Invoice Factoring in Rhode Island
Are your customers demanding that your give them payment terms? Is this creating a problem with your cash flow because you cannot afford to wait up to 8 weeks for payment? This is a common problem for small and growing companies whose customers often demand payment terms as a condition of doing business. Small companies are compelled to give terms even though doing so may put the company in financial risk.
One way to solve this problem is to use business financing to improve your liquidity. This allows you to run your company while waiting for payment. We offer factoring, a financial solution specifically designed to help you cope with slow paying customers. Our factoring financing solutions are available to companies in Rhode Island at competitive prices.
Factoring rates as low as 1.5%. Advances as high as 85%.
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(subject to monthly volume and industry).
Funding for companies in the service,distribution, oilfield services, janitorial, and manufacturing sectors that are located in Rhode Island.
Financing for transportation companies and intermediaries.
Financing for product resellers and importers in various industries. Covers the cost of paying suppliers by letter of credit.
Financing for subcontractors in the construction industry.
Funding for businesses that supply services and products to Rhode Island state agencies and to the federal government.
Funding for companies that provide guards for commercial, industrial and government sites.
Financing solution for staffing and employment companies in the business and medical fields.
Factoring for new businesses, small office/home office (SOHO), independent professionals or any business with less than $250,000 in revenues.
We offer a solution that allows companies to finance their invoices. This provides them with immediate liquidity that can be used to cover company expenses and minimizes the hassles of waiting up to 60 days to get paid by your customers. Factoring allows your company to optimize your most valuable collateral - your invoices from credit worthy customers.
Our solution is easy to use and is structured as follows:
- You deliver your product or service to your client
- You generate an invoice and sent it to your client
- You send a copy of the invoice to the factoring company
- You get an immediate funding advance of 70% to 90% of your invoice
- The factoring company gets paid by your client 30 to 90 days later
- You get a second installment (the remaining 10% to 30%), less a funding fee
One important advantage of our accounts receivable factoring over other business financing solutions is that it is relatively easy to obtain. Also, the financing line can usually be deployed quickly, in about a week. One area where factoring surpasses other solutions is in its flexibility. The line can adapt to your growing sales. This makes it an ideal alternative for small businesses that can't qualify for bank financing but need funding due to slow paying customers.
Need more information to make a decision?
Are you looking to learn more about our solutions? Here are some additional resources that will help you make an informed decision.
- What is accounts receivable factoring?
- Choosing a factoring company
- Selling steel reinforced bars (Rebar). Learn how factoring can help you grow
- Freight factoring for delivery companies
- Are your commercial customers worthy of net 30 payment terms?
- How to get the best factoring rates
Questions? Call (866) 730 1922. Toll free in Rhode Island. We also offer factoring in Canada.