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.
1st Commercial Credit provides a variety of purchase order financing solutions to meet your trade financing needs. P.O. financing is suitable for any wholesaler, reseller, importer or any company that purchases and resells goods.
Accounts receivable financing allows Augusta businesses to receive early payment on their pending invoices. A company using accounts receivable financing will sell some, or all, of its outstanding invoices to a funder for quick cash in return for a fee. Also called accounts receivable loans, this funding comes in the form of a loan or line of credit with invoices acting as collateral.
At 1st Commercial Credit, we provide an accounts receivable lending service that acts as a flexible funding source for businesses in Augusta. We specialize in financing the growth of many companies in all industries, including distributors, manufacturers, service providers, staffing agencies, trucking companies, and exporters.
Some of the many benefits of borrowing money on accounts receivables include avoiding penalties for late-payments and bankruptcy, access to a short-term credit line, retaining your company's equity, reducing annual overhead costs, and many more.
1st Commercial Credit can lend your company up to 97% of the value of your invoices, depending on the number of accounts you currently sell to.
We lend on accounts receivable by advancing funds that your business can use today. Given our expertise and knowledge in the industries we fund, we can provide higher advance rates with competitive fees.
1st Commercial Credit is a factoring company in Augusta specializing financing and evaluating your company's receivables with no obligation. The approval process is simple, involves minimal paperwork, and initial funding is given within a few days. Augusta clients enjoy the benefits of our services and begin to use their funds within days of completing a loan on receivables application.
Unlike other financing companies, 1st Commercial Credit makes receivable financing easy to obtain with a short application involving minimal paperwork. Our funding decisions are not based on a company's financial statements. We evaluate the company's invoicing process and the credit record of the accounts debtors (buyers).
In the past, it was common for Augusta businesses to use banks for all financial needs. As the economy changes, it is clear that there is a need for small businesses to have multiple ways of meeting their borrowing requirements. Banks put the risk on business owners by giving money in exchange for property collateral or company equity. A profitable and safer alternative is invoice borrowing or accounts receivable loans.
Unlike bank loans, lending on receivables can allow your business to experience many more benefits with the financing process. Regardless of your business being a small or a multinational corporation, you can find better and easier solutions by borrowing money with 1st Commercial Credit based on your receivables.
If your Augusta company needs a manufacturing factoring company, 1st Commercial Credit is the solution. We can evaluate your company's receivables at no cost or obligation to determine if we could be a good fit for your financial needs. We provide financial solutions for the manufacturing industry in Augusta every day.
Our supply chain finance solutions offer manufacturers the highest advance rate against the face value of the outstanding receivables. Besides invoice factoring for Augusta businesses, purchase order financing and trade payable financing are also available for qualified manufacturing plants.
In the manufacturing industry, it is usual for businesses to offer longer-term payment plans to clients to be competitive and motivate clients to place larger orders.
Manufacturers in Augusta have many costs that are both consistent and extensive, including buying equipment, materials, paying suppliers, rent, and payroll. 1st Commercial Credit offers a financial solution called manufacturing invoice factoring that helps manufacturers in Augusta have access to immediate cash flow when needed the most. This financing method allows businesses to continue to offer competitive, extended terms to clients while maintaining a healthy cash-flow balance.
Manufacturing invoice factoring is a financing solution that solves cash flow issues for businesses who operate in industries where it is essential to offer extended payment terms. These terms can generally range anywhere between 30 to 90 days. Invoice factoring or accounts receivable factoring involves selling outstanding invoices to a third-party company like 1st Commercial Credit. The factoring company in Georgia will provide funding for manufacturers as an advancement based on the value of their outstanding invoices.
If manufacturing businesses can prove to the factoring company that their clients can pay for the invoices and have large orders, factoring companies will most likely approve them and immediately set up a financing account.
With invoice factoring, cash flow issues will no longer have to wait months to increase your cash flow. Manufacturing companies in Augusta choose 1st Commercial Credit because we offer various supply chain finance solutions, an efficient process, and expertise.
1st Commercial Credit is a national leader in accounts receivable funding for small to medium-sized businesses. Many companies borrow money for payroll, and 1st Commercial Credit has the experience and resources that your Augusta business needs to meet all of your payroll obligations.
One operational responsibility that all companies should take very seriously is payroll funding. A company's most valuable asset is the people, and talented employees are always motivated by competitive wages and a reliable management team.
To always have the funds to fund payroll on time, it is crucial to have a financial partner that can work with you and your company's financial needs. It is vital to understand the financial dynamics of your organization and work hard to maintain a healthy cash flow.
1st Commercial Credit can help secure payroll funds with a simple and efficient process to improve your cash flow. Your company's invoices to creditworthy clients are assets, and 1st Commercial Credit uses those invoices as collateral against cash advances that go directly into your company's bank account.
Once we can confirm the validity of your company's pending invoices, we will verify your clients' credit scores to make the process run smoothly and quickly.
Once we confirm the invoice and your client's credit status, we then advance the value of your invoice, minus our small lending fee. Once your Augusta company has a financing account with 1st Commercial Credit, you can have the funds in your account in 24 hours or less. We do the hard work while all you have to do is invoice your clients.
One of the biggest challenges companies experience is recruiting and retaining skillful and talented employees. Timely payments to employees are critical in keeping employees happy. With payroll financing, making payroll every week is possible for all businesses. Small businesses and startups can significantly benefit from invoice factoring's immediate funds to cover payroll and other business expenses.
Once a company sets up a financing account with 1st Commercial Credit, they can submit an invoice for funding. Once the invoices are received, the payroll financing company will advance up to 90% of the invoices and deposit the funds. The funds can then be used to cover payroll and other business expenses. 1st Commercial Credit offers competitive factoring rates from 0.69% to 1.59%.
How Does Payroll Funding Work?
Invoice factoring and invoice financing are sometimes used interchangeably and can be mistaken for the same thing. In simpler terms, invoice factoring involves the sale of a company's asset. Invoice financing (or receivable financing) is a business loan that uses the company's unpaid invoices as collateral. Invoice factoring is a financial solution in which an Augusta business sells its pending invoices to a factoring company at a discount.
Businesses in need of a healthy cash flow use this form of financing to access immediate cash flow. The basic invoice factoring requirements for 1st Commercial Credit include that your business is selling products or services to other companies or the government, $10,000 and up to $10 million facilities, your clients are creditworthy and have payment terms of 30 to 90 days.
With 1st Commercial Credit, the minimum criterion to qualify for our invoice factoring includes:
The factoring process involves these 4 steps:
Step 1: Your company sells to another business and has invoices for extended payment terms (30 to 90 days)
Step 2: Setting up an account with a factor so you can submit your outstanding invoices to the factor.
Step 3: The factor provides an immediate cash advance based on an agreed percentage.
Step 4: The debtor pays the invoice owed to the factor, and you receive the remaining balance for the invoice(s), minus any fees.
Factoring is an efficient working capital solution for growing startups, small businesses, and established organizations that sell to creditworthy customers on credit. 1st Commercial Credit funds large and small c that use factoring as a source of capital. We provide invoice factoring to staffing agencies as well as industries such as trucking and freight, construction, manufacturing, distribution and wholesalers, security guards, medical providers, oil and gas, and many others.
Some of the reasons why business in Augusta turn to invoice factoring financing are:
Augusta is a known center for medicine, biotechnology, and cybersecurity. Augusta’s University employs over 7,000 people, and it’s the only public health sciences graduate institution. Additionally, the University Hospital and the Medical District of Augusta employ over 25,000 people having an economic impact of over $1.8 billion.
Augusta’s three major employers include Augusta University, the Savannah River Site (dept. Of energy and a nuclear facility), and the U.S. Army Cyber Center of Excellence at Fort Gordon.
The Augusta metro area has experienced an influx of companies who have established their facilities, headquarters, or distribution centers there. Some of these prominent companies include T-mobile, Solo Cup Company, CareSouth, NutraSweet, Automatic Data Processing, Bridgestone, Club Car, and Kimberl Clark.
Unemployment rates decrease considerably in the Spring due to the Masters Golf Tournament, which contributes a lot to Augusta’s economy.
Augusta, Georgia, is a city that offers southern hospitality at its finest. A combination of warm, welcoming history paired with many options for expeditions for young families and the outdoorsy. The city has more than 100 restaurants, a growing number of galleries and museums, and an abundance of live music and performing arts venues. Augusta is also becoming a pioneering tech scene in the industry.
Located in Augusta-Richmond County, Augusta is on the central-eastern border of Georgia and lies across the Savannah River. Augusta is also the second-largest city in Georgia.
Augusta merged with Richmond County and now has an estimated population of more than 600,151. This metropolitan area is the second-largest metro area in the state and the 93rd largest in the United States.
Augusta is known globally for hosting The Masters golf tournament each spring. This tournament brings more than 200,000 visitors from across the world to the Augusta National Golf Club. This golf club, in particular, is very famous because a membership there is considered the most exclusive in the world for golf.
We are a company that factors invoices for many industries in Georgia. We offer a variety of financing options for the following cities: