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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 moreInvoice 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 they need it and not have to wait 30 to 90 days. This form of financing involves working with a third-party lender, a factoring company in Greensboro 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.
Factoring companies will charge businesses factoring fees for each transaction and may buy accounts receivable at discounted rates. The process of invoice factoring is a quick and easy way to access cash in advance.
Invoice factoring gives you more control.
With factoring, you determine which invoices you will sell to the factoring company and when based on their cash flow needs. You are in total control and are also aware of the cost ahead of time and can factor it into their pricing.
Technology is making invoice factoring paperless.
Back in the day, copies of invoices needed to be submitted to and verified by the factor, which was a labor-intensive process. Today the increasing use and advancements in technology such as e-payment and e-invoicing make factoring easier and faster. Online portals make it easy for a factor to access and confirm invoices.
Other benefits of invoice factoring:
The staffing agency has to provide capital to fund payroll, pay for training, and cover other operational costs associated with the business. All these costs need to be taken care of before the client even pays the staffing agency. This situation often creates cash flow issues for the staffing company. They are expected to do all this before invoicing and receiving payment which sometimes can take weeks or months to arrive.
Bank loans might seem like the only funding option. But the reality is that a small staffing agency owner can't always qualify for that option. A bank loan usually takes a long time to process, even for an established business with an excellent credit score, before allowing you to access the funds. Payroll funding is vital to companies in the staffing 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 has worked with this industry in Greensboro for many years and can offer lending solutions for staffing companies. With factoring, your business will have immediate access to the working capital needed to cover business expenses.
Factoring is a steady form of obtaining cash. It can be a short-term or long-term solution depending on your Greensboro business needs and your invoice management. 1st Commercial Credit offers the utmost flexibility by letting you choose and pick the invoice or invoices you want to sell. We also provide access to invoices and reports through our secure online platform 24/7.
There are many reasons why 1st Commercial Credit stands out from all other financial institutions in Greensboro. Once your staffing firm is established with us, you can begin borrowing money for your staffing agency and have access to some of the key benefits, including:
Most manufacturing companies need some form of financing to grow and cover regular expenses, such as equipment leases, raw material suppliers, rent, and staffing costs. These expenses add up quickly and have pressing due dates. However, the revenues often come slowly because most clients ask for payment terms ranging from 30 to 90 days.
Receivable factoring in the manufacturing industry is popular because it allows any manufacturing facility to secure financing, regardless of its size or years in operation.
Payment terms decrease cash flow.
Offering payment terms to customers is expected in the manufacturing industry in Greensboro. The issue comes when many manufacturing companies don’t have the resources to provide payment terms. As a result, manufacturing companies can often run into cash flow issues. Ultimately, these problems can grow to the point where they can affect and threaten the future of the business.
Finance your invoices
When the manufacturer offers terms that it can’t afford to offer, financing will be needed. Convincing clients to pay sooner is challenging, but a safe alternative is to finance invoices. This financial solution provides you with immediate funding, solving your cash flow issues.
Invoice financing involves partnering your business with a factoring company that can finance your invoices from sales to creditworthy customers. When products or services are delivered, the factoring company provides you with a cash advance. The transaction is completed once your client pays the invoice in full, on their regular schedule.A significant advantage of invoice financing is that it allows you to offer payment terms of net-30, 60, or even 90 days while helping you avoid cash flow problems.
However, the most crucial benefit of invoice financing is its flexibility to adapt to your growing business. This financial flexibility involves a credit line that increases as your sales increase. You will be able to finance your business’ growth by taking on new customers, hiring employees, and expanding facilities.
Qualifying for invoice financing is considerably easier than qualifying for a line of credit or traditional business loan. The credit status of your customers is critical because the factor uses your receivables as collateral. These requirements make it possible for many small and mid-sized manufacturing companies to qualify for this financial solution. Invoice financing is the perfect alternative for manufacturing companies with cash flow problems arising from slow-paying customers and needing immediate funding.
Business owners no longer have to worry about not having the proper equipment and tools to run their operations or compromise high quality and service to their customers. With our financing plans, you can ensure you have the best and most up-to-date equipment for your company. We work with many different companies in various industries in Greensboro. We are experts in material handling equipment and provide fast funding, an easy application process and accept a wide credit score range. In addition, for those in need of a safe and affordable alternative to buy or lease, we can finance equipment from $15,000 to $15,000,000.
1st Commercial Credit is an experienced lender with more than two decades in the business. We provide equipment financing solutions to various industries, including the packaging industry.
There are many benefits of leasing packaging equipment with us, including:
Greensboro's economic transformation is continuously underway and accelerating. In 20 years, Greensboro-High Point has grown in knowledge and technology-based industries like life sciences, aerospace, and advanced materials. Greensboro-High Point is a region outpacing the nation in job growth in biomedical, aerospace, and advanced manufacturing sectors. In addition, Greensboro-High Point's health care and supply chain logistics industries employ thousands. Significant employers include international companies like HAECO and Ralph Lauren to Qorvo, and Honda Aircraft Co.
Greensboro has 100,000+ manufacturing workers, 15,000+ aerospace and aviation workers, and 3,000 people employed in visual arts, music, and theater. Also, more than 5,000 employees have degrees and certificates in life science and healthcare-related fields.
Greensboro has affordable living, a booming arts scene, mild weather, Southern hospitality, and incredible local restaurants. "The Gate City" is located in the middle of North Carolina allowing for quick access to the Research Triangle and Piedmont Triad. The city ranks high as one of America's top-up-and-coming cities for jobs in the nation. The Gate City is headquarters to several nationally recognized companies, including Mack Trucks, The Fresh Market, and Wrangler. Top employers in the region include Qorvo, VF Corporation, Guilford County Schools, and The Moses H. Cone Memorial Hospital.
In terms of education, the city is home to five colleges and universities. Some of these are the University of North Carolina Greensboro, North Carolina Agricultural and Technical State University, and Bennett College.
1st Commercial Credit is a company factoring receivables for North Carolina and various cities including:
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