Beginning the construction factoring process will give your construction company – whether you are struggling to make ends meet, doing very well and trying to grow your business, or somewhere in between – many benefits that will reduce your stress level and allow you to plan for your company’s future.
Benefits of Choosing Construction Factoring
- Making payroll on time, every time
- Buying raw materials and equipment when needed
- Helping your company growReceiving approval and funding for the first time in as little as five business days
- Receiving subsequent funding within 24 hours
- Construction factoring account managers provide support, answers, and collections expertise
- Any size business of any length of time in existence can apply
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Construction Factoring Tips
The following tips will help the factoring process go as smoothly as possible.
- Make sure your business records are in order. A factoring company will need evidence that your customers are reliable, so be sure to keep records of your relationships with customers and their payment patterns.
- Choose a factoring company that is professional and courteous, and cares about your individual factoring needs.
- It does no good for you to spend time talking to a company only to find out that it does not have the resources to accommodate the amount or type of accounts receivables you want to factor.
- It’s also a good idea to inquire whether a potential factoring company has many long-term customers, as this can indicate customer satisfaction with that company’s construction factoring process.
For best results, factor receivables from your most dependable clients. The faster they pay the construction factoring company, the higher your return will be.
