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Choosing the right factoring company in Oklahoma can be challenging, especially when you’re looking for a solution that truly addresses your cash flow needs. We understand this challenge from our own entrepreneurial experiences and want to make your journey a little smoother. In this guide, we aim to simplify your search by breaking down the advantages and disadvantages of various options, informed by the valuable insights of satisfied clients. The goal is to equip you with the necessary information to make a well-informed decision that aligns with your business’s unique requirements.
Factoring Companies in Oklahoma: 4 Top Options
We suggest seeking out reputable factoring companies that offer flexible, tailored programs to meet your specific needs. Pay close attention to aspects such as their fee structure and credit requirements. A brief overview of invoice factoring: it’s essentially a form of financing where a business owner sells unpaid invoices to a factoring company for immediate cash, helping maintain a consistent cash flow. The factoring company then assumes the responsibility of collecting the invoice payment from your client. With this knowledge, you’ll be better prepared to select a business funding option that provides the exact capital solution your Oklahoma business requires.
FundThrough
FundThrough is an AI-powered invoice factoring service that provides Oklahoma business owners across a variety of industries with flexible access to working capital tailored to their needs. By factoring invoices, FundThrough gets you quick and easy access to capital, paid within days. The funding amount is unlimited and grows as your business does, based on the size of your outstanding customer accounts. FundThrough’s platform is designed with advanced AI and automation features, offering a seamless funding experience.
Pros:
Quick access to capital: Factoring your invoices enables you to get paid in days with FundThrough’s efficient funding process.
Flexible funding: Access funding whenever you need it, with no minimum funding volume required after your initial funding.
Easy funding process: Submitting an invoice for funding is as simple as a single click after customer setup.
No long-term commitment: FundThrough doesn’t require long-term contracts, providing you with the freedom to fund only when you want to.
One up-front fee: Our pricing structure features a transparent, single up-front fee. For specific pricing details, refer to our pricing page.
Dedicated support: Benefit from personalized support from your dedicated account manager, assisting you at every step of the funding process.
Accounting integrations: The FundThrough platform offers integration with popular accounting software like QuickBooks and Enverus, enabling you to pull eligible invoices directly from your accounts.
100% advance rates: Get your whole invoice upfront less our fee
Unlimited funding: Fund any number of invoices in any amount to get all the working capital you need.
Cons:
Technology requirements: To work with FundThrough, you are required to use our platform, which may not be suitable for businesses relying on other systems or processes.
Limited to invoice factoring: FundThrough specializes in factoring invoices and does not offer invoice financing options, which may not align with the needs of businesses seeking different forms of financing.
With FundThrough, Oklahoma businesses can experience the benefits of quick and flexible funding, supported by our dedicated team, streamlined process, and integration capabilities.
If you think FundThrough might be the right partner for you, see if you qualify in less than 2 minutes.
TCI Business Capital stands as a trusted ally for businesses in Oklahoma, spanning diverse sectors such as telecom, construction, trucking, energy, and more. Offering comprehensive invoice factoring and accounts receivable financing, TCI ensures steady cash flow for businesses, bolstering their business finances and facilitating growth. TCI’s services prove instrumental in unique situations, aiding startups in need of capital to fulfill contracts, rapidly expanding companies requiring financial support, and entities dealing with tax or credit issues.
Pros:
Immediate access to funds: TCI Business Capital provides rapid cash flow by offering same-day funding on receivables.
Customized programs: TCI offers tailored factoring agreements to meet the unique needs of each business, providing flexible funding.
Month-to-month contracts: TCI does not require long-term commitments, giving businesses the freedom to utilize factoring only when needed.
Clear pricing structure: TCI offers competitive factoring fees with no hidden costs, ensuring a transparent pricing model.
Dedicated support: Businesses receive personalized assistance from dedicated AR specialists throughout the funding process.
Extensive industry expertise: With over 20 years of experience, TCI brings a wealth of industry knowledge to the table.
Cons:
Specific focus: TCI specializes in invoice factoring, potentially limiting businesses looking for other types of financing solutions.
Advance rates vary: The amount of your invoice you’ll get up front ranges from 60% to 90%
Monthly invoice minimum: TCI requires an average of at least $50,000 in monthly invoices to qualify for their programs, which may not be suitable for smaller businesses.
GuideRock Capital, backed by a founding team with over 60 years of combined financial services experience, offers versatile invoice financing solutions to Oklahoma businesses across diverse industries. Known for having issued over $3 billion to small and midsize businesses, GuideRock emphasizes strong partnerships, customer dedication, and transparency. Their approach is built upon understanding the needs of business owners and offering the best available financing options.
Pros:
Quick access to capital: GuideRock enables companies to convert their unpaid invoices into immediate cash, ensuring improved cash flow.
Business financing options: GuideRock provides lines of credit and term loans in addition to tailored invoice financing solutions that align with the unique needs of each business.
Strong Partnerships: GuideRock leverages firm relationships built over the years to secure the best financial product for businesses.
Diverse industry expertise: GuideRock has experience in various sectors including healthcare, manufacturing, tech, energy & utilities, and online services.
Cons:
Limited to $5M: GuideRock can unlock receivables up to $5 million dollars
Limited information: Pricing information isn’t included on their website.
Love’s Financial, a prominent figure in the transportation industry, offers tailored freight factoring solutions intended to bolster both independent operators and larger fleets across Oklahoma and beyond. They provide speedy payment on freight invoices, often on the same day, with strong customer service, and access to an array of additional services, enhancing your business cash flow.
Pros:
Immediate funding: Love’s Financial enhances business cash flow by providing payment on freight invoices within 24 hours, often on the same day.
Tailored solutions: Love’s Financial provides business factoring solutions customized to each enterprise’s unique needs, offering flexible funding options.
