Invoice Factoring B2B for Engineering Companies
At Great Funds Factoring, we know that you rely on your invoices being paid on time to maintain operating costs, finish projects, and take on new contracts.
But, even the most successful companies face delays or customers who are slow to pay that upend their business and tank their cash flow.
If you’re running on a deadline, trying to manage your inventory, and interfacing with customers, you don’t have time to chase down every outstanding payment.
With Great Funds Factoring engineering services, you get immediate access to any funds tied up in unpaid invoices so that you can focus on delivering high-quality work to your customers without worrying about keeping the lights on.
What is Engineering Invoice Factoring B2B?
You need money in the bank when you have to make payroll and keep up with general operating costs. Engineering invoice factoring lets you skip the typical 30-90 days when awaiting customer payment.
A factoring company will charge a fee and buy your invoices from you so that you can access those funds immediately.
When is Engineering Factoring B2B the Right Call?
Whether you’re just starting out or an established company, If you’re in the red and are struggling to keep your engineering business afloat, it may be time to turn to a B2B factoring company.
Qualifying for a bank loan can be tricky if you need cash now, and invoice factoring provides a quick and efficient alternative method to funding and scaling your business.
How Can Great Funds Factoring Help Your Engineering Firm Grow?
As the owner of an engineering company, you may be waiting on payments to make improvements to business processes, take on new clients, hire new employees, or give out raises for good-quality performance.
At Great Funds Factoring, we purchase your invoices upfront so you can have immediate cash in hand. We’ll also collect payments for you so that you can focus on taking your business to the next level.
Our Engineering Factoring B2B Process
Running any business can be stressful, but you can get overwhelmed quickly with high-pressure engineering contracts and time-sensitive projects. Great Funds Factoring understands the emotional toll financial issues cause and proudly offers effective solutions to put your mind at ease and deliver the working capital you need.
We’re a client-focused company that believes transparent communication and feedback are key to a solid working relationship. We’ll listen to and address any questions you may have about how factoring can help your business.
At Great Funds Factoring, we understand that there are many financial challenges that even the most successful businesses can go through and the stress that they can cause.
We believe that good communication is key to developing a strong working relationship with our clients and will strive to be personally available to answer questions about receivable factoring.
During the discovery process, we aim to get a better understanding of your business needs, gain your trust, and determine if open account receivable factoring is a fit for you.
After you submit your credit application, Great Funds Factoring, LLC will review your credit application along with other documents required such as bank statements, master customer list, and financial statements.
When the due diligence is completed, Great Funds Factoring works on the approval process. Usually, the entire process of both underwriting and approval review takes one to two business days. Once approved, we send you the proposal and all documents needed to set up your account.
As you send invoices to your customers, we verify them and advance your funds immediately to your account, while holding a small amount in reserve until your customer pays their invoice.
Recourse vs. Non-Recourse Factoring
There are two different kinds of factoring: recourse and non-recourse. Recourse factoring means that the factoring company purchases your invoice after charging a fee and collects payment from your customer. If the customer does not pay, your engineering firm will be responsible for reimbursing the factoring company.
Non-recourse factoring is often more expensive, as the factoring company assumes the full risk of non-payment and charges higher factoring fees. At Great Funds Factoring, we offer recourse factoring services to get you your funds quickly through more affordable options.
Types of Engineering Firms We Partner With
We partner with a variety of engineering firms in different industries, including the following:
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Contact Great Funds Factoring and Get Paid Fast
Great Funds Factoring helps your business unlock its capital fast, efficiently, and securely. You can’t afford to be a second behind in the tech industry. Great Funds Factoring helps get your business ahead.
Call Great Funds Factoring at 910-My-Money, (910-696-6639) or use our online contact portal.
If you are ready to get started, fill out our online credit application and unlock the power of your customers’ unpaid invoices today.