuing client within 24 to 48 hours. Indeed, for many  small companies, the biggest  selling point of  receivable factoring is not being  shackled by slow-paying customers.

 

Help  at the beginning

 

 A number of  small companies  employ factoring to get  launched.  Due to the fact that it is the financial soundness of their customers that most  interests a  factoring company,  business firms with  scrimpy history can  still sell their invoices.

 Despite the fact that it has  really helped many  enterprises get on their feet,  many that have factored accounts receivable to meet their cash-flow needs  claim they  looked at it as a  band-aid  step.

"It's  an activity we will wean ourselves from over time, as we're  equipped to  set up other funding-- which we're working on," says a  firm owner.

 

 Arguably chief among  receivables factoring's  downsides is its cost. A factor  can charge several percentage points  over a conventional  lending institution.

"We know we're not the  lowest form of  funding," says a factoring company owner. And for  several clients, he adds, "we're a  non permanent  remedy, not a  permanent  answer." But he and other  factoring companies can  name lists of clients who have been with them  for several years-- some because they consider banks to be " meddlesome.".

 

 Invoice Factoring's origins go back thousands of years, to the Mesopotamians. It was also a vital source of  funding for American colonists who would ship furs, lumber and tobacco to England.  Consequently, one of factoring's biggest users was the U.S. garment industry, where the  time period between  purchasing cloth to be made into a suit, say, and being paid for the final product could be many months.

 

Today, though, the  system is at work across the  business landscape.  A few factors specialize in certain  sorts of businesses,  for instance, trucking, construction or health care. Industry sources  approximate that billions of dollars in accounts receivable will be factored this year.

 

 Shifting Ties.

 

 One particular  factor cited for  invoice factoring's  improved  acceptance is what some  owners say has been the breakdown of the personal relationships that once  defined  business banking. A decade or so ago, a business owner recalls., says he could call his bank and say, "'I need $ $45,000 in my account,' and they  would certainly say, ' FINE. The next time you come in you can  endorse the requisite  records.' ".

 These days, he says, he 'd have to do the paperwork before  being given the  funds. "That makes  invoice factoring more attractive to a guy like me," he says.

 

Factoring isn't for  all of us. It  most likely wouldn't be economical for a  business that sends out  hundreds of small-denomination invoices, because of the service fees a factor  could assess for  evaluating each one for risk.

Another deterrent  a few  mention is a negative  undertone tied to  invoice discounting's garment-industry heritage, where companies factoring often were  identified to be financially  vulnerable. A related commonly held  perception is that a  business  works with a factor because it isn't credit-worthy  good enough to  work with a bank.

 

The U.S. Small Business Administration  states it doesn't have a position on factoring as a  funding  resource.  Nonetheless, it contends that  a lot of  business firms "may  have the opportunity to find more  beneficial terms and conditions through the use of an SBA-guaranteed business loan.".

 Proponents  suggest  multiple ways  invoice factoring can save a business  cash. Since the factor handles credit checks and bill collections, a  small company can  decrease its overhead by not having to staff for that in-house.  Aside from that, because factors won't  take a  risky invoice,  firms can  steer clear of the  troubles-- and losses-- that come in  working with a customer who  proves a deadbeat. In those  times,  receivable factoring becomes a safety net.

 

"Any time we get a new customer we forward the name [to the  factoring company] and they check them out immediately," says a  businessmen, who has sold accounts receivable for a decade or more.

 Depending upon what his  factoring company  finds out, it may  propose a maximum line of credit his  company should extend to a customer. And  even though that  quality control may  avert the business owner from a sale, the factoring company is " truly doing us a  good turn," he says. " Typically, if somebody doesn't pay, you have to have an attorney  chase them, and it comes out of my pocket.".

 

Factoring  can possibly be a big  assistance for those who  wish to do business overseas but  stress over being paid. That's  even more so true for  smaller sized  firms that have  very little or no  years of experience abroad, or  are short of the financial means or  networks to collect from a customer thousands of miles away.

The business owner says he  usually uses  receivable factoring to  earn discounts for his company by paying for large quantities of supplies upon delivery, knowing that he can cover that check by factoring invoices. On a $120,000 truckload of steel, the discount could be $6,000 or so, he says. That's more than enough to  pay for his factoring costs, he says. "So I'm using the factoring company's money to make money," he says.  Companies also can save  dollars by paying cash on delivery, of course-- something  invoice factoring may facilitate.

 

 Also one-person operations can benefit from  invoice factoring. a lawyer who  provides services for court-appointed work for indigent people, uses a factoring company to collect from the courts and other government agencies.

"You  cannot usually bill until a case  ends, and that could be anywhere from two months to a year," he says,  keeping in mind that his bills  occasionally can  total several thousand dollars. Of factoring as a business tool, he says, "For anybody who has a  huge cash-flow problem, I would recommend it

 

More Factoring Companies articles

Factoring in the Future of a Trucking Business: A Story 

John Thompson let the phone ring on his desk. He let his morning coffee cool and left his cigarette to ash itself in the tray, because he is trying to make the biggest decision ever for his trucking company. Thompson Trucking Company was at a turning point of growth and John had to decide if signing with a factoring company was the right way forward.

 

John’s father had started as an owner-operator and had grown Thompson Trucking Company into a fifteen trailer fleet over forty years. There had been some hard times when it seemed everything was going to go under and even John’s mother strapped herself into a cab to make hauls. His father had lived long enough to witness the price of hires drop during the recession and watch the eruption of fuel prices afterwards. Now the company was solely in John’s hands and he wanted to live to see it in better shape for his sons.

 

To move Thompson Trucking Company ahead into the future, he needed a steady cash flow but there was just not enough money to go around. His employees needed to be paid. They had families and household bills too. Some of the refrigerated trailers were in need of repairs and he felt to stay competitive it was also a good idea to invest in specialized haulers to be ready for the constant requests he was getting for loads of new energy and agriculture equipment. Every time he had to turn down a request, Thompson Trucking looked weak in a very strong market.

 

His father would have told him to wait and to take his time adding on new technology. John allowed himself a good hard chuckle. His father had been against placing GPS units in the cabs. He would say, “Why do you need the voice of some woman to tell you to get off at an exit that has been the same exit that has been there for years?” Also his father had the habit of teasing all the drivers he caught switching into automatic even though driving in automatic was much more efficient though not manly in his father’s eyes. His father days were long gone and technology was actually an important improvement for the business such as having Qualcomm to cut down on fruitless time communicating on the phone for bills of lading. 

 

John believed a successful man is always thinking of his next step. What would be the next step for Thompson Trucking? And how would he be able to afford it? Funding was all tied up in the mortgage for the office and garage and in the fuel bills. He just finished paying off the small bank loan for installing satellite radio in the trucks for the guys.

 

But was factoring the answer? There was a lot he didn’t understand about the process. It sounded a lot like ninth grade algebra which just didn’t feel like it belonged as part of the trucking business. Factoring companies buy your invoices and manage your accounts receivable for a certain percentage of the invoiced amount. The factoring company gives the trucking business its payment right away which allows the business to have continuous cash flow so it can pay employees, buy fuel, and make repairs for upcoming hauls. Without the assistance of factoring, you have to wait for customers to send you the payment which is often 30 days late. In those 30 days, a trucking company can’t pay its bills and employees in invoices.

 

Now it was time for John to do his homework. John had heard that there were companies that charged for same day money transfers and would only advance a percentage of the money owed to your company while holding the rest in a private account if they didn’t get their bill payment within 60 or so days. Plus it was worse still if the customer didn’t pay up at all because then the factoring company would take it right out of the money supposed to be coming to you! Through the grapevine, he’d also heard about how some companies suddenly slipped you onto a sliding scale of percentages even if you had already signed a lengthy contract for maybe 3% or 7% so there you are with 10% coming as a cost to you out of the freight bill. His friend Ronnie who had a trucking business in Missouri, was run nearly into the ground by a factoring company that charged him the full freight bill on top of the factoring fees. Well, what was the point of going to a factoring company if there was shady business like that going on?

 

But it turned out to be quite easy. All the factoring companies he researched were open about their business practices and very friendly on the phone when he called. Their customer service actually knew things about their company and spoke in nice clear English so he could understand what was being explained. He didn’t mind signing an exclusive contract. He liked the idea of a long term commitment so he knew he wouldn’t have to bother going back and forth to different companies and wasting time filing more forms. Nobody charged him for credit checks and they offered him a fuel advance on the pick-up of the load. Many companies offered a non-recourse factoring program that suited him just fine. Also he was happy to hear how much he was offered in terms of percentages on the freight bills. It was good money.

 

It was really refreshing dealing with the factoring people. They were more personable than those loan managers at the bank. It seemed as though those bank people spoke another language, but these factoring guys knew the trucking business and spoke to him like a client, not like a beggar for a handout. The factoring companies didn’t worry over his credit and the debt troubles his father had had in the past of the company. Factoring was based on the credit of his customers and on their reliability which worked well for John because he and his father had built up good strong relationships over decades with their list of clients. So he knew they would understand when the factoring company contacted them for the invoices. His clients wouldn’t think poorly of Thompson Trucking and the factoring companies appeared capable of handling the accounts receivable in the same polite manner that his father had used over the years.

 

John stepped out of his office to let his secretary know to expect the arrival of the factoring contract shortly. He felt exhilarated by the new possibilities that would make the future of the company fun again and put the stress of the difficult times behind him. With the capabilities of this new cash flow, John could actually expand Thompson Trucking Company further across the country and perhaps even go international into Canada. His heart felt full knowing his sons wouldn’t have to worry about money because of the right decisions he had made for their trucking business.

 

"How a Factoring Company Saved This Owner of a Trucking Company Business"

Transportation industry plays a vital role in the economic scene. As people’s lives become more and more sophisticated as time goes by, making the most out of the limited resources is the concern of all. Say for example the proper use of land to get optimum profit and convenience or what is known as the zoning. It is defined as the process of planning for land use to allocate certain kinds of structures in certain areas. This method separates the manufacturing sites from the sources of its raw materials, the employees and employers to their respective offices. This made the transportation industry play a vital role in the economic scene. It is a primary necessity for businesses of any size and of any type. It does not just transport raw materials to the manufacturers but also bring finished products into our every door.

Investing in a business which plays a vital role in the current economic scene is a thing that every investor should not think twice about. But business does not work that easy. The big question is, how you are going to survive the most challenging phase of establishing a business – the start. Starting a business requires a capital. If you now have enough money for capital, you can now start your business and since you are investing in a very promising type of business, finding customers is not a problem. The problem is, what if you found bad ones. Even if your customers are also managing a business and expecting cashflow, which does not guarantee that they would pay you up to date because some businesses are just ill-managed. For the business to survive, the most important thing that you would be doing is funding your operational cost – make payrolls, fuel, maintenance - it should rely on cashflow, but since things like mentioned above is very common, some business owners would resort for a loan. But that does not solve the problem of getting your receivables paid on time. As a business owner, you cannot afford the time it takes to collect the receivables, while trying to make your business grow.

Mr. Paul, an owner of a small trucking company experienced the same kinds of problems and shared how he managed to survive. “I just released my head from the stress of how am I going to get my receivables, and focused on making the business grow…”

Mr. Paul just got his retirement fee from a big trucking company for almost forty years and was thinking on how to double his money in the shortest time possible. Seeing a small trucking company as a business of great potential and is a business that he knows. When he was still driving a truck, he was fascinated by how much money the company is making. He has also never experienced a delay in his salary. When he decided to invest his retirement fee in establishing a small trucking company, everything was just according to what he expected. He started with a single truck from his home. He started with just a few clients, the ones he knew already and never missed one deadline and kept freight damage as minimal as possible. Because of his outstanding services he started to get referrals and had more work than he can handle. From then, he started to expand, bought more trucks, hired more personnel. Using the knowledge he acquired from the company that he had served for a very long time, and dedication to his work, his little business grew in a rate that he had never imagined. The business is now requiring a more strategic plan and when Mr. Paul thought that everything was going very well, he encountered problems that he failed to foresee.

 

He had customers that made him wait for weeks or even months before paying. Since his little business is rapidly growing, his operational cost is also growing . This is a problem that he never knew and never observed in his entire career as a driver of a trucking company since he was never in an administration role. He was at the verge of breaking down, his business is losing money, growing too fast, not big enough has to rely cashflow to keep up to his fast growing business. He had to make his payroll, pay his suppliers, maintenance and fill his orders. Mr. Paul thought of going to bank and apply for a loan but was denied. “Maybe because I had a bad personal credit...haha”

Mr. Paul thought of declaring bankruptcy because of the stress that he never imagined he will be handling. He had to think of how to manage his business and at the same time, how will he keep the business alive by thinking of a solution on how is he going to deal with his receivables.

“You know that time, I, I, I just don’t know what to do... I felt that as the business kept growing and growing, I become more and more incompetent. Then suddenly, a hero came along... Just at the nick of time. “

Then a close friend of his introduced him to a factoring company and everything turned out just fine. So what is this factoring company then? What does it do? How did it save Mr. Paul’s business?

Well, this is how it works, Mr. Paul sells his invoices or receivables to a factoring company at a discount and not in an amount where he can no longer make a profit. The factoring company will then be the one collecting the invoices of Mr. Paul’s business from his customers. Say for example, Paul still has 100 dollars to collect from one of his customers. He then sells it to the factoring company at a lesser price, say 90 dollars. The factoring company will now be the one who is going to get the 100 dollars collectible from Paul’s customer.

The factoring company immediately gave Mr. Paul the cashflow he needed. He now has instant customer credit checks. He can rest well and likes doing business with companies that pay their bills on time. Save him from the stress of thinking how to deal with his collectibles, thus saving time and money. He can now focus on growing his business and keeping his customers happy. Increase his sales and cashflow.

The Factoring Company not just saved Mr. Paul’s start-up business but made it a big company now. It has helped Mr. Paul’s business, why don’t you let it help yours?

 

 

Oil Well Cleaning Owner Interview

The oilfield services industry is certainly a booming one these days thanks to a renewed emphasis on searching and drilling for oil on private and state properties. One of the more profitable ventures in this field is not the drilling for oil, but the cleaning of oil and gas wells to keep them operating at full efficiency. Oil and gas drilling is a dirty business and wells will quickly become clogged even with regular maintenance.

Jeffrey Fielding is the owner of an oil well cleaning company who works with several drilling companies in providing cleaning and maintenance of oil wells. Over the past couple of years, Jeffrey has managed to grow his business considerably thanks in large part to his perseverance and determination. However, things were really tight when Jeffrey first started up his company and at one point he was faced with a dilemma that he didn’t know how to overcome.

The following interview with Jeffrey tells how he managed to expand his company at a crucial time thanks to oilfield services factoring. If it wasn’t for the presence of factoring companies that worked in his field, Jeffrey might be in a completely different business today.

“Hello, Jeffrey. It’s good to talk with you and I’m glad you were able to spare the time to share your story with us.”

Jeffrey Fielding: “Thanks, I’m glad to be here.”

“Jeffrey, tell us a little about how you got into the oil well cleaning business first as it’s something our listeners may not be fully aware of.”

JF: “No problem, I’ll start at the beginning. About ten years ago I joined an oil well crew as a roughneck, working my way up through the business. It was hard work and our crew was usually out in the middle of nowhere, but the money was good and the opportunities kept building for me. I quickly learned the job and was hired by a number of drillers to work their rigs over the next few years during the boom in the oil industry.”

“Right from the beginning, I took notice the oil well cleaning crews that would work each rig and started talking to the guys who were a part of that business. After a few years it became clear to me that oil well cleaning was really where it was at ‘cause the work was really steady and the money was just as good, if not better than what I was making. So, with the money I had saved up along with a couple of partners I opened up an oil well cleaning company of my own.”

“It certainly sounds like you struck gold so to speak. So tell us how your business started.”

JF: “It was pretty straightforward as we got our business loan, purchased the equipment and hired a couple of experienced people to help us clean oil wells. We had some pretty good connections and the orders started to pile in, but then we ran into a problem that none of us could even dream of happening. We became victims of our own success.”

“I don’t think I quite understand, could you explain just how that happened?”

JF: “Sure, about six months in we suddenly got new drillers who wanted to use our services, but we didn’t have the money to expand. We get pain by invoice which can take up to 60 days to see the cash which meant that we trying to pay down our loan, the payroll and the equipment, fuel and other costs and didn’t have enough cash on hand to expand. We knew that if we didn’t hire new people and buy new equipment that we would miss out on a golden opportunity. However, one of my friends told me about oilfield services factoring companies that could help us out.”

“What are factoring companies?”

JF: “Basically, a factoring company will buy the invoice and get us the cash immediately. We had good credit and our invoices were certainly good as well. By using their services, we were able to get the cash in our hands quickly and pay for new equipment to then expand our business efforts.”

“It certainly sounds like the factoring companies saved the day for you, but just how do they work?”

JF: “Well, it was a pretty simple process. We just filled out a few forms with the information that they requested and then we sold the invoices we had already collected, but had not collected to the factoring company. We got the cash we needed immediately and they collected the invoice.”

“It certainly sounds pretty straightforward, but why didn’t you just get another loan?”

JF: “My partners and I went over that and another loan would just be too big a burden. We were already paying off our old loan which was considerable and didn’t want to have more debt hanging over our company. By going with the oilfield factoring companies, we didn’t owe anyone, anything. We just collected the money that we were owed a lot more quickly.”

“So, how is business now?”

JF: “It’s better than ever. By using a factoring company I was able to buy new tubing, cleaning fluids, a new vehicle and other equipment that let us take on the new orders. We were able to expand the business quite a bit and our reputation is such that we work with several drilling companies.”

