Factoring invoices is one of the best ways for a wide variety of businesses to rebound from the shaky economy which prevailed during the pandemic. A great many industries have benefited from factoring invoices, with funding from traditional sources having dried up even worse than before the recent slowdown. Here are some of the industries which are ideally situated to take advantage of factoring invoices.
It’s extremely important for manufacturing companies to maintain positive cash flow. This is extremely difficult to do when waiting for customers to pay on invoices, because bills and expenses won’t wait. By factoring some or all of their invoices, manufacturing companies can maintain positive cash flow.
Staffing agencies routinely encounter slowdowns themselves, even while they’re helping other companies find employees. There are a number of challenges which can put a real strain on the cash flow situation for a staffing agency, and this can be overcome by factoring invoices.
Energy companies are constantly engaged in trying to grow their businesses in order to remain competitive. However company growth can be severely hindered by slow paying customers, and that makes business objectives problematic. By factoring invoices, cash flow can be sustained and growth becomes more achievable.
The survival of any pharmaceutical company generally depends on having a reliable cash flow which can be used to meet business expenses. Unless your pharmaceutical company is a corporate giant, you may need to become involved in factoring in order to maintain the cash flow necessary to sustain business.
This is an extremely competitive industry, and sometimes even very large companies have problems with cash flow. One of the best ways of solving this issue is to become involved with factoring, so there is a steady stream of incoming revenue.
Many patients availing themselves of medical services are notoriously slow in paying their bills, and insurance carriers are likewise very often extremely slow in paying. All this makes for sporadic and unreliable cash flow, which could best be overcome by factoring invoices.
The construction business is often hamstrung by slow-paying clients and seasonal slowdowns, and this can cause cash flow nightmares. To overcome this situation, invoice factoring can be a godsend, since it will establish a much more reliable flow of incoming revenue.
Would Your Business Benefit by Factoring?
We may be able to help you if you’re interested in being set up for factoring. Contact us at Porter Capital Group so we can discuss how factoring can help your business, and how we can set you up for it.