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Receivables factoring in South Carolina
South Carolina is in a strong position as renewed growth in private services and manufacturing are leading the state’s expansion. Many northern U.S. and foreign companies have opened manufacturing plants in S.C., increasing the production of automobiles, chemicals, plastics and other materials.
Transportation and trucking in the cities of Greenville-Spartanburg, Columbia and Charleston all benefit from the intersection of highways leading to all parts of the country. Trucking factoring is very popular in the state of South Carolina.
Receivables financing improves your cash flow because you don’t have to wait 30, 45 or 60+ days to collect your receivables. Factoring companies buy your invoices and send you cash within 24 to 48 hours. Many factoring companies can approve your factoring application within 2 to 3 business days. If you need cash quickly, you may be able to get your first funding within 5 to 10 days.
An alternative to bank financing
Bank financing requires excellent credit and several years of profitable financials. Invoice financing, on the other hand, is restricted only to your customers’ good credit and your business situation. Factoring companies provide flexible, easy, and timely cash flow. They also collect and manage your receivables, giving you more time to run and operate your business.