Bankers Factoring: Your South Carolina Factoring Company
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South Carolina earned the nickname the Palmetto State because of the tall and sturdy palmetto trees native to the region. It’s the perfect symbol to represent the state’s firm standing in many top states for business lists. Bankers Factoring is proud to offer non-recourse factoring solutions and PO funding to the Palmetto State.
South Carolina’s economy is a competitive one, and it shows. Site Selection’s 2020 Executive Survey Business Climate rankings, for instance, put the state in second place. It even tied with North Carolina. In addition, it ranks third in Area Development’s Top States for Doing Business in 2020. It’s also ranked fourth in the Overall Cost of Doing Business category.
And all these favorable rankings are thanks to the low business costs and a highly trained workforce. At the same time, it has one of the lowest unionization rates in the country. South Carolina is also competitive when it comes to international business. Over 1,200 operations of international firms call the Palmetto State home.
Bankers Factoring funds South Carolina Companies in the Industries of:
Agribusiness
Life Sciences
Military Vendors
Automotive
Electric Vehicle
Aerospace
Advanced Materials
Tourism
Fast-growing companies can use up their working capital. So, if you’re looking for a factoring company line of credit in South Carolina, Bankers Factoring can help. We offer non-recourse invoice factoring to turn your accounts receivable into ready cash. We also offer purchase order financing for buying goods for resale.
Bankers Factoring wants to be your SC Factoring Company solving cash flow problems by turning unpaid invoices with extended payment terms into working capital.
How Accounts Receivable Financing Works
Accounts receivable financing works by allowing businesses to sell their outstanding invoices to a factoring company, such as Bankers Factoring, at a discount. The factoring company then assumes the risk of collecting the receivables and provides the business with immediate payment for the invoices. The business can then use this working capital to pay bills, invest in growth initiatives, and respond to changing market conditions.
In South Carolina, accounts receivable financing is a popular financing solution for businesses that need to manage cash flow more effectively. By providing businesses with quick access to working capital, accounts receivable financing helps them overcome cash flow problems, achieve financial stability, and achieve their goals. This service is particularly beneficial for industries such as freight factoring, where timely payments are crucial for maintaining operations and growth. Whether you’re in Myrtle Beach or any other part of the Palmetto State, Bankers Factoring offers the working capital solutions you need to thrive.
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Recourse vs Non Recourse Invoice Factoring
You have decided to use invoice factoring so you can grow the business. But there are two types and you are not sure which one to use. There is Recourse and Non-Recourse Invoice Factoring.
What do we mean by recourse? With recourse means that you are the one taking all the risk if your customer cannot or does not pay.
On the other hand, without or non-recourse invoice factoring means that Bankers Factoring is taking the credit risk, due to bankruptcy, insolvency, or protracted slow pay. Not only do we provide you with funds, but we also offer credit protection with our receivable financing.
Why Bankers Factoring in South Carolina?
Being a consistently top-ranked state for business, you’ll have many deep-pocketed competitors in South Carolina. Getting left behind is not an option. And if you’re having cash flow issues, having a trusted South Carolina factoring company like Bankers Factoring is an advantage. With the unlimited working capital we provide, you can grow and expand your business.
In addition, you don’t have to worry about customers that can’t pay because of bankruptcy or insolvency. That’s the beauty of working with Bankers Factoring because we can pre-approve your customers’ credit and provide you with credit protection.
Sadly, we’ve also noticed over the years that clients who sell to not-approved account debtors (your customers) typically take a hit. That’s because they don’t have credit protection from us. So let us take the credit risk for you or don’t sell customers with iffy credit.
You continue growing your business and satisfying your client’s needs. Bankers Factoring will supply credit-protected, unlimited working capital to give you peace of mind.
Ready for Bankers Factoring to fund Your South Carolina company through invoice factoring services?
Call or go to our Bankers-Factoring Application
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