We Deliver The FUNDS
0.69% to 1.59%
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A Factoring Company Funding Yonkers, New York
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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We Make Financing Easy For Yonkers Businesses (3 Easy Steps)
Invoice factoring, commonly known as accounts receivable factoring, is a debt-free financing solution used by businesses in Yonkers that want to take control of their finances. Instead of waiting weeks or months for customer payment, invoice factoring companies immediately pay you for your open invoices. Although the process is relatively simple, many business owners benefit a lot from a short explanation of how factoring works and how to begin, as it helps them make a more informed decision. In summary, the factoring process involves 3 main steps:
- Get a quote: choose a reliable factoring company with experience in your sector that can provide the tools to meet your business needs.
- Send invoices: once you set up an account with a factor, you will sign a contract and select which invoices you want to factor in.
- Receive cash: when the factor receives and verifies the invoices, it will send you the immediate cash you need of up to 96% of the invoice's face value.
When all this happens, the factoring company will collect directly from your customers. Once full payment is received, the remaining percentage of the invoice is sent back to you, minus a factoring fee. There are many companies offering factoring to New York businesses, but you want to be sure to find one that is right for your business needs.
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Be sure to have these items in mind when selecting a factoring company in Yonkers.
- How long has the factoring company been in operation?
- Do they offer recourse or non-recourse factoring?
- Do they have previous experience working with your sector before?
- What is the contract length?
- Are there minimum and maximum amounts of invoices you can factor in per month?
- Are there any hidden or upfront fees?
- Do they offer complimentary back-office support such as collections and accounts receivable management?
Companies in various situations turn to invoice factoring. Ultimately, everyone's goal with invoice factoring is to improve cash flow. Whether your company can't afford to wait for customer payment or a bank turned you down, invoice factoring will help you take control of your business finances, so you have the cash at hand to operate and grow. If you could use cash for your company sooner than your invoices are being paid, 1st Commercial Credit can help. We are among the top factoring companies in the nation for financing companies with competitive accounts receivable financing rates.
For more than 18 years, we've helped companies operate and grow. If you want to learn more about our services or want to get started today, contact 1st Commercial Credit for a free, no-obligation factoring consultation and quote.
1stCC Understands The Healthcare Industry And Can Help You Receive The Funds You Need
Our funding provides financing for various healthcare companies, including physicians, dentists, x-ray technicians, pharmacy technicians, speech therapists, respiratory therapists, dialysis technicians, medical laboratory technicians, and many more.
If a lack of cash flow prevents your business from expanding your operations and securing new contracts, or if your clients take 30, 60, 90 days or longer to pay for medical services, or you don’t meet the strict qualifications needed for a bank loan. If your medical company is in any of these situations, then 1st Commercial Credit funding programs can be the solution. Our funding provides financing for all types of healthcare companies in Yonkers.
It’s fast and straightforward to apply and easy to qualify for invoice financing. We know that well-managed, profitable small and mid-sized health agencies often experience cash flow difficulties as they grow rapidly or as their clients continue to extend the payment terms of their invoices. With 1st Commercial Credit, you can utilize your accounts receivable in a process known as invoice factoring so your business can continue to grow without compromising your present obligations to payroll, taxes, and other business-related payments. Our factoring services for the healthcare industry in Yonkers offer:
Quick Access to Cash: Funds can be transferred into your account within hours of invoice verification.
Utmost Level of Flexibility: You will have the freedom of factoring healthcare receivables when you want, as many you want, and for however long you want.
1stCC Healthcare Financing Expertise: We have spent almost two decades in the health care services industry, so we are familiar with the unique challenges faced by those who work in various healthcare facilities.
Purchase Orders Should Be Seen As Collateral And Assets
When you hear the words "collateral" and "assets" in business financing, you might often think of bank lending. But the truth is a bank will never look at your purchase orders as collateral for the funding you need for your company. The truth is that purchase orders that lead to invoices with creditworthy clients are collateral, but only if you are working with the right kind of cash flow lender to work with.
The mistake many business owners in Yonkers make is that they consider a bank the only financing solution that can provide lending for cash flow needs. Banks provide funding, but unfortunately, they don't have the experience or flexibility necessary to help turn your outstanding invoices into the immediate cash you need to keep your company running. You need to talk to a lending company with extensive experience in receivables lending that can turn your unpaid invoices into assets.
We make financing fast and straightforward. When your cash availability is affected by slow-paying customers, it can be challenging to have sufficient funds to meet ongoing financial obligations. 1st Commercial Credit looks at your qualifying invoices as collateral and is ready to advance the money you need to operate your business. We also provide purchase order funding for companies looking for this service.
