New to Factoring?

For those who aren't familiar with factoring, it is basically a fast way to get cash to run your business.

Factoring is Not a Loan

When you send your customers an invoice, they usually have 30 days to pay you back. Factoring companies will give you the bulk of the cash up front, sometimes within 24 hours, and collect the payments from your customers themselves. Once the invoices are paid in full, you’ll get the balance left over, minus a small fee.


Factoring Doesn't Require Debt

Sounds simple enough – fast cash for your business – no loans, no debt.

So how do you go about choosing the best factoring company?

Not all of them are created equal. Not all of them will give you the same level of service you need to help grow your business.

Everyone claims they have the simplest rate structure in the industry, no long-term contracts, same day funding, no up-front fees, no monthly minimums or maximums, etc., etc., etc.

We also offer these same benefits, but we GO THE EXTRA MILE FOR YOU that other factoring companies don’t.

Here’s Why We Are The Factoring Company You Need For Your Baltimore Business

No other factoring company matches our level of superior service and offerings.


As you can see, we simply have more to offer you.

Other factoring companies don’t even compare.
Baltimore

And Not All Factoring Companies Can Say This:

More than half of our new business comes through client referrals.

Some of the benefits you receive with factoring are:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Information for the city of Baltimore

Baltimore is the largest city in the U.S. state of Maryland and the 26th most populous city in the country. It is located in the central area of the state along the tidal portion of the Patapsco River, an arm of the Chesapeake Bay. The independent city is often referred to as Baltimore City to distinguish it from surrounding Baltimore County. Founded in 1729, Baltimore is the second largest seaport in the Mid Atlantic United States and is situated closer to Midwestern markets than any other major seaport on the East Coast. Baltimore's Inner Harbor was once the second leading port of entry for immigrants to the United States and a major manufacturing center.

 

After a decline in major manufacturing, industrialization and rail transportation, Baltimore shifted to a service oriented economy, with the Johns Hopkins Hospital (founded 1889), and Johns Hopkins University (founded 1876), now serving as the city's top two employers.With a population of 621,342 as of July 1, 2012, Baltimore increased by 1,100 residents over the previous year, ending over six decades of population loss since its peak in 1950. The Baltimore Metropolitan Area has grown steadily to approximately 2.7 million residents in 2010; the 20th largest in the country. Baltimore is also a principal city in the larger Baltimore Washington metropolitan area of approximately 8.4 million residentsOnce a predominantly industrial town, with an economic base focused on steel processing, shipping, auto manufacturing, and transportation, the city experienced deindustrialization which cost residents tens of thousands of low skill, high wage jobs.

 

The city now relies on a low wage service economy, which accounts for 90% of jobs in the city.Around the turn of the century, Baltimore was the leading US manufacturer of rye whiskey and straw hats. It also led in refining of crude oil, brought to the city by pipeline from Pennsylvania.Baltimore's unemployment rate in July 2012 was 11%, and the 2012 closure of a major steel plant at Sparrows Point is expected to have a further impact on employment and the local economy. One quarter of Baltimore residents (and 37% of Baltimore children) live in poverty.The city is home to the Hospital.

 

 

Information for the state of Maryland

Maryland's economic activity is strongly concentrated in the tertiary service sector, and this sector, in turn, is strongly influenced by location. One major service activity is transportation, centered on the Port of Baltimore and its related rail and trucking access. The port ranked 17th in the U.S. by tonnage in 2008. Although the port handles a wide variety of products, the most typical imports are raw materials and bulk commodities, such as iron ore, petroleum, sugar, and fertilizers, often distributed to the relatively close manufacturing centers of the inland Midwest via good overland transportation.

 

The port also receives several different brands of imported motor vehicles and is the number two auto port in the U.S. A second service activity takes advantage of the close location of the center of government in Washington, D.C. and emphasizes technical and administrative tasks for the defense/aerospace industry and bio-research laboratories, as well as staffing of satellite government headquarters in the suburban or exurban Baltimore/Washington area. In addition, a number of educational and medical research institutions are located in the state. In fact, the various components of The Johns Hopkins University and its medical research facilities are now the largest single employer in the Baltimore area. Altogether, white collar technical and administrative workers comprise 25 percent of Maryland's labor force, attributable in part to nearby Maryland being a part of the Washington Metro Area where the federal government office employment is relatively high. Maryland has a large food-production sector.

 

A large component of this is commercial fishing, centered in the Chesapeake Bay, but also including activity off the short Atlantic seacoast. The largest catches by species are the blue crab, oysters, striped bass, and menhaden. The Bay also has overwintering waterfowl in its wildlife refuges. The waterfowl support a tourism sector of sportsmen. Manufacturing, while large in dollar value, is highly diversified with no sub-sector contributing over 20 percent of the total. Typical forms of manufacturing include electronics, computer equipment, and chemicals.

 

FAST MONEY FOR BUSINESSES THAT NEED IT. Don't wait long periods for a loan  

The idea with factoring is that, as your company grows, the funding of your customer invoices will grow with you. -Maryland Factoring Companies

 

 

DO YOU STRUGGLE WITH COLLECTIONS  

Maryland Factoring Companies Articles

The Best Kept Secret in Financial Services: Freight Bill Factoring!

 

If you're an existing owner of a trucking business, or perhaps you're planning on starting a trucking business, then you may be interested in Freight Bill Factoring. Freight Bill Factoring helps trucking businesses, both large and small, achieve their overall business goals; but before making any final decision you must fully understand how Factoring works.

 

Freight Bill Factoring has become very popular with trucking businesses and is often referred to as the financial backbone of the trucking business. If you're not familiar with Freight Bill Factoring, you may not know that factoring is a financing alternative for business owners: it gives them immediate access to additional financing capital they may otherwise not have access to. The process of Freight Bill Factoring is actually quite straightforward: it involves a factoring company purchasing bill of ladings at a discounted rate. This process is a win-win situation for both the trucking company who receives immediate funds and for the broker who pays for the invoices.

 

Freight Bill Factoring Is Not New!

 

Freight bill factoring is not a new idea; in fact, it has a long, rich tradition. Most civilizations that have engaged in commerce have also engaged in factoring in one form or another. For example, business relationships during the colonial period in North America were required to make cash payments in advance against Accounts Receivable in order for the business to continue with its commercial operations, prior to their users being paid for their goods. So, they were engaged in factoring!

