Also known as invoice factoring, this financial solution provides your Columbus business with an opportunity to avoid banks and their loans and incurring debt. This financial solution will allow you to retain your company and control the finances. The way it works is simple; your company has unpaid invoices, which will be paid in either 30 to 90 days, and your business is experiencing a shortage of cash flow because of these sales on credit terms.
The factoring company will "buy" these unpaid invoices from you at a discount and facilitate the cash within a few days. Once your Columbus business establishes an account with the factoring company already, future funding can happen on the same day or within 24 hours.
Receivable financing is structured like an ongoing seller/purchase agreement, and it is not a loan. Understanding the invoice factoring process will help you make a more informed decision when comparing options for financial solutions for your Columbus company. The receivable credit line is always determined by the customer's financial strength (Buyer), not the client (The seller of the receivables).
Growing and successful businesses can also benefit from accounts receivable factoring. Often, an immediate injection of cash is needed to expand the business and take on more and bigger clients while still being able to offer better credit terms.
1st Commercial Credit is an accounts receivable finance company specializing in many industries in Columbus, 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 Columbus.
Other benefits your Columbus business will experience when choosing a factoring company like 1st Commercial Credit include:
If your staffing company is growing faster than your operating capital, 1st Commercial Credit can help with payroll financing using receivables. Whether your company is a multi-million operation or a startup, meeting staffing payroll during growth can be challenging. 1st Commercial Credit provides accounts receivable financing for staffing agencies every day.
Staffing payroll factoring converts your outstanding invoices into immediate cash today. Invoice factoring is widely becoming the preferred form of financing for the staffing industry because it is easy, fast, affordable. Cash flow is needed to hire new employees, extend payment terms to clients, or increase marketing efforts. A factoring company can provide lending options for staffing companies in Columbus and provide a steady and reliable source of working capital.
1st Commercial Credit evaluates a company to understand the specific objectives and match them 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. Another significant benefit is that approval is easier to obtain, and staffing agencies are not denied because of bad credit or lack of operational history.
Financing Staffing agencies is a straightforward process because we have 20+ years of experience offering accounts receivable factoring for staffing companies in Ohio. 1st Commercial Credit can answer your financial needs and supply initial funding fast.
We fund all kinds of staffing companies in Columbus.
Staffing agencies benefit from selling their receivables to a factoring company like 1st Commercial Credit. This financial method allows you to improve the company’s cash flow to cover daily operational expenses and have the ability to expand your business.
We finance staffing agencies from $10,000 a month to $10 million. Most of our clients are experiencing the following cash flow problems:
1st Commercial Credit provides the funds for your Columbus company by using your outstanding invoices as collateral. When we finance your receivables, your cash flow will gradually grow as your invoiced sales increase. The approval for financing accounts receivable is based on the creditworthiness of your clients and not your business.
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.
Ranked No. 1 opportunity city by Forbes, Columbus has headquartered companies in the Region that score exceptionally well on the Human Rights Campaign Corporate Equality Index.
As we mentioned above, Columbus has a pro-business tax environment, including no corporate income tax and no property tax. Columbus also has the highest possible bond ratings in a fiscally stable state. Columbus also offers available and affordable real estate and a favorable startup environment. Because of these many advantages, Columbus is home to top venture capital funds in the Midwest like Drive Capital and Rev1 Ventures.
Columbus, Ohio, is the state's capital and has an approximate population of 1,644,000 as of 2020.
Columbus is famous for many things, including having one of the largest universities and football schools in North America and being home to one of the country's top zoos. Columbus is also known for its great municipal park systems, comprising 16 parks, including Scioto Mile park with many miles of trails connecting the city to nature.
Franklin Park Conservatory and Botanical Gardens combine horticulture and art with a spectacular glasshouse, a great community garden campus, and sculptures. The Columbus Museum of Art is another attraction that offers sunny galleries with exhibits and an outdoor sculpture garden.