The ability to grow a business will depend greatly on your ability to manage your business's finances. For many companies, one of the most common issues has to do with cash flow. For those businesses just beginning their journey, maintaining a healthy and consistent cash flow can be a challenging task. For example, many companies in Tulsa must offer payment terms to clients, which results in payments coming in after 30, 60, or 90 days after the services/goods have been manufactured and delivered.
Invoice financing companies offer a way to manage those cash flow ups and downs. In addition, it gives companies a way to access funds for pressing expenses, such as inventory and payroll.
Instead of waiting to receive payment, you can have timely access to funds that the business has already earned. As a result, you will have a balanced cash flow, and your expenses will always be covered. Equally important for a business owner, you will be in a position to grow your business.
Imagine you come across a large new customer, a big company that could help your small business take off and grow faster. But taking this job would mean using a large amount of your company's cash flow reserve. In addition, your potential new client is a big corporation that demands not-so-favorable terms. This situation could end up making you wait 60 days before you are paid for your services or products.
With invoice factoring, this wouldn't be a problem. You can take on the big contract without worrying about not having enough funds for payroll and other operational needs. Thanks to this financial alternative, your company will maintain its current customer base and still be able to find and serve new customers.
Invoice factoring helps you invest in business growth. Having the financing tool for addressing short-term needs makes it easier for you to focus on long-term, strategic goals. This would be the case for various businesses in different industries, including staffing, distributors, construction, manufacturing, medical providers, and many more. We finance businesses in Oklahoma every day and have more than 18 years in the industry.
You should find and choose an invoice financing company that offers flexible and transparent terms. 1st Commercial Credit is an invoice factoring company in Tulsa offering different funding services to businesses, and we have competitive financing rates starting at 0.69% to 1.59%.
Payroll funding, or invoice factoring, is a form of financing specifically designed for the staffing industry. It is common for companies in the staffing industry to wait long payment terms before collecting payment. The struggle begins when these companies need to make payroll but are still waiting on payments. To solve this situation, these staffing companies can sell their receivables in exchange for immediate cash.
Funding for staffing agencies will help businesses achieve a steady cash flow and sustainable growth. Making payroll each period is one of the most important jobs for any small business owner. If payroll is not covered, you risk losing valuable employees, which can cause a halt in business growth and ultimately cause you to go out of business.
Having enough cash available to make payroll is an issue that many companies in Tulsa struggle with, even if they have stable customers who might pay their bills on time. This is because “on time” can mean 30-90 days after an invoice is created and submitted. Even if your business eventually collects those payments, you have to wait, making it challenging to keep up with all the day-to-day business operational expenses and unexpected costs.
Payroll funding is the process of selling your accounts receivable for a cash advance. When your business submits an invoice to a customer, 1stCC will purchase that unpaid invoice from you and give you fast cash that same day. When your clients pay the invoice in full directly to 1stCC, you will receive the rest of the money, minus a factoring fee.
The steps for payroll funding are:
The 4 reasons why your business should use payroll funding:
What Are The Benefits Of Leasing A Truck?
Trucking businesses turn to equipment financing because of the many benefits and flexibility this financing program provides to trucking owners. A truck equipment lease is a perfect alternative to acquire equipment while ensuring you have enough funds to continue running your operations. Equipment finance agreements and equipment leasing are excellent for growing your trucking business with the most updated equipment and technology.
Working with 1st Commercial Credit’s equipment leasing program will bring the following benefits to trucking owners:
Leasing your transportation equipment means increased financial flexibility to upgrade your fleet when you need to. A budget won’t restrict you, and you’ll get the vehicles you need to keep your fleet at the top.
Can I Get A Semi-Truck With Bad Credit?
1st Commercial Credit makes it easy to get any type of used or new transportation vehicle with semi-truck financing programs for small fleets and owner-operators. Many trucking owners get incredibly frustrated when applying for a loan with a traditional bank or credit union. Due to the nature of the trucking industry, many owners have issues that immediately disqualify them from these lending options.
1st Commercial Credit has financed the trucks for over two decades. We are familiar with the unique challenges owner operators face every day and can work with pretty much any credit background or history.
In addition, 1st Commercial Credit offers a new financing program for newer or credit-challenged trucking companies. The OTR TruckStarter Program is an excellent solution for those applicants who do not meet the requirements for our A through C credit programs. This financing program offers more approval flexibility for companies under one year in business and helps build business credit.
Tulsa is currently home to some of the largest companies in the nation. Some of its key industries include energy, aerospace, healthcare, technology, manufacturing, and transportation. Tulsa has a cost of doing business well below the rest of the U.S. due to low rental rates, energy costs, and taxes. This combination of factors makes Tulsa an ideal location for companies looking to expand or relocate.
Tulsa is Oklahoma’s second-largest city, with 766,000 inhabitants, and is a thriving metropolis with a vibrant nightlife, world-class attractions, and exclusive shopping destinations. Tulsa is a dynamic city that offers southern hospitality and cosmopolitan delights. It is also known for a variety of urban districts, exceptional dining, and art collections.