Factoring Services Oil Field Providers

At 1st Commercial Credit, we understand the unique challenges that oil field service providers face when it comes to cash flow. Like many businesses, your company must extend credit to customers on a Net 30 or Net 60 basis. While that is helpful to build your customer base, it leaves your company short on cash until the outstanding invoices are paid. We are a factoring company that offers immediate accounts receivable loans to the oil field industry and several others.

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The types of oilfield businesses that we fund include:

• Geophysical and seismic survey operators
• Drilling fluids manufacturers
• Drill rigs
• Lifts
• Geophysical prospecting equipment
• Pipes and pumps
• Production tools
• Valves
• Wellheads

This is not an all-inclusive list. We can still provide you with accounts receivable financing if you don't see your particular type of oilfield business.

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Improving Your Cash Flow is a Simple Process With 1st Commercial Credit

When you apply for a business loan at a bank, you are often in for a long wait. You are also required to produce tax returns, a company mission statement, a profit and loss report and many other documents to prove your credit worthiness. Our oilfield factoring company service providers takes a completely different approach. We evaluate the payment history of the customers that owe your oilfield service company money. All it takes is for you to provide each customer's unpaid invoices, name, address and proof of timely payments in the past. As long as your customers have a good track record, we will approve your factoring loan.

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We do need a few documents from you before we can forward your funds. These include:

• Your company's accounts receivable aging report
• A copy of your Articles of Incorporation filing
• Purchase orders or rate confirmation agreements

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Grow Your Business by Attracting New Customers

‍Accounts receivable funding provides you with 80 to 90 percent of the value of your invoices now and the remainder when the invoice is paid in full. We also deduct our fee at that time. The money from your factoring loan helps keep your oilfield services business running without interruptions from lack of cash flow. Another huge advantage to having immediate access to your accounts receivable is that your company can compete with larger businesses by offering attractive credit terms to new customers.