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New York City Metropolitan Area Factoring Companies

Best Factoring Companies in the New York City Metropolitan Area

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Teaneck New Jersey

Alleon Healthcare Capital is a New Jersey factoring company focused on providing healthcare factoring for businesses all across the nation.

Ben Rutkevitz

VP Business Development

Industries Served

Factoring Amounts

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Hauppauge New York

Alliance One is a New York City based factoring company for small to medium-size businesses with over 40 years of industry experience.

Joseph Divino

Director of Business Development

Industries Served

Factoring Amounts

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White Plains New York

Plus Funding Group is a White Plains, NY factoring company that offers expert service with competitive rates. No application fees!

Gregg Rubin

President

Industries Served

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New York City New York

Star Funding is a New York City finance company that provides working capital solutions to small and mid-size businesses.

Avi Levine

Vice President

Industries Served

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New York City New York

We are a private funding source that understands a company’s cash flow needs. We work to design a tailored program for each of our clients.

Steven Fuchs

CFO & Director of Business Development

Industries Served

Factoring Amounts

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New York City New York

Coral Capital Solutions is a New York City finance company that provides working capital solutions to small and mid-size businesses.

Einat Steklov

President

Industries Served

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New York City Metropolitan Area Factoring Companies

The Metropolitan New York area has a population of more than 20 million people, which is 7 million more than the Greater Los Angeles area. The area consists of the Tri-State area (New York, New Jersey, and Pennsylvania). Approximately one out of every fifteen Americans live in the Metropolitan NYC area.

The New York City area has the largest economy in the U.S. and ranks in the top ten among foreign countries. It’s home to more than 65 Fortune 500 companies. Top industries include international trade, biotechnology, apparel and manufacturing.

New York City is recognized as the most powerful economic city in the world. It’s also considered the financial capital of the world, with Wall Street located in the Financial District of Lower Manhattan. Midtown Manhattan is the biggest central business district in the U.S.

With a diverse range of businesses operating across various sectors, the need for reliable and efficient financial services is paramount. One such service that has gained significant traction in recent years is factoring. Factoring companies provide businesses with immediate cash by purchasing their accounts receivable at a discount.

The Role of Factoring Companies

Factoring companies play a crucial role in supporting the cash flow needs of businesses. They purchase invoices from businesses, providing them with immediate cash. This process helps businesses maintain a steady cash flow, enabling them to meet their operational expenses without waiting for customers to pay their invoices.

Factoring companies also take on the responsibility of collecting the debt from the customers. This service can be particularly beneficial for small to medium-sized businesses that may not have the resources to manage their own accounts receivable. By outsourcing this task to a factoring company, businesses can focus on their core operations while ensuring their invoices are collected in a timely manner.

Benefits of Factoring

Factoring offers numerous benefits to businesses operating in the New York City Metropolitan Area. One of the primary advantages is the immediate access to cash. Instead of waiting for customers to pay their invoices, businesses can receive cash upfront, improving their liquidity and enabling them to meet their financial obligations.

Another significant benefit of factoring is the mitigation of credit risk. Since the factoring company assumes the risk of non-payment, businesses are protected from the potential financial impact of unpaid invoices. This aspect can be particularly beneficial for businesses dealing with customers who have long payment terms or inconsistent payment histories.

Factoring also provides businesses with the opportunity to outsource their accounts receivable management. This service can free up valuable time and resources, allowing businesses to focus on their core operations.

Choosing a Factoring Company in the New York City Metropolitan Area

With a multitude of factoring companies operating in the New York City Metropolitan Area, choosing the right one can seem daunting. However, by considering a few key factors, businesses can make an informed decision.

One of the first considerations should be the factoring company’s industry experience. Companies that have experience in a business’s specific industry will have a better understanding of the unique challenges and needs of that industry. They will also be more likely to have established relationships with customers, which can facilitate the invoice collection process.

The terms and fees of the factoring agreement are also crucial considerations. Businesses should carefully review the factoring agreement, paying close attention to the advance rate, the factoring fee, and any additional charges. Comparing the terms and fees of different factoring companies can help businesses find the most cost-effective solution.

Finally, businesses should consider the level of service provided by the factoring company. A company that offers excellent customer service and provides regular updates on the status of invoices can be a valuable partner for businesses.

The Bottom Line

Factoring companies provide a valuable service to businesses in the New York City Metropolitan Area, offering immediate cash flow and mitigating credit risk. By carefully considering their industry experience, terms and fees, and level of service, businesses can find a factoring company that meets their unique needs and supports their financial stability.

As the business landscape continues to evolve, the role of factoring companies is likely to become even more significant. By providing businesses with the financial flexibility they need to navigate uncertain times, factoring companies are poised to play a crucial role in the economic growth of the New York City Metropolitan Area.

Explore Invoice Factoring Case Studies Across Industries

Explore how diverse businesses from various industries have leveraged invoice factoring to enhance their cash flow, expand operations, and navigate financial challenges.

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AeroFund is a Santa Clara, CA factoring company.

AeroFund Financial

San Jose California

Steve Troy

CEO

Velocity Financial is a Midland, Texas factoring company.

Velocity Financial

Midland Texas

Justin Ryan

Sr. Vice President

LSQ Funding is an Orlando, FL factoring company.

LSQ Funding

Maitland Florida

Sherry Featherston

VP Business Development

Simplicity Financial Solutions is a New Jersey factoring company.

Simplicity Financial Solutions

Oakland New Jersey

Donald Serek

President

Steelhead Finance is a trucking factoring company.

Steelhead Finance

Medford Oregon

Kyle Gonsalves

Sales Manager

Heartland Financial Services is a healthcare factoring company.

LightStar Financial Services

St Joseph Missouri

Janelle Glidewell

CEO

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