Factoring for South Dakota Oilfield Services
Do you need quick funding to cover your oilfield contracts? If you provide oilfield support in the Black Mountains of the Dakotas, consider South Dakota oilfield factoring to build up your working capital.
Oilfield factoring companies purchase your unpaid oil and gas invoices at a discount and will advance you up to 90 percent of their value up-front. There is no limit to how you spend the cash you gain or to how many invoices you choose to factor. The process is fast and business-friendly.
Companies working in every sector of the oil and gas industry can qualify for South Dakota oilfield factoring. Whether you work in oilfield trucking, service, or construction, there is a factoring company with the expertise to effectively navigate your section of the stream.
Factoring for South Dakota Oilfield Service Providers
Frac Sand Haulers
Hot Shot Transportation
…. and more!
Oilfield Factoring in South Dakota Has Its Advantages!
What makes a South Dakota oilfield factoring company the ideal source of working capital for your company?
Take on new contracts without worrying about the cost – as your sales increase, so does your ability to access cash! There are no minimum or maximum amounts to factor, so you can factor exactly what you need to make the next project happen.
Bad credit can’t stop you
Are you trying to dig your first well, or dig out of a slump? South Dakota oilfield factoring is a solution for struggling companies when traditional lending fails. Factoring companies evaluate your customers’ credit rating to set up your account, not yours, so you can qualify even with bad (or no) credit. Even better, once you begin factoring you can pay down existing debt to rebuild your credit.
Back office support
Your oilfield factoring company can provide free credit and background checks, online reporting, and invoice management at your request and for no additional cost! Invest your time and energy in the oilfields and let your factoring company handle the administrative minutiae
How Does Factoring Work?
The oil & gas factoring process is fast, simple, and designed for repetition as often as you need to replenish your cash supply:
Submit your open oil and gas invoices to the South Dakota oilfield factoring company. Invoices must be for completed work and not pledged to a third party.
The factor will verify your invoices and advance you funds within 24 hours, via wire or ACH.
While the oilfield factoring company collects from your customers, run your business! Take on new contracts, complete ongoing projects – even submit new invoices.
When payment in full is received, the factor will send you any remaining invoice amount minus a small factoring fee.
Factoring for Oil & Gas Industry in SD
Factor Finders has a comprehensive portfolio of factoring partners that specialize in oilfield factoring in South Dakota. You will work with a dedicated account representative who can get you set up and funding in no time.
When you are ready, all you need is an application and a few basic documents:
- Articles of Incorporation
- Copies of invoices you wish to factor
- Current invoice aging
- Customer list
The factoring company will review your information and make a funding decision in as little as 3 to 5 business days, and once you are approved you can factor your first oil and gas invoices the same day. Learn more about factoring for South Dakota companies.