Learn more about how 1st Commercial Credit funded a Data Migration Company.
1st Commercial Credit has funded an Information Technology Company that specializes in servicing Data Migration for large Data Centers. It is important for a factoring company to understand the different types of billing methods used by the IT service industry. Some clients invoice in phases like planning the task, implementation, analysis, and the actual migration while others just invoice hourly rates.
Our client has been in business for over 10 years and lately began to pick up more projects. This caused the owner to fall behind on payroll due to the clients taking longer to pay that what the owner had expected pushing out accounts receivable over 60 days on net 30 day invoices.
The owner contacted our factoring company in Dallas, Texas (TX) and we were able to send him an online proposal while we were on the phone. Complete funding process took less than 5 working days.
Our typical documents and requirements on factoring receivables for an Information Technology company are a review of the Master Service Contract, invoices, sign off documentation for completed work, and that the company is free and clear of any liens on the receivables.
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