It sounds like a dream come true.”

JF: “It really does, but I don’t know what we would have done if factoring companies didn’t exist. We still use them when we need cash for new equipment or products to do our job. It’s quick, safe and brings us the money we need to continue our business.”

Jeffrey’s company really benefitted from using oilfield factoring companies that served his industry. There are factoring companies for other types of businesses as well that can take invoices and turn them into quick cash for businesses that need to expand. For Jeffrey and many other small business owners, factoring companies can make the difference in the success of your efforts.

 

 

FredCoutts.COM

Are Financing Receivables and Invoice Factoring the  very same?

 trucking factoring companies

Factoring and  Funding Accounts Receivables Are the  Exact same!

 

The  meanings of the two terms " funding receivables  invoices" and "factoring accounts receivables" are  almost one in the same. The words " funding" and "factoring" are interchangeable when it  concerns  mentioning the  procedure by which a business  offers its invoices to a Invoice Factoring company for  money.

 

The following is a description of Invoice  Funding: "A type asset-financing arrangement in which a  business  utilizes its receivables-- which is  cash owed by  consumers-- as collateral in a financing agreement. A  business receives an  quantity that is equal to a  minimized value of the receivables pledged. The age of the receivables has a  huge  result on the amount a  business will receive. The older the receivables, the less the  business can  anticipate. Also  described as "factoring".

 

Invoice financing, or Invoice Factoring, is a  technique whereby businesses of any size and within any industry can sell their  invoices invoices to Invoice Factoring  business for  money. There is a  typical  misunderstanding that Receivable Factoring is only used by  having a hard time or  not successful  companies as a  last hope before they go out of business or  consider bankruptcy. This could not be farther from the  reality.  The majority of businesses  make use of Invoice Factoring in order to stabilize their  money flow. In other words, they  utilize Invoice Factoring to speed up the  popular three month payment  duration that is  normal of  numerous  consumers, who  generally do not pay their  overdue invoices  instantly.  Companies  varying from  big Fortune 500 companies to  mid-size start-ups have been known to use Factoring as a  method of  countering cash flow predicaments.

staffing factoring companies

The most  usual  misconception  linked with Factoring is that it is only  utilized by failing  companies.  Nonetheless, failing  companies usually do not have a  big  variety of current outstanding invoices.   business are in business of  buying these invoices-- - not  providing money to failing companies.  In fact,  a lot of  companies that sell their invoices to Receivable Factoring  businesses turn around and  make use of the  money they  get to facilitate additional sales-- which results in  even more invoices that can be factored down the  way.

 

In addition to the  idea that only struggling  businesses  take benefit of invoice  funding, there are  numerous other  usual myths  linked  this service. Examples are as follows:.

 

MYTH: A  Company's Customers will  End up being Upset When They Realize Their Invoices  Have actually Been Sold to a Third Party (e.g. a   business)-- Due to the  truth that Invoice Factoring  has actually become such a popular  methods of raising quick cash for businesses,  the majority of  consumers are neither  stunned nor  concerned when their invoices are  offered. In today's economic world,  many customers  comprehend that businesses of all  kinds and sizes  make use of Receivable Factoring as a  method of  broadening and growing and not as a last-ditch effort to  make it through.  Since  numerous successful businesses  make use of Factoring as a preferred method of managing their  money flow it is  extensively accepted  as well as  supporteded by  well-informed customers.

 

When invoices are sold to  companies, the   business send a letter, called a " Notification of  Project" to all of the  company's  clients  informing them of the sale/transfer of their invoices. Typically, the letter will  discuss to the  consumers why their invoices were  offered and will  identify the benefits of the sale (e.g. to support  business's rapid growth). In  the majority of scenarios, the only  distinction the  consumers will see is the address where they are instructed to remit their payments. In essence, the Receivable Factoringfactoring  business  assures customers and answers any  concerns or concerns they  might have. However, in some  scenarios, businesses prefer to deliver this  details to their customers themselves-- - and this is  definitely something that Invoice Factoring  business will  recognize.

 

 MISCONCEPTION: Invoice Factoring Companies  resemble Collections Agencies and Will Harass  Clients Who are Late in Paying their Invoices-- It  is very important to establish that Factoring  business are NOT  collectors.  However  since they are the owners of the invoices they purchased a  company, it is their  primary  objective to collect every invoice that is unpaid.  However, they do not  run in the  exact same fashion as  standard  debt collection agencies, which are notorious for aggressive and distressing practices .

 

Invoice Factoring  business do  advise  consumers of  unsettled or late invoices, but they do so in a professional and  polite way. Invoices that  stay  overdue for an  prolonged period are dealt with on an  specific basis, which  generally involves collaboration between theInvoice Factoring companies,  business, and the customers.

 

 

 MISCONCEPTION:  Making use of a Invoice Factoring  Business Costs a Lot of Money and it's Not  Beneficial--Receivable Factoring is a  one-of-a-kind business arrangement that is not the  exact same a  company  getting a bank loan. It does not  include borrowing  cash at high interest rates. Receivable Factoring invoices is  planned to  assist  companies make  even more  cash. By  getting cash  rapidly for selling their invoices, a business has  chances to  make use of the  readily available  money Is Factoring an  costly process? to grow and thus to  grow.  For that reason, the cost of factoring invoices  ends up being  practically moot  due to the fact that Invoice Factoring is simply being  device to  introduce a  company forward. Another reason  Factoring makes sense and is a  rewarding expense is that it alleviates the need for a business to employ an entire  personnel for the sole  function to  invoices.The savings on  incomes alone  might make up for the entire cost of Receivable Factoring.  With Invoice Factoring,  business usually pays a nominal percentage of the  overall invoices being  offered to the Receivable Factoring  business--  however this is  generally equal to a very  little cut.

 

MYTH: Invoice Factoring Companies  Just Understand How Certain/Common  Kind of  Companies Function-- The  principle of invoice factoring  has actually been in existence for  numerous  years. Because it  has actually become of the most commonly and widely accepted  techniques for a  company to  rapidly raise cash, invoice factoring  businesses have  broadened to work with  companies associated with about  every industry.

