The Four Must-Have’s For Contractors and Installers To Acquire FinancingSlow-paying customers are not bad customers, they just happen to have their own operational circumstances that make it possible for them to pay up 30, 60 or even 90 days after an invoice is issued to them. More than any other business sector, that of cable companies with contractors and installers fall into that category of having to wait forever it seems like, for their customers to pay.
Only Collateral Needed: An Invoice
If your company has no funds reserved yet obligated to meet financial obligations such as payroll, purchase of supplies and equipment or marketing collaterals, speeding up your company’s cash flow can be facilitated by invoice factoring, the solution to effective cash flow management.
With invoice factoring, there is no waiting time. The factoring company of your choice advances your business the funds which you need. Unlike banks and other similar financial institutions, the only collateral that a factoring company will require from you to advance the funds is your invoices.
Your Customers Have to be Creditworthy
Your selected factoring company will hold your invoices until payments are received from your customers. Note that the factoring company saves you the hassle of collecting payments from customers. This convenient arrangement gives you the financial freedom to focus on the revenue generation aspect of your business like production, expanding target markets or partnering with new suppliers.
The flexibility that characterizes a factoring company is more appreciated by contractors and installers who have their own businesses than the restrictions of a bank. Factoring can help your business grow and have a consistently adequate cash flow simultaneously, provided that the customers you have are creditworthy in their paying commitments.
The Only Four Must-Have’s
Remember that while factoring companies don’t require you to submit a ton of documents, you do have to have:
- • Invoices or accounts receivables which are free of the usual liens.
- • A clean and clear record tax-wise and legal-wise.
- • Invoices that need completion of work or service.
- • Customers who are creditworthy.
Lenient as these “requirements” may seem, you still have to be discriminating when choosing a factoring company, mainly because the wrong one could have you landing in bankruptcy. Choosing a reputable factoring for a business such as a cable company can, in fact, help your business expand in more ways than one. NeeBo Capital, for instance, is one such factoring company that is able to provide the same excellent support to both local and international business.
NeeBo Capital services are currently utilized by a wide range of industries and individuals: contractors and installers, restaurateurs, medical staffing, manufacturers, retail, legal firms, construction, wholesalers, importers, and distribution. What’s more, NeeBo Capital has several lending options for all kinds of business including: the Small Business Administration (SBA) loan, the Merchant Cash Advance, Business Equipment Leasing, Franchise financing, restructuring of payables, and business loans between $100,000 and $500,000.
Don’t wait while your competitors factor their accounts receivable. Take advantage of low factoring rates in the Contracting & Installation industry Today!!
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Rates at 0.59% - 1.5% for 30 days
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|Purchase Order Financing||Accounts Receivable Financing||Asset Based Lending Options|
General Articles about Accounts Receivable Financing and Factoring:
» 08/01/2012 Debt Financing or Off Balance Sheet Financing?
» 09/15/2011 What to know when selecting a Factoring Company
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