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Factor Companies in New York
Invoice Factoring In New York
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Invoice Factoring In New York
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Invoice Factoring Company In New York

Financing Rates at 0.69% to 1.59%
No Financials or Setup Fees
Customized Rates
Setup in 3 to 5 Days

How an Invoice Factoring Company Can Benefit Businesses In New York (NY)?

New York business owners looking for a financial solution for their business can use their unpaid customer invoices into fast cash utilizing the services of New York invoice factoring companies. Businesses serving all industries in the state of New York can benefit from this financial solution.

Factoring company in New York

When customers don’t pay for goods or services right away, it can cause cash flow issues, resulting in backup orders, late payments to suppliers, and halted growth. Invoice factoring companies like 1st Commercial Credit can provide cash for your New York business owners to fulfill operational and financial responsibilities. 

Factoring receivables is a great option for those companies in need of cash sooner than the receivables are due. Also known as accounts receivable factoring, this financial solution is simple and effective. Using your pending invoices for an injection of cash for a healthy cash flow has never been easier. This financial solution is especially beneficial to companies with many ageing accounts receivables just sitting there and a growing number of business expenses piling up. 

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What is a Factoring Company?

A factoring company (or accounts receivable factoring) converts invoices sold on credit terms for immediate working capital at a discount. It has become a simple, fast and easy way to access business cash flow. In comparison with a traditional bank loan, a company that factors receivables has a quicker approval process.

1st Commercial Credit is a factoring company that specializes in evaluating accounts receivable and can make a prompt approval decision. The documentation requirements are not as lengthy, and the main requirement is that an applicant has invoices for work or orders that have already been satisfied. It also helps to have creditworthy customers. As long as a business has been in operation, meets revenue requirements and is free of liens or legal issues, approval is likelier.


What Is The Recent Construction Industry Growth In New York State

In 2018, construction spending set a record of $61.5 billion in New York City, according to the New York Building Congress.

1st Commercial Credit finances the construction industry which is the second-fastest-growing employment sector in New York City, creating thousands of jobs for the people of New York. The New York construction industry is facing immense growth and success because it offers employment opportunities to all people, even without a college education but also because the industry pays well. Construction was the fourth highest-paying employment sector in New York City in 2017, with an average salary of $80,200. The sector was responsible for $11.9 billion in wages.

The state of New York has made impressive progress in the construction industry in recent years, expanding its workforce to 30% since 2013 and increasing wages by a percentage over 9%.

Even though the covid-19 pandemic hit the construction industry pretty hard, many projects have been announced to pick back bringing architects, engineers, contractors, and construction workers back to work. The construction industry in New York employs immigrants at 59% of jobs in New York City, higher than the rest of the state and nation.

New York has the 4th largest construction sector in the United States with more than half of the construction jobs added between 2010 and 2018. In 2018, construction spending set a record of $61.5 billion in New York City, according to the New York Building Congress.  Construction firms generated an estimated $84 billion in economic activity in 2018, representing 10% of New York City’s total economic output. 

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Difference Between Invoice Factoring And Bank Loans For New York Businesses?

Invoice factoring is not a loan; when selecting one of the two as a financial solution for your company, it is crucial to understand the differences. The process of selling receivables to an experienced invoice factoring company in New York means that these invoices are sold at a discount in exchange for cash. The factoring company will then own the unpaid invoices and be responsible for collecting the payment directly from your customers. This collection can take anywhere from 30 to 90 days, which can be a long time for many growing businesses.

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Manufacturing industry factoring company New York

Businesses can turn to a bank for a traditional bank loan, but their requirements usually demand a complex and time-consuming process. Banks require an almost perfect personal credit and also ask for collateral. If the business qualifies for all these requirements, the final approval and access to cash can take several months. 
On the contrary, working with accounts receivable factoring companies will provide you with quick application and approval processes, fast cash, and a door to growth opportunities.

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How Payroll Funding Can Benefit Your New York (NY) Business While Waiting On Invoices?

A company's ability to recruit, hire, and retain talented employees is a top priority to run a successful business. Still, at the same time, it can also represent a financial challenge for some. You will want to keep the best and most skilled workers, and for this, they need to be paid on time every time. This situation can be complicated when you have to wait for invoices to get paid in 30, 60, or 90 days. When this happens, and cash flow is tight, invoice factoring companies can provide the ideal financial solution with a payroll line of credit to solve this issue by giving you access to immediate working capital.

Payroll funding financing in New York (NY) state

Covering payroll is incredibly important for all companies, regardless of the industry they belong to. Your employees will ultimately contribute to your business's growth and success, so it is crucial to keep them being a part of the core of the operations.

By borrowing money against invoices, you will find a simple, straightforward solution to your payroll funding needs and many other financial needs your business might encounter.

Payroll funding is a form of invoice factoring (or accounts receivable factoring) financing that will give your company immediate access to cash to pay employees on time each period.

Some advantages of utilizing payroll funding services provided by an experienced factoring company include:

  1. Immediate access to cash
  2. Simpler process to apply and obtain
  3. Have the ability to grow your business

1st Commercial Credit can provide payroll funding for staffing agencies and many other businesses in many different industries in the state of New York. Contact us today for an assessment and obtain access to the cash your business needs today.

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