Invoice
Factoring Management for Engineering Firms
Engineering Factoring Services
Engineering firms sometimes need to find extra cash quickly in order to maintain the products as well as the infrastructure that our society relies on. When businesses experience peaks and troughs in their income, they can use engineering factoring services for a steadier cash flow.
When operating costs are high and returns are low, it’s difficult for even the most prosperous engineering firms to make a profit. Fortunately, there’s invoice factoring for engineers! This will help you cover margins without creating new debt on company balance sheets. Invoice financing is the term used when you sell unpaid invoices and receive the funds within 24 hours. This process is often called factoring, meaning that you’ll get paid much sooner than waiting for the customer to settle their debt.
If Your Business Is Growing And You Need More Funding, Consider Invoice Factoring.
No matter your current financial situation, engineering factoring can help you get your business on the right track. With factoring, your company can qualify for a working line of credit even if you have bad or no business credit established. Factors leverage the value of your unpaid invoices to pay off your current loan balance with traditional lenders, such as banks.
Factors are beneficial to businesses of all sizes, and our company makes the process as seamless as possible. We can have your account ready to fund in a few days after receiving the necessary information from you.
Ready to start invoice factoring?
Complete the form or call 855-513-2473 for more information. We’re happy to help!
Engineering Firm Factoring Services
Function of Engineering Factoring?
When you have wrapped up a project and created an invoice, send that same invoice to the relevant engineering factoring firm. The verification process for the invoice's accuracy and work completion only takes 24 hours, after which you will be advanced up to 90 percent of the total amount. With this factor, you won't have to change the way you operate. You can keep submitting invoices for funding like normal, and the factor will work with your customers to collect payment. Once an invoice is closed, the factor will send you whatever amount is left from the invoice minus a tiny factoring fee.
How to Get Started the Factoring Invoices
If you want to begin, you can fill the factoring application and Please attach your current AR aging report and the invoices you would like to factor when you submit. Lastly, don't forget the company’s Articles of Incorporation. Then the factoring company will do a basic investigation to establish if you are qualified for funding and may request more documents to back up their claim.
Benifits of Engineering Factoring for All Firms
If your business offers engineering services of any kind, you can take advantage of engineering factoring. We’re here to help fund all sorts of work, including:
- Chemical engineering
- Construction
- Architectural engineering
- Design
- Electrical engineering
- Structural engineering
- Consulting
- Professional engineering
- Land development
- And more!
If you begin to factor, not only will you have access to quicker cash flow, but also the added bonus of being able to submit only the invoices you need and having control over when those funds are accessed. There is no pressure of meeting monthly minimums or maximums nor any transaction limits.
Not only will many engineering factoring companies provide you with the financial coverage that you need, but they also offer comprehensive back office support services so that you can focus on what’s important – completing projects. No additional charge to you for these administrative concerns: invoice management, collections, and background checks.
