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Factoring Receivables in the Horizontal Drilling Industry Horizontal drilling is one of the most exciting discoveries in the oil industry in recent years. It allows oil drillers to maximize returns from each oil well because the tools used are so technologically advanced. However, the horizontal drilling industry has its share of financial challenges just as most industries do. One of the primary reasons for cash flow problems is due to offering open credit terms to customers. As the owner of a horizontal drilling company, you know this is necessary to attract and keep your customers. Unfortunately, the slow collection process on outstanding invoices ultimately impacts your own company's bottom line.
Accounts Receivable Factoring: A Sensible Solution to a Cash Crunch
What many business owners don't realize is that they may be sitting on thousands or millions of dollars in accounts receivable that could be converted to liquid assets. 1st Commercial Credit is among a few Factoring companies that work with horizontal drilling companies and provide an immediate solution to cash flow problems. The typical customer of our factoring company has one or more of the following issues:
Money in Your Business Bank Account Within the 1st Week
At 1st Commercial Credit, we believe in keeping things simple. We ask you to complete a two-page application and provide a few basic pieces of information to verify your business credentials. We are primarily interested in how timely your customers have paid your company in the past. You stand the best chance of getting approved for an accounts receivable loan if you submit invoices from customers with a good track record of timely payments. Your account representative processes your factoring loan application the day it is received. It then takes three to five business days to establish your new account. Your deposit will be made 24 hours later. Repeat customers have the money they need within one business day.