If you’re new to the idea of factoring, you might be surprised to learn that it’s a business practice thousands of years old. nothing lasts that long unless it works.
In today’s back-and-forth economy, factoring makes more sense than ever. It creates stability, empowers discount privileges, and most of all, fuels growth. In 2019, companies like yours received over 100 billion dollars (U.S.) in advances from factoring companies, according to the Commercial Finance Association. And every year that number has been growing significantly.
Factors are much more flexible with their borrowing procedures than banks are. In a less-than-perfect economy, banks tightening their underwriting policies and customers in-the-know start turning to factoring companies for financing.
Understanding the demands of your industry is key.
Whether rapid growth has left you undercapitalized, delinquent payments from customers have held you back, or you’re just ready to expand your business, a factoring company with years of experience in your industry can do more to help you reach your goals. Even something as seemingly basic as a solid credit service that can protect your company from bad debt, has often meant the difference between total bankruptcy and remarkable success.
First Financial Factoring has advanced over a half of a billion dollars in the last year to clients in a wide range of different industries. Now those businesses run more efficiently and have the flexibility to go after new opportunities as they rise.
Remember, every factor lends money. But First Financial Factoring is dedicated to providing you one-on-one personal attention, quick decisions and lots of long term support. All that being said, we know that above all, money talks.That’s why we charge the lowest rates and deliver the highest advance rates in the business. We invite you to compare us to any other company and see for yourself.
Compared to other financial institutions, First Financial Factoring has unique experience in trucking that enables us to get better terms and pass them on to you. Bottom line, we charge you the lowest rates and deliver the best advance rates in the business.
Drivers and owner-operators who get paid on time deliver better and more consistent service to your customers. Your financial reliability to them means having a team that will watch your back.
When you can forget about chasing down invoices, juggling payments and generally sweating the financials, you can concentrate on how to take your freight business to the next level.
Our careful screening and approval of your customer’s credit means you never pick up a load until you know payment will be there.
With factoring, your company incurs no debt. Your balance sheet looks good to other financiers and that improved credit rating leads you to develop your trucking operation however you see fit.
The flexibility that our reliable cash flow provides you the power to expand your business a little or a lot and bring in more revenue.
No more collection agencies. No more tough-to-make client calls. One of our professionals will be dedicated to managing all your open invoices.
When you can afford to work with bigger organizations who tend to require 30 to 45 day payment schedules, those high paying brokers and shippers give you more business and better terms.
A predictable cash flow that covers your daily expenses like diesel, repairs, and permits, helps avoid costly fines, penalties and bank overdrafts.
50 years on the job with every conceivable kind of trucking company gives First Financial Factoring the background to make things go faster and smoother, keep your customers happier, and bring you greater value every day.
We’re prepared to customize large or small business factoring plans for every new client, and we can even offer international.
