According to the Bureau of Labor Statistics (BLS), business owners who own medical supply and pharmaceutical sales companies can expect increased demand and large profits through at least 2020. Both of these fields are highly regulated by the Food and Drug Administration (FDA) and are very competitive. Medical supply and prescription drug companies that can offer customers attractive financing options have the best chance of staying ahead of the competition. 1st Commercial Credit, a financing company with offices in the United States, Canada and the United Kingdom, provides the invoice factoring to pharmaceutical companies and other non-traditional options to help businesses like yours succeed.n
It is common in the medical device manufacturing business to allow customers 30, 60 or 90 days to pay invoices for merchandise that is already delivered. If you don't offer flexible payment terms, your company probably won't last very long in this competitive industry. While that solves a cash flow problem for your customer, it often creates one for you. You have invested your company's funds into manufacturing and delivering the medical devices and must absorb the loss until the customer pays in full. This means you may have to pass on new jobs, delay employee bonuses or pay your own bills late. At 1st Commercial Credit, we have a better solution.
When you need to improve your company's cash flow, just apply for a quick accounts receivable credit line with our company. We provide between 80 and 90 percent of the value of your invoice upfront and the remaining 10 to 20 percent when your customer pays in full. We hold the remaining balance in an escrow account and deduct our service fee before forwarding you the remainder of the funds. When you bill your customer, just assign the value of the invoice to 1st Commercial Credit and include our name and billing address instead of your own.
Our application form is just two pages and can be completed in a matter of minutes. We don't ask for financial statements to prove how many medical supplies or prescription drugs your company sells every month. Instead, we ask you to provide us with each unpaid invoice that you want us to consider for factoring.
We also need the following information included with your application:
After we receive your materials, they are processed by an account representative the same day. Our staff members understand the specific challenges of your industry and work hard to help you meet them. We provide a credit decision within 24 hours and establish your new account within three to five business days. You could have the money in hand as soon as one business day after your initial account set-up. For future factoring loans, the three to five day waiting period is eliminated and you get your money within 24 hours.
Most people go into pharmaceutical sales or medical supply manufacturing because they want to make a difference in other people's lives. To get the respect and recognition your company deserves, you need to pursue new business and serve as many patients as possible. With invoice factoring from 1st Commercial Credit, you are free to do just that. While your competition is struggling with cash flow due to unpaid invoices, you can take your business to the top and reap the personal and financial rewards this position brings.