Companies of all sizes are continually faced with two obstacles:
• Unexpected expenses and
• Late payments from clients
Companies in the oil, gas and energy sector may be even more prone to these nuisances due to the nature of their businesses. Both of these problems can put a serious kink in how much cash your company has to work with each month.
Even a successful company has difficulty keeping itself in the black while waiting on slow paying customers or writing checks for new equipment or repairs. A factoring company can be a real lifesaver in situations like these, allowing business owners access to cash much quicker than they would through their normal accounts receivable operations.
Like, in a day or two, rather than a month or two.
Instant cash is just one of many benefits factoring can bring to your company. For one thing, factoring is not a loan so you won’t have to open a new line of credit or take on any debt repayment schedules. Another benefit is access to finance professionals who can help resolve tax issues and collection problems. Of course, we can’t leave out the biggest benefit of all: more profit. Having access to more capital will allow for your business to take advantage of growth opportunities that have upfront expenses.
If you serve customers in the oil and gas industry, you know all too well that you can wait anywhere between one and three months for payment! With invoice factoring, you can receive the money you are owed within a few business days. Universal Funding offers incredible rates and has a fast application and approval process. To overcome these obstacles, give us a call at 1-800-405-6035.