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.
Freight brokers help shippers find good and reliable carriers to place their loads at an excellent cost. A freight broker is considered an intermediary, and they provide treasured services by assisting carriers in filling their trucks and earning commissions in exchange for their work.
At the same time, brokers help shippers find trustworthy motor carriers that can sometimes be challenging. Freight brokers will do a lot to help shippers place their load with reliable carriers at reasonable costs but often have to wait a long time before receiving payment from a client.
This situation will challenge brokers when making payments to carriers and eventually preventing you from taking on new loads. On a positive note, a factoring company in Minnesota like 1st Commercial Credit provides financial services for all businesses in the trucking industry, allowing them to close the payment gaps and continue moving forward. Freight factoring companies offer factoring services that make it possible to fund new placements without turning to high-interest business loans.
Freight broker companies can use the funding services offered by freight factoring companies and not have to wait months for payments. Truck factoring services involve a factoring company that buys a business' outstanding freight bills in exchange for a significant advance in 24 hours or less to cover business costs and pay carriers.
The factoring company proceeds to collect payment directly from your customers while you continue running the business as usual. Our funding process and financial services for trucking companies are simple and get you the fast cash needed to run a successful business.
The financing process with invoice factoring is as follows:
1st Commercial Credit's Freight Factoring Services Offer Many Advantages:
Unlimited funding potential — freight and trucking factoring offers a flexible solution that can constantly be adjusted to the growth and success of your company. With freight factoring, your funding possibilities grow alongside your business.
No minimum or maximum requirements — businesses will experience a flexible and convenient financial solution without established minimums or maximum amounts to factor.
Online reporting and electronic submission — we make the submission of invoices and freight bills a fast process that is done electronically. Businesses will also have access to our online reporting portal 24/7.
Discount negotiations with carriers — when funds can be in a business' hands within 24 hours, companies can pay carriers immediately, which will also mean they can be eligible for lower rates.
Free admin support — our specialist team will provide additional back-office services such as credit checks and collections to ensure clients will make payments.
There are two types of factoring for the healthcare sector, medical factoring and healthcare factoring. While a healthcare company can benefit from both types of invoice factoring, it’s essential to understand what makes each financing program unique and the best fit. Healthcare factoring has a different process than medical receivables factoring.
Healthcare factoring involves individual business owners in possession of medical supply companies, medical staffing firms, medical transcription services, among others. In contrast, medical factoring works with companies that deal with third-party payers. Medical factoring is for businesses that have to wait for payments from a third party such as Medicaid, Medicare, or a private insurer.
In the medical industry, cash-flow problems and slow payments are expected. Medical companies billing public or private insurance companies often experience cash flow gaps in their income, resulting in trouble covering payroll, paying for equipment repairs, hiring new staff, or expanding. Companies have to wait for insurance companies to pay medical claims in the healthcare industry, and most medical insurance claims can take a few months to pay.
Some facilities cannot afford to wait so long for payment – especially new companies and those that experience fast growth. Medical receivables factoring solves the issue caused by slow payments by giving businesses quick access to funds. Invoice factoring takes five business days or less, depending on the type of arrangement.
How Does The Medical Receivables Factoring Process Work?
First, it is crucial to find out if your business qualifies for medical receivables factoring or if healthcare receivables financing is the better option instead. Even though both these processes are similar, they are for two very different types of medical industries. When you know if your business would qualify, it is crucial to find the appropriate factoring company. Once the factoring company approves your application, a big part of the process is done. The factoring company will take responsibility and collect payments. Medical factoring can transform your business in just a few days when you understand how to use it.
1st Commercial Credit has an extensive history in the transportation and trucking industry. We have provided excellent transportation equipment financing and leasing for business owners seeking semi-trucks and trailers. Our primary purpose is to simplify how you acquire the equipment, vehicles, and tools your trucking company needs to advance and succeed in the freight industry. Having access to low payment loan and lease options, plus access to our specialists anytime, will ensure you’re getting the best deal and customer service available.
We know the trucking industry is an essential player in the American economy. This is why providing financial services that are fast and attainable is what we thrive on delivering to our customers. While we’ve helped great businesses build fleets for over 20 years, we can help your business too! The equipment financing and leasing process are straightforward:
Step 1: Fill out a simple application so we can begin reviewing your situation and business.
Step 2: Receive a quick answer within a few hours with instructions for further requirements.
Step 3: Get the financing you need to acquire the equipment within 24 hours.
With the fastest credit approval, funds within 24 hours, no-money-down, and the most flexible terms in the industry, 1st Commercial Credit’s financing and leasing plans are the perfect lending partner fleet owners can work with to grow their business.
We know the transportation and trucking companies are very diverse, and that is why we provide various types of financing options to fulfill the needs of all of our customers. We also work with those businesses that have been turned down by traditional lenders and give them options to acquire the equipment they need.
Businesses in Rochester are under a lot of pressure to release the working capital stuck in their supply chains. Supply chain finance offers solutions to optimize cash flow by allowing companies to increase their payment terms to suppliers while providing the option for their SMEs and large suppliers to get paid early.
Understanding Supply Chain Finance:
Supplier finance works for companies in many different industries. It works for companies on both sides of the supply chain and is a proper win-win solution for both trading partners. The team at 1st Commercial Credit works closely with buyers and suppliers to design a supply chain finance plan that fits the changing needs of both parties. Food distributors in Rochester fund their suppliers with factored proceeds. PACA-related receivables are more challenging for distributors to finance as it involves supplier lien rights to the receivables if they are not paid.
1st Commercial Credit has funded food distributors all across the country. 1st Commercial Credit has been factoring the company’s receivables more into the food supply chain industry. It offers a PACA receivables transaction that is a better fit with invoice and supply chain financing than traditional bank financing.
Located in southeast Minnesota, the Rochester area has a robust and diverse economy offering an ideal business environment. Rochester combines different factors that make it a perfect place and encourages people to invest and build careers there. This area benefits from the 45 two-and four-year institutions of higher learning. Students enrolled in any one of these universities or colleges often seek employment opportunities within this region. Some of the primary vital industries in Rochester include life sciences, technology, food and dairy, manufacturing, and tourism.
Rochester offers a dynamic array of fun things to do. The city has beauty, vibrancy, and charm because of its picturesque parks, historical sites, and high-quality theatres and galleries. Festivals and other events also take place in Rochester, bringing many tourists to the area. Other activities in Rochester include trolley tours, hikes, bike rides, and a friendly atmosphere with many restaurants and nightlife spots.
1st Commercial Credit is a company factoring receivables in Minnesota and various cities including: