More than ever before, technical services are essential to the functioning of any business. With high demand comes intense competition and the need to keep your company on the leading edge as new technologies hit the market, all of which increases your costs. In addition, cash flow problems due to late customer payments and fluctuating overhead make small business financing for technical services firms a necessity.
Unfortunately, small business financing, for technical services and other small businesses, has become increasingly hard to obtain. Traditional small business loans require lengthy approval processes, create debt, and rely on your personal credit. If your small business provides technical services, accounts receivable factoring is a better option.
What Is Accounts Receivable Factoring, And How Does It Work?
Factoring facilities, also called “invoice factoring services” are effective, cost-efficient means of small business financing for the service industry. As a startup or small business offering technical services, a top factoring firm can help you in several ways. Here’s how it works:
- You apply for invoice factoring in minutes, using our paperless, online system.
- Using industry-leading technology, our management experts carefully review your application. Unlike bank loans, our approvals for technical services financing are based on your customers’ creditworthiness and the value of your invoices, not your personal assets or business history. Better yet, approvals typically take just 24 hours.
- Once approved for invoice factoring, your technical services company sells Fast A/R Funding its outstanding invoices. We pay up to 95% of their face value, providing you fast access to the funding you need, often in just 48 hours!
- Fast A/R Funding helps collect your outstanding invoices, manage your accounts receivable and reduce your credit risk, saving you time and money!
Contact Fast A/R Funding today and find out how we can help your technical services company with invoice factoring!