 

Factoring companies are  mindful that every  company is  distinct, and they work to  completely understand each and every business with which they work. Businesses  must not necessarily  prevent invoice factoring simply  due to the fact that they think they are unique or  have actually  relatively complicated operation practices.

 

 A lot of invoice factoring companies have  handled  incredibly  complicated situations and are experienced in  managing even the most unusual  circumstances. Ultimately, a business  included in any  sort of product or  services or  industry that  expenses customers using invoices is a  prospects for Invoice Factoring.

    

Additional Factoring  Companies Articles

Healthcare Staffing Factoring

The healthcare field is arguably one of the most rapidly growing industries in the United States. With the baby boomers, the largest section of our population, reaching retirement age the need for expanding healthcare services has never been more pronounced.

At the center of this growth are healthcare staffing agencies that hire for hospitals, clinics, doctor’s offices and a wide range of medical facilities. However, while business is booming the ability for these staffing agencies to expand is inhibited by the customer invoice system. Fortunately, there are healthcare staffing factoring companies around to help them in their time of need.

We asked the owner of a local healthcare staffing agency, Joy Reed, to talk to us about how factoring companies helped expand her business and provide a much needed boost at a critical time for her company.

“Hello Joy and welcome. I was hoping you would tell us a little about how healthcare staffing factoring companies helped your business, but I suppose we should begin by how you got started in this business?”

Joy Reed (JR), “Thanks for having me. I actually have been a part of several start-up businesses in my recent career and was looking for a field that would show a lot of promise. It was pretty clear to me that medical staffing was a big need in the healthcare field so I set about to start my own business.  I had experience in starting up businesses before, so I drew up a business plan, took out a loan, rented the offices and hired a staff to get started.”

“So, you did what most people do in starting up a business. How did it do?”

JR: “I actually got off to a pretty good start. I had made a few contacts and managed to get some business right away. This was really helpful because as you might know our clients use invoices for payments and it can take up to 90 days before we actually get the cash in hand. Around four months in we were facing a real crossroads as new opportunities opened up for our business, but we didn’t have the cash on hand to take advantage.”

“I’m a little confused. You say you were doing well, but you didn’t have the ability to expand your business?”

JR: “That’s right. The problem was back to the invoices that were making up wait up to 3 months before we had the cash. I really wanted to expand my staffing business to handle the new opportunities I was being presented, but I couldn’t because I was still waiting on the invoices to finally turn to cash. So I was asking my accountant about what could be done when the suggestion of a healthcare staffing factoring company was introduced.”

“Tell us a bit more about factoring companies.”

JR: “Basically, factoring companies purchase the invoices right on the spot so you can have cash on hand immediately instead of waiting up to three months. For healthcare staffing factoring companies, they will then collect the money from the business when the invoice is read to be fully paid. It really worked out for me because I was able to get cash quickly to add new personnel and even expand my offices to include another section of the building I was renting in.”

“I understand that factoring companies are there for many different kinds of businesses, including medical staffing. Was it difficult to get set up with a factoring company?”

JR: Actually, it was pretty easy once we found a company that met our needs. I just filled out a short form and they looked over a few of the invoices I had to see what companies that I worked with. It really didn’t take long at all before they agreed to cash some of the invoices and I got the money I needed to expand.”

“Could you tell me a little more about the advantages of using a factoring company like this?”

JR: “Sure, I was not only able to hire a couple of new people and rent additional space, I’ve been able to cash my invoices when unexpected bills come up or if I need to make a purchase quickly for a new piece of equipment. This has come in really handy recently when I decided to move to a new location and needed some cash on hand to make the transition. The factoring services are really quite good with reasonable rates and fast service.”

“What’s the differences in using factoring companies over getting a new loan?”

JR: “It is frankly much better than getting a loan because with factoring there is nothing to pay back. We are basically getting our own money from the invoices we’ve earned up front and paying only a small fee. With a loan, I would not only have to pay it back but with interest as well. Factoring for us has really been a godsend when it comes to making decisions about how to expand my business. I’m no longer tied down to waiting 2 to 3 months to get paid when I can take what my business has earned and get cash immediately.”

“I take it that you are happy with how healthcare staffing factoring has worked out for you?”

JR: “You would be correct. I cannot imagine how my business would have expanded at that critical time without factoring companies to buy my invoices. This is a great service that has helped me in my time of need and now my medical staffing business is bigger than ever. I’d recommend factoring companies to anyone running a business that relies on invoices if they need to get cash quickly.”

There is little doubt that Joy Reed has been quite happy about the services she received working with a factoring company. Perhaps factoring is right for you and your needs, be sure to search for the type of factoring business that works in your field so that you can get the right services in helping your company to succeed

 

The Advantages of Trucking Factoring for Trucking Companies

Around the country, many owners of small trucking companies are running into the same problems when trying to expand their business. While the trucking business can be quite lucrative, it can take many weeks or even months to finally get paid on hauling invoices. This puts trucking companies in a real bind by having to play catch-up while trying to pay bills and salaries of their drivers.

We caught up with Jason Kind, an owner of a small trucking business that he created just a few years ago. Like many trucking owners, Jason was trying to expand his company to meet the needs of his clients, but was running into money issues that were holding him back. We asked him about his situation, the challenges he faced and how Trucking factoring played a real role in helping his company to expand without being burdened by paying back high interest loans.

Jason, it’s good to have you with us.

Jason Kind: “Thanks, I appreciate being here.”

Tell me a little about your trucking company and how it got started.

JK: “I had been driving trucks for years when in 2011 I decided to start my own trucking business. I went through the loan process, purchased a couple of trucks and got started. At first, it was really exciting because I had made a few connections as a driver and I picked up some early business. It seemed like everything was starting to snowball as I was getting requests from other businesses, but I was running into a cash problem.”

It seems rather strange that being successful was causing you to be short on cash?

