Getting Security Guard Company Funding: A Success Story
Mark and his business partner started a security guard staffing company nine months ago using local bank factoring services. The entrepreneurs enjoyed the services and his business was improving. However, after a few months the bank terminated services citing a covenant violation. The bank claimed the staffing company’s insurance policy had lapsed for three days and it could not longer continue factoring services.
Mark discussed the issue with his business partner and they concluded the bank was simply not earning enough on the deal and wanted to end it. This unexpected termination left the men scrambling for ways to pay their outstanding bill due in 30 days and the next payroll term was quickly approaching. Mark did not have enough cash on hand to meet these expenses. In addition, the staffing company only had contracts with four major accounts, one of which being a sporting venue that represented 75% of the firm’s receivables.
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A Financial Solution with Factoring Companies
The staffing agency’s loan officer recommended another bank factoring service. Mark quickly realized that this institution’s strict credit requirements, along with the months-long processing time would not resolve his cash crunch. Mark was frustrated with across-the-board bank policies requiring tangible assets and clients with receivables from a diverse mix of debtors.
Mark and his business partner worried they would lose the staffing business they had organized for year. They sorted through short-term solutions to meet upcoming expenses. Factor Finders appeared in an Internet search and Mark decided to request a no obligation proposal. An account representative contacted him within hours and explained the security staffing invoice factoring process.
Success Across All Boards with Security Invoice Factoring
Mark clearly understood Factor Finder’s contract and noticed no covenant stipulations included. Factor Finders helps other staffing managers seek alternative funding after receiving sub par service from banks. Account representatives that partner with Factor Finders have expertise in security staffing invoice factoring and negotiated a buyout from the bank. A credit line reached Mark’s account within four business days.
Factor Finders financial solutions not only saved Mark’s security guard staffing company from bankruptcy, it doubled its sales volume and took on an additional three clients within months. The free credit checks for new clients saved the firm from taking on bad debt and the professional collection support saves money on overhead costs. The online reporting, flexible terms, and superior customer service are benefits Mark will no longer go without.
