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.
As businesses in Columbus experience growth, they will find themselves in need of extra cash flow at some critical point for expansion, payroll, marketing, and other business expenses. Sometimes, companies are financially strong to qualify for a bank loan as a means of increasing credit. For certain companies, traditional bank loans are just not an option. Business owners in Columbus looking for short-term flexible funding or who don't want to add more debt to their books might want to stay away from bank loans.
On the other hand, invoice factoring, or accounts receivable factoring, is a financing solution that helps companies stabilize cash flow by putting the cash sitting in unpaid receivables to work. Receivable financing treats outstanding invoices as a company's collateral, which are then sold to factoring companies. By selling your company's receivables, you will receive fast cash in advance with each invoice sold. The amount of capital available grows as your business sales increase. This form of funding will be available as long as you have invoices to sell.
Working with a factoring company in Columbus is the ideal financial solution for many business owners experiencing cash flow issues. Invoice factoring can provide businesses with the working capital they need within 24 hours. 1st Commercial Credit can buy your eligible invoices at a discount and advance you up to a certain percentage of the total amount of your invoices, all within hours of verification.
Once this is in process, the remainder is held in a reserve account. When your customers pay the rest of the invoice to the factoring company, the latter will release the balance on the account after deducting a small fee for using the factoring service.
It's common for banks to deny small business owners a business line of credit, especially if it's a brand new or emerging business. Factoring companies base approval on the credit status of your customers (not your company's), who will be the ones paying the invoice. Factoring financing is an excellent solution for businesses in Columbus with bad credit or no credit at all. As an extra benefit, the process of factoring can even help you improve your credit score and obtain financial stability within your business.
1st Commercial Credit works with many industries and is one of the best factoring companies across the nation. We will evaluate your company's receivables and match them with a financing program that will help you meet any specific goals or financial needs.
Conventional bank loans are strict and fixed in their process. Banks loan businesses an amount of money, which is expected to be paid back over a certain period in addition to a high amount of interest. Obtaining the extra cash needed also means adding more overall debt to your books. With factoring, you aren't incurring any more debt because you're selling a valuable asset. Another advantage with invoice factoring is that you are not locked into a long-term contract, and the terms are flexible.
Invoice factoring offers financial solutions that can yield unlimited growth for businesses in Columbus, including credit protection, no debt acquired, credit checking and collection services, same-day funding, and unlimited funding potential.
In summary, invoice factoring gives access to unlimited funding, has no debt to repay, fast approval in 3 to 5 working days, and approval is based on your customers' credit strength, not your company's. With a traditional bank loan, interests have to be paid overtime, and funding potential is usually capped at a certain amount. Also, the approval process for banks is usually long and can take up to a few months, and is primarily based on your company's credit history. It is generally challenging for small businesses and startups to qualify for bank financing, but it is common for them to be eligible for invoice factoring.
1st Commercial Credit is an invoice factoring company in Columbus that can provide financing options to Georgia businesses. Even those with low credit scores are accepted and can qualify for our receivable financing programs. With over 18 years of helping companies with their financial needs, we are the preferred invoice factoring company in the nation for expanding companies. 1st Commercial Credit provides invoice factoring services for all types of businesses that serve many industries. We also lend money to healthcare businesses, construction, agriculture, distribution, and many more.
For companies experiencing imminent cash flow needs, factoring receivables may be a good option. Working with an invoice factoring company in Columbus is ideal for obtaining working capital for short-term funding needs. This financial solution is beneficial for avoiding traditional bank loans.
Factoring has helped many companies avoid costly problems, including payroll funding. Accounts receivable factoring is a simple and effective solution that allows companies to trade their invoices for an injection of fast cash at a discount. Companies choose this financing alternative to meet their present and immediate operating expenses while currently waiting 30-90 days to pay their receivable assets. This financial solution is very beneficial to all businesses with an abundant amount of aging accounts receivables and accumulated pressing expenses to pay off.
Many business owners do not want to add more debt to their balance sheet. With accounts receivable factoring, the factored receivables are considered contingent assets with financing secured from non-lender and non-investor sources, meaning factoring is an off-balance-sheet form of funding.
1st Commercial Credit is a factoring company in Columbus that helps small businesses with minimal sales volume. It is often more challenging for these small businesses to qualify for bank loans or lines of credit. Small business owners have realized it usually costs less to use our factoring services than putting all these expenses on business credit cards.
Many Columbus companies are losing potential clientele to competitors because they cannot offer extended credit terms. Customers are more likely to make purchases when they feel like they have some flexibility. Also, companies that can provide delayed payment opportunities have more growth capabilities.
When using invoice factoring, the funds are based on invoice amounts, and factoring providers can offer more cash based on the growing number of invoices your company has in the future. There is no need to wait for the long and painful time that it can take for invoices to be paid and sacrifice your business growth, operational responsibilities, and payments to suppliers. 1st Commercial Credit can help and makes financing simple.
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 a given percentage of the invoices and deposit the funds. The funds can then be used to cover payroll and other business expenses. 1st Commercial Credit funds staffing agencies in Columbus and offers competitive factoring rates from 0.69% to 1.59%. When a company has a financing account with 1st Commercial Credit, the funds can be in your account in 24 hours or less.
Payroll Funding Process with 1st Commercial Credit
Columbus has been an economic hub for a long time for Georgia. Today the city embodies a rich cultural heritage, vibrant downtown, and particular business strength in recent years.
Columbus has transitioned from employment based on agriculture to industrial and now post-industrial jobs. Throughout its history, Columbus has served as a port and an important center for the textile mill industry. Today is home to major banking, insurance, and credit card processing companies.
Total System Services, better known as TSYS, is a publicly traded financial services company primarily known for credit card processing. TSYS's headquarters are located in Columbus and claim revenue of over $4 billion and 13,000 employees. It is now the most significant private employer and leader in the city.
For a city like Columbus, which is home to two Fortune 1000 companies (TSYS and Aflac) but nestled in a relatively "hidden" location, attracting and retaining top talent is a significant challenge. Thankfully, Columbus State University and D. Abbott Turner College of Business have joined forces to promote and train the workforce talent needed by companies like TSYS, Synovus, and Aflac.
With a population of 200,000 people, Columbus, Georgia, is a place that combines vibrant artsy energy with unique local history and a top food scene. Located along the Chattahoochee River, Columbus has become a popular spot for outdoor lovers, with a zip line across the river and the longest urban whitewater course in the world. The thriving downtown is famous for its attractions, restaurants, and shops.
Columbus has a special event called Market Days every Saturday morning. This event takes place on one of the main hot spots, Broadway – in an area referred to as Uptown Columbus.
We are a company that factors invoices for many industries in Georgia. We offer a variety of financing options for the following cities: