Manufacturing factoring: An overview
Those in the manufacturing sector, both domestically and internationally, have been taking advantage of the benefits of manufacturing factoring for hundreds of years. Long before use of credit, loans and other commercial financing options, manufacturing factoring was the financing choice of factories and plants back in the days of Mesopotamia. The same aspects of factoring that benefitted companies hundreds of years ago can benefit companies today.
Benefits of working with a manufacturing financing company include:
Help with Cash Flow – Maintaining cash flow is a routine problem for businesses in manufacturing. Manufacturing factoring eliminates cash flow issues by making sure you are paid on time – or early. By covering your cash flow gaps, there’s no need to slow down production due to lack of capital.
Seasonal Business – Manufacturing financing keeps your business moving during those ever-important peak seasons. Many manufacturing companies are seasonal and function on a feast-or-famine business cycle. If your business can’t produce during its peak season, then your business might be in big trouble. With manufacturing financing, you can get a nearly endless advance on your invoices so as long as you’re getting orders, you’ll never run out of cash.
Rapid Growth – It’s a common problem in manufacturing sector that doesn’t get enough attention: growing too fast and running out of money. Many businesses experience this problem but there are few viable financing options for those in this situation. Business loans? They take too long. Credit cards? Maybe in a pinch but manufacturing financing is your best option in most situations.
Manufacturing Equipment Financing – Need upgrades to make your machinery more modern and efficient? Need to purchase new equipment to increase your total product output? Manufacturing equipment financing is an affordable, within-reach solution that can enable your business to grow without taking on additional debt like a loan.
Manufacturing factoring in these simple steps:
Sell your most-current invoices to a reputable manufacturing company.
The factoring company will then verify the invoices – make sure they are valid.
Assuming the submitted invoices are legitimate, the factoring company will send you cash for the amount invoiced in 24-72 hours minus a percentage.
The factoring company will collect the check from the company originally billed.
That’s it! And you’re ready to continue business as usual.
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