How does factoring benefit your Oil and Gas business?
Invoice factoring allows your Oil and Gas business to get the working capital you need fast, in as little as 24 hours.
The Process Is Simple!
We set up a receivable facility line against your unpaid oil field invoices and pay you for those invoices now, while we do the waiting. Using Oil Capital’s flexible receivable financing solution, you don’t have to wait for 30 or 60 days to get paid on your Oil company invoices, but you do have access to the cash needed to hire more Oilfield labor, create more Oilfield jobs, rent or buy more Oilfield equipment, and pay for day-to-day expenses or expand existing business.
The most flexible part of our solution is that you are not required to factor all of your customers with Oil Capital. You can choose one or a few to start, or factor all unpaid invoices. You can also choose the customers you want to factor and then send the unpaid invoices to us — keeping your other customers just as they are. Or, you can choose to factor all of your outstanding invoices. Either way, by taking advantage of our flexible invoice factoring services, your Oil and Gas Company generates immediate working capital to promote rapid growth and fund new business ventures, without adding any additional DEBT to your business!
It’s That Simple!
Why Wait 60 Days When You Can Get Paid Today!
A primary advantage of Oil and Gas factoring is access to immediate cash, typically within 24 hours. We typically do not require financial statements or tax returns from you. Instead, we review your invoices and quickly determine the creditworthiness of each customer you wish to factor.
The key benefits of Oil and Gas factoring services include:
- Rates that begin at 1.0%
- Accounts receivable factoring services that provide an advance of up to 90% of your client invoices
- Easy application for fast funding
- Access to working capital without the need for credit checks and a drawn-out paperwork process
- No minimum credit score, tax returns or financial statements required
- No hidden fees, teaser rates or minimum volumes
- No additional debt for your business
- Oil and Gas factoring value-added services, including as 24/7 account management, collections, Fast Pay Program, 24/7 online credit search, discounted Fuel Cards and fax funding
With Oil and Gas invoice factoring, the client approval process is rather easy, and in hours you can be approved to factor your invoices. The documentation process is simple, and once your company is approved, invoices submitted for factoring are usually funded within 24 hours. There is no additional approval process required as your business grows, so there is never a delay in your cash flow.
When you need more cash, simply factor more invoices. With Oil Capital’s extensive database and credit resources, Oil and Gas companies can get credit approval on a new customer within minutes.
Invoice Factoring Is Not a Loan!
Most Banks often call their invoice factoring programs “factoring loans.” Don’t be confused with this statement, because factoring or invoice financing is not a loan! Using this method, Oil Capital advances you on your invoices, allowing you to leverage your assets — your unpaid invoices — quickly and efficiently. Oil Capital funds you up to 90% of your invoice amount, minus a small fee.
Oil Capital helps Oil and Gas companies big or small benefit from Oil and Gas invoice factoring, since it’s the only source of financing that is not a loan and helps grow with your sales, providing unlimited funding. If you examine how factoring works for businesses in all industries, the primary benefits of Oilfield factoring become clear.
Oilfield Factoring Helps You Grow
Oil Capital also provides other mission-critical account management tools and value-added services to your operation at no extra charge, including credit analysis, risk assessment, A/R management, billing, collections, treasury, and 24/7 online reporting.
For the growing small-to-mid-size Oilfield service providers, invoice financing allows them to:
- Increase sales by offering better credit terms to your customers.
- Improve your business credit rating.
- Eliminate or reduce operating costs.
- Get higher-paying customers without creating a cash gap.
According to one of customers who is an Oilfield Cleanup Contractor in Baton Rouge, Louisiana, his company turned to our invoice financing solutions after suffering from the economic downturn in the U.S. “My capital and cash-flow was dwindling more and more as time went by,” he said. “I was researching the use of invoice factoring or invoice financing in order to get my money sooner so we could survive this recession.” he added.
Since partnering with Oil Capital, the business owner is no longer turning down work due to a lack of working capital. “We have traveled uphill slowly but are moving forward, …Instead of planning to close my business, I am planning to hire more people as we grow.” he said.
If you need to get paid on your current Oilfield contracts or have new ones that require rapid financing, please contact one of our experienced Oil Capital representatives to learn how we can help!
Call now for more information on our Oil and Gas invoice financing services at 866-310-1955, Option 5