We Deliver The FUNDS
0.69% to 1.59%
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Invoice Factoring Company In South Carolina
Accounts receivable financing is used by businesses to convert sales on credit terms for immediate cash flow. 1st Commercial Credit adopts a quick and simple approval process and expedites initial funding in 3 to 5 working days.
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With Payroll and Business Expenses, Cash Is A Major Concern For South Carolina (SC) Businesses
Payroll financing is a type of working capital financial solution for industries in South Carolina. This funding alternative allows companies to access up to 90-95% of their outstanding accounts receivable and make sure they always have cash in hand to make payroll, pay taxes, and other costs that go along with running a business.The best thing about this solution is that it will give you the cash regardless of whether your customers pay in 7, 30, or 90 days. This financing enables entrepreneurs to start or grow a company without limitations. This factoring line of credit will grow as a business grows exponentially.
Once we set up a client with a funding program, it is a speedy and easy process. We provide accounts receivable lines of credit for many different industries in South Carolina. We can finance businesses of all sizes and in all stages. Our financial solutions and funding options can help eliminate cash flow problems quickly. Generally, the company submits invoices and supporting time cards to the payroll funding company for the previous week to receive funding for the upcoming payroll. The financing company will take those invoices and timecards and verify them to make sure their customer will pay these invoices.
Advance percentages vary depending on the type of industry being funded but typically can range from 80-95% of the total value of the invoices. This advance will be immediately transferred to the company's bank account. The remaining percentage is held in a reserve account awaiting payment of invoices.
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Another convenient aspect of payroll funding with a factoring company is that the company's customer pays the invoices directly to the funding company, taking that collections burden off your hands. When the payroll funding company receives payment from the client's customer, a small funding fee is deducted, and the remaining amount is immediately forwarded to the company.
A typical funding cycle is a weekly or bi-weekly arrangement for these companies, and 1st Commercial Credit strives to provide a quick evaluation, approval, and funding process. Staffing firms greatly benefit from our payroll funding for staffing agencies program. We allow them always to have access to the funds they need to meet their payroll obligations.
Factoring is a financial cash management technique to obtain immediate funds using a company's unpaid invoices. A financial company (the factor) assumes ownership of these invoices and manages them. 1st Commercial Credit has over 18 years financing businesses in South Carolina and understands the industries fueling this state's economy and how crucial sufficient cash at the right time is to run a company. 1st Commercial Credit evaluates your business situation by analyzing your customers' credit and cash flow needs and working closely to ensure steady growth. The cost of factoring receivables with a payroll funding company generally involves a fee ranging between 1-3% for providing this service.
Even if your company has a bad credit history, it can still be eligible for funding with us. Many companies in South Carolina have used our factoring services over the years. Factoring solutions have become an efficient, simple, and reliable financing method for many business owners. 1st Commercial Credit factoring program will provide the best financial solutions for your business within a few days. Once the account is set up and approved, your business will receive the funds in exchange for the invoices within only 24 hours—no more waiting weeks or months for invoices to be paid.
Are Collateral And Good Credit Required For Factoring?
Businesses are always in need of an additional source of cash to run daily operations, fund expansion, invest in marketing, cover payroll, and deal with unexpected expenses. Sometimes, well-established businesses are financially solid and can obtain a bank loan to access funds and improve their cash flow.
Unfortunately, for many other smaller companies in South Carolina, this is not an option. Most of these growing and recent businesses cannot fulfill the demands and qualify for bank loans and other traditional financing methods. Additionally, business owners are looking for cash flow solutions to provide them immediate funding without adding extra debt to their balance sheets. A consistent and reliable cash flow is crucial for any business and accounts receivable funding can provide just that and help you skip the banks. Business owners should do enough research to find which financing solution can provide the best for their business needs and goals.
Fortunately, banks are not the only possible option for business financing. Factoring companies offer complementary services to businesses already factoring receivables with them. In contrast, banks do not provide much additional help or services and add debt and high interests.
To understand better, here are some other disadvantages when obtaining funds from a traditional bank:
- High interests
- Funding potential is capped
- Approval is based on credit and time in business
- Challenging and lengthy application and approval processes
- Startups and small businesses may not qualify
- Minimal financial flexibility
What is a Factoring Company?
A factoring company (or accounts receivable factoring) converts invoices sold on credit terms to immediate working capital at a discount. It has become a simple, fast and easy way to access business cash flow. In comparison with a traditional bank loan, a company that factors receivables has a quicker approval process.
1st Commercial Credit is a company that factors and specializes in evaluating accounts receivable and can make a prompt approval decision. The documentation requirements are not as lengthy, and the main requirement is that an applicant has invoices for work or orders that have already been satisfied. It also helps to have creditworthy customers. As long as a business has been in operation, meets revenue requirements, and is free of liens or legal issues, approval is likelier.
On a positive note, factoring services offer a reliable and stress-free financial solution and an alternative to other forms of financing and loans that stabilize a company's cash flow situation and release the cash tied to outstanding receivables. Factoring treats outstanding invoices as collateral that can be exchanged for cash flow. With this financing, alternative businesses receive a cash advance with each qualifying invoice. The funding capabilities of a company will increase along with your business sales.
1st Commercial Credit offers to fund all businesses and industries in South Carolina. Our receivable loans are the ideal solution for small businesses, startups, and long-established companies for resolving cash flow shortages and other financial issues.
Our factoring services bring many advantages to businesses, including:
- No debt
- Unlimited funding
- Quick and easy approvals
- Few requirements to qualify
- Small companies and startups can qualify
- No collateral is required
1st Commercial Credit is a highly qualified and experienced factoring company in South Carolina, helping business owners for more than 18 years. Our staff will structure a complete financing program for your business to fulfill all financial needs and specific goals. On top of this, with invoice loans companies experience the utmost financial flexibility by having the power to decide which invoices to factor in without engaging in long-term contracts. Moreover, our terms are flexible and favorable, allowing owners to choose how long to factor invoices for.
Need Funding For Your Company In South Carolina?
Setting Up An Accounts Receivable Credit Line For The Produce Industry Is An Easy Process
Agribusinesses in South Carolina can begin factoring in their unpaid agriculture receivables and bring in the cash needed immediately. This type of financing offers many benefits for businesses in this sector, including:
- Immediate funding: businesses can receive funds within 24 hours or less after verification.
- No debt acquired: produce receivable factoring is not like a typical loan; there is nothing to pay back, so no debt is created in your business's balance sheet.
- Flexibility: business owners will have the choice to select which invoices to factor in, as many or as little as preferred, without pre-established minimum or maximum amounts. You can also use the money where you need it most, either for everyday business expenses or larger purchases.
- Improve your company's credit: invoice factoring can help you rebuild and strengthen your credit status by allowing you to have access to a consistent and stable source of funds. This situation will also help your business qualify easier for future financing.
- Saves time and money: agriculture factoring companies offer an array of different complementary back-office services such as credit checks and collections, helping you reduce your overhead costs and time spent on these tasks.
We Factor Your Invoices Anywhere In The State Of South Carolina:
About South Carolina
Even if your company has a bad credit history, it can still be eligible for funding with 1st Commercial Credit. Many agriculture-related companies in South Carolina have used agriculture and produce factoring over the years. Agriculture factoring is a simple, efficient, and reliable financing method for agriculturists in South Carolina. Many companies can benefit from our agriculture financing programs, including farmers, packers, processors, shippers (import and export), manufacturers, and distributors.
1st Commercial Credit's agriculture factoring services will provide the best financial solutions for your produce business within a few days. Once the account is set up and approved, your business will receive the funds in exchange for the invoices within only 24 hours—no more waiting weeks or months for invoices to be paid. Many agribusinesses in South Carolina use receivable factoring, helping it become an established and reliable financing method for the industry. Our factoring services will provide fast capital for your agriculture-related business within a few working days, helping you avoid having to wait weeks or months to receive payment from customers. Factoring companies that offer financing solutions to farm businesses charge a fee for accelerating this payment process; with 1st Commercial Credit, this fee is low and competitive, ranging between 0.69% and 1.59%.
Agriculture businesses need the following to begin their factoring journey with us:
- Complete a 2-page online application
- Invoicing aging report
- Articles of incorporation
- Copies of all invoices to factor
- List of customers
Loans Against Receivables Can Provide Working Capital For Manufacturing Firms
When a manufacturing company is growing, there are many considerations and decisions to take, and financing business growth is big. Growth usually requires investment in marketing, infrastructure, expanded inventory, additional personnel, and fixed costs associated with the business. Your South Carolina manufacturing company should have the ability to grow without being forced to turn down contracts or be forced to halt growth because of cash flow insufficiencies. In order to succeed and grow, businesses will have to offer better credit terms to clients, which means payments will take some time to come in. These struggles are part of running a successful business, and your competitors are experiencing it too. The big differentiator between you and them is whether the right financial partner is selected to go through this with you.
Manufacturing companies can start turning their accounts receivable assets into immediate cash for business growth. 1st Commercial Credit offers asset-based lending for South Carolina manufacturers looking for another form of financing for their business. Your production line will no longer have to be interrupted. Companies can use their receivables assets and exchange them for fast cash flow.
There is a small fee associated with invoice factoring. These rates are usually calculated based on the following:
- Amount of monthly receivables to factor
- Type of industry
- Size of each invoice
- Having creditworthy clients
- The length of time to receive customer payment
When a lending company factors an invoice, businesses will generally receive a large percentage of that invoice upfront. The remaining amount is given when customers fully pay the invoice. Factoring fees can vary and range anywhere between 1% and 5%. Our financial solutions provide the total flexibility needed to heighten your company's ability to grow without having to pledge collateral. Businesses in South Carolina need additional cash flow to continue running successfully. In addition, key suppliers need to get paid, customers are demanding longer credit terms, and we can help make all that happen.
If you don't take care of a consistent cash flow problem within your company, you will be forced to miss out on many opportunities and risk not making financial obligations. Eventually, your business will end up running out of money. As a business owner, you will need to reevaluate what would cost more at the end of the day. 1st Commercial Credit's financing options can help your business continue to grow while maintaining a healthy cash flow.
In addition to fast cash, you'll see that factoring companies offer more benefits at no extra cost when you start factoring invoices. With our factoring services, your business will have access to many tools to help it prosper and succeed, including admin support, a path to better credit, and financial flexibility. We can also provide purchase order funding for businesses in the manufacturing sector in South Carolina.
