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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.
learn more1st Commercial Credit is familiar with the challenges that arise from running a business with cash flow issues. We are prepared and committed to help and advance funds based on the value of your invoices. You will meet your regular obligations and start to think about ways to expand your business.
An increasing number of business owners are discovering the many advantages of invoice factoring. The biggest one is immediate access to working capital, but other benefits are associated with this form of financing. Any business that has applied for a business loan through a bank understands how challenging and lengthy the process is, often taking weeks or even months for final approval and funding. Compare that to three or five business days when using invoice factoring, and it’s not surprising why many businesses are now using it as their preferred source of funding.
We can evaluate your accounts receivable with no obligation and show you how our accounts receivable financing program can significantly improve your company's finances. There is nothing to pay back with accounts receivable finance and no debt because it is not a loan, instead our funding program is designed as an ongoing receivable asset purchase.
The application process for financing receivables is straightforward and fast with 1st Commercial Credit. We have the complete application process online and your business can receive funding in a few working days. The whole process only takes three to five working days.
Is Your Business Eligible To Qualify For Receivable Financing?
Regardless of the size or time in operation, we can fund businesses by using their accounts receivable as collateral.
If your company has qualified outstanding invoices, 1st Commercial Credit can provide fast cash. We provide funding for any company, regardless of its financial status. We have successfully helped clients who have tax liens, and we have also helped companies that do not qualify for a bank loan of any kind.
What Is Accounts Receivable?
Accounts receivable is an amount owed to a company by a customer who purchased goods or services on credit terms. Accounts receivable are considered a company's assets.
How To Select An Accounts Receivable Factoring Company?
Accounts receivable factoring companies offer businesses an alternative to traditional bank financing. 1st Commercial Credit will purchase unpaid invoices and provide a significant advance, allowing your business to secure the funding you need for expansion, materials, payroll, and to cover daily operational expenses.
A factoring company (or accounts receivable factoring) converts invoices sold on credit terms for 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 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.
Why Do Companies Choose To Factor Receivables?
A factoring company converts your accounts receivable into working capital without creating a debt or liability. Decisions are not based on credit scores or collateral, so startups and companies who have faced previous cash flow challenges and have been turned down by banks can easily qualify for funding. 1st Commercial Credit is proud to offer low and competitive financing rates starting at 0.69% to 1.59%. The cost of factoring services includes immediate access to fast cash and working capital.
Included with this service, 1st Commercial Credit also offers:
Administrative Support — credit and background checks on clients, collections calls, and 24/7 online reporting.
A way to improve the company’s credit — if your company has a bad or poor credit score, using invoice factoring can help you improve it.
Financial flexibility — with invoice factoring, your company has the flexibility to decide which invoices you want to factor. No contract will bind you to the factoring company, so you are free to determine the length of time you want to work with them. Factoring won't add debt to your company's balance sheet, and your sales are the only thing that can limit funding potential.
Other Invoice Factoring Benefits:
You are not acquiring new debt — Instead, you can utilize the cash you should have collected from customers before they pay.
Use the factoring cash for whatever you need — Use the funds to cover payroll and other payments.
Use our factoring services as many times as you need — When a need arises, you can utilize the service without reapplying. Our financing program is flexible and grows along with the growth of your business.
Your credit score is not relevant for approval — We are simply freeing up your operating capital through invoice factoring, so there is no need to repay the funds.
You no longer need to chase your customers for payment — The factoring company will work directly with your customers to collect payment.
1st Commercial Credit is a factoring company in Massachusetts providing accounts receivable financing for staffing agencies, healthcare, construction, and many other industries in the state.
Massachusetts is currently home to over 7 million people. Its capital, Boston, has the top population rate of any urban center in the area. The key thriving industries in Massachusetts include the biotechnology industry, maritime trade, engineering, information technology, finance, tourism, and higher education.
One of the fastest-growing industries in Massachusetts is Information Technology, now claiming the highest per capita ranking nationwide in tech-related patenting, venture capital, and licensing. Massachusetts also has the #1 spot nationally in the high-tech research and development, testing, and life science industries.
