Factoring Tailored to the Needs of Automotive Suppliers
When you have to fulfill a large order or you experience a slowdown in business and the fixed costs keep rising, you can use our invoice factoring solution designed for automotive suppliers. It is a cash advance on your invoices and is also known as receivables financing. At Working Capital of America, we take pride in being able to offer financing at competitive terms and rates to automotive supply businesses of all types and sizes. With a shorter and simpler application process and focus on the financial situation of your clients rather than on yours, you can use an excellent alternative to the traditional business line of credit.
Invoice Factoring Step by Step
Our process is straightforward and gives automotive suppliers the cash they need when they need it:
- You make an online application on our website, with the form taking just half a minute to complete. We’ll let you know the outcome in 48 to 72 hours – a period much shorter than what it would take a bank to assess a standard business loan application.
- You sell any number of your invoices that you wish to us and receive up to 95% of their face value right away. Our customers can opt for a same-day wire transfer or ACH funding on the next business day.
- Our friendly and experienced account managers process the payments made by your customers. The billing terms and conditions remain the same.
- Upon receipt of the invoice payments, we transfer a reminder of the face value minus the discount for our service to your bank account. Over our 20 years in the industry, we have won the trust of many automotive suppliers with our affordable rates and good knowledge of their business operations.
The Best Way to Manage Your Cash Flow
You can use AR financing in the same way as an unsecured line of credit to boost your working capital when needed.
Make payroll payments and cover your operating expenses on time. This enables you stand on top of costs and concentrate on other key business activities and on improving productivity.
Fulfil large and unexpected orders perfectly and within the set deadline. Use our purchase order factoring solution to pay suppliers early on and avoid delays, even if your customers will pay you within 30 to 90 days of invoicing. The early payment can even help you get a discount and reduce your costs further.
Become more competitive and grow with a larger working capital. You can pay for advertising, lease more equipment and hire extra workers to fulfill your plans. Working Capital of America is here to back you up.
Accessing Receivables Financing
We understand that the path to success can be rocky at times for automotive suppliers who operate in a highly competitive industry. That is why our invoice factoring solution is suitable even for companies with bad credit and ones without credit history. The size of your business and its precise products and operations are also not factors that can stop you from obtaining financing from us. Make an application now or contact us for a no-obligation quote.