 

Factoring Specialists Have Many Services to Offer

 

Of course, factoring has become a lot more sophisticated over the years, and today it's focused on financial management, credit worthiness, and on collections. However, the basic concept of purchasing Accounts Receivable has stayed the same. In addition, the modern factoring company of today can do a lot more than just funding: a factoring specialist can assist clients by evaluating and setting credit limits, verifying customer's credit worthiness, and professionally managing Accounts Receivable collections. Right across North America we see factoring companies existing in all forms and serving business sectors and industries of all types; and today, many large financial institutions even have their own factoring divisions. Generally, though, factoring companies are smaller, independently owned enterprises.

 

Banks Step Out as Factoring Steps In

 

Factoring has become very popular with trucking businesses because, as most business owners can verify, commercial lenders have become increasingly inflexible, with stricter regulations and ever-changing lending criteria. This inflexibility has forced both small and medium sized businesses to search for alternative financing sources, and this is where factoring has stepped in. Factoring is a simple, workable, solution-based process, providing an alternative for trucking businesses when traditional means of financing are not available. Factoring is proving to be a great financial remedy, particularly as banks and other lenders are becoming less friendly to small business owners.

 

Factoring Companies Operate Worldwide

 

The volume of factoring around the world has today exceeded the trillion-dollar mark! Factoring companies operate on every continent and, in the last four years, worldwide factoring transactions have increased by 60%. And that's why we say that Freight Bill Factoring is the best kept secret in financial services!

 

 

FAST MONEY FOR BUSINESSES THAT NEED IT. Don't wait long periods for a loan

 

 

Maryland Factoring Companies Articles

Bookkeeping for Freight Brokers and the Most Common Mistakes Businesses Make

 

A freight broker is either a company or an individual who effects the transportation of goods by pairing up shippers with transportation services. The freight broker is not only responsible for pairing reliable and authorized transportation carriers with shippers, but also organizing the shipping needs for various organizations. Besides matching shippers with carriers, a freight broker is also responsible for ensuring each and every piece of cargo reaches its destination - and in good condition.

 

In addition to these tasks, freight brokers are also responsible for maintaining accurate bookkeeping records, and those who fail to keep meticulous accounting records are likely to lose money in the long run. In this post we've detailed what we believe are the most common accounting mistakes freight brokers make, and ways in which they can be avoided.No. 1: Attempting to DIY Your Bookkeeping Can Result in Costly Errors

 

Whether you handle the books yourself or delegate this vitally important job to an unqualified employee or even a family member, DIY bookkeeping is seldom, if ever, a good idea. Yes, initially you'll undoubtedly save some money, but your inexperienced bookkeeper's errors can ultimately become very costly to your business and result in expensive financing terms, increased bond premiums, and other unnecessary costs.

 

We strongly suggest you employ the services of an experienced bookkeeper who's qualified to deliver accurate accounting records, which will ultimately result in fewer errors and the job being completed quickly and efficiently.

 

No. 2: Postponing Important Bookkeeping Tasks Due to Heavy Workloads

 

It's not easy running a business, and anyone who finds themselves in this situation understands only too well just how difficult it can be to find the time to complete day-to-day time-consuming tasks. It's imperative that things like reconciling credit card and bank statements be completed each month because it's only through these reconciliations that errors can be found; plus of course it's how you determine out how much credit or cash you actually have.

 

As tempting as it may be to postpone these tedious tasks, you must ensure that your credit card and bank statements are reconciled every month, ideally as soon as you receive each statement. Keeping on top of statements means you can quickly identify any lost checks, missing deposits, or fraudulent charges, and be able to handle any discrepancies in a timely manner.

 

No. 3: Failing to Track Receivables and Invoices

 

Your business depends on you getting paid, and you won't be paid if you're not regularly and properly accounting for receivables. The lifeblood of your business is cash, which means the success of your business is entirely dependent upon you accounting for receivables. To put it another way, if the period of time between paying your carriers and receiving payment from customers is unnecessarily delayed by poor accounting practices, your business cash flow is going to be very strained.

 

If you're time-poor and realize you simply don't have time to track and collect invoices, then invoice factoring is the perfect solution for you. For just a small fee your applicable invoices will be purchased by the invoice factoring company, but the best part about invoice factoring is that you receive immediate payment! No longer will you have the time-consuming responsibility of trying to collect payments, thus saving an enormous amount of office time: plus, it leaves you free to take care of your own job, which is handling the day-to-day running of your business.

 

No. 4: Overlooking Liabilities Can Have Disastrous Results

 

When a surety inspects your business records to underwrite a bond, one of their first and most important considerations is whether your assets are sufficient to cover your liabilities. It's difficult for inexperienced bookkeepers to understand the full implications of accurate record keeping and sometimes DIY accountants record a liability but once the payment is made they forget to reverse the liability. This is a serious error because it understates net income while overstating liabilities, which makes your business appear less financially stable than it actually is.

 

The only way to avoid these unnecessary accounting errors is to hire an experienced bookkeeper. It's always handy to have another set of eyes, whether it be a CPA or an owner, to regularly review the balance sheet and check for discrepancies in account balances.

 

No. 5: Miscategorizing or Creating Unnecessary Expense Categories

 

All too often we see inexperienced bookkeepers either creating unnecessary expense categories or wrongly categorizing expenditures, either of which can be a huge red flag. Generally, each industry uses a standard set of categories for expenses and failing to follow this set of rules can signal to a surety or loan underwriter that an inexperienced person is handling your books; meaning that they may not be well prepared.

 

It's really important that your business's accounting software is correctly set up, preferably with the help of an accountant or experienced bookkeeper. Additional expense categories should not be added unless absolutely necessary. If you have any queries about how to classify expenses, don't hesitate to ask for guidance from your qualified accountant or CPA.

 

No. 6: Submitting Invoices with Insufficient Details

 

Don't try to save time by skimping on invoice details. Your customers' invoices should have detailed information on each line item; for example, do you invoice per mile, by weight, or by piece? Is the charge a flat fee? If there are additional charges such as fees or reimbursements for fuel, these should be listed as separate line items. The only way to avoid any confusion is to ensure that charges are properly detailed on invoices.

