Service Provider Invoice Finance! Accounts Receivable Invoice Finance for Service Providers. Get a few offers from top factor finance companies when deciding on the best factor finance partner for your Service Provider Business. www.factor.bid
With 25 plus years of experience within the contractor community, specializing in Storm Region Rain Water Runoff infrastructure design, maintenance, and repairs, Jim Hinkley decided to venture out on his own. “I had many solid relationships with corporate and city engineers as well as project managers that is made sense that it was time to get out on my own. I used my 401k savings to purchase vehicles and specialized equipment that we needed to start.”
Like many new businesses, David relied on the most readily available funds he had access to. “We grew rapidly over our first few years and many of my customers helped support our much needed cash flow by paying us in a shorter amount of time than usual (provided I gave them a discount off our services for paying before the net 45 due date). This became stressful for us and our profit model started to suffer from discounting our services. Even when our customers would agree to pay early for the discount, it always seemed their receivables payment would reach us a day or so earlier than 45 days, it was nothing like a month early like we hoped. As our reputation grew and we expanded, the close relationships that were helping to support our cash flow were simply not there, plus we were tired of discounting our in-demand services. I wanted the business and had to find a solution to support my growing payroll.”
Jim’s banker recommended factor.bid website. “I was surprised how easy, accessible and cost effective factor financing was.” Factor bid got us a few offers on our outstanding accounts receivables, and we selected the factor financier that best fit our growing needs. It’s really been great, had I of know about factoring 2 and a half years ago, we could of quit discounting our services and made a lot more profit! In addition to the immediate funds we got for our open invoices to cover payroll on time, I also benefited from comprehensive professional reporting; credit monitoring and best of all peace of mind.”
A SMART BUSINESS FINANCE TOOL CALLED FACTORING
It’s easy for any small business service provider to get in over their head in todays economy. In the service provider industry, a company can grow very quickly by word of mouth. Solid business relationships build up when you’re starting up help drive new customers and referrals. However, after some time, those relationships tend to cool as customers get into the habit of regarding you as just another service provider.
You go from being everyones best friend, when you’re a new business to eventually being that company doing a professional job in a professional manner. Customers that use to make sure they paid you before the invoice date or even weekly, soon start to roll you into their accounts payable cycle of net 30, 45 or 60. Waiting to be paid for that amount of time can create a financial strain on your day-to-day business operations.
You can’t be upset with your customers, for following traditional accounts payable methods. What you can do is simply take advantage of invoice financing within your business. To be able to access immediate cash for your outstanding invoices, plus relieve your company’s liability in collecting the funds on-time or before the agreed upon due date.
Your new factor finance partner is going to become part of your back office for accounts receivable. They have the proven experience and team of business professionals in house that will help your business operate more professionally and become more profitable quickly. It’s in the best interest of the factor finance company for your company to be more profitable, they’re going to do everything they can to help you check on prospective new customer deals, collect efficiently from good standing long-time customers and make sure you have the cash on hand you need to increase your foot print within your industry.
To find the best factor finance company that services your industry, and get a few offers from those factor finance companies, make sure and do what other small-medium sized business owners have already discovered; Factor.bid -where factors compete for the opportunity to buy your outstanding accounts receivable invoices for immediate cash!
CASH FLOW SOLUTION YOUR BUSINESS CAN COUNT ON
Factor finance is more about your customers credit and payment history, not yours. Factor finance is based off of the assets your business in generating every week, called accounts receivable invoices.
As a service provider, your clients count on your services to make their lives better. In exchange, your customers will eventually pay their invoices. As a growing business, you also need a finance partner that makes your life better. An invoice finance provider (factor) provides you with predictable cash flow so you can cover business expenditures, payroll and new business opportunities.
Factors don’t run your business credit score and won’t make you wait days for an invoice finance decision / offer. Get the cash you need to make payroll, purchase additional equipment and expand your business to stay competitive in your local area and industry.
TO GET A FEW OFFERS FROM THE TOP FACTORS FINANCIERS IN YOUR INDUSTRY
Download Factor App -and within minutes you’ll have competitive offers to buy your invoices for immediate cash!