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.
Oklahoma City businesses sometimes have to wait for weeks or even months for customer payments. During this waiting time, companies might be cash deficient and may not have the money available to pay for current operational expenses, fulfill orders or grow their businesses. Invoice factoring is a financial solution for Oklahoma City businesses in this situation. Selling your company's receivables to a factoring company is not like a traditional loan. These invoices are sold in exchange for immediate cash.
One of the most significant benefits of invoice factoring is the ability of a company to raise cash fast and safely. Factoring also offers many other benefits, for example, factoring minimizes the risk against client bankruptcy. This financing alternative also doesn't add debt to your business and can help with collections.
Invoice factoring provides a reliable source of cash flow for businesses struggling with slow-paying customers or extended payment terms. All businesses are unique and have specific needs, and 1st Commercial Credit can assess your company's receivables without commitment to figure out how to fulfill your business goals and advise you appropriately.
Factoring receivables will allow companies in Oklahoma City to maintain a reliable and healthy cash flow and improve their finances while meeting payment deadlines and other financial responsibilities.
There are 6 main reasons why factoring is the best financial solution for Oklahoma City businesses:
When should your business use factoring?
Invoice factoring could be a good fit if your business is constantly dealing with many outstanding invoices that will only be paid in several weeks or months. It is very common for many industries to have 30+ day payment terms which mean companies will have to wait before receiving payment. Your company has money tied to those outstanding invoices that should be flowing in the cash flow. In order to have access to this money immediately, you have to sell the invoices to a factoring company which will allow you to release a large percentage of the invoice amount. With the available cash, your business will be able to:
Advantages of factoring with 1st Commercial Credit
Factoring receivables can bring many advantages to your business, including:
How Do Fuel Advances Work for Truckers?
A fuel advance is a financing solution that freight factoring companies offer with their freight and trucking factoring services. Fuel advances provide the funding necessary to cover fuel costs at the time of picking up the load.
This additional benefit provides trucking companies with an agreed percentage (up to 40%) of the value of the freight bill. This advance can be in your hands within hours of making the request. To send the advance, the following needs to be verified:
Small and mid-sized carriers can significantly benefit from our fuel advance program. These companies often find themselves low on available funds and at risk for cash flow issues. We can help your business:
What Are the Benefits of Invoice Factoring For Freight Companies?
Instead of waiting several weeks or months, your company can get paid “sooner” for services/products that it has already delivered. Traditional banks can take a long time for processing and approval, but freight factoring funding will be available in 24 hours or less. Even businesses just starting or those with low or bad credit can qualify for financing. If your company has been rejected in the past by the bank, freight factoring is the solution. Invoice factoring is a flexible and accessible financing solution for business owners in Oklahoma City.
Freight Factoring Services Offer Many Benefits
We are an experienced financing company offering multiple financial solutions to businesses. Some of these advantages clients experience with our financing programs include:
Unlimited funding potential — freight factoring provides a flexible solution that can constantly be adjusted to the specific needs of your business. The funding possibilities with freight factoring grow along with the growth of your business.
No minimum requirements — factoring is an ideal and convenient financial solution because there are no minimum or maximum amounts established.
Electronic submission and online reporting — submitting freight bills is a fast and easy process done electronically. You will also have access to our online reporting portal 24/7, recent transactions, collections status, and other crucial information.
Discount negotiations with carriers — having available funds within 24 hours will allow you to pay carriers immediately and be able to negotiate lower rates.
Free administrative support — 1st Commercial Credit’s specialist team will provide complimentary back-office services like credit checks and collections.
Some other benefits include fuel credit lines and loans on insurance premiums or repairs.
Medical staffing factoring converts accounts receivable into immediate cash. The process involves selling your unpaid invoices to a company that factors receivables at a discount. It is the ideal financial solution for healthcare staffing agencies that cannot qualify for conventional bank financing in the early stages of the business or while experiencing rapid growth. Healthcare staffing can be a lucrative and successful business, but your agency needs to have an efficient recruiting team to achieve this.
Clients depend significantly on your ability to provide them with professional clinical, administrative, and janitorial staff. Pairing up with a factoring company will allow you to continue providing the best service without running out of working capital.
Medical facilities billing to Medicare, Medicaid, and other major insurance companies may experience cash flow shortages arising from slow payment from these insurers and increased service demand from patients. These cash shortfalls can present problems in managing operational expenses, staffing costs, and other necessary business expenses. A staffing loan can often provide added financial resources to close the gap between the delivery of medical services and payment by insurance companies.
Medical factoring lending agreements use outstanding invoices to collateralize loans. The healthcare provider receives funds quickly for those invoices, allowing companies to manage financial obligations in a timely way.
Healthcare factoring companies will focus and look at the creditworthiness of the companies or agencies owing money to your business. Medicaid and Medicare invoices offer the most significant security for the lender as these debts are guaranteed by the full force of the federal government. Major insurance companies are only slightly less reliable in terms of collateralization. By using these debts as collateral for short-term lending financing or lines of credit, healthcare facilities can acquire the necessary funds to manage cash flow difficulties more effectively.
Factoring your medical staffing receivables is a great short or long-term financing solution for your small and mid-sized businesses. With healthcare staffing payroll funding, your cash flow issues will be solved and avoided in the future.
The transportation and trucking industries are the backbone of America, and all financing companies know this. Even as a large and thriving industry in the US, trucking businesses still face many struggles every day, including a constant demand for new and updated trucks and a shortage of drivers. Trucking companies drive the US economy, but all this comes with costs. Trucking businesses have high expenses to run their daily operation, and this is why they turn to transportation and trucking business financing loans and leases.
Our trucking loan programs are a great alternative to maintain operating cash flow to keep up with the constant capital demand. 1st Commercial Credit provides the trucking industry in Oklahoma City businesses with trailer financing for any type of new or used dry van, refrigerated, and flatbed trailers. We offer the best rates and financing solutions with many options depending on your business needs and qualifications. Trucking companies can use truck financing to acquire new vehicles, pay for fuel expenses, maintain payroll, and routine maintenance on trucks and trailers.
Trucking and transportation financing programs vary depending on what's needed. To get the most out of a financing program, it is crucial to ensure that you use the right transportation financing program for your business-specific needs. For example, semi-truck financing is used by owner-operators and small and large fleets for all types of semi-trucks and transportation vehicles.
1st Commercial Credit is an experienced lender serving the trucking and transportation industry for over two decades. We also provide box truck financing for various types of commercial box trucks, including light duty box trucks, cube trucks, medium-duty box trucks, cut-a-way trucks, refrigerated trucks, and dry cargo vans.
Oklahoma City has many titles and rankings, positioning it as one of the best cities to live and do business in. Some of these titles include being among the Top 10 job growth ranking cities, the No.1 place for startups to expand, and a must-visit destination in 2020.
This city understands the benefits of having a business-friendly government to the success and well-being of the community. Oklahoma City offers a combination of affordability, flexibility, and availability to meet everyone’s needs.
The Greater Region of Oklahoma City comprises ten counties. It has a community that offers cultural opportunities, world-class scientific research, professional sports, art, and hot urban lifestyles, retail hotspots, and big yards. Oklahoma City is also famous for its Cowboy Culture and Soul. Popularly known as OKC, this vibrant metropolis has 630,000 inhabitants taking advantage of a state capital and an American West immersive experience.
There are many famous monuments and museums, including The Museum of Osteology, the American Pigeon Museum, and the Oklahoma State Firefighters Museum.