 

The last thing you want is for your customers to complain about charges they don't recognize on their invoices; and missing information can cause much confusion, resulting in delays in payment. All of these problems can be prevented by ensuring that your invoices have complete, detailed, and accurate information. Don't create unnecessary problems by trying to skimp on invoice details.

 

No. 7: Not Learning or Understanding the Full Functionality of Your Accounting Software

 

Getting a business up and running can be very expensive and time-consuming, and many freight brokers simply don't have time to learn how to use their accounting software package to its full capacity. This is not a problem if all your accounting and bookkeeping tasks are being outsourced; however, if you're using the software in any way at all, perhaps even just for entering checks and running reports, we strongly recommend that you learn how to use all functions of your accounting software package.

 

You can save so much time and have easy access to real-time information on the financial status of your business if you have the right accounting software and you know how to use it correctly. Having this information at your fingertips can help you make the right decisions to grow your business.

 

 

 

 

 

 

Maryland Factoring Companies Articles

How Medical Staffing Helps The Medical Industry

 

Mary Henderson sat in her office, waiting for the phone to ring. Her job was a busy one, and she had stopped all her calls and shut her door five minutes before the phone conference was set to begin just to get some time for herself. The truth was she was stressed to her breaking point. Her company Med Staff needed to hire three new people to cover the demand of their clients. The problem was, they couldn't. They were short on funds.

 

Med Staff did temporary medical staffing. They employed LPN's, RN's, and a few others of the same ilk. Companies that needed nursing for a short amount of time paid Med Staff, and the nurses were sent over on short term contracts. Then they came back, and they were sent somewhere else.

 

A retirement home had contacted Mary two weeks ago, they were undergoing an expansion, and they would need temporary staffing until they could appoint permanent nurses to the shifts. Mary had known she didn't have enough people for this, but she took the contract on anyways, figuring she could hire people. There were always a number of nurses and technicians applying for work at Med Staff, and she knew it wouldn't be a problem to hire a few new people.

 

There had been a problem though. There simply wasn't enough money in the books to do it. The company was doing fine, but a quick expansion, even as small as three people, simply wasn't going to happen, not without help.

 

She had gone to the bank for a loan, but they had denied her. It seemed to Mary that the only people who could get loan money from a bank were the people who didn't need to do so. And then she had found something different, a website online about factoring. She had looked the site over, and set up the conference call.

 

The phone rang, she picked it up. "Hello?"

 

"Hi, is this Mrs. Henderson?" a cheery woman's voice asked over the phone."

 

"It is."

 

"Great! My name is Stacy, I'm going to help you today."

 

"Okay great." Mary said.

 

"I'm looking over the form you filled out, it looks like your company temporarily staffs medical professionals?"

 

"Yes," Mary said. "Nurses mostly."

 

"Great," Stacy said. "And if you called me, it means you ran into a snag."

 

"I took a contract to fill five places in an expanding retirement community. I have two people available but needed to hire three more. Unfortunately, we just don't have that kind of money in the books right now. We have a few outstanding invoices yet to be paid, but until they come in, there's nothing I can do."

 

"Do you know how factoring works?" Stacy asked.

 

"Not really," Mary admitted.

 

"Okay, well we don't look at your business credit, we look at your clients' credit. We know they have some time to pay bills, and we're interested to see if they can pay those bills. If they can, we become interested in helping you out, because we think all businesses should have a fair shot to make it, and sometimes things just don't work out."

 

"This is the first time it hasn't worked out," Mary said. "And it's hard."

 

"I know. I hear about it every day. The cool thing about my job is I get to help fix it. So what we do, if we feel secure in our ability to help you, is we buy a piece of your accounts receivable. We aren't just loaning you money, we're basically becoming active in your business. That is you get the money you need right now, but we have an assurance that we get our money back, later down the road."

 

Mary nodded behind her desk, even though the other woman couldn't see her. She had never heard of factoring before she came across the site on the internet, but the way Stacy explained it certainly made sense.

 

The call continued, with Mary giving the information that Stacy would need. She promised to get back to her within a couple of days, and then they hung up. Mary went on with her work, and a day and a half passed.

 

Mary was at her desk when he phone rang then. It was Stacy.

 

"Good news," she said as soon as Mary said hello. Mary couldn't help but smile as Stacy went on. "We're going to be able to help you out."

 

"You don't know how great it is to hear you say that," Mary said.

 

"Believe me, I do," Stacy said. "I get to say it more often than not, and I know that we're really helping good people, and good businesses."

 

"The bank, they couldn't do anything," Mary said, she felt salty tears stinging her eyes as they welled there.

 

"They aren't built to help people like we are. They just want as much money as they can get. We want money too, because it's a business, but if you don't succeed, we don't succeed, and it's also important to us that we help people."

 

"So what's next?" Mary asked.

 

"Well the real answer is I fax some stuff over for you to fill out and sign, but the fun answer is your business gets the help it needs, and you keep going to work each day. Well, not the weekends."

 

Mary couldn't help but laugh. "Believe me," she said. "I work plenty of weekends."

 

Stacy laughed as well, and then got the fax number she would need. Once again the women hung up and Mary let out a long breath as she sat back in her chair. She used a tissue to dab the tears from her eyes. She knew everything was going to be okay.

 

 

 

 

 

Maryland Factoring Companies Articles

Factoring Companies - Benefits

 

Factoring companies offer a wide variety of benefits to businesses. Factoring companies conduct financial business by allowing a business to sell its invoices to a factor (also known as a third party business or individual.) The price that the business charges is discounted in order to sell the invoices that are currently held, and make the cash that is immediately needed for any type of expenditures involving the business. A business that has immediate cash needs, but has no cash to pay for the expenditures that has occurred often ends up going under and eventually shutting down completely. This takes a lot of jobs away from people, and can leave you working for someone else, no longer running for your business. No one wants to take this large step down from the current place that they are in. A business owner has worked incredibly hard to get to where he or she currently is, and does not deserve to have their business become obsolete. This is where the factoring companies can be a huge help to businesses.

 

Invoice FactoringKeep in mind that factoring companies do not use the same process as invoice discounting. Instead, invoice factoring (also called the "Assignment of Accounts Receivable" by the FASB and GAAP) is the sale of invoices, instead of invoice discounting which involves collateral in order to ensure that the individual who took out the invoice discounting loan will pay it back. Factoring is not a loan; instead, factoring is the sale of invoices in order to get immediate cash. There is no loan in the process of factoring, and you will never have to pay the money back.

 

Since the invoices that are sold are also called receivables, the entire process of factoring is usually called the sale of receivables. Receivable factoring is much better than trying to take a loan out from the bank. Banks charge interest on any type of loan, and although there is usually collateral, it can put you in even more debt than you currently are. In addition, factoring companies are never going to give you a loan. When a factoring company funds your discounted receivable, he or she will choose to buy the receivable, giving you cash immediately. This cash can pull your entire business out of the hole that it is currently in. Instead of taking a loan out and getting yourself further into debt, factoring allows you to simply sell your own invoices and get back most of the money that you originally put into them. Although this may seem like a bad process since you are selling valuable invoices, it is important to do, as the invoices are completely useless if your entire business goes under. Instead of trying to take a loan out to keep all of your receivables (invoices) factoring companies benefit you directly by giving you the cash you need.

 

Benefits of Factoring Companies / Invoice Factoring / Receivable FactoringWhen you are in a bind and really need money in order to get through the next few months, it can be very troublesome. Although the first thought in most peoples' minds would be to visit the nearest bank as soon as possible and take out some kind of loan, this is very dangerous. Although the loan may hold your business over for the next few months, it is simply delaying the same money crunch you already had. Unless your business is making an incredible amount of money, the bank loan that you took out has increased in the price that you must pay bank. Interest on a bank loan is how the banks make money and survive. Many loans have a very high interest rate, and if you are unable to pay the loan back in a short amount of time, you are going to be in more of a money crunch than you originally were in. In order to pay back the loan, you would have to make a large amount of money in a very short time, which is unlikely if you needed to take out the loan in the first place.

 

Rather than bothering with bank loans that will inevitably put you back in the money hole that you were in when you took it out, factoring companies are available to help you. A factoring company is a place where businesses can place their invoices for sale at a discounted price, which will allow them to receive immediate cash. As aforementioned, this money does not need to be paid back, as it is not a loan. Keep in mind, you are not selling your business. You are selling invoices in order to keep your business growing. You will be able to get more invoices in the future when your business is back up and running, but if you do not sell these invoices, you will never be back up and running.

 

When you are in a money crunch, don't put yourself back in the money hole that you are in by taking out a bank loan. Utilize factoring companies in order to get immediate cash that will help you get back up and running without putting a loan on your business.

 

 

 

 

 

Maryland Factoring Companies Articles

Important Points to Remember When Choosing Your Factoring Company

 

Now that you've decided that factoring would be a solid business decision for your company, the next step is to find the perfect factoring company for you. Once you start looking you'll discover that there are many factoring companies (or 'factors') in the marketplace, and this is the perfect situation for you as a potential factoring client.

 

But it can also be confusing, because now you have to find the right factoring company to suit your business's needs. To assist you in making the right decision we've listed below the main issues that should be considered when choosing a factoring company.

 

Factoring Fees and Terms

 

Before making your final decision and entering into a factoring agreement, check out the fees applicable and the terms of the contract. Both of these can vary a lot, depending on the factoring company and the industry it's serving. When you start your research you'll discover that some factoring companies charge a flat fee: this fee is, in effect, a certain percentage of the total value of the customer invoices you sell to them; whilst others have additional charges to cover the general costs of doing business - such as, money transfers, shipping, collateral, and so on.

 

Ensure that the factoring company you're considering working with is transparent and upfront with you about its fee structure. In addition, you may want to consider a long term contract with your factoring company if it includes flexible rates or a price break. If you're receiving competitive offers from other factoring companies or you have increased factoring volume, you'll discover that many factoring companies will be prepared to adjust their rates. A one year contract is the industry standard for most factoring agreements. Generally, unless you give your factor a 60 or 90 day notice, your factoring contract will automatically renew.

 

What's the Difference between Recourse and Non Recourse Factoring?

 

It's important that you understand the difference between recourse and non recourse factoring prior to choosing your factoring company, because you need to know what the best fit would be for your company and your customers. So, with non recourse factoring, all of the credit risks for the collection of the invoice belong to the factoring company; while recourse factoring means that, with you being the client, you'll ultimately be responsible if the factoring company is unable to collect payment on your customers' invoices.

 

There are benefits to recourse factoring, and perhaps the main benefit is that it's less expensive than non recourse factoring. If you have a recourse agreement and the customer defaults on payment, it doesn't automatically mean that you'll be asked to settle the debt out of pocket. Generally, what happens is that the factor will hold back a portion of either future cash advances or payments being held in reserve, with the money being placed in an escrow account awaiting settlement of the debt.

 

Our suggestion is that you find a factoring company that offers both recourse and non recourse factoring, because not all of your customers will be good candidates for recourse factoring. An experienced factoring company working with a strong credit team can also behelpful in ensuring you're working with good customers: this will relieve some of the pressure of being stuck with bad debt.

 

Experience and Capital: The Two PreRequisites

 

Your company should be looking for a factoring company with experience in your industry, including the capital structure to fund your business as it continues to grow. Once you start researching factoring companies you'll discover that there are a lot to choose from; however, many of these are recent start ups with limited experience. Prior to signing any factoring agreement, do your research and look into the history and background of the factoring company concerned, especially its ability to provide financial services in your area of expertise.

 

The idea with factoring is that, as your company grows, the funding of your customer invoices will grow with you.Research the factoring company's client base and their capital structure. What's a typical account size? What's the factoring volume of their largest client? Is the factoring company limited to how many debtors it can handle? In general, factoring companies that have been serving your industry for many years will usually be able to offer your business the best deal.

 

Additional Factoring Services

 

There are many more benefits to factoring than simply increasing your company's cash flow. Because the factoring company will be handling the collection of your customer's invoices, your company will be saving time and resources. A good factoring company will also be able to evaluate companies in your industry and provide credit information. In short, your factor will ensure that you experience excellent customer service. You'll be matched with your own representative who'll be able to address any questions or concerns you may have about your factoring account.

 

So, when researching factoring companies, look for a factor who not only offers additional products but provides a high level of customer service that will help your business grow by assisting you in making smart business decisions.

 

 

 

 

 

Maryland Factoring Companies Articles

Growing Your Trucking Company Just Got a Whole Lot Easier

 

There's a lot of hard work and dedication involved in growing a successful trucking business, but perhaps above everything else a disciplined approach to making the right decisions and taking the right actions is required. The aim of this post is to help both small fleet owners and owner-operators accomplish these goals.

 

The three key steps to building your trucking business are to grow your fleet, find profitable shippers and loads, and the successful day-to-day running of your trucking company.

 

The 1st Step: Growing Your Fleet

 

You won't be able to grow your trucking company unless you have the right equipment. But, securing finance to purchase this equipment can be very difficult, and this is where many truckers run into trouble. Today, there are several financing options for owner operators of trucking companies, and even those with less-than-stellar credit are typically able to achieve some sort of financing.

 

There are two more-commonly used financing options - the trucking company either leases a truck or it gets a loan to purchase a truck. There are various ways of structuring leases and loans, and each option has its disadvantages and advantages. Your final decision will be determined by its merits, your objectives, and your available resources.

 

We strongly urge you to consult with a CPA with expertise in trucking when considering financing. It's true that a visit to a CPA could cost around $150, but not only will they help you determine your best option, they could also save you a lot of money in taxes. In fact, it's critical that you seek a CPA's advice if you're planning on growing your fleet. This is not an expense you should try to avoid.

 

The 2nd Step: Finding Profitable Shippers and Loads

 

Possibly the hardest part of running a trucking company is finding quality shippers and loads. Many owner-operators use a loadboard to find loads, and this approach does have its advantages. Perhaps the main advantage is that the loadboard allows you to match your equipment and preferred routes with loads. Unfortunately, though, loadboards are not financially worthwhile for truckers in the long term. To start with, loadboards are highly competitive, particularly for the most popular routes, which means you'll be forced to charge low per-mile rates. Now the trucking company must become very vigilant and ensure the load they're pulling will end up being profitable. The second reason using a loadboard is not viable in the long term is that your company doesn't get to grow relationships with shippers. This means you'll always be working with new customers, which can be a time-consuming process.

 

The best strategy for owner operators is to only use a loadboard as a starting point, but persist with making sales calls so that eventually you'll start building relationships with direct shippers. Statistics show that trucking companies with shipping relationships are earning approximately $20,000 per truck/per month; whereas trucking companies who rely on loadboards are earning approximately $10,000 per truck/per month. That's a big difference! As you can see from these figures, building good and lasting relationships with shippers can double your revenue. Therefore, the best way to grow your trucking business is to develop solid relationships with shippers.

 

The 3rd Step: The Day-To-Day Running of Your Trucking Company

 

All too often we see small fleet owners and owner-operators struggling with the day-to-day running of their trucking company. There's a lot of paperwork and related coordination that's involved in moving loads and running a trucking office can be very exacting and tedious. But, it's a necessary task and it's an important one.

 

If you're determined to grow your trucking company, it's critical that you employ both time-saving and money-saving processes. Managing a small trucking fleet is entirely different to managing a single truck operation. We strongly suggest you approach experienced truckers for advice and, providing you're not in competition with them, you'll generally find that small fleet owners are more than happy to share their expertise with you.

 

Managing Cash Flow

 

Managing cash flow can be a serious issue for trucking companies. It's fairly common for new truckers to experience cash flow problems when they first get into the trucking business, and the reason for this is very simple. Cash flow problems occur because most shippers settle their accounts in 30 days, 60 days, and some even wait 90 days. In the meantime, however, you've got your drivers to pay, fuel to purchase, machinery to repair, payroll to meet, and other necessities to take care of. The delay in receiving payments due to you can cause serious problems for any business that doesn't have a large cash reserve. Simply speaking, you run out of money, and without money your company will be stuck. Until such time as your shippers pay your invoices there'll be no more loads, no mechanical repairs, no meeting payroll, and so on.

 

How to Resolve Your Cash Flow Problems

 

Fortunately, there's a very simple answer to the question of cash flow problems. Today, many trucking companies are resolving their cash flow issues by factoring their freight bills. Freight factoring has become a popular way of financing new trucking companies because factoring provides trucking companies with an advance on their slow paying invoices. The result - no more cash flow problems! Now, instead of having to wait 30, 60, even 90 days to get paid, you'll be paid by the factoring company once the load has been delivered.

 

Receiving upfront payment on invoices gives trucking companies the money they so desperately need to cover the day-to-day running costs of their business, with money left over to grow their business. You'll also find that fuel advances are often offered by many factoring companies. This is an add-on feature which provides the trucking company with funding when they collect a load. These funds come in very handy for paying fuel costs and other delivery expenses.

 

 

 

 

 

Maryland Factoring Companies Articles

Invoice Factoring; The Best Way to Grow a Temp Staffing Agency

 

When temp agencies are struggling with cash flow problems they typically have two options; the first option is to apply for a business loan from a bank or other lender and hope they achieve a favorable result. Their second option is to use invoice factoring, so in this post we're going to discuss why invoice factoring could be their best choice.

 

Many businesses in many varied industries are discovering that invoice factoring is the ideal way of addressing cash flow issues, and this is also true for temp staffing agencies. In fact, it may be even more true for temp staffing agencies because these agencies don't receive payment from clients until such time as their job vacancy has been filled and the selected applicant has completed a period of work. It's not surprising, then, that temp staffing agencies often struggle with cash flow issues!

 

How Factoring Can Help Temp Staffing Agencies With Cash Flow

 

Temp staffing agencies are required to use their own finances to pay for the necessary advertising in order to place their job candidates. The client is only invoiced once the temp agency has located the perfect applicant and that person has actually worked, which can involve a long period of time before being paid. And when they are paid, they're often paid on a per-hour basis, determined by the number of hours the successful applicant has worked. In the meantime, the temp staffing agency still has its own financial obligations, like rent, payroll, advertising costs, office supplies, and so on. All these expenses must be paid by their due date, which can place an agency in a short-term (sometimes long-term) financial crisis.

 

Temp Staffing Agencies Must Meet Their Own Financial Responsibilities

 

Like any other business, temp staffing agencies can't postpone their own financial obligations, so they need access to money. Rent must be paid, utilities must be paid, and their employees need to be paid on a regular basis. All business offices require supplies and money must be available to advertise job openings, so it's understandable that waiting to be approved for a bank loan may not be a practical or even feasible option. These temp staffing agencies need access to money, and the sooner the better. That's why we suggest that invoice factoring may be the ideal solution for resolving a temp staffing agency's cash flow problem.

 

How Factoring Works for Temp Staffing Agencies

 

When any business decides to negotiate an invoice factoring program to generate instant cash, the business may, in many cases, secure up to 92% of the total value of their invoices within 24 hours! Note that if this is the first time the temp staffing agency has worked with a factor it could take between four and seven days to establish a factoring program. Either way, the agency's cash flow problems will be over, and they can proceed to conduct and grow their business.

 

Many temp staffing agencies are affected by cash flow problems, sometimes only occasionally, but we strongly suggest all agencies learn about factoring and how it works, just in case the need for immediate cash should arise. Invoice factoring has become a very popular financing option for many businesses, particularly those who need an urgent cash injection. Most times, money will be advanced within 24 hours once the agency has established a relationship with a factoring company.

 

Invoice Factoring is NOT a Loan!

 

Another bonus of invoice factoring is that it's not a loan. Basically, all the temp staffing agency is doing is accessing money that's already owed and payable to them. Factoring simply provides a means for the agency to access this money when it's most needed

 

Now, temp staffing agencies don't need to approach banks and other traditional lending authorities, hoping and praying they qualify for a loan. All that's required is for the agency to provide the factoring company with copies of the invoices they wish to sell, together with time sheets for each employee. Then, within 24 hours the agency will receive a cash deposit into their bank account. No more cash crisis! The temp staffing agency will now have funds to meet their regular financial obligations without the need to take on any further debt.

 

 

 

 

 

Maryland Factoring Companies Articles

Medical and Healthcare Factoring

 

Receive Payment Today! No Waiting Weeks for Reimbursement!

 

It's certainly no secret that Medicaid, Medicare, HMOs, Workers' Compensation, and other private insurers can take a LONG time to pay your invoices! But now there's good news for healthcare professionals! Now you don't have to wait weeks, sometimes months, to collect on your medical receivables. If you're a healthcare professional and you provide medical or healthcare-related services of any type, we're here to help you!

 

The Difference between Healthcare Factoring and Medical Factoring

 

Healthcare factoring and medical factoring are phrases that are often used interchangeably, probably understandably, but there is a difference between these two. The difference is that healthcare factoring applies when there's no third party payer involved, while a medical factoring company is used when there is a third-party payer involved.

 

Healthcare Factoring and Medical Receivables Factoring are available for the following healthcare providers -

 

- Group and Sole Practitioners
- Physical Therapy and Rehabilitation Facilities
- Hospitals
- Chiropractors
- Laboratories
- Durable Medical Equipment
- Medical Coding Services
- Medical Billing Services
- Medical Supply Companies
- Medical Staffing Companies
- Medical Transportation
- Medical Transcription Services
- Ambulance Providers
- Nursing Homes
- Imaging Facilities, such as providers of X-Rays, MRIs, CT Scans, and so on
- Home Healthcare Providers - both Medical and Non-Medical,
- And more!
Healthcare Receivables Factoring

 

Generally, healthcare receivables are associated with customers who are not third-party payers. Some common healthcare sectors include medical staffing companies, medical transcription services, medical billing and coding services, and medical supply companies. When these vendors utilize healthcare factoring they're free to enjoy the benefits of an almost unlimited line of credit - all based on the services they've provided. A simple explanation of factoring healthcare receivables is as follows-

 

- When work has been completed, the healthcare vendor will invoice their customer.
- These customers may include nursing homes, hospitals, medical offices, and so on.
- Next, the vendor will forward a copy of the billing documentation to the healthcare factoring company.
- Within 24 hours, sometimes even less, the factoring company will deposit money into the vendors bank account. The amount deposited will generally be around 85% of the gross value of the invoice.
- The factoring company handles collections on behalf of the vendor, and will retain 15% while awaiting payment.
- Once the invoice has been paid in full, the factor will release the 15% - less their factoring fee - back to the vendor.

 

Medical Receivables Factoring

 

- Regardless of whether you're billing Medicaid, Medicare, HMOs, Blue Cross/Blue Shield, or third-party insurance companies, we have the perfect factoring solution for you. When you start factoring your medical claims you'll achieve instant benefits by receiving upfront capital; while the factor may have to wait months for your customers to settle their accounts. A simple explanation of factoring medical claims is as follows-

 

- The healthcare provider submits claims to the third-party payer, as usual.
- A copy of completed paperwork is then submitted to the factoring company.
- Within 24 hours, sometimes even less, the factoring company will deposit money directly into the medical provider's bank account: the amount deposited will typically be around 85% of the net collectable value.
- Once the claim has been paid in full by the third-party payer, the factoring company will release the remaining 15% - less their factoring fee.

 

 

 

 

Maryland Factoring Companies Articles

Bookkeeping Mistakes Commonly Made by Freight Brokers

 

It's true that freight brokers shoulder a lot of responsibility; from matching shippers and carriers, to ensuring that each and every piece of cargo arrives at its proper destination. Freight brokers also have the added responsibility of accurate bookkeeping, because failure to prioritize bookkeeping can result in the loss of money.

 

Below we've listed some common bookkeeping mistakes made by freight brokers, and how to avoid them-

 

Handling the Accounting In-House

 

Many business owners try to save money by handling the books themselves, or perhaps delegating this very important task to a family member or an inexperienced employee. Sure, you may save time and money initially, but errors can be costly: when you attempt DIY accounting you could well end up with more expensive financing terms, higher bond premiums, or a number of other unforeseen expenses. It's very important that you hire a competent bookkeeper because, not only will you save money, but you'll know that the job will be done accurately, quicker, and more efficiently.

