The Benefits of Invoice Factoring in the Oil Industry
Keeping your oilfield maintained and your employees paid can be expensive in your industry. Reliable cash-flow is a necessity, and without it, you can’t reap the benefits of:
- Timely payroll
- New equipment
- Funding for new projects
- Equipment repair
Don’t wait 60-90 days to get paid from your customers when you can have access to immediate working capital for your business. Invoice factoring is a simple way for your oilfield to turn its unpaid invoices into cash within a quick, 24-hour turnaround.
Goodman Capital Finance, an oilfield factoring company helps you take control of the money you bring in from the reliable customers that keep your industry flowing. Simply bring your invoices to our specialists, get paid up to 90 percent of the invoice amount, and let us handle the collections. It’s that simple.
Our services go beyond just financing. We are your financial partner who has your best interest in mind. Allow our credit department to assess your risk with certain customers. Free credit checks provided.
Put Your Assets to Use With Goodman Capital Financing
Remember, your accounts receivable isn’t the only tangible asset your oilfield has going for it. With our help, you can put other valuable assets towards a revolving line of credit through asset-based financing.
With the help of assets like AR, inventory, equipment, and real estate, our financial specialists will be able to grant your business with maximum borrowing capacity as well as other benefits that include:
- Great flexibility
- No financial covenants
- Funding within 30 days
- A financial partnership that grants you control of your finances
What Aspects of Oilfields Succeed With Our Services?
When your oilfield chooses to work with Goodman Capital Finance, it’s made the choice to succeed. Some of the key areas we’ve been able to assist within the industry range from wireline services to tank and pipeline cleaning. No matter the area of your business you need to finance, you can trust our financial experts to help you achieve the necessary cash availability.
Keep Your Oilfields Financially Solvent With Goodman Capital Financing
As a business owner, we understand the importance of maintaining access to your information at all times. Goodman Capital Finance offers a web-based information portal allowing you to see the status of your open invoices, payments, availability, reserves, and much more. You are also provided a dedicated account executive to answer any questions you may have on your account.
Contact us today to find out how our programs can work for your oilfield factoring company’s unique situation.
Frequently Asked Questions (FAQs)
How do you qualify for Oilfield Invoice Factoring?
Seeking invoice factoring can be a savvy financial decision for oilfield service companies. Qualifying for assistance from an oilfield invoice factor lender depends on the creditworthiness and overall financial structure of the company seeking this help. Goodman Capital Finance looks specifically at your customer credit and if you have an invoice and backup for completed work. If these qualifications are met, your business will qualify for factoring.
What are typical factoring fees?
Factoring fees can range depending on the oilfield invoice factoring service provider. At Goodman Capital Finance, this can vary depending on the credit quality of your client base and the monthly funding volume. Contact us for more information on what your rate and fees would be.
How does factoring work for Oil and Gas Service Companies?
For invoice factoring with Oil and Gas Service Companies, Goodman Capital Finance provides a powerful financial tool with multiple advantages for the company. Goods and services are provided to customers on credit which leads the company to collect the invoices at a future date. The invoice factoring service from Goodman Capital Finance takes this process to the next level, ensuring quick access to funds during times of financial distress or when resources are needed for business growth. Invoice factoring transfers short-term accounts receivables from Oil and Gas Service Companies to Goodman Capital Finance in exchange for immediate cash inflow within 24 hours. This can help companies maximize profits while allowing greater flexibility in managing their business operations, such as payroll, rent equipment, and mobilization.
Is Oil and Gas Factoring Right for Your Company?
If you’re running a business that relies on oil and gas transactions, invoice factoring can give your company the cash flow boost it needs to get back on track and invest more heavily in the industry. With invoice factoring from Goodman Capital Finance, you’ll be able to access funds quickly for upcoming payments or unexpected expenses. Whether you need extra capital for expanding, managing cash flow during demand fluctuations, or seasonal lows, invoice factoring will help provide a viable solution. Furthermore, invoice factoring allows immediate payment of invoices as soon as they are issued, with no need to wait up to 60 days to receive full payment. Enabling swift invoice payments allows businesses in the oil and gas industries to manage their opportunities better while freeing up much-needed resources.
Where and how does my money get funded?
With Goodman Capital, we make the factoring process fast and easy. All funds are directly wired to your bank account.