Hydraulic Service Repair Factoring Saves You Money and TimeHydraulic service repair businesses have to face a lot of challenges. One of them is waiting for invoices to get paid. Just like in other industries, the waiting period for invoices to get paid can take anywhere from 30 to 90 days. In the meantime you don’t have access to funds, but with factoring this doesn’t have to happen.
How Factoring Helps Hydraulics Repair Companies
There are many ways a factor can assist hydraulic repairs, first and foremost being helping you raise more money without going into debt. A factoring company for one, offers 24 hour financing provided the accounts receivables are acceptable. Second, the rates are much lower compared to other lending institutions. Third, credit rating analysis is done for current and new customers.
What this means is your company now has access to money necessary to pay personnel and other expenses. Whereas banks and other lenders take forever to process a loan and charge so much, factoring companies don’t. The process is swift and you get the funds when you need them.
Other Benefits of Factoring
Factoring companies will also do the work insofar as collecting payments from your client is concerned. This means you don’t have to worry about making follow ups and just focus on your business. With the money at hand, you can cover for the expenses and let the factor attend to your invoice.
In addition, these companies have websites where you can access more information. A visit to their site and you’ll get access to your account and other relevant information, but there is more to their service than that. A factoring company works closely with you to ensure everything is in accordance with your wishes. If you’re not familiar with the process they’ll send someone over to explain everything to you in detail.
These companies also have plenty of experience in the field. They have the personnel to deal with different types of clients and know exactly what to do. Factoring companies also offer flexibility and customization. You only have to factor those invoices you want, and not all of them.
In other words, you have complete control over the process. All you have to do is complete the repair service and bill your client with the invoice. Next, provide the factoring company with an invoice copy and they’ll take care of everything. Once the invoice has been purchased, you’ll receive a percentage, sometimes as high as 97%. The rest of the balance will be sent to you after your client has finished paying the factoring company. As the process clearly shows, there’s nothing you have to do except provide the invoice and wait for the balance to be sent.
There are a lot of hydraulic service repair factoring services, but when it comes to reliability few can match NeeBo Capital. At NeeBo Capital you can get rates of as low as 1.5% and their crew will respond to all of your queries concerning their service. In addition there are no financials required.
Why Choose Us?
Rates at 0.59% - 1.5% for 30 days
Quick Link to Financial Resources:
|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