When people talk about the “service industry,” they are describing a wide range of businesses. Cleaning services, pest control, and maintenance crews are just a few facets of the service industry. At the other end of the spectrum, the service industry is composed of self-employed professionals, such as contractors and consultants.
On a larger scale, technology firms, entertainment companies, and other businesses are in the service industry. The one thing all of these professionals and companies have in common is the need to get paid in a timely manner so they can keep providing their services.
Invoices and the Waiting Game
When service companies or individuals issue invoices, they can end up waiting 30, 60, or even up to 90 days before receiving payment from their clients. That can seem like a long time, especially when those businesses have to purchase supplies, cover overhead, and even pay their own staff. Staggered schedules are built into the service industry as a standard practice, so long periods without revenue are nothing unusual. However, there is a way to expedite the process to increase cash flow and get revenue into the hands of hard-working service professionals. Learn more about some of the financing challenges faced by service companies and the solutions for them.
Service Factoring to Accelerate Revenue
Accounts receivable financing for the service industry, or service factoring, allows businesses and self-employed professionals to turn their unpaid invoices into cash. Service factoring is not a loan, so there is no debt involved and credit ratings are not impacted. Instead, there is a simple exchange of unpaid invoices for capital, minus a small processing fee. The net result is that service factoring eliminates the long waiting times between payments, so service companies and professionals can cover their expenses and keep providing the quality work they do for their clients.
Stop Waiting and Get Paid in 24 Hours
New Century Financial specializes in service factoring. We can turn unpaid client invoices into cash and make funds available within 24 hours. We do not lock you into long-term contracts, and we put you in the driver’s seat by letting you choose which invoices or parts of invoices we factor for you. Stop getting caught in the waiting game, and contact New Century Financial to get fast access to your revenue.
Service factoring through accounts receivable factoring allows a wide range of businesses and self-employed professionals to eliminate long waiting times between client payments. Find out more with our free guide “Entrepreneur’s Guide to Factoring” for more information and call us at 866-579-1026 or apply now to get started.