JK: “I know. You see in the trucking business we charge invoices which means that it could take weeks or even months before the cash would roll in. A typical invoice takes anywhere from 45 to 60 days before the payment comes through. Here I was getting offers from other businesses and I didn’t have the cash on hand to buy trucks and hire drivers.”

So, what did you do?

JK: I’ll admit I was at my wit’s end because I thought by the time I had the cash to expand that the interest would dry up first. I didn’t want to take out another loan because I would just be putting off that debt until later and I had nothing to sell or any additional way to make more money. It was around that time when I heard from one of my friends in the trucking business about Trucking factoring.”

What exactly is Trucking factoring?

JK: “Well, Trucking  factoring is a way for trucking companies like mine to get paid quickly for the loads we are hauling. Instead of having to wait weeks or even months sometimes to get paid for hauling, Trucking  factoring lets us get money right away for the work that we’ve done.”

How does Trucking factoring work?

JK: “Well, there are companies out there who are willing to purchase the invoices that trucking companies like mine get when we perform a job. I managed to find a good, reputable company that actually purchases the invoices we get after performing a job along with other bills that we charge in our business. In return, they pay us cash that I not only use to cover my payroll, fuel costs and expenses, but I was able to put back enough money to purchase another truck a lot more quickly than if I had simply waited for the invoices to be paid.”

It seems like you stumbled on a pretty good deal when it comes to Trucking factoring. Are there any other benefits that you’ve enjoyed by using this service?

JK: You bet, because the invoices act as the means to pay the company. It is not a loan where I have to pay back any money. The Trucking factoring company simply takes a very small percentage off each invoice or bill as their fee and I get the rest in cash right away. It’s really worked out for me because not only was I able to get the cash needed to expand my business I was able to pay off my original loan a lot more quickly as well.

In fact, I was able to leap onto new business offers more quickly because the Trucking  factoring allowed me to start purchasing new trucks and hire drivers months before I could even consider doing that simply waiting on the invoices.

This Trucking factoring sounds almost too good to be true, surely there must be a catch somewhere?

JK: I’ll admit, I was a little skeptical at first, but it’s all pretty straightforward. The Trucking  factoring company I use didn’t even charge me a sign up fee nor did they sign me to any long term contract. I just took a few minutes with them to set everything up and when I turn in an invoice, they pay me cash right on the spot.

You said you didn’t have to sign any long term contracts. Are there a minimum number of invoices or amounts that you have to turn in each month?

JK: Actually, no. When I first started with them I was turning in practically all of my invoices so I could generate some cash up front. Now, when I need some cash to pay off bills or make quick purchases, I go to the company with my invoices. Some months I’ve turned in quite a few invoices, other months not so much.

It really sounds like you found a great deal in Trucking factoring?

JK: You bet. I have even used their fuel advances and discount cards to help me save money which really helped out in the first year of my business. I’ve had other trucking owners call me up and ask me how I was able to expand my company as fast as I did. I tell them all the same thing, if you have invoices, then Trucking  factoring is the way to get fast cash without having to take out loans or put yourself in a deeper hole.

Jason’s business continues to grow and Trucking factoring was a big reason why he was able to expand so rapidly. If your trucking business is short of needed cash with invoices that have yet to be paid, then you should consider Trucking factoring as a way to put money into your hands right away.

 

 

Just Some Of The Industries Factoring Companies Serve:

 Information about how Factoring Made  a Staffing  Agency  Dominant

 When a factor buys your invoices, the invoice factoring  agreement will take one of two forms: recourse or non recourse.

 oilfield services factoring companies

With recourse factoring, the receivable factoring company  holds the right to  get repayment from you if your customers fail to  pay off their invoice.  Simply put, if a factor is unable to  get the amount due on an invoice, he  might look to you to  repay any advance you  obtained. Recourse factoring  shields the factor from  pretty much any collection  issues.  Nonetheless,  in many cases, recourse factoring may be  very  appropriate.  As an example, if one of your customers has  sketchy credit ratings, a factor may  just  pay for those particular invoices under a recourse situation.

 

Non-recourse factoring, also,  says that the factoring company takes  total  accountability for the invoice-regardless of the  reality that he may or may not  have the chance to collect the amount due.  Generally, most  company owners  favor to  become part of non-recourse factoring arrangements  due to the fact that the receivable factoring company guarantees the  credit reliability of all invoices purchased.

 

factoring companies

 

We are currently providing invoice factoring services rnationwide including the following states: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho State, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, and Wyoming.

Factoring Companies Articles

An Oilfield Services Company Grows with Factoring

The smoke rose up in thick plumes and Jim Burton looked down in despair. His truck’s engine was done. Jim slapped the truck’s hood in frustration because he had a crew full of new welders out on a line and they needed some extra supervising. He had known the truck’s engine was dying long ago but he just thought if he kept making a few repairs that he could have it running a bit longer. There wasn’t anymore money left in the Burton Oilfield Services cash flow for a new vehicle. Everything had gone into buying the pneumatic trailers so they could jump into the thriving frac sand hauling business. It was a beauty but expensive.

 

Burton had kept the company small and just handled welding since the start, though a company was like a child and needed to grow. All over their area the frac business was booming so he spent his savings to feed his growing child because you can’t feed any family on the white paper that invoices are printed on. Now he had worries beyond a couple newbie wielders, buying a new truck could mean trouble meeting payroll at the end of the month. His crews couldn’t pay their bills with an invoice or wait out the 90 days for the hard cash from customers to come either.

 

At an Elks Lodge meeting, his buddy, Dan had mentioned using a factoring company to help his trucking company buy some new trailers. Dan was telling him about it because he had bought a pneumatic trailer too with the factoring money. There was always the fire of competition between the two men but Jim had to admit Dan had got onto something big before him. This factoring idea might work for his company too and he thought with a smile, it might give him something to brag about to Dan at the next Elks Lodge meeting.

 

So Jim hitched a ride back to the office with one of his crews. He heard a good report back about the new guys and then began researching factoring companies online. There was a wide array of companies to choose from. Some factoring companies were huge and also handled factoring for other industries. Some were small and only focused on oilfield services. Jim went with half and half. He called a few of the big companies and he called a few of the smaller ones. What he learned about factoring amazed him.

