We Deliver The FUNDS
0.69% to 1.59%
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Invoice Factoring Company In Kansas
Accounts receivable financing is used by businesses to convert sales on credit terms for immediate cash flow. 1st Commercial Credit adopts a quick and simple approval process and expedites initial funding in 3 to 5 working days.
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Working With A Factoring Company Or Sinking Into Debt From Taking Out A Bank Loan?
Business owners in need of working capital will likely come up with two possible funding options: invoice factoring and bank loans. In order to find out which alternative is a better fit for your business, some due diligence and research have to be done beforehand. As every business is unique and has different goals and needs, multiple factors will influence and impact your decision. With this being said, there are two crucial elements to look at when making the decision: the borrowing costs and how quickly you need to access the funds. In terms of similarities, banks loans and invoice factoring have little in common, other than both provide cash to businesses.
An Account receivable loan, also known as Invoice factoring is a funding alternative that provides your business with immediate access to cash by selling your invoices to a third lending party at a small discount (factoring fee), which brings considerable advantages. Factoring isn't the same as borrowing money with a loan, as you won't owe the lending company any money, so there's no debt added to your business. Instead, you're using and selling an asset (your accounts receivables) to obtain cash.
On the other hand, when a business borrows money from a bank, it is usually in the form of a loan or a line of credit. You will need to pay part of the loan amount and interest until the loan is paid back in full with this type of financing. The downside with conventional loans is that they will end up adding extra debt to your business balance sheets, meaning they will cost more in the long run.
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Secondly, the approval process for this financing method is lengthy and time-consuming. With factoring, in contrast, you will be selling a valuable asset to gain the funds needed without incurring any debt. You will also have the flexibility to pick which invoices to factor in and how often. All of this will be dependent on your business situation and particular cash flow needs. Additionally, business owners will not be tied into long-term contracts. In summary, when comparing business factoring with traditional forms of lending, business owners realize that bank loans are often less advantageous in the long term and can actually cause them to pay more and add on liability to the company's balance sheet.
Our Programs Are Adapted To Help Different Industries in Kansas (KS)
Agriculture
Our agriculture factoring program is a unique financial tool for Kansas agribusinesses and involves account representatives specializing in meeting PACA's strict requirements.
Why Kansas Businesses Prefer Produce And Agriculture Factoring?
Produce and agriculture factoring continues to be used by many companies and has become an accessible and reliable financing method for agricultural businesses in Kansas. Many companies can benefit from agriculture funding, including farmers, retail, food processors, food manufacturing companies, food distributors, food packaging companies, shippers, suppliers, and more.
1st Commercial Credit is a specialized lending company that can provide working capital for your business just within a few days. Once your application is approved, we can finance the invoices and advance the funds within 24 hours or less. Immediate funds will allow you to receive payments today instead of being forced to wait a few weeks or months to receive payment from your customers.
Factoring companies that offer financing solutions to farm businesses charge a fee for accelerating this payment process. 1st Commercial Credit makes factoring an easy process and offers competitive financing rates ranging from 0.69% to 1.59%. Kansas offers many advantages to companies looking to expand or relocate. Kansas offers something for every business, starting with its central location to its highly skilled workforce and competitive incentive programs. On top of this, Kansas has a solid agricultural tradition, and agriculture contributes to the state's economy significantly.
Some quick facts about the Kansas agriculture sector are:
- #1 in wheat and sorghum production in the U.S.
- #3 in cattle production and beef processing in the U.S.
- 45+ million acres of farmland
- $4.8 annual agricultural exports
Kansas is a leader in grain sorghum, wheat, and beef production. The dairy sector is also rapidly expanding in Kansas, and other sectors of animal agriculture are experiencing growth as well. Additionally, farmers and ranchers across Kansas are working hard to respond to consumers' demands to raise healthy, wholesome food.
Agriculture businesses benefit from equipment financing
Agriculture equipment financing can dramatically impact any agribusiness’s income and cash flow. Business owners can buy the equipment, machinery, and tools needed to improve efficiency while preserving precious business cash reserves. Farmers will be able to acquire tractors, combines, calf feeders, manure spreaders, and more.
Agribusiness owners also majorly benefit from setting up a payment structure that allows them to match their monthly equipment payments with incoming cash flow.
Farming equipment up to date and in good working condition is crucial to running your operation. If equipment isn’t operating correctly, the entire process can be negatively affected. Late planting, for example, caused by not having the appropriate equipment can lead to a shorter growing season and lower yields. While equipment is necessary to any agriculture operation, it isn’t always affordable. When farmers need to replace or upgrade equipment on the farm, the best option is to consider farm equipment leasing or financing to save your business money.
1st Commercial Credit is an experienced lender offering agriculture equipment loans and financing to agribusinesses in Kansas. With our farm equipment loans, you will be able to enjoy competitive rates, flexible plans, and solutions customized to your business-specific needs. We also provide farm equipment leases to help you preserve capital, adapt to seasonal cycles, and run more efficiently with the latest equipment and technology.
What is a Factoring Company?
A factoring company (or accounts receivable factoring) converts invoices sold on credit terms to immediate working capital at a discount. It has become a simple, fast and easy way to access business cash flow. In comparison with a traditional bank loan, a company that factors receivables has a quicker approval process.
1st Commercial Credit is a factoring receivables company that specializes in evaluating accounts receivable and can make a prompt approval decision. The documentation requirements are not as lengthy, and the main requirement is that an applicant has invoices for work or orders that have already been satisfied. It also helps to have creditworthy customers. As long as a business has been in operation, meets revenue requirements, and is free of liens or legal issues, approval is likelier.
Manufacturing
1st Commercial Credit offers a line of credit secured by accounts receivable for Kansas manufactures experiencing working capital issues. Our factoring and accounts receivable lines of credit provide the utmost flexibility to help your company grow without having to pledge additional collateral. To approve financing, we focus on your customer's credit status and financial strength, not your company's.
Manufacturers and importers in Kansas are experiencing cash flow needs more than ever before. Crucial suppliers need to be paid, and customers are demanding longer credit terms. Our manufacturing clients experience the following:
- Cash flow needs for suppliers demanding payment before shipments.
- Duty Fees and logistics cost require an upfront cost.
- Customers want to pay past terms agreed to.
- Accounts Receivable becomes a significant asset that most lenders don't want to lend on.
There are many draws for manufacturers in Kansas, but leading among them are a highly skilled labor force and an infrastructure where innovation thrives. The manufacturing sector accounts for more than 11% of total state employment, with 165,700 Kansans working across all industries. With a rich history in traditional manufacturing and an infrastructure laser-focused on innovation in technology, materials, and process, Kansas is at the forefront of exciting advancements in manufacturing.
Global brands like General Motors, Newell Rubbermaid, Textron Aviation, Kubota, Ceva Animal Health, and Mars have all chosen Kansas for their manufacturing operations. Additionally, Reiloy USA, a German-owned company, is expanding its advanced manufacturing and is planning to invest over $20 million in machinery and a new building in Maize, Kansas. on top of this, Wichita, Kansas currently ranks high the following categories for manufacturing:
- #1 best city for manufacturing jobs
- #3 engineering hub in the nation
- #1 university for industry-funded aeronautical R&D (WSU)
- 600+ manufacturing firms
Factoring companies that offer financing solutions to manufacturing businesses charge a fee for accelerating this payment process. 1st Commercial Credit offers competitive financing rates ranging from 0.69% to 1.59% and factoring manufacturing companies is an easy process for us.
Many manufacturing companies come to us for equipment leasing
To remain ahead of the competition, manufacturing companies need to find a reliable and flexible lender that knows the industry and can provide leasing or financing plans to purchase equipment. Having the ability to replace and upgrade fabrication equipment and machine tools is crucial for any manufacturing business to compete in the marketplace and operate efficiently. To do this, having access to quick and appropriate funding is a must. 1st Commercial Credit has worked with the manufacturing industry for many years and has all the knowledge necessary to serve you better. We can provide various manufacturing equipment leasing and financing services with flexible terms customized to your company’s unique needs.
Need Funding For Your Company In Kansas?
1st Commercial Credit offers equipment financing that can be used on most types of manufacturing equipment. Using a loan or lease to obtain equipment gives business owners the flexibility to ensure they have enough funds to continue growing their operations. Equipment finance offers the best way to grow your company without significant out-of-pocket expenses. Working with 1st Commercial Credit will bring a lot of opportunities and benefits. We provide an easy and fast approval process, and we are proud to provide answers and funding within 24 hours. Our equipment leasing and financing plans will also bring an overall faster sales cycle and an improved cash flow.
We know that the manufacturing industry in Kansas is unique and has specific needs that are constantly changing; this is why we provide different types of loans and leases to fulfill the needs of all of our manufacturing customers. 1st Commercial Credit offers solutions to companies who have been rejected by traditional bank lending options and sometimes even other equipment lenders. If your company is looking for alternative financing to get new or used manufacturing-related equipment and machinery, 1st Commercial Credit is the solution.
We Factor Your Invoices Anywhere In The State Of Kansas:
About Kansas
Staffing Agencies
Staffing agencies operate in the business services industry in Kansas, and their mission is to connect workers with companies looking for temporary personnel. Staffing firms mainly deal with temporary and contract job positions, although this is not strictly the case for all. Staffing agencies will find temporary employees to fill jobs for companies that require staff for short-term assignments.
