Commercial Cleaners are Factoring Invoices as a Flexible Cash Flow Solution
Commercial Cleaners have a wide range of clients, including offices, banks, restaurants, medical buildings, industrial buildings and much more. They also offer a variety of services that go beyond your basic office cleaning. In addition to your typical janitorial services of dusting, bathroom cleaning and sweeping; they may also offer floor maintenance, construction clean-ups, ceiling and wall washing, carpet cleaning, upholstery and furniture cleaning, window cleaning, etc. The key to their success is a well trained qualified staff. They rely on their staff to perform jobs quickly and efficiently. It is important to keep their clients happy so they do not lose a job to another company who is willing to do a better job.
When staff is paid on a weekly or bi-weekly basis, it is imperative to have enough working capital to cover payroll, in addition to the supplies that must keep on hand so jobs can be completed successfully. Many of the cleaning companies at one time or another are faced with a time where they find themselves not being able to wait up to 60 days for an invoice to be paid. Invoice factoring accelerates the revenues that are due from slow paying commercial customers. A factoring company advances money using the invoices from credit worthy customers as collateral. Factoring provides the funds the commercial cleaners need to meet ongoing obligations enabling them to focus on growing business, not passing up jobs due to lack of cash on hand.
With invoice factoring, there are no long term contracts to sign and the process is much quicker than a conventional bank loan. A term sheet can be drawn up in as little as 24-48 hours once GMA Factor has received the necessary paperwork. This usually consists of, but not limited to: a signed application, business bank statements, business tax return and copies of the invoices to factor to determine if the commercial customers/clients are creditworthy. Once the set up is completed, cash is advanced within 24 hours of the invoice being submitted.