The state's thriving network of medical labs, academic institutions, and biotechnology startups has drawn lucrative partnerships with major companies like Celgene Corp., Baxter International, and Roche Holding Ltd.
1st Commercial Credit is a company that factors receivables and can be the perfect financial partner your Massachusetts company needs to continue expanding and acquiring new projects. We have experience funding the Marine Trade industry as well as the IT technology and biotechnology sectors. We also provide financial solutions to Boston businesses and other cities in Massachusetts, such as Cambridge, Springfield, and Worcester.
The early payment terms offered to customers have existed for many years. It’s a prevalent practice for businesses to provide some financial incentive to motivate customers to pay an invoice earlier than in the given terms.
The problem is that customers often prefer to take the longer credit terms offer and leverage the business line of credit. Many account debtors can’t pay an invoice within days to take advantage of the early payment discounts offered.
The solution is to stop offering early payment discounts to customers and instead work with an invoice factoring company for your Massachusetts business. This will eliminate the waiting time and will provide your business with the consistent and reliable cash flow it needs.
Factoring companies will accept an agreement where the business owner can pick which specific accounts she/he wants to submit for funding as it is not required to factor all of the invoices. This is an excellent option for the business because it can sell its invoices and pay for a fee only when needed.
The manufacturing industry in Massachusetts is an industry that often struggles with extended payment terms and slow-paying customers. 1st Commercial Credit has extensive experience working with the manufacturing industry in this area and is familiar with their financial conflicts. We can facilitate finance solutions like accounts receivable lending and quick initial funding for manufacturing businesses looking to obtain payment today for their invoices.
In order to produce a product for a buyer, the manufacturer has to provide capital for materials, supplies, equipment, payroll, and the actual cost of production before actually receiving payment for the product. This situation can create cash flow issues for the manufacturer.
Unfortunately, a small business owner can't always qualify for a bank loan. Another disadvantage is that bank loans often can take a long time to process, even for an established business with an excellent credit score, before giving you access to the funds.
Factoring is vital to companies in the manufacturing industry because it involves an achievable, fast and straightforward process. You can apply and receive funds all in 3 to 5 business days.
1st Commercial Credit finances manufacturing businesses in Massachusetts every day. With factoring, your business will have fast access to the working capital needed to satisfy business expenses. Our clients use this money for whatever they wish, including replacing machinery, buying equipment, and securing materials.
Factoring is a constant and secure form of obtaining fast cash. It can be a short-term or long-term solution depending on your business needs. You also will have the flexibility to choose the invoices you want to send to 1st Commercial Credit. Your business will also have access to invoices and reports through our secure online platform 24/7. Our financing services also provide extra benefits and services free of charge, like credit checks on potential or existing customers and collections.
Invoice factoring acts as a type of small business loan that uses company receivables as collateral. Invoice factoring is a financial tool businesses can use to get quick cash on outstanding invoices when needed and not have to wait 30 to 90 days. This form of financing involves working with a third-party lender, a factoring company in Massachusetts in this case, that will buy outstanding accounts receivable. This form of financing is an asset-based lending program where a company's accounts receivable acts as collateral.
Benefits of invoice factoring:
Working with a factoring company in Massachusetts can bring more benefits than immediate access to cash. Some of the additional advantages a factoring relationship will bring to your business include no long-term contracts, no monthly minimums or maximums, and no debt is acquired. It also improves credit scores, gives you the ability to take advantage of supplier discounts, and provides 24/7 access to the factoring platform to upload invoices. Approval is also possible for those businesses with poor credit or those trying to build one.
Whether you’re beginning your business journey or have been in the game for a long time and need financial support to expand or improve your business, 1st Commercial Credit is here to help make that happen. We are proud to have funded many companies over the years that otherwise would have had a difficult time obtaining traditional funding. We can also assess your situation to understand your business-specific goals and needs better and provide the best financial solution.
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