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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 moreIn Boston, invoice factoring, or accounts receivable factoring, is an optimal cash flow solution available to most small and medium-sized businesses.
The factoring advance is a percentage of the invoice value that a factoring company will pay you upfront at the time of the receivables sale. This amount is not the final amount for the purchase of the invoices, as you will get the remaining balance after a factoring fee is deducted when the payments come in from your customers. The advance percentage can vary depending on the factoring agreement and the factoring company. Typically it ranges between 75 and 95% of the receivables' value.
When a company sends their unpaid invoices to a factoring company in Boston, they will be forwarded quick cash in a few working days. However, because it's unlike a bank loan, your creditworthiness does not determine the amount of money that will be available to you.
Every day, we receive inquiries from medical and nurse staffing agencies looking for ways to obtain a receivable-based credit line. Medical staffing factoring services in Boston are considered reliable for businesses to access reliable cash flow to fulfill payroll obligations. In addition, prominent medical industries and many other suppliers selling to large companies need our services to close the cash-flow gap.
What are the requirements to obtain healthcare receivables-based financing?
Asset-based finance companies (also known as factoring companies) specializing in healthcare receivable financing will base their decisions on a few factors. The first thing that is evaluated is the net realized value (NRV) of the company's receivables to establish the quality of the receivables that will be considered for the borrowing base. This evaluation is crucial as it will also determine the advance rate.
The second thing that will be conducted is a third-party payer analysis and compliance review. Since the factoring company will take the receivables as collateral, this review will identify clinical liability issues that expose the client and the finance company regarding the receivables. In addition, the factoring company will evaluate things like the verification of licensing, a review of current surveys, and payment frequency for each payer class.
Factoring companies are usually more flexible than asset-based lenders because of the nature of the collateral. Factoring companies focus on the quality of eligible receivables and competency within the client's billing department. Funding decisions are not based on a balance sheet that may show significant fluctuations. However, as long as it can provide proof of profitability, the factoring company may still go forward with funding the client.
Healthcare providers are choosing receivables financing as a funding solution to fund their growth. Receivable-based financing gives access to a predictable cash flow in an unpredictable payment cycle industry. 1st Commercial Credit provides invoice factoring and receivable financing to medical staffing agencies nationwide.
Manufacturing factoring is a simple financial solution that involves selling a company's outstanding invoices to a factoring company for a cash advance. 1st Commercial Credit is here to provide financing services to manufacturing businesses in Boston.
The minimum criterion to qualify for our invoice factoring includes filling out a 2-page application form, having invoices for work or orders already satisfied, and having creditworthy customers. 1st Commercial Credit specializes in offering the best supply chain finance solutions to all industries. Our process is quick and straightforward. We make same-day decisions, offer customized rates, and accept low credit scores.
Manufacturing Factoring Process with 1st Commercial Credit:
1st Commercial Credit's invoice factoring services and accounts receivable loans provide the best flexibility needed to enhance a company's capacity to grow without pledging collateral. We base our approval decision on your customer's financial strength, not your company's. Crucial suppliers need to get paid, customers require longer credit terms, and 1st Commercial Credit can help make that happen.
Companies in Boston struggling with cash flow and other financial issues come to 1st Commercial Credit for a financial solution. We are an invoice factoring company in Massachusetts, providing funding for companies in Boston for many years. We have the industry knowledge and experience necessary to fund a variety of industries. In addition, we fund temporary staffing agencies and provide competitive financing rates.
Our receivable factoring services permit our customers to offer credit terms to customers without running into cash flow shortages. In addition, we provide fast funding, flexible approvals, affordable rates, and other financial solutions that help grow businesses.
Having a simplified and attainable option for getting cash is the biggest benefit. Factoring is not the same as other forms of traditional lending. We will determine your credit eligibility based on your buyer's credit quality, not your company, meaning you can still qualify for funding even with a low or bad credit score.
An accounts receivable factoring service converts invoices sold on credit terms for immediate working capital. It has become a simple, fast and easy way to access business cash flow. 1st Commercial Credit is a factoring company specializing in evaluating accounts receivable and making a prompt approval decision.
Having the right equipment may be instrumental to your plans to grow your business in any industry. Buying new equipment or upgrading an existing one presents a challenge to your cash flow. If you don't want to empty your cash reserves but need equipment for your business, 1st Commercial Credit may have the solution. Equipment financing is the perfect way to get the equipment and tools you need while growing your business.
1st Commercial Credit is an experienced lender providing an array of financial solutions to businesses in Boston. Equipment financing in the form of an equipment loan or lease can positively impact and change the direction of a business's future. The financed equipment will be used as collateral for the loan, and some lenders may not require a down payment. These conditions mean you don't have to tie up any business or personal assets to qualify for financing.
Equipment leasing is an option where business owners can "rent" the equipment for a determined time and make monthly payments. At the end of the lease, the owner will have the option to return, buy, or extend the lease. This alternative is highly advantageous for businesses that need to replace or upgrade equipment frequently and don't want to deal with depreciation. Qualifying for either financing option is typically more accessible than other business loans with banks or credit unions.
In some cases, specialized lenders will approve financing for companies with a low credit score if you can show the lender steady cash flow and revenues. Terms and requirements will vary depending on the lender, but loan terms typically range from 1 to 5 years, with borrowing limits of $10,000 to $15,000,000.
In addition to being flexible, equipment financing can also be faster than many other types of funding. Funds can be received within 24 hours, allowing you to acquire the equipment quickly. Now that you know what equipment financing is and how it works don't hesitate to contact 1st Commercial Credit to understand how our services can help your business.
Boston is the region's hub and capital city of Massachusetts. It is home to over 600,000 residents, many successful corporations, world-renowned higher education institutions, some of the finest inpatient hospitals, and numerous professional sports and cultural organizations. In addition, millions of people visit Boston each year to take in its historic sites, diverse neighborhoods, cultural or sporting events, and attend functions in one of Boston's convention centers.
A key sector in the Boston economy is its transportation. Its ability to transport workers, residents, and visitors efficiently and safely to their intended destinations is a considerable advantage Boston has. In addition, it can transport people in the city and throughout the region. Other crucial industries in Boston include higher education, healthcare, and financial services. Boston's 50 largest private employers in 2010 show that 80% are involved in these critical sectors.
Boston is the home of 34 universities, colleges, and community colleges. Some of the finest educational institutions in the country are in Boston, including Boston College, Boston University, and Northeastern University.
Boston is one of America’s oldest cities and has a rich economic and social history. The community eventually evolved into a center for entrepreneurship and innovation and social and political change. Boston is the central location for tourists and entertains many types of visitors each year. This city offers historical sites, museums, sporting events, restaurants, theatre, and business conventions.
The Boston Convention and Exhibition Center (BCEC) is located on a 60- acre site in South Boston and contains 516,000 square feet of contiguous exhibition space and is designed to accommodate larger conventions. This facility and new hotel projects in the city have given a significant push to Boston’s economy.
1st Commercial Credit has extensive experience providing accounts receivable factoring services to Massachusetts and its cities including:
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