Challenge: A local concierge company that provides concierge, valet, courier and guest services to businesses and hospitals had trouble maintaining consistent cash flow given lack of timely payments from their customers. This sometimes caused a cash flow crunch to make payroll.
Solution: With factoring, the company received cash immediately after submitting their invoices to CFR. They no longer had to wait for their customers to pay to receiving working capital to pay employees. Additionally, factoring gives the company flexibility to only factor the invoices when it needs cash flow due to late customer payments or growth in the company.
Results: Factoring allowed the company to receive cash quicker and maintain consistent cash flow for their business. It also allowed them to have additional working capital during times of company growth, which allowed them to add additional clients without worrying about cash flow squeeze. The company values the trust it has with CFR.