Find Factoring Companies in Washington

Seattle and its surrounding communities have experienced tremendous economic growth in recent years. Fueled largely the tech and IT boom, Seattle has become known around the country as the second Silicon Valley. Tech workers and others have flocked to the Emerald City to perform these engineering and related jobs. More than tech and IT, the state of Washington has become recognized for being business friendly and a good place to launch a new business in or out of tech.

Invoice Factoring Companies in Seattle Enable Businesses to Boom

With so many startups or early stage businesses in the region, there’s a large need for accessible commercial funding. Many banks won’t fund to newbie businesses and many businesses going through rapid-growth phases can’t risk a slowdown to wait for small business loan processing. Accounts receivable financing companies in Seattle and neighboring areas have responded to this dearth in available commercial funding by providing high volume invoice factoring at a fast pace.

By offering need-it-yesterday capital, invoice factoring companies in Washington can help startups or early phase businesses meet their demands. Factoring receivables allows your business to get cash without delay even if you are unestablished or have a lackluster credit score. Because invoice and freight bill factoring is based on the value of your most current invoices, there’s no long application process and no need to provide the long stack of documentation and paperwork that’s normally needed when applying for a loan.

Here’s a breakdown of the simple invoice factoring process:

1. Choose a Seattle accounts receivable financing company to work with and complete the fairly simple application.
2. Once approved, send them the invoice you’d like to have factored. If possible, choose to submit an invoice from a client you believe has a strong credit score and a solid history of paying its bills on time.
3. The invoice factoring company will vet this invoice and run a credit check on this client.
4. Provided they pass the test, you will receive a large percentage of the value of the invoice right away.
5. With cash in hand, you can use this money for whatever business need you have, such as to cover the costs associated with rapid growth, such as hiring a large number of workers, covering payroll costs, leasing business offices, purchasing raw materials and buying new equipment.

Bolster Cash Flow With the Right Factoring Company

Businesses can also use this capital to bolster cash flow, which can oftentimes suffer during early or rapid growth business phases. By shouldering up business cash flow and working capital, you can ensure your business has sufficient funds and liquidity to cover its day to day operating expenses.

It is fairly common for many new business owners underestimate the importance of this business metric or the amount of time it will actually take to get paid by customers. Without ample working capital, your business can struggle to meet the demands of current customers let alone have the capital needed to acquire new business. By partnering with an accounts receivable financing company in Washington, your business puts customer payments on a predictable timeline that you can count on.

Freight Factoring Companies in Washington

Unique to Washington, the state is a mix of old and new industries. It balances new industry growth found in tech, IT and biotech with older industry growth found in freight and transportation, manufacturing, lumber, aerospace and defense, and finance.

As the largest city in the nation’s northwestern-most corner, Seattle-Tacoma has a long history of freight, trucking and transportation. It is also home to one of the nation’s busiest international trade ports receiving shipments from Asia and beyond. Businesses in this long-established industry can find Seattle or Spokane based freight bill factoring companies to meet their financing needs.

So whether you run a business in an established industry such as freight and transportation or a fast-changing industry such as IT, you can find a Washington-based accounts receivable financing company to support your growing business.