Having slow-paying customers can be a significant and unavoidable issue for business owners. Slow-paying customers affect your cash flow and can potentially take time out of your day chasing payments.
One of the biggest financial challenges many businesses face is that sales can often take 30 to 60 days to get paid. Suppose you have a client, and their payment terms give them 60 days to pay. Your business will have to wait those two months before payment, causing a cash flow shortage, which will cause an inability to pay bills and other business expenses.
A financial alternative to improve your cash flow is working with a financing company that can provide invoice factoring services. Factoring receivables is a form of financing that offers cash upfront in exchange for your unpaid invoices. Selling your receivables to a factoring company will exempt your Cleveland business from waiting those long periods before payments arrive.
Most factoring companies in Cleveland finance invoices in two installments. The first one is called the advance and covers up to 95% of the invoice. The remaining percentage, minus the factoring fee, is rebated as a second installment once your customer pays in full. Unlike other financial solutions, a factoring company in Ohio makes invoice factoring easy to obtain and flexible.
1st Commercial Credit is a factoring company specializing in receivable financing for many industries in Cleveland, and the financial tools we offer help businesses grow.
Financing accounts receivable is now the preferred financial tool in obtaining flexible working capital for businesses of all sizes in Cleveland.
1st Commercial Credit lends money to produce distributors, medical providers, trucking companies, security guard companies, construction contractors, and many more. We also have extensive knowledge of funding the agriculture industry in Cleveland.
We can fund your business, regardless of the size, by using your accounts receivable as collateral. Your company could be one week old and, as long as you have qualified outstanding invoices, we can help you get the funding you need.
We can help any company, regardless of its financial status. We have successfully helped clients who have tax liens, and we have also helped companies that could not get approved for bank loans. 1st Commercial Credit can provide you with the funding you need based on the invoiced sales you have.
We have the complete application process online. You can submit your application and get the funds within a few working days. 1st Commercial Credit requirements include:
In some cases, we can get you an answer on the same day. It only takes three to five business days to set up your account and start receiving money into your bank account. We make it that easy.
Payroll funding can be challenging for companies, but especially for growing staffing firms. Your staffing firm might need an injection of cash flow to hire new employees, extend payment terms, or increase marketing efforts. Factoring companies for staffing can provide a steady and reliable source of working capital with payroll loans for businesses in Cleveland.
We can accommodate accounts receivable loans for staffing to new temporary staffing companies with minimal funding needs. 1st Commercial Credit evaluates a company's situation to understand the specific objectives and match your business with a factoring program that will fulfill all your payroll funding needs. The initial application and funding process takes 3 to 5 business days. After approval, your temporary staffing firm can access funds within 24 hours and begin funding payroll.
Staffing factoring can help your business succeed. Some of the advantages of accounts receivables loans for staffing agencies include:
Financing staffing agencies is our business, and we fund staffing agencies every week for the first time.
Manufacturing companies in Cleveland are coming to us for accounts receivable loans to solve their cash flow issues. 1st Commercial Credit's invoice factoring and accounts receivable lines of credit provide the total flexibility needed to enhance your company's capacity to grow without having to pledge collateral.
Accounts receivable financing, or AR financing, is not the same as invoice factoring, which is another financing service 1st Commercial Credit offers. Both types of financing can help your company obtain the money upfront that is currently held up in unpaid debts. Still, the way they work is fundamentally different.
AR financing uses your outstanding invoices as a form of collateral for approval for a loan program or cash advance for your Cleveland business. With AR financing, you don't sell your invoices to a third party as you remain responsible for collecting payments from your customers.
Cleveland is famous for its professional basketball or football teams, the Cleveland Cavaliers and the Cleveland Indians. The Rock and Roll Hall of Fame, the world’s largest musical instruments, videos, album covers, and other rock and roll artifacts, is also in Cleveland.
Cleveland sits on Lake Erie, which makes it an incredible attraction of the city. You can enjoy the sunset, sun, swim at beaches, hike lakefront trails, go fishing, rent a paddleboard, boat, or jet ski. Edgewater Beach has become the city’s most popular summer hangout in Cleveland. People can enjoy concerts and have drinks there in the summer months.
Compared to other cities, Cleveland has a population of only 383,000, giving the city an almost small-town feel. Cleveland has over 30 breweries, and Greater Cleveland has around 70, making it another famous attraction in Cleveland.