No monthly minimums or maximums: Your business sales are the only funding limiting factor. There are no minimum or maximum amounts you must factor. You can factor as much as you want and as often as you need to maintain the cash flow required for your business.
Not tied to long-term contracts: You will never be stuck in a factoring agreement. Most agreements are valid for six months to one year, so you can regularly review how the financing service works for you.
Take control and eliminate business current debt: Having a consistent supply of cash will allow you to pay off existing debt without acquiring new debt. You will also increase your creditworthiness to qualify for future financing.
Take advantage of early payments: manufacturers can negotiate early-pay discounts and take advantage of bulk order specials and other payment incentives with suppliers.
Save time and money: 1st Commercial Credit will provide credit and background verification services free of additional charge to make sure you're selling to creditworthy clients.
24/7 online platform access and reporting: 1st Commercial Credit's reporting online system is available to you 24/7. You can freely access your account information and integrate your factoring account with your other business records.
Low credit is approved: Manufacturing companies of all sizes and in all positions may qualify for our accounts receivable factoring program. Moreover, we do not take a company's credit history into account when making a funding decision.
Manufacturing financing can help your business:
Manufacturing factoring is a better financial solution when compared to a traditional bank. Business loans from a bank have strict requirements to apply. They are usually paired with a complicated and time-consuming process. Banks demand an almost perfect personal credit and also ask for business collateral. Even if a company manages to qualify for all these requirements, the final approval and access to cash can still take several weeks or even months.
In summary, here are the main 5 difference when comparing a bank loan to factoring invoices: