California has plenty of excellent factoring companies. With factoring companies in Los Angeles, San Diego and the Silicon Valley areas, accounts receivable factoring is great, especially if you don't qualify for bank financing. With invoice factoring, you get cash in as soon as 3 to 5 business days.
Let's say you're a trucking company and you want to take on more shipments. Invoice factoring can help your company pay your truck drivers before you get paid by your customers. Not only does a factoring service solve your cash flow problems, but it also reduces your overhead costs. You no longer need in-house personnel for accounts receivables collections and management.
Virtually any B2B industry can utilize invoice factoring. Some typical examples include the following types of businesses:
- Apparel and fashion
- Wholesalers and distributors
- Healthcare providers
- Trucking and freight
- Government contractors
Additionally, working with a factoring company is an ideal solution for businesses that have overseas customers. Receiving payment from a customer in another country can prove challenging. Factoring companies that specialize in export factoring can eliminate the collection time and improve your cash flow at the same time.