How a factoring solution with streamlined backend support increases productivity.
The Challenge
Working with customers with longer payment terms meant cash flow was tied up in unpaid invoices, and accounts receivable and collections management was too time-consuming.
The Solution
An invoice factoring solution with full back-office support gave our client fast access to working capital and more time to focus on growing their business.
“The portal is really easy to use. I upload invoices, run reports and can quickly look at everything that’s in process. It also makes year-end reporting simple.”
The Story
As an engineer of hand tools, diagnostic tools, and medical products for sale under some of the most famous brands, our client supplies companies around the world with innovative and useful applications for a wide range of industries. Research and development, manufacturing and distribution form the core of their business operations.
In the manufacturing industry, cash is often unavailable as it’s invested in raw materials, stock and supply chain.
“We commonly do business with suppliers and retailers that have net 30 or net 60-day terms. Waiting for payments can be a drain on our cash flow.”
Our client was looking for a financial solution that would allow them to access the cash f rom unpaid invoices fast.
“We were interested in a factoring line to improve our cash flow. But more importantly, we needed a financial partner to make the process simple. We wanted to spend as little time as possible on invoice processing and collections and focus on running our business.”
Partnering with eCapital gave our client the factoring line they needed, an invoice payment process that made accessing their cash within 24 hours simple, and a dedicated account manager that looks after their interests.
“We are very happy with our relationship with eCapital. Our account manager is the best! He is always easy to reach and happy to help with any questions we have – and he pushes things through when we need it.”
Another benefit for our client is the eCapital customer portal, which provides full online account management to make invoice processing and payment quick and easy.
“The portal is really easy to use. I upload invoices, run reports and can quickly look at everything that’s in process. It also makes year-end reporting simple.”
What This Means For You
Factoring is a good solution for your business if you:
- Trade with other businesses
- Issue Invoices with up to 90-day payment terms
- Are an established business or a startup
- Are unable to obtain traditional bank financing
- Are unable to increase an existing line of credit
- Want to finance growth or expand into new markets
- Need to cope with seasonal fluctuations
“Working with eCapital is great. We have a financing solution that works for our business with personal support and management tools that exceeded our expectations.”
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