Additional services: Clients can earn reward points for factoring with Love’s Financial, utilize their express billing program, and get bundled packages for discounts on fuel, tires, and maintenance.
Risk-free factoring: Love’s Financial offers non-recourse factoring, thereby assuming the risk if your customer doesn’t pay their invoice.
Back-office support: Love’s Financial delivers assistance with billing, collections, and dedicated account representative allowing businesses to concentrate on their core operations.
Cons:
Industry-specific focus: Love’s Financial specializes in freight factoring for the transportation industry, potentially limiting businesses seeking diverse financial solutions.
No pricing info available: Love’s Financial doesn’t have their discount rate posted on their website.
How to Choose the Best Invoice Factoring Company
In the search to pick the most suitable invoice factoring company for your company, several key elements should be taken into account. You’re aiming to form a partnership with a provider who understands your needs and can easily meet them. Here are some crucial factors to think about:
Funding ceilings: Examine the funding caps put forward by various factoring entities. If you have unpaid invoices of considerable amounts or predict the need for funds for future expansion initiatives, confirm that the provider can fulfill your funding needs.
Advance rate: Consider the initial percentage of your invoices that the factoring company agrees to advance you. This immediate cash infusion could be vital for addressing your financial commitments. Seek a company that provides a competitive advance rate that complements your needs.
Factoring charges: Analyze the expenses associated with factoring, including any potential concealed costs. Apart from the discount rate, keep an eye out for extra expenses like service or application fees. It’s imperative to grasp the complete cost and decide whether the services offered justify the investment.
Commitment level: Gauge the level of commitment expected by the factoring provider. Certain companies requir4e that you factor all invoices from a specific client, while others let you factor invoices you choose. Reflect on your preferences and opt for a provider that matches your business’s particular needs.
Industry experience and past performance: Search for a factoring firm with a robust track record and industry experience. Familiarity with your business operations can be priceless, as they’ll have a better understanding of your invoicing and payment terms. Nonetheless, don’t dismiss newer providers who could still offer top-notch service depending on your industry’s complexity.
Approach and technology: An efficient and streamlined process, like online applications and platforms for managing factored invoices, can spare you time and facilitate a smoother funding process. Swift access to funds is a major perk of invoice factoring, so ensure the provider can deliver within a few business days.
Recourse versus non-recourse: Understand the distinction between recourse and non-recourse factoring. Recourse factoring leaves you accountable if your customer fails to pay, while non-recourse factoring provides protection against non-payment. Consider your clients’ payment history and the cost implications before making your choice.
FundThrough’s expertise lies in receivables factoring, providing a speedy and streamlined funding solution that lets you access the cash stuck in your outstanding invoices. Unlike traditional bank loans, FundThrough offers a flexible and efficient alternative that enables regional businesses to unlock working capital for growth and other expenses. With FundThrough, you can actively chase your business goals while controlling your operations and cash flow.
How Invoice Factoring Works
Every company has its unique process when it comes to receivable factoring services. FundThrough has developed a streamlined approach to help companies get paid on their terms and get back to focusing on their core operations. While each organization may have specific requirements and circumstances, here is an overview of how receivable factoring works with FundThrough:
- Create or connect your account in minutes: Sign up for a free account with your email address or connect your existing QuickBooks or OpenInvoice account to get started quickly and easily. Get started here.
- Select invoices to fund: Upload your outstanding invoices or sync them automatically from your QuickBooks or OpenInvoice account. Our accounting software integrations make the process seamless and efficient, allowing you to choose the invoices you want to fund.
- Get paid: FundThrough works with your customer to redirect payment to us and verifies the invoices. Once the approval is complete, you can expect next-day payment directly to your linked bank account. Learn more about how we work with your customers.
- Get back to business: Once your customer pay the invoice to FundThrough based on the net terms, your commitment ends. You can fully focus on your business, knowing that you have the option to receive quick and easy payments for your outstanding invoices through our platform whenever you need to cover business expenses.
We know about the importance of managing business expenses and maintaining healthy cash flow. Our goal is to be your trusted partner, providing you with receivable factoring services that unlock the capital you need to cover expenses, invest in growth, and keep your business moving forward.
We Cater to Businesses across Oklahoma
We have deep knowledge about the distinct cash flow necessities of businesses across various industries in Oklahoma. From the thriving aerospace industry in the lively Will Rogers World Airport in Oklahoma City to the diverse primary sectors across the state, such as the vital agricultural industry and prominent manufacturing enterprises, we deliver customized cash flow solutions and flexible accounts receivable financing services. Our commitment extends beyond Oklahoma, serving businesses across industries throughout the United States and Canada
Whether your business is located in Oklahoma City, Tulsa, Norman, Broken Arrow, Edmond, Lawton, Moore, Midwest City, Enid, Stillwater, or any other significant city or county in Oklahoma, we’re here to boost your business growth and peace of mind.
If you’re looking for services elsewhere, see our pages on invoice factoring in Texas, Houston factoring companies, invoice factoring Ontario, and invoice factoring companies in Florida,
Learn more about our invoice factoring services for small businesses and how we can help you in achieving your business goals.
FAQs
Here are some frequently asked questions about invoice factoring:
A: Factoring rates typically range from 1% to 6%. The actual rates can vary between factoring companies, and additional fees may apply. Visit our pricing page to learn more.
A: At numerous factoring companies, the process entails an evaluation of your business, your client and their creditworthiness, as well as a verification of the invoices. However, with FundThrough, the process kicks off with a quick eligibility check, which takes less than 2 minutes. You can do that here.
A: The timeline for payment varies from one factoring company to another. Most, however, will initiate payment the next day after customer set-up.