Invoice Factoring for Maintenance Companies
The maintenance services industry is growing as commercial buildings, apartment complexes, and other facilities continue to outsource maintenance work. Established firms are taking on more customers, and new maintenance businesses are signing contracts with credible clients. If debtors delay payments, it has negative consequences for the maintenance contract holder.
Are you struggling to meet your short-term liquidity needs? Do you have established clients, but your cash flow is negatively impacted because they pay 30, 60, or even 90 days after receiving your invoice? Factoring is a reputable business funding alternative. Sell your accounts receivable to a factoring company, and they will provide you with capital. Factors will pay a large percentage of your invoice upfront for work you’ve already completed.
Maintenance Factoring vs. Bank Loans
Bank loans are approved based on your maintenance company’s operational and credit history. If the loan is approved, your company incurs debt that must be repaid over a set period, with interest. Factoring provides funding solely based on the credit strength of your clients. You incur no debt and pay no interest.
Top Challenges in the Maintenance Industry
How to Run a Successful Maintenance Company
As the owner of a maintenance company, you know what is required to run a successful business. Continuous training, whether in health and safety or machine use, might be mandatory when you work for commercial clients and could require capital you don’t immediately have access to. A factoring company provides funding as soon as an agreement is reached.
Financing Options for Maintenance Companies
Request a maintenance factoring quote today.