Mobile Repairs – Why Factoring is Your Best SolutionMore and more people are able to afford cellular phones nowadays. The steep competition among various cell phone brands has made even the latest phone model very affordable. This situation has brought about the development and increase of entrepreneurs offering mobile repairs.
Mobile phone owners now have the option of having their units repaired if they are malfunctioning. Some people use a mobile repair service instead of buying a new one if they have very limited budgets.
The growth of this business sector can go on rapidly if not for the usual problems of cash flow. Most of these businesses are just small. If their customers don’t pay on time, they will experience all sorts of financial issues. They need to pay rent for their offices or market stalls. Utility bills also need to be paid in time. If the delay in payments will continue, their business will go down.
Factoring to the Rescue
There is a ready solution to the cash flow problems of companies offering mobile repairs. If you are in this business, you can remedy your recurring need for cash by seeking the help of a factoring company.
This company will purchase your invoices that are yet unpaid for a certain discount or they can “lend” you the amount you need at a interest rates lower than that of commercial banks.
Instead of going to a bank for a loan, going to a factoring company is a better option. Here are the following reasons why they are so.
Approval is Faster with a Factoring Company
Your request for financial assistance will be approved faster than if you will apply for a loan at your local bank. The factoring company will release your money within a couple of days, not 30, 60, nor 90 days from the day you applied.
There Will Be No Credit Checks
The factoring company will not subject you to a credit check. If you go to a bank, they won’t approve your loan if your credit history and your credit rating are not up to their standards. These things are of no interest to a factoring company since they already hold the repair bills and invoices you have issued to your customers. These bills are already money to them, therefore they will only waste their time if they will still do you a credit check.
No Collateral Requirement
The factoring company is willing to buy your bills and invoices because they know that they are real money – only that they are still to be collected. Therefore, they will only tie themselves up with useless paperwork if they will ask you to collateralize your request for financial assistance.
These are the major reasons why entrepreneurs offering mobile repairs should seek the services of factoring companies such as NeeBo Capital. They are willing to extend financial assistance at low interest charges starting at only 0.59%. In addition, they don’t require monthly minimums and their arrangements are very flexible.
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