 

We understand only too well that running any business is time-consuming and hard work, and many freight brokers are simply too busy doing their day-to-day tasks to focus on bookkeeping tasks, such as the monthly reconciliation of credit card accounts and bank accounts. It's through reconciling statements that you get a clear idea of how much credit or cash you actually have, and you can also pick up on any errors that may have occurred.

 

It can be so tempting to postpone this rather tedious task, but the truth is that your credit card statements and bank statements must be reconciled every month, preferably the moment each statement becomes available. In this way you'll be able to identify any potential problems in a timely manner; problems such as lost checks, missing deposits, fraudulent charges, and so on.

 

Failing to Track Invoices and Receivables

 

You're not going to get paid if you're using poor accounting practices with your accounts receivable. Let's face it, getting paid equals cash, and cash is the lifeblood of every business. An experienced freight broker understands that your cash flow can be strained by the delay between when you pay your carriers and when you receive payment from your customers. If you're finding that tracking and collecting invoices is taking too long, why not consider invoice factoring? An invoice factoring company will purchase your invoices for a small fee, with the bonus being that you get paid immediately, plus you're spared the time and expense of having to deal with collections.

 

Don't Forget Liabilities

 

One of the major considerations a surety has when looking at your business financials in order to underwrite a bond is whether you have sufficient assets to cover your liabilities. Many times we see an inexperienced bookkeeper recording a liability, but when the payment is made they forget to reverse the liability. This is a serious error because it results in liabilities being overstated and net income being understated, which makes your business appear to be less financially secure than it really is. These serious errors can be avoided by employing the services of an experienced bookkeeper. We also recommend that you have another set of eyes (which may be an owner or a CPA) regularly review the balance sheet to check for unusual account balances

 

Too Many Expense Categories

 

Another common error we often see with inexperienced bookkeepers is creating too many expense categories, or miscategorizing expenses. Generally, most industries and businesses have a standard set of expense categories, and when a loan underwriter or surety sees too many categories, or the miscategorizing of expenses, it stands out like a big red flag. It tells them that your books are not well prepared. Use an accountant or experienced bookkeeper to correctly set up your accounting software right from the beginning, and don't automatically add new expense categories unless careful consideration has been made. Remember to ask your accountant or CPA for advice, because they'll be able to guide you on how to classify expenses.

 

Incomplete Information on Invoices

 

It's very important that, when you invoice your customers, you provide sufficient detail on each line item. Do you invoice by weight, per piece, or per mile? Or is the charge a flat fee? If there are additional charges to invoice, such as reimbursements for fuel or fees, these should be listed as separate line items. In addition, these charges must be clearly and accurately detailed in order to avoid any confusion. When you send invoices to your customers that include clear and concise details, it prevents pushback from your clients. If there's missing information on your invoices and your customers are confused by unrecognizable charges, it could well cause a delay in payment, which is the very last thing business owners need.

 

Not Understanding the Functionality of Accounting Software

 

Many freight brokers purchase an accounting software package because they're anxious to get their business up and running, but they fail to learn how to use it correctly. This is probably not an issue if you're already outsourcing your accounting and bookkeeping tasks; but if you're using this software in any way at all, perhaps to enter checks and run reports, it's important that you spend some time learning how to use all the available functions. When used correctly, the right accounting software can save you a lot of time, in addition to providing real-time information on the state of your business. It's this information that helps you make important business decisions!

 

 

 

 

 

 

Maryland Factoring Companies Articles

Explaining 'Factoring'

 

A 'Factor' is a third party commercial financial company who purchases the Accounts Receivable from businesses: this transaction is known as 'Factoring'. Factoring exists so that businesses can receive a quick injection of cash, as opposed to waiting the 60 or 90 days for customers to pay their invoices. Factoring is also known as Accounts Receivable Financing, and Invoice Factoring.

 

The majority of factoring companies purchase invoices and advance money to the business within 24 hours; however, the nature and terms of factoring can (and do) differ among financial service providers and industries. Depending on your customers' credit histories, your industry, and other specific criteria, the advance rate on your invoices can range from 80% to as high as 95%. The factoring company not only collects on your invoices; it also offers back office support to your business.Once the factoring company has collected on your customer's invoice,you'll be paid the balance of the invoice - less the factor's fee for assuming the risk. The primary benefit of factoring is that businesses no longer need to wait anywhere between one and three months for a customer to pay their accounts: they now have access to cash in hand so they can operate and grow their business.The Advantages of Factoring

 

There are a few reasons why factoring has become an invaluable financial tool for many businesses, including start ups. As mentioned above, the main benefit is that businesses can now receive a quick boost to their cash flow because factoring companies, in general, will provide cash on accounts receivable within 24 hours. This resolves the problems businesses experience with short term cash flow, and in many ways this injection of cash can help to grow a business. Besides handling your customer collections, factoring companies can also evaluate your customers' payment and credit histories.Other benefits of factoring include:

 

' It can be customized to a business's needs and managed to ensure that capital is available when it's needed;
' It's not based on your own business or credit history: it's based on the quality of your customers' credit;
' It's not based on your company's net worth: it provides a line of credit based on sales;
' There's no limit to the amount of financing, unlike conventional bank loans;
' This financing will not show up as a debt on your balance sheet, because it's not a loan.
Who Uses Factoring?

 

Companies of all different sizes, including start ups, use factoring; and today factoring has become common business practice across many industries. Factoring is now widely used in the transportation industry, including manufacturing, textiles, trucking, oilfield services, wholesale and distribution, and staffing agencies. Interestingly, factoring receivables is practiced in many countries around the world and has a long history of success.

 

Can I Factor? My Company's New, with No Financial History

 

Yes, you can! In fact, factoring has become an excellent tool for start up companies because no company credit history or balance sheet is required. It's not really your company's finances that the factoring company is concerned with; they'll base their financing on your customers' payment histories and credit scores.

 

What Percentage of My Invoices Should I Factor?

 

The answer to this question really depends on the unique needs of your business. Some companies only factor invoices for customers who typically take a long time to pay, while others factor all their invoices. The receivables that a company can factor range anywhere from a few thousand dollars to millions of dollars each and every month.