These job positions usually have vacancies available for different reasons and need a constant supply of employees. The staffing industry is crucial for Kansas' economy as it brings many people together with employers helping fuel and run businesses all across the state. 1st Commercial Credit has extensive experience funding the staffing sector in Kansas and offers payroll funding for staffing agencies every day!
Healthcare
The healthcare sector is another massive contributor to the well-being of Kansas' economy and we can offer financing for this sector with our healthcare accounts receivable factoring program. Healthcare is currently the region's 2nd biggest and fastest-growing sector. This industry requires a wide variety of skills, and the educational system in Kansas continues to do an excellent job in providing qualified personnel for the job needs of the industry. Healthcare is a powerful economic force and a key component of quality of life for millions of Kansans.
A new report by Kansas State University shows that hospitals and health care systems brought $14.4 billion in income and $25.7 billion in sales last year. The healthcare industry ranked 5th among all economic sectors in the state. Kansas hospitals have a total impact on state income of $9.4 billion, employing 86,324 people across the state. In the report, KSU researchers identify primary ways health care influences local economic development, concluding that health care creates local jobs, while attracting and retaining business and retirees.
While the economic impact of this sector is substantial, they are only a partial accounting of the benefits that health care and hospitals provide to the state. Kansas community hospitals help stabilize the population base, invigorate their communities and contribute immensely to the quality of life. Healthcare-related businesses in Kansas in need of cash flow solutions can turn to invoice financing companies.
One of the main challenges for businesses in the healthcare industry is the long time it takes to get paid. Most medical insurance claims can take anywhere from 30-90 days or more to be paid, creating a cash flow gap. This issue can affect healthcare businesses of all sizes. However, it significantly affects new companies and those growing at a fast pace.
Medical staffing factoring helps companies billing private Medicare, Medicaid, and insurance companies facing cash flow shortages due to slow payments. This financing alternative can be used by healthcare providers and medical professionals in all specialties. While the economic impact of this sector is substantial, they are only a partial accounting of the benefits that health care and hospitals provide to the state. Kansas community hospitals help stabilize the population base, invigorate their communities and contribute immensely to the quality of life. Healthcare-related businesses in Kansas in need of cash flow solutions can turn to invoice financing companies.
Can A Bad Credit Affect My Company's Factoring Application?
If your business doesn't have perfect credit or is too new to have a solid credit rating, obtaining traditional financing might be challenging. If bad or nonexistent credit keeps your company from securing funding, invoice factoring can help without adding debt. There are no credit checks with invoice factoring making it a very accessible financing alternative for business owners.
Invoice factoring is a financing alternative that allows business owners to build up cash flow with a fast and straightforward process. Factoring companies focus on your customer's credit strength, not your business or personal credit history. Cash flow shortages will no longer hinder business growth and other opportunities. You can turn your outstanding invoices into quick cash with invoice factoring, even if you have been rejected for a bank loan or line of credit.
Another benefit of factoring is that it can help business owners establish or rebuild credit ratings using the cash flow created by factoring services. The immediate funds you will have access to will help you stay on top of daily operating expenses and pay off existing debt. It will also improve your financial standing and allow you to take on new business opportunities and more significant contracts without worrying about not having sufficient funds to complete them.
Additional advantages of invoice factoring include free credit and background checks, invoice management and collections, and online reporting accessible 24/7.
It can be tough to qualify for traditional financing, especially for business owners with bad credit or new businesses with no credit history. This situation can be confusing when trying to find a solution that will meet your business needs. Many bank loans offering business funding will not lend to bad credit holders and, on top of that, will have ridiculously high-interest rates. Invoice financing, however, is an immediate business funding alternative for businesses in this predicament and one that doesn't require repayment, interest rates or adds debt.
Can A Bad Credit Affect My Company's Factoring Application?
Another benefit of factoring is that it can help business owners establish or rebuild credit ratings using the cash flow created by factoring services. The immediate funds you will have access to will help you stay on top of daily operating expenses and pay off existing debt. It will also improve your financial standing and allow you to take on new business opportunities and more significant contracts without worrying about not having sufficient funds to complete them.
Additional advantages of invoice factoring include free credit and background checks, invoice management and collections, and online reporting accessible 24/7.
It can be tough to qualify for traditional financing, especially for business owners with bad credit or new businesses with no credit history. This situation can be confusing when trying to find a solution that will meet your business needs. Many bank loans offering business funding will not lend to bad credit holders and, on top of that, will have ridiculously high-interest rates. Invoice financing, however, is an immediate business funding alternative for businesses in this predicament and one that doesn't require repayment, interest rates or adds debt.
