Jewelry Shops FactoringJewelry is a luxurious commodity and a business in jewelry shops is not easy to start up or maintain. The business owner has to continuously upgrade the equipment to cut, grind, polish, and set the precious and semi-precious stones and to constantly purchase gold, platinum, silver, copper, and other metals for the stones to adorn. The jewelry business is definitely not for the entrepreneur whose cash flow is mainly in the red.
When a jeweler’s funds are tied up in invoices from slow-paying customers and other circumstances, the company’s cash flow becomes restricted and when it does, the jeweler is not able to meet financial obligations such as payroll, purchase of new materials or even daily expenditures such as transportation and meals of the marketing staff. The answer is not in bank loans or other financial institutions that will lend the company the funds but with high interest rates.
Just Invoices and Creditworthiness of Your Customers
If you’re in the jewelry business and you want your cash flow to improve significantly, engage the services of a factoring company. If you’re a start-up, a factoring company can empower your business to acquire more customers to generate increase in sales by enabling you to have additional funds. If you’re an established jewelry business, factoring can do your collection from slow-paying clients to free your invoices from burdening your cash flow.
Unlike banks or lending entities, a factoring company is not going to delve deep into your financial condition before approving the loan you have applied for. All a factoring company will ask for are your invoices and the creditworthiness of your customers.
After completion of minimal paperwork, the much-needed funds which you need to sustain your jewelry business are released to you between 24 and 48 hours so you can buy your supplies, meet payroll obligations, make tax payments, meet financial deadlines, purchase new equipment, and begin or continue marketing projects to expand your business
You Need A Reputable Cash Flow Provider
Not all factoring companies are created alike, though, and it is in your best interest to choose one that is a cut above the rest like NeeBo Capital, a reputable cash flow provider that has a solid base of distributors, professional companies, manufacturers, services providers, and wholesalers, among other satisfied clients. NeeBo Capital specializes in factoring of invoices of businesses that have particular financial situations. Food services, cable and construction, aviation brokers, jewelry shops, cable ads and marketing, cell tower service, freight and trucking, fitness equipment development, and financial recruiting are only some of the businesses that NeeBo Capital continues to service these businesses to this day in areas such as trade financing, asset-based lending, and other lending options such as restructuring of payables and credit insurance.
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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