 

What's the Difference between Factoring and a Bank Loan?

 

' The difference between factoring and a bank loan is that you're not assuming any debt with factoring because it's not a loan;
' With factoring, there's no emphasis on your balance sheet - it's all on your customer's invoices;
' In addition, a bank loan is typically one lump sum, whereas factoring provides a steady flow of funds;
' Factoring companies can also help improve your company's balance sheet by assisting with your credit and collection functions;
' A bank loan adds to your debt, whereas factoring converts receivables (an asset) into cash (another asset);
' And of course, bank loans can be very difficult to get because they're limited by your balance sheet.
How Do You Start the Factoring Process?

 

The factoring process can be very simple to set up. The customer will be asked to complete a short application form, and may be required to follow up with other reports and documents.

 

Recourse and Non Recourse Factoring: What's the Difference?

 

' With Recourse factoring the client is ultimately responsibility for the payment of the invoice; whereas
' With Non Recourse factoring, the factoring company accepts responsibility for the risk of collecting the invoice.It's important to note that some factoring companies over offer both types of factoring - recourse and non recourse.

 

What Are the Contract Terms and Fees Applicable with Factoring?

 

There are different fee structures with different factoring companies: some factors charge an overall factoring fee which is determined by the creditworthiness of your customers and the monthly volume of invoices; while others charge additional fees to cover shipping, money transfers, and other costs associated with doing business. Before signing with any factoring company make sure you understand the fees and terms applicable to your contract. Also note that most factoring contacts are renewed annually.

 

Do I Need Credit Insurance on Debtors?

 

Insurance is not typically required, but in specific circumstances it may be.

 

 

 

 

 

Maryland Factoring Companies Articles

Oilfield Services Factoring Services

 

Running a company in the oilfield services industry is no easy business, especially with payrolls to meet, equipment to purchase and deadlines that must be met. The sheer complexity of combining the geological research and modeling, imaging and exploration and finally the drilling to see whether oil is really present can take a lot of investment before any payoff can be seen.

 

For those who own a Frac Sand Hauler for example, the efforts that must be put in to start such as business can be considerable. But arguably the biggest challenge is paying the expenses as the invoices come in. A Frac Sand Hauler often has expenses that must be met immediately, but their invoices can take up to 60 days before they see the money.

 

What follows is an interview with Ray McClerand, a man who owns a Frac Sand Hauler business and ran into the same difficulties that many new companies of his type face. How Ray overcome some of the challenges in paying his bills through oil service factoring are explained in the interview.

 

"Welcome Ray, I'd like to know first why you decided to start up a Frac Sand Hauler company and how you prepared for the challenges it created."

 

Ray McClerand (RM): "I've been in the oil business for the past 15 years or so working on different jobs from roughneck to foreman to deskwork for different companies. A few years ago I saw the potential of having a Frac Sand Hauler business in this area and got together with a couple of partners to create a company. We sat down, went over the details and decided that this would be a real good time to build a business that was serving a particular need in this industry."

 

"So, I take it you created a business plan and took out the appropriate loans in order to purchase the equipment and hire the personnel necessary to get your company started?"

 

RM: "Exactly. Because I had been around this business for a while, I understood what was needed in terms of personnel and equipment. Plus, I had some contacts with others in the business that needed the type of services that a Frac Sand Hauler provides, so I felt that there was some real potential to make a profitable business work."

 

"How did it go over the first six months or so?"

 

RM: "At first, we were really thriving as my contacts had lined up some business my way. Our loans covered the first six months or so of operations and we were doing quite well with the business we had. My partners and I were certainly happy and everything was going good when something really strange happened."

 

"Could you elaborate on what you mean by "strange"?

 

RM: "Yes, after the first five months or so I started getting requests to have our company work with several other businesses in the area. This would mean having to expand our company through buying new equipment and hiring more people. But we did not have the cash on hand to make such a move. We were getting invoices from the businesses that we worked with, but it was taking up to 2 full months before we actually got the cash."

 

"So, you were making enough money to expand, but you didn't have it on hand because of the invoice system?"

 

RM: "You got it. Add to that our initial money from the loan was running out and we needed to start paying it back as well. I knew that if we didn't expand and accept the new business that others would step in and we would lose that money. So, we were in a real pickle until I heard about oil service factoring companies."

 

"Tell us a bit about oil service factoring and how it helped you out?"

 

RM: "Well, one of my partners had heard about factoring companies, so we checked it out and decided to go with one that was best suited for our needs. A factoring company buys our invoices with cash so we have money on hand to pay our bills and do what we need accomplished immediately. The factoring company then collects the money from the invoices when they become due. It's really been a win-win for what we do."

 

"That's interesting. I wonder if you could you explain a little further just how factoring has helped your company?"

 

RM: "Sure, instead of having to wait up to 60 days before we could collect on the invoices, we were able to have the cash on hand immediately to purchase some new equipment and hire some more people to expand our business. This meant that we could accept the new offers that other businesses were providing for us and not having to pass. I cannot say enough about how factoring really benefitted us when it came to expanding our business."

 

"So, it seems like factoring really paid off for you. Do you still use factoring today?"

 

RM: "Yes we do. Although for the most part we still cash our own invoices, whenever we need money quickly so we can buy some new equipment or expand our business a little further, we go back to the factoring company and cash in our upcoming invoices. It really has worked wonders for our company."

 

"Tell me, what would have happened if factoring was not an option?"

 

RM: Frankly, I don't know how we could be in the position we are today without factoring. In this business, you have to take advantage of new opportunities quickly because there are other companies out there who will step in if you don't. Basically, I don't think we would be anywhere near the company we are today if it had not been for factoring.

 

There is little doubt that Ray's company would not be where it was without oil service factoring that allowed him to expand his company when he needed. For those in the oil industry, having your invoices cashed immediately by factoring companies allows greater flexibility so you can grow your business a lot more quickly and take advantage of opportunities.

 

 

 

 

You Can Find More Information at  https://recruitmentandstaffing.org/
and at www.discountfactor.org

Call Us Today at: 1-866-593-2195

 

Watch our Factoring Company Video below to see how we work for you.

 

 


 

Get CASH NOW for your outstanding receivables.

 

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