Whether your maintenance company provides grounds maintenance, building maintenance, IT maintenance, fleet maintenance, or maintenance in any other industry, you know how crucial positive working capital is to keep your business running.
Waiting for customers to pay their invoices can take weeks or even months, making it difficult to maintain the financial stability of your business. Fortunately, there is a solution: invoice factoring for maintenance companies.
Invoice factoring can turn your unpaid invoices into immediate cash that you can use to pay bills, purchase new equipment, or even grow your business. Want to know the best part? You don’t have to wait weeks or even months to collect on your receivables. You can get the money in as little as two business days – sometimes, same-day funding is even available.
Factoring has been around for hundreds of years, and maintenance companies throughout the world use it every day to fill in their cash flow gaps.
Traditional lending options, such as bank loans, can be challenging to obtain, especially if you are a small maintenance company. Here are some key differences between bank loans and invoice factoring that specifically apply to the maintenance industry: