A steady cash flow is essential to the operation of oil and gas companies. When customers take 60 days or more to make a payment it can become challenging to run your business. Fortunately, accounts receivable financing is available to help oilfield businesses secure the funding necessary to run day to day operations. Financing receivables makes it possible for oilfield service providers to get paid sooner. By sooner, we mean you’ll receive funds within 24 hours.
Factoring accounts receivables reduces debt by giving you the working capital to pay down existing debt and can grow your business by allowing you to buy extra supplies and hire new employees to take on new projects.
Nearly Any Oilfield Service Provider Can Qualify
We help a variety of oil and gas businesses including transportation, hauling, fracking operations and suppliers, crane operators, cleanup services, pipeline and road construction, excavation, surveyors and a whole lot more.
Qualifying for oil and gas factoring is easy. If you are a startup or have bad credit, don’t worry. Approval decisions are based on your customer’s credit, since they are the ones responsible for paying the invoice. The documents needed to apply include:
- Articles of Incorporation
- Current customer list
- Invoice aging
- Copies of the oil and gas receivables you wish to factor.
Once you have submitted these documents it can take as little as 3 business days for initial approval. You receive your advance within 24 hours and cover your expenses with no worries. There are no restrictions on what you can do with your funds.