 

Well, he couldn’t believe it. No interest was needed to be paid, so he didn’t have to spend one single cent extra beyond the invoice amount to get the money. It was certainly a more attractive deal than a bank loan which was always the amount of money you needed and then the amount you had to pay in interest. No one asked him about his credit or did a background check into his or the company’s credit report. All they cared about was the reliability of his customers who he himself had already carefully checked.

 

There was little Jim loved more than being out the on the line with his crews. He hated being trapped in the office doing paperwork and he preferred the laughs with the guys much more the meetings with his administration. So it was a big bonus for him to have a large section of his office work taken over by the factoring company who offered credit analysis of potential customers, accounts receivable management, and much of his overall billing. Plus he was free to select which accounts receivable would be sent over to the factoring company so those accounts that were close business relationships could be maintained solely by Burton. Jim gained a great sense of comfort in knowing that the factoring company had already established a working relationship with many of his big name clients, so it was an easy transition to place most of his accounts receivable in their hands.

 

Once he had chosen a factoring company, all he had to do was to fill out an application that required having his secretary fax documentation and an accounts receivable report. The next thing he knew the factoring company was sending back a contract to sign and the price for his invoices paid promptly to Burton Oilfield Services. The money wired over was nearly 85% of his invoice. Some money had been saved as a reserve by the factoring company and would be reimbursed once the invoice was paid in full by the customers, but Jim had no worries. He trusted the customers that he had brought on board and knew he would be able to get that reserve back later. The core of the money was already in his pocket and ready cash flow for getting the things done that the company relied on.

 

Jim had the freedom to go after new work. All he had to do was to keep the invoices coming and the money would be there ready and waiting so he could bid for twice as many jobs as he had before he turned to factoring. Now he did not have to worry about where the money for equipment, men, or even the fuel for transport would come from for the new projects. Also he could hire more journeymen pipe layers and skilled welders for big automated welding projects or to become the leader in hand weelding. At the next Elks Lodge meeting, he would feel good telling Dan about the new cold bending machines he added on. One thing Jim really had longed for was to give his crews raises. They hadn’t had one in nearly a year and half. The union men had been on him but he honestly felt the crews deserved a bit more in their paychecks. Factoring was giving him opportunities that he had never thought possible. A freed up cash flow would allow his to continue his dream of growing his business and seeing it mature into the powerhouse that he knew it could be.

 

Factoring Steadies A Medical Staffing Firm

Justine Carmichaels looked from her computer as her head of marketing flew in through the door. He slammed a magazine down onto her desk. His grin went from ear to ear. Eagerly, Justine reached to take a look at the magazine and see what was the cause for such commotion. This reputable business guide had published a current listing of the best staffing companies throughout the nation. Quickly flicking to the list, she saw her company, Trinity Medical Staffing Solutions posted high in the under $99 million revenue column. Her grin grew quite wide too. She couldn’t believe choosing to use a factoring company could make all the difference.

 

In those years of the recent recession, Trinity Medical Staffing Solutions was barely pulling in any revenue. The problem caused by the recession wasn’t demand. It was supply as in the supply of fast payment for services. Although business was available for the staffing firm, the payment from clients had slowed to a snail’s pace and sometimes took as long as 3-4 months with lots of time and manpower allocated to collections. Also the downsizing of the recession didn’t hurt their industry so much as the boom in other medical staffing companies and the increased competition to find the best people for the right medical postings.

 

Cash flow was crucial. Times had gotten tight and their cash flow had become a drought. Justine had applied for three company credit cards over six months in order to pay for very basic essentials like website hosting and the utilities’ bills as well as embarrassing items to be without like toilet paper for the office bathroom. Credit cards would not cover the much larger expenses and incidentals.

 

To keep a good reputation in their network, Trinity kept the highest salaries on their payroll for any medical staffing company in their region. In such a skilled industry like medicine, you had to hire educated practical people who knew their worth and salary requirements. Payroll, payroll, payroll was the monthly drum. If Trinity couldn’t keep up the beat, then it couldn’t compete for the best medical professionals.

 

She had heard about factoring for other industries but would it work for medical staffing? Justine just couldn’t feel sure about factoring at that time so she went with the traditional approach and applied for a loan at a big bank. Her loan was denied. Then she went to smaller neighborhood bank and was denied again! It was the banks who were not knowledgeable about the medical staffing industry. The bank’s rates were lower but they were just not interested in loaning the funds needed for the Trinity to stay profitable.

 

In order for Trinity to stay afloat, Justine made the best decision possible for her company. She began interviewing factoring companies. Many of the representatives that walked in the door were professional but she liked best Jonathan who came in representing his own factoring company. He was professional and personable. He was interested in history and culture of Trinity Medical Staffing Solutions. He understood the medical industry and had a clear vision of how the firm’s needs. He was the sort of person whom Justine could trust to contact clients’ accounts receivable on the firm’s behalf.

 

Jonathan explained to her that he could use his expertise in the medical industry to properly vet her invoices though he knew many of her clients from experience and could tell her he had complete confidence in their ability to work together. Soon, in less than 72 hours, he would provide her with the upfront payments for her invoices and Trinity would have the freedom of a freer cash flow. Yes, she knew the factoring company would contact the medical centers for the accounts receivable but she was confident in the factoring company’s professionalism. Also Trinity Medical Solutions was able to keep some long-time clients’ invoices off the accounts receivable list for factoring. Those accounts receivable would only be in the Trinity accounting books. This type of flexibility was key in Justine’s decision making. Although she was happy to have the factoring company would take over the trouble of collections. In the future, by working with a factoring company, Trinity was able to cut costs from eliminating now unnecessary office staff positions, since accounting services were provided as well as some tax services.

 

Signing at Jonathan’s factoring contract changed the course of the staffing firm. The numbers just felt right. Trinity had always tried to keep their margins at 30% and the high payout of 90 percent of the invoice amount that the factoring company offered allowed for the company to even possibly expand those margins with readily available cash flow.