1st Commercial Credit Has The Experience And Resources That You Need To Meet All Of Your Payroll Obligations
1st Commercial Credit is a Yonkers lending company providing payroll funding for staffing agencies and other recruiting agencies. The services offered by staffing companies are crucial to bringing employees and employers together. In this industry, payroll remains the responsibility of the staffing firm, which needs to be fulfilled before clients pay. This situation can cause some financial challenges if clients have extended payment terms for the services.
When cash flow is tight, a payroll funding company can help by providing various financial solutions. On some occasions, clients can take 30 to 90 days or more before paying you, but payroll is still due each period. The overall costs of running a successful operation can affect your business and put you in a difficult situation financially. 1st Commercial Credit offers payroll solutions so you can continue running your company while taking advantage of many other opportunities.
We provide invoice factoring for staffing agencies in Yonkers and purchase their outstanding invoices for fast cash—without having to wait weeks or months for payments when you can have fast cash today. When you partner up with 1st Commercial Credit and assign an agreement, you will receive a cash advance for your qualifying invoices. This advance is different depending on the industry. The factor will keep a small percentage of the total invoice value, considered the factoring fee.
These fees are calculated based on your client’s creditworthiness and the length they take to pay. Payroll funding is a term used by finance or accounts receivable factoring companies. The term specifically refers to providing the cash required to pay employees of temporary staffing companies. The key benefit of using a payroll funding company to finance your staffing company is that it allows your business to always fill the job orders from your clients. Your employees will be paid on time, even if your clients take a long time to pay your invoices.
1st Commercial Credit has provided billions in funding to temporary staffing clients all across the country over the past 18 years. Along with that experience comes excellent service, the lowest rates, and an easy-to-use online onboarding process.
Here are a few reasons why our payroll financing program is a perfect option for businesses in various industries and why we might be the right fit for you.
- More than 18 years providing factoring services to temporary staffing
- Provided funding lines for companies, startups, small and large companies
- 90-97% advanced rates (depending on industry)
- Financing rates starting at 0.69% to 1.59%
- Easy online application
- Outstanding personal service
- Flexibility to fund only the invoices you choose
What Is Yonkers Known For?
Yonkers is New York’s fourth-largest city and is located along the Hudson River. Yonkers is the center of it all and the gateway between New York City and the Hudson Valley. Yonkers is affordable, convenient, and offers opportunities for almost every commercial and residential investment. This is why some of the most significant projects in the Hudson Valley are happening here. Here are a few other reasons why yonkers offer a great location to live and work:
Accessibility- People can easily reach Yonkers from almost anywhere. Ten Metro-North Railroad stations serve Yonkers; five major highways connect the city with the rest of Westchester County and New York City.
Need Funding For Your Yonkers Company?
Desirable Place to Live- Yonkers’ Downtown Waterfront district continues expanding, with hundreds of new luxury high-rise apartments offering fantastic views of the Hudson River and Palisades, shops, gourmet restaurants, parks, and a short 25-minute train ride to midtown Manhattan. The city is home to cultural sites such as the Hudson River Museum, prestigious colleges such as Sarah Lawrence, shopping centers, entertainment venues like Empire City Casino, and beautiful parks.
Livable- Unlike many other cities in New York State and the Northeast, Yonkers is growing. That’s because Yonkers is home to some of the best schools in the area, such as Yonkers Middle High School and PEARLS Hawthorne School. In addition, Yonkers is among the safest cities in the country. Yonkers also offers many beautiful and historic neighborhoods, luxury waterfront living, and housing for all incomes.
Workable- Another plus of Yonkers is that it offers many work opportunities. Yonkers is Westchester’s retail center. The Central Park Avenue corridor, the Cross County Shopping Center, the upscale Ridge Hill shopping complex, big box stores, and many local small businesses can all be found in the city. The city has a large inventory of industrial, commercial, medical, and new-economy spaces. Yonkers also has one of the area’s most prominent office parks, two hospitals, 40 public schools, and several neighborhood shopping districts.
Economy Of Yonkers
Yonkers, NY, has more than 200,000 people with a median age of 39 and a median household income of $63,849. Yonkers is home to some prestigious educational institutions in NY, including Sarah Lawrence College, Cochran School of Nursing, and Saint Vladimir's Orthodox Theological Seminary. Most Yonkers residents drive to work, and the average commute time was 34 minutes. The economy of Yonkers, NY, employs 96.1k workers. The largest sectors in Yonkers are Health Care & Social Assistance, Retail Trade, and Educational Services. The highest paying industries are Utilities, Information, and Public Administration. In addition, the most common jobs held by residents of Yonkers are Office & Administrative Support Occupations, Sales & Related Occupations, and Management Occupations.
