Oilfield Factoring Companies in Texas
Texas oilfield operations are critical to the state’s economy and the entire nation’s energy development. If poor cash flow is keeping your company from dripping in black gold, a Texas oilfield factoring program may be the solution you’ve been looking for.
How Can a Texas Oilfield Factoring Help My Company?
Texas oil and gas companies can use oilfield factoring as an alternative to traditional financing methods that can strain a company’s ability to operate effectively. Texas oilfield factoring is not a loan, so it will not show up as a liability on your balance sheet. Your company can qualify without pledging equipment or other assets as collateral, and fast approval means no gaps in your workflow.
Oilfield factoring companies in Midland and throughout Texas will purchase your unpaid oil and gas invoices at a discount and advance you up to 90 percent of their value within 24 hours. Run your business as usual while the factor collects from your debtors, and receive the remaining value of the invoice when full payment is received.
Unlimited Texas Oilfield Factoring
Upstream, midstream, and downstream service providers can factor any and all of their qualifying oilfield invoices to receive immediate cash for payroll, equipment, and other operating costs. There is no limit to how many transactions an oilfield factoring company will process in a month, and your available cash increases in proportion to your sales.
Other benefits of Texas oilfield factoring include:
Factoring with poor credit
Factoring has a critical advantage over traditional financing methods in that it is not a loan! Texas oilfield factoring companies can approve you for immediate funding even if you are just starting up or have a bad credit rating due to past financial issues. Factors will base their funding decisions on your customers’ credit ratings as they will ultimately pay the invoices.
In addition, you can use the cash you receive from oilfield factoring in Texas to pay down existing debt and reestablish a positive credit rating for future financing needs.
Spending days and weeks in the oilfields can make it difficult for small companies to handle back office functions such as payroll and invoice management. Your oilfield factoring companycan help! For no additional fee, your factor will provide invoice management and payroll processing, credit and background checks for your customers, and up-to-the-moment online reporting so you can check your account status.
Cash on hand will help you pick up your supplies for less. Negotiate vendor discounts for early payments or bulk orders and keep more money on hand for other expenses. Many oilfield factoring companies will also provide a volume discount for clients that factor a large number of invoices each month.
Starting Texas Oilfield Factoring is Simple
If you are ready to find the right oilfield factoring company, let Factor Finders help! With an extensive network of funding partners that provide oilfield factoring in Texas, we can connect you to an account manager and start funding in a flash.
Most oilfield factoring companies are able to approve qualified accounts in as little as 3 to 5 business days with minimal paperwork. When you are ready to get started, all you need is an application and a short list of documents:
Articles of Incorporation
Copies of invoices you wish to factor
Current invoice aging
Your factoring company may request more information as they complete the underwriting process. Once you are approved, you can factor your first oil and gas invoices immediately!
Jump-start your oilfield service company to take advantage of the industry boom. Start Texasoilfield factoring with Factor Finders now! We work with numerous factoring companies in Texas and thoughout the United States that can quickly fund your oil & gas business.