Talk to Us: 855.322.8671

Home » Oil and Gas Factoring

Oil and Gas Factoring

August 31, 2022
Phil Cohen

Invoice Factoring for Oil and Gas Companies

Are you turning down lucrative projects because you can’t afford to wait for payment? Or are you looking to take advantage of the oil and gas boom? No matter if your company is struggling or starting to soar, Factor Finders’ oil and gas factoring programs will keep your company golden on your quest for black gold!

The Factoring Process

Once you are approved to begin factoring for oil and gas, the process for submitting invoices is simple:

  1. Send the factoring company a copy of your invoices for completed work.
  2. The factor will verify your invoices and advance up to 90 percent of the invoice via wire or ACH (fees apply) within 24 hours.
  3. Continue working as usual – taking on new jobs or submitting new invoices – while the factor works to collect from your customers.
  4. When payment is received, the factor will send you a rebate of the remaining invoice amount minus a small fee (recourse option only).

Ready to Get Started?

Complete the form below to get a quick online quote.

Advantages of Factoring Oil and Gas Receivables

Why choose invoice factoring over other lending options?

No loan = no debt

Factoring for oil and gas is not a loan; instead, it is a means for you to convert your existing invoices into immediate cash. By selling your own assets to generate working capital, you can avoid adding debt to your balance sheet.

Fast funding

Unlike a business loan, you can receive cash within 24 hours of factoring your oil and gas invoices. You can also factor as many invoices you need at the frequency that works best for maintaining your account.

Poor credit is okay

Even if your business credit has taken a hit, you can still be approved for oil and gas factoring at a reasonable rate. Factoring companies for oil and gas evaluate your customers’ credit rating to make a funding decision.

Unlimited cash flow potential

Traditional lending features static credit lines that take a great deal of work to increase. With factoring, your access to cash increases in proportion to your sales. The more projects you take on, the more cash will be available to fund them.

Non-recourse options available

Some oil and gas factoring companies offer factoring without recourse, in which they will take on the credit risk for your invoices. Though it comes at a slightly higher fee, you will know exactly how much each invoice will yield you and you will be able to provide your services without worry of non-payment.

Administrative support

Eliminate even more overhead by allowing your factoring company to take on some essential back office functions. At no additional cost to you, your factor will assist with invoice drafting and management; credit and background checks for your potential customers; and provide 24/7 online reporting so you always know where your account stands.

Want Extra Cash Flow for Your Business?

Invoice factoring is the perfect solution. Call us today @ 855-322-8671

Who Can Use Invoice Factoring?

Factoring for oil and gas is an alternative to traditional lending that is available to companies providing upstream, midstream, and downstream services. Whether you are starting your first project or your hundredth, and regardless of your financial history, you can qualify for a competitive oil and gas factoring program to keep your cash flow solid.

The types of companies that can work with factoring companies for oil and gas include, but are not limited to:

  • Field Safety Reps
  • Surveyors
  • Water Haulers
  • Crane Operators
  • Roughneck Crews
  • Roustabouts
  • Welding & Fabrication
  • Hot-Shot Delivery
  • Torque/Testing Equipment
  • Heavy Haulers
  • Riggers
  • Frac Tank Builders

Getting Started

Factor Finders’ nationwide network of oil and gas factoring partners offer industry-low rates for service. Getting started is easy – just complete a short application and send the following:

  • Articles of Incorporation
  • Copies of invoices you wish to factor
  • Current customer list and aging report

oil well and blue sky

Expand Your Cash Flow

Let Factor Finders help you grow your business!

Get a Free Quote
Factor Finders
Talk to Us: 855-322-8671
[gravityform id="1" title="true" description="true" ajax="true" tabindex="100"]