Factoring Receivables in Florida?
If you have a business that sells to commercial accounts on credit terms, you may well qualify for accounts receivable financing, otherwise known as factoring. If you’ve had trouble getting a loan, perhaps because of your past sales history or lack of a business credit history, factoring is a great option for releasing instant cash. At 1s Commercial Credit, we make accounts receivable financing easy to obtain with minimal requirements and usually a same day decision.
Which Businesses Qualify for Accounts Receivable Financing in Florida?
Any business can qualify for accounts receivable financeas long as it generates sales on open credit terms, and these sales are “final sale.” Although the primary industry in Florida is tourism, which as you can imagine, doesn’t tend to generate sales on credit terms, there are actually a huge variety of businesses in the state which do qualify for factoring that service the hotels, food, agriculture and trucking.
There are furthermore plenty of manufacturing companies based in Tallahassee, ‘the silicon valley of the south,’ that sell to other businesses on open credit terms, making them perfect candidates for accounts receivable financing. In Jacksonville, meanwhile, there are a large number of transportation and logistics companies which are, again, perfect for this type of finance.
Factoring Companies offer other Financial Options like Asset Based Lending and Purchase Order Financing?
Accounts receivable factoring is available to all industries that provide services, or deliver products to commercial accounts, as long as their sales are “final sale.” Don’t panic if you don’t meet this criteria, however, it doesn’t mean that you have to go through the lengthy and rigorous banking loan application process every time you need a little extra cash.
At 1st Commercial Credit, we also offer asset based lending and purchase order financing to all Florida-based businesses. Asset based lending allows businesses to release cash based on the total value of their business including property, receivables and equipment, while purchase order financing allows a business to pay its suppliers straight away, in order to continue uninterrupted production.
Accounts Receivable Financing is our Business!
Receivable financing rates at 0.69% – 1.59%
- No financials – No monthly minimums – No invoice minimums
- No facility fees – No audits – No up-front fees – No hidden fees
- Set up account in 3 to 5 working days – 24 hr funding thereafter
- Receivable credit lines starting at 5,000 & up to 10 million
- Customer referrals upon your request
- We Make Same Day Decisions Start Today
We Make accounts receivable financing a Simple Process!
- A two page application
- An accounts receivable aging report
- A customer list with credit limit request
- Copy of articles of Incorporation or DBA filing
- Purchase orders or rate confirmation agreements
- Invoices to factor
Most of our clients are either:
- experiencing cash flow shortages due to a slow turnover in accounts receivable
- fast growing companies whose past earnings and sales histories will not justify traditional bank loan financing
- start-up businesses with no financing base
- principals with good or bad credit and cannot obtain traditional financing
- have lost their line of credit due to covenant violations
- need export receivable financing, credit protection or purchase order financing
Is your business growing faster than your operating capital?
At 1st Commercial Credit, our accounts receivable factoring service is a flexible source of funds for businesses. We are a factoring company that simply utilize your accounts receivable as the collateral and advance funds against the face value of your invoices. The factoring credit line grows proportionately with your sales cycle and we can fund as little as $5,000 a month and up to $10 million for larger companies.
Factoring Florida: Quality Really Matters
The quality of the factoring service affects your company’s reputation, funding accessibility and financial bottom line. Getting the proper factoring company which will work with you as a “partner” is vital for your business success and growth. If you would like to work with a factoring partner who focuses on customer service, then you should consider working with Gateway Commercial Finance.
After a factoring company buys your accounts receivable it needs to take the necessary steps to ensure the reception of payment when it’s due. This process involves contacting your customers on your behalf to verify that the product or service is satisfactorily delivered and the invoice will be paid on time. Unlike collection agencies, we take a soft approach and seek minimal interaction with account debtors.
Not every Florida factoring company is the same. We understand that the way we do our business is a reflection of yours! Your Florida factoring company will act as an extension of your business office. Our staff of relationship managers will treat all of your customers with respect. Trained to patiently talk and explain financial matters, you are assured that your relationship manager would do nothing except boost your business’ reputation.
We are a service oriented invoice factoring company serving all of Florida from Tallahassee to Jacksonville to Miami and beyond. All of our clients are paired with a Relationship Manager familiar with their industry who will be your main point of contact at Gateway. You’re not simply a number at our company. We care about our clients and the health of our portfolio. We’re not a volume buyer and each potential client and their customers are always handled with white gloves.
We work with companies and agencies of all industries including:
- Healthcare / Medical
- Staffing (payroll funding)
- Many more industries…
Given we only buy performing invoices, the level of interaction with a client’s account debtor is minimal. We understand a factor should never be the face of your transactions, but rather a helping hand. Should we identify a comment or concern, we can immediately report it to our client so they can swiftly resolve the matter with the ultimate goal of getting the receivable to pay in its normal course of business.
It’s all about immediate cash flow, service quality and transparency. As a leader in the factoring industry, we can provide the funding you need to grow your business on your terms.
Do you provide recourse or non recourse factoring?
Gateway Commercial Finance is well known as one of the best factoring companies in Florida. Large and small business owners can depend on us to be upfront about our fees, our advance rate, or any additional cost associated with our financial products. While many factoring service providers typically offer “non recourse” solutions, this usually comes with significant costs, including high premiums and mandatory credit insurance. In order to offer low fees and minimums, while maintaining transparency and avoiding murky contracts, we exclusively offer recourse factoring.
Do you offer both selective factoring and receivables funding products?
Yes, we offer both products on a case by case basis.
Do you offer account receivables financing?
No, accounts receivables financing is a financial agreement in which a factor holds receivables as assets for collateral. We just buy your account receivables, a simple approach which allows both parties more financial control over the transaction.
Is my credit score important?
While we do consider credit history while reviewing applications, it is only one of the many aspects of your application that we review. Our main priority is the creditworthiness of your customers.
Is factoring the same as lending?
No, we are not a lending company. Rather than providing a loan or lines of credit, we as factors buy your account receivables at a discount for a fee. You get immediate working capital and avoid debt without worrying about credit history.
Do you offer any online resources?
Yes. On our website we cover a large amount of useful financial information about our company and factoring in general. We’ve also provided an interactive form which collects your business information to assess your qualifications and a calculator to measure your cash flow management. As a client, you will have personal access to online reports generated by our factoring software. Through our online reports, you will receive information regarding your balance or any other information regarding your factoring transactions at no extra charge.
How quickly can I expect to receive funding for my accounts receivable?
Once your application is approved and your account is set up, you can normally expect 24 hour funding.
Why should you choose factoring?
You need money to grow, but don’t want to be at the mercy of sales cycles and unpaid loans. You need quick financing and funds to fuel your growth, but don’t have the luxury to wait a long time to improve your credit.