April 21, 2014 – At 9 a.m. on Wednesday, April 16, a recycling company inquired about factoring services and was funded by 3:00 p.m. the same day.
In what may be considered the fastest factoring transaction in Universal Funding’s history, a new client was funded in the span of six hours. “We have always touted that we provide one of the fastest application and approval process in the factoring industry. But what our team was able to accomplish on Wednesday surprised us all,” exclaims Ryan McCrery, Vice President of Business Development.
A recycling company who specializes in wholesale scrap metal recycling was referred to Universal Funding and inquired about their accounts receivable financing services. The key reason that put this application on the fast track was the preparedness of the client. They had the information from their aging statements, financials, and tax returns readily available. Universal Funding is also a direct funding source, so there is no middleman to delay the approval process. Once the application is submitted it is reviewed by the company principals who are on site.
An interesting note about this fast track deal is that the client happens to be in the local market where Universal Funding’s offices are headquartered. Since they provide invoice factoring services on a national level, only 2% of their clients are in located in their local market of Spokane, Washington.
“While same day funding is rare in the factoring industry, it’s not impossible. We have always touted that our application to funding time is fast and this deal really exemplifies how fast the process can be for any company experiencing a cash flow crunch,” shares McCrery.