1st Commercial Credit offers a simple cash flow solution for service providers across the nation. If you provide professional services to slow paying businesses, your cash flow can be affected. You can resolve this financial issue with 1st Commercial Credit’s invoice factoring program for service providers.
Many companies benefit from working with accounts receivables financing because it has a more straightforward application process. Businesses in this industry sometimes may not have sufficient working capital if their needs are seasonal or they cannot pay providers promptly. Bank loans may be an option, but they typically have a long list of strict requirements for approval. However, the bank loan option is not feasible for businesses just starting up or others going through financial difficulty or lack adequate collateral.
On the bright side for service providers, invoice factoring is an alternative funding option. Factoring uses the invoices in exchange for advancing funds. Once your business is approved, you can qualify to receive a percentage of your invoice value immediately with a reserve payment of the remainder when the factor collects.
Payroll funding is a simple process:
A payroll line of credit, also known as invoice factoring or payroll funding, is a form of financing specifically designed for the service industry. Many companies have to wait 30-90 days to collect payment on pending invoices. Still, many of these businesses need to make payroll far sooner.
By selling your receivables for cash upfront, your business will have access to the following:
A third-party lender like 1st Commercial Credit can be one of your most valuable additions to your company. As long as you provide professional services to other companies, you can factor those invoices for immediate cash. 1st Commercial Credit offers to factor for service providers including attorneys, accounts/CPAs, architects, business consultants, marketing firms, and public relations agencies. We also have extensive experience providing payroll funding for staffing agencies and many other firms.