New York Factoring
NYC, Buffalo and Syracuse businesses rely on invoice factoring to grow and thrive. The economy of the State of New York is reflected in its gross state product of $1.5 trillion, ranking third in size behind the larger U.S. states of California and Texas. NY has a large manufacturing sector, which includes printing and publishing and the production of garments, furs, and buses. Some industries are concentrated in cities such as Albany, Buffalo, Rochester and Syracuse. These industries include ceramics and glass, microchips and nanotechnology, and photographic equipment.
Factoring companies provide immediate cash flow for small businesses that need financing. Bank loans require several years of profit history and a high credit rating. These requirements are often difficult for startups and young businesses. Fortunately, invoice factoring is based on the credit-worthiness of your customers, not yours. Factoring companies buy your new invoices and send you cash within 24 to 48 hours. Your business improves its cash flow without taking on debt. The factoring company also handles all the receivables collections and management.
Businesses that benefit from accounts receivable factoring include healthcare businesses, construction contractors, government contractors, international distributors, and freight or trucking. All types of businesses can eliminate the 30 to 90 days of receivables collections by using invoice factoring. Businesses looking for a factoring company should carefully research options. Factoring Club is the best source of information to find the right New York factoring company.