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A Factoring Company Funding Charleston, South Carolina
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.
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Choose The Right Factoring Company For Your Charleston Business
Although working with a company that factors in receivables in South Carolina is a great way to relieve cash flow tensions, working with the best factoring firm is crucial to obtain a healthy and reliable cash flow to run your company. There are plenty of factoring companies to choose from, and this is why it's imperative to know what to look for to find the best one for your business.
Here are five crucial factors every business owner should consider when choosing an account receivable factoring firm.
- Industry expertise
- Customer service
- Flexibility
- Stability
- Pricing and rates
4 Easy Steps Explaining How Invoice Factoring Works For Small and Large Businesses
For many reasons, business owners in Charleston seek the help of an experienced financing company, like 1st Commercial Credit. Invoice factoring offers an optimal financial solution for businesses experiencing issues with their cash flow. These events can be caused by extended payment terms or the inability to qualify for a traditional bank loan. When companies sell their outstanding invoices to a factoring company in Charleston, your business will have the opportunity to expand and grow.
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Our Factoring Process Is As Follows:
- Choose 1stCC as your factoring company.
- Fill out a short 2-page application form to set up an account with 1stCC.
- Once verified and approved, you can start sending invoices to receive an immediate cash advance.
- 1stCC will take care of getting payment from your customers.
- You will receive the remaining amount minus the factoring company fee when your customer pays the invoice.
Understanding how the entire invoice factoring process works will help you decide when comparing options for financial solutions. An often mistaken assumption is assuming only companies struggling can benefit from working with an accounts receivable factoring company. Successful companies have found this financial solution to expand and still offer better credit terms than the competition. A consistent, reliable, and healthy cash flow maintains a business alive, and when it’s affected, it can cause a company to fail.
Businesses have turned to cash flow lenders for a quick and reliable source to turn their receivables into fast cash. Today, many companies in Charleston benefit from financial alternatives to maintain growth. Factoring solves your firm's cash flow problems and offers the ability to pay off existing debt and implement new training or hiring programs in place.
Instant Source Of Funding For Automotive Companies In Charleston
Charleston is home to global 65+ automotive OEM companies, component manufacturers, and suppliers. Its location and access to the Southeast, one of the fastest-growing markets in the U.S., are strategic advantages this city offers. The Port of Charleston offers the deepest harbor in the south Atlantic and global access to 150+ countries.
Charleston also has more than 6.5K technically skilled workers serving the automotive industry every day. Charleston companies excel at component manufacturing, vehicle assembly, and the remanufacture/ maintenance of automotive parts with an incredible concentration of skilled engineering talent and technical workers. In addition, two new vehicle assembly plants were announced in 2015, contributing even more to the economy and providing many jobs. Charleston also offers significant advantages to companies looking to export/import mainly because of its central East Coast location and the Port of Charleston that provides global access to over 150 countries.
Benefits of Working with Automobile Factoring
Receivable financing provides much more than just immediate access to cash. There are many advantages for your automobile company when using this form of financing. Factoring companies for small businesses in Charleston can help them obtain the crucial funds they need to operate and grow. Some of the benefits that you'll enjoy with our factoring services for the automotive industry include:
- Funds are only limited by your business invoices: there are no minimum or maximum amounts your business must factor. You can factor as much as you need and as often as you want to maintain a good and healthy cash flow.
- Not a long-term contract: you won't be tied to long factoring contracts, and business owners can regularly review and make changes to their financing arrangements.
- Eliminate current business debt: access to a consistent and healthy source of cash will allow you to eliminate existing debt.
- Benefit from early payment discounts: companies can negotiate early-pay deals and take advantage of other payment incentives with suppliers.
- Save time and cash: 1st Commercial Credit will provide background and credit checks to ensure you're dealing with creditworthy clients.
- 24/7 online platform access: our online reporting system is always available to you so that you can update and view your account information anytime, anywhere.
- Low and bad credit is not a problem for us: companies of all sizes and in all financial positions can qualify for our accounts receivable factoring program. In addition, we do not take a company's credit history into account when making a funding decision.
In addition, our financing alternatives can help your business:
- Expand operations
- Fund payroll and hire employees
- Make upgrades and purchases
- Invest in marketing and advertising
- Pay suppliers on time or even early
- Invest in new projects
An automotive factoring company offers better financial options when compared to a traditional bank. Bank loans have strict requirements and take a long time to approve any type of financing. Banks ask for perfect personal credit and also ask for business collateral. Here are five differences when comparing bank loans and invoice factoring:
- No collateral is required
- Fast application and approval process
- High likelihood of approval
- Low credit score admitted
- Quick cash - enhanced cash flow
Invoice Factoring For IT Companies Can Help The Growth
We know that technology never stops changing and improving. If you hope to own a business that competes in your industry, you must have the latest and best technology, software development funding, equipment, and tools to serve your customers. This can be challenging without a stable source of working capital. Invoice factoring is the best solution if you're dealing with slow-paying customers that negatively impact your cash flow.
Invoice factoring for technology companies is a great way to get the immediate funds your company needs to make payroll, pay bills, and take on new customers without problems. With IT technology factoring, your options are endless, and you can instantly cover all of your business expenses and give your business the ability to grow. Accounts receivable factoring helps your tech business with:
- Payroll expenses
- Operating costs
- Technology and software upgrades
- Marketing investments
Invoice factoring services offer a financial alternative that helps business owners get paid sooner. If technology firms deal with clients that pay on 30, 60, or 90-day terms, they can sell their outstanding invoices to 1st Commercial Credit in exchange for a cash advance.
Factoring helps IT companies stay ahead of the competition by facilitating a reliable source of working capital. With this type of financing, your business will have the ability to fulfill orders and provide services without having to worry about the upfront costs of doing business. It doesn't matter if you're a startup or if you've been in business for many years. Our funding services can help nearly any IT company.
- IT startups
- IT consulting
- Security
- App development
- Website development
- Database development
- Software development
- Engineering
- Online marketing firms
- Technology sales
1st Commercial Credit makes technology factoring easy and fast. Working with accounts receivable financing is the easiest way to free up working capital to grow your business while allowing clients to keep to their original payment arrangements and schedules. So, instead of waiting for a bank loan to go through, contact us for a faster and more accessible solution.
The process with 1st Commercial Credit's Factoring Program is Simple:
- Submit invoices: Your tech company submits invoices to 1stCC. We then verify the invoices to make sure the work has been completed.
- Cash advance: Once 1stCC approves your invoices, we'll issue a cash advance to your business within 24-hours.
- Repeat as often as needed: Repeat the factoring process as needed and factor in as many invoices as you need.
Additional Benefits of Tech Factoring Services
- Same-day funding (within 24 hours or less)
- Flexible and simple processes
- Month-to-month contract terms
- No minimum volume requirements
- Factoring fees from 1%
- High advances
Need Funding For Your Company In Charleston, South Carolina?
Quick Equipment Financing Approvals For Automotive Businesses (Accepting A-D Credit)
Getting new and working equipment is a must to running a successful automotive business, whether upgrading to meet growing demand, preparing for a grand opening, or replacing old tools or equipment. If you own an auto repair shop, an auto body shop, or a service or gas station, keeping your existing shop afloat is crucial, and the right tools and equipment are needed for that. You should be able to rely on your equipment to continue providing excellent service and quick turnaround times without interruptions. 1st Commercial Credit provides financing programs for new or used automotive tools and equipment. Our outstanding financing plans offer:
- Programs for startups and established businesses
- Easy and fast application and financing processes
- Save time and money
- Programs for every credit score
1st Commercial Credit works with many different automotive businesses and offers a wide selection of equipment financing programs designed to fit your credit and your business’s specific needs. Our programs will make it easy to get the tools and auto equipment you need immediately and without hassles. Some of the benefits of automotive equipment financing with 1st Commercial Credit include:
- Fast and flexible credit decisions
- Same-day approvals
- Get the equipment and tools you need today and pay over time
- Financing available for startups and larger businesses
- Affordable periodic payments and excellent terms
- Ability to obtain new or used equipment
- Ability to replace old and obsolete technology
What Is Charleston Known For?
Charleston, SC, is one of the most common vacation destinations in the U.S. Located along the coast of South Carolina, this charming city was once part of one of the first 13 colonies, making its historical background very rich. People living in the Holy City have access to many outdoor activities all year long because of the mild climate. History fans will love delving into the area’s unique story, and foodies can explore all the top-notch restaurants in the area. Some famous places to visit are Fort Sumter National Monument, Patriots Point Naval & Maritime Museum, The Charleston Museum, Rainbow Row, and Historic Charleston City Market.
Economy Of Charleston
Charleston is a cutting-edge and innovative destination and a beautiful city with an intriguing past. There are several prominent key industries always looking for potential employees with talent and experience. The city is an excellent choice for those interested in a new home, new job, or career change. With Charleston, you can expect a people-friendly and fast-paced city that provides a working and living environment to support continued growth. This city is a mixture of well-established brands and fast-growing industries in new fields. Several top sectors supporting Charleston's thriving economy include aerospace, energy, automotive, life sciences, and IT and defense. Charleston has an impressive growing list of top employers. The companies with the largest workforces include transportation, health, retail, education, retail sales, and customer service. Some of the large companies in Charleson include:
- Joint Base Charleston
- Medical University of South Carolina
- Boeing
- Charleston County School District
- Roper St. Francis Healthcare
- Charleston County
- Trident Health System
- Robert Bosch LLC
The economic future for Charleston continues looking bright for the upcoming ten years, with job growth expected to surpass the U.S. average of 33.5% with an impressive 35.9%.
