Find Invoice Factoring Companies in New York
The hustle and bustle of New York is legendary so much so that the city is practically synonymous with big business, finance, stock markets and the power of capitalism. Despite being the nation’s and perhaps the world’s business and financial headquarters, obtaining capital from a NY bank for your growing business can be difficult. This is particularly true for businesses in freight shipping, transportation, government contracts and construction who need to have liquidity to keep things moving forward. Accounts receivable financing or invoice factoring companies in New York is an accessible alternative to traditional commercial financing options.
Narrow Your Factoring Company Search
Few cities in the world offer as many financial services companies as the Big Apple. From multimillion dollar banking institutions with a 100+ year history to the most modern and state of the art firms, you are sure to find the most suitable and dynamic invoice factoring company in New York.
Some may specialize in factoring by industry while others may only serve high volume companies that process $250,000 in invoices per month. Others still will focus on being one of the best factoring companies near you the tri-city region while others with have a national or global reach. Perhaps the biggest challenge when finding a New York factoring company is to conduct your research and sift through the many options available to you, the small business owner.
Get onboard with Freight Factoring in New York
Though you are sure to find accounts receivable factoring for every industry and volume amount, two industries, transportation and government contracting, frequently make use of invoice factoring services.
The trucking and freight sector in New York and the surrounding areas is one of the largest and most relied upon in the world. Millions of people rely on truckers and shippers who are ensuring that materials and products are getting there on time and in good condition. Freight bill factoring allows these truckers to get paid fast on their invoices and pick up the next load and pay for their other expenses. When freight shippers and truckers are on net 30 payment terms or longer, they can be left in a lurch while businesses take their time getting cash in their hands. Freight bill factoring helps truckers around the New York area get paid on their invoices so that they can keep our country rolling.
Slow Paying Government Contracts Are Ideal for Invoice Factoring
This is why accounts receivable financing in New York can be a great fit for transportation businesses. For instance, if you are a contractor or subcontractor for the Metropolitan Transportation Authority (MTA) or Port Authority, this is good for you because it means you have regular work. The downside is these agencies are slow to pay their bills. With accounts receivable factoring, you can get paid in days instead of weeks.
The same is also true with government contracts. While it can be lucrative to secure a government contract as a small business owner, collecting payment from the bureaucratic New York State government can be a drag and a strain on your business cash flow. Many invoice factoring companies in New York specialize in government contract factoring for this very reason. Furthermore, it is largely understood that the cost of using invoice factoring for government contracts is simply part of the cost of doing business with the government.
1700 Broadway, 19th Floor, New York, New York, 10019
650 5th Ave, 24th Floor, New York, New York, 10019
1600 Expressway Plaza, Hauppauge, New York, 11788
800 South Figueroa Street, Suite 730, Los Angeles, California, 90017
244 Fifth Avenue · Suite W226 , New York, New York , 10001
1370 Broadway, New York, New York, 10018