 

The firm had been quite successful in its push to recruit pharmacists and respiratory specialists to fill the shortage in various regions especially as the good reputation of the staffing firm spread and medical centers from across the country had begun making inquiries. Also when a terrible hurricane devastated the region, it created a great need for a wide range of medical professionals. Hospitals were in great need of temporary staff to provide additional care for the victims. The new depth of cash flow gave Trinity Medical Staffing Solutions the chance to rise to the occasion and fill those staffing needs promptly. Payment from the hospitals trickled in very slowly after the natural disaster especially as many hospitals waiting for emergency federal funds but that did not halt Trinity’s business efficiency as Justine had a reliable relationship with a factoring company.

 

Looking at the magazine cover, Justine saw companies like CompHealth printed in bold. Even though Trinity did not have the revenue of a firm like CompHealth yet, they had assuredly the best network of qualified nurses and other medical professionals. Justine stood proud knowing her nurses were consistently recommended and consistently asked to renew their contracts at hospitals throughout their region. And it was the same for the semi-retired physicians, therapists, and pharmacists who were brought on board daily. None of it would be possibly if it were not for the ease and flexibility of factoring. 

 

How a Troubled Nursing Staffing Company Survived with the Help of Factoring

 

When Greg Mckinley bought a nursing staffing company now called Loisa Mckinley Nursing Staffing back in the year 2001, he was full of hopes, dreams, expectations and positive plans for it. During the first years he handled it, he focused on one strategy and that is to focus on the quality of service provided to their customers and make sure high quality nurses are on board. He didn’t really pay a lot of attention on the expenditures. He continued increasing the top notch nurses he hired. On one end, this had a tremendous benefit and value to the company. The nurses were able to obtain higher renewal rates in the hospitals in the region as compared to other nursing staffing facilities. In turn, the company started to gain popularity all over the region. The company had been known for the excellent care provided by the nurses. In addition, the company focused on establishing a solid client base.

 

But his quickly-growing company was deeply affected by the recession as well as the bulging debt just to meet payroll. The first years were really good but the longer the company runs, the deeper the company gets into a huge debt mess. From the very beginning, they only had a payroll amounting to $500 every two weeks. But in the year 2006, their payroll has reached a hefty $50,000 every two weeks. Since he hired top caliber nursing staff, they also had a very huge payroll. At first, Greg thoughts this was okay because he wanted to only give high quality service to clients. However, this has worked badly for the company and now the company was in deeply in debt just trying to keep up with the payroll. Because the hospitals were not really able to pay them on time, usually 3-4 months late, the future of his growing company suddenly turned upside down.

 

It was too late before Greg saw how the company was running in terms of cash flow. The company was already in a state which can make it very difficult to continue growing or even to continue operating. Greg spent two weeks off from work to clear his mind and come up with a decision. He was not ready to give up on the company. As a young boy, he had always wanted to run his own company. It was the influence of his mother who worked as a nurse who made him decide to start operating a nursing staffing establishment. And he named it after his mother, Loisa Mckinley Nursing Staffing company. But there was just no point for him to continue operating it if only it would make his life miserable.

 

He had been applying for a loan from different banks but his loan requests were all rejected. The banks had very little knowledge and experience with nursing staffing companies and they would not help him. He didn’t know where to turn to.

 

During his 2 weeks vacation, he spent 3 days of it in a seminar for businesspeople. He made some friends but the person he could not forget for the rest of his life was named Ellie Hopkins, owner of Hopkins Medical Factoring company. After relating his problems with his company to Ellie, she assured him there was a way out. Ellie went on to explain her factoring company and how it has been helping medical staffing companies thrive in the industry.

 

It was the first time Greg had heard of factoring. So even after Ellie discussed how he could help his company and how they can work together as partners to bring Loisa Mckinley Nursing Staffing back to business and even work together to expand it, Greg had difficulty understanding and grasping the idea. He asked questions and Ellie had been so nice to give him all the answers he needed. Ellie gave him cd presentations and reading materials to understand how everything works. Ellie also gave him a contact number to reach him when he has made a decision.

 

Three days after they met in that seminar, Greg made a phone call to Ellie and decided to sign up for a factoring agreement. Because of the good track record of Greg’s nurse staffing company and its solid base of clients, Ellie and her factoring company did not hesitate to help them out. Ellie’s company, Hopkins Medical Factoring immediately made advance payments to Greg’s company for the invoices that was handed to them. He received about 91% of the total amount of the invoices.

 

Since they were good friends, Greg had a deal with Hopkins Medical Factoring that they will not be bound by a contract. Greg will be sending invoices to their factoring company as often as needed or as often as he wanted. Greg was so happy because Hopkins Factoring never runs out of cash. When he needs them to meet payroll and other obligations, cash flow is always ready.

 

Because of this, Greg had been able to continue operating his nursing staffing company. Instead of worrying where to get the money, he had the luxury to focus more on getting the job done, ensuring quality nursing care, having good relationships with the clients and with his workers and being the leader in the provision of quality nursing care to hospitals and clients in the entire region.

 

This has all been possible because of his partnership with the factoring company. He knew that without it, perhaps the company would have ceased operation a long time ago. He just loved it that Ellie, the owner of Hopkins Medical Factoring also serves as a good friend and business partner because she gives him advice on how to run his business and shows sincere interest in helping the company thrive and grow.

 

Because of the flexibility offered by the factoring company to his nursing staffing company, he had the ability to send and factor accounts or invoices whenever needed. Since then, there was never a time when Greg was late in making payments to his staff. Loisa Mckinely Nursing Staffing company continued to grow and expand and increase its number of workers and clients and up to this day is the number 1 nursing staffing facility in the region.

 

Greg knew all of this wouldn’t be possible without the help of factoring. His advice to those in business? “You should know when you need help and most of all, you should be wise enough to turn to the right help. Banks will only put you in more debt and they can not help you, if they do not understand your business at all.”