A recent survey of Rents paid by small to medium sized businesses shows worrisome trends. In this survey, 33% of U.S. based SMBs could not pay May rent in full and on time. That’s up 5% April. The report also shows that 52% have experienced rent increases in the past six months.
As Austin entrepreneurs struggle with rising rents, they also must contend with soaring supply and labor costs. All these inflationary pressures combined will leave many business owners in the Austin area short of the cash they need to operate.
Many Austin entrepreneurs, from manufactures, IT, nurse staffing, packaging companies have discovered how factoring their invoices unlocks the cash they need that is hidden in their outstanding accounts receivable. Invoice factoring is a simple process where the business owner sells their invoices to a factoring company. The factoring company typically advances 80% to 90% when they buy the invoice. Then refund the balance, minus their fee once the invoice has been paid. Business owners no longer must wait to be paid by their customers. They can get the cash they need to stay current on rent, payroll, and have the money necessary to start the next project.
Factoring companies focus on the credit strength of your customers. Not your personal credit score or the financial strength of your company. This makes for a brief application and quick approvals. Proving that invoice factoring is a terrific resource for cash strapped companies.
American Receivable is Austin’s Top Rated factoring company, with 5 Star Google review. We are owned and operated by the original founders who understand the pressures of running a business. Whether you need to factor all your invoices or just one customer, or flexible factoring program is designed to get you the cash you need at the lowest cost possible. Call us today to find out how American Receivable can help you or complete our quick online application form to find out how American Receivable can put your company on the road to success.