Staffing Company Success
Challenge
The staffing company faced challenges in meeting weekly payroll because their customers typically paid in 15, 30, or even 60 days. Additionally, with seasonal revenue fluctuations during festival season, they needed more working capital to keep things running smoothly.
Solution
With CFR, the company has found a way to speed up cash flow by receiving funds immediately when they submit unpaid invoices. This means they no longer have to wait for those slower customer payments to access the working capital they need. Plus, they can factor as much or as little as they need, depending on their cash requirements.
Results
Thanks to factoring, this staffing company can keep cash flowing, ensuring they can confidently cover weekly payroll. This financial boost also opens the door to bidding on larger projects, knowing they have the working capital they need.
Since 2011, they’ve partnered with CFR and have seen fantastic growth, all while enjoying the personalized support and attention they receive. They also appreciate CFR’s helpful consulting services, especially when it comes to reviewing new contracts.
Funding for Food Manufacturer
Challenge
A food preparation and production company, with over 25 years in business, faced a challenge when they landed new contracts. Unfortunately, they couldn’t secure an increased bank line of credit to manage the higher inventory supply needs. They needed a way to access additional working capital to purchase more inventory for the new markets they were entering.
Solution
With CFR’s factoring service, the company was able to accelerate their cash flow right when an order was filled and an invoice was generated. This meant they didn’t have to wait 30, 60, or even 90 days for customers to pay.
Results
With CFR’s support, the company quickly generated the working capital needed for new opportunities while maintaining a solid relationship with their bank. In the competitive food sector, having cash available quickly allowed them to successfully grow and expand their production into new markets.
Supporting the Service Industry
Challenge
A local concierge company that provides services like valet, courier, and guest assistance for businesses and hospitals struggled with inconsistent cash flow due to delayed payments from customers. This sometimes led to cash flow crunches that made it difficult to meet payroll.
Solution
By using factoring, the company received cash right after submitting their invoices to CFR. This meant they no longer had to wait for customers to pay before accessing the working capital needed to pay their employees. Factoring also offered the flexibility to factor invoices only when they needed extra cash flow, whether due to late payments or company growth.
Results
Factoring helped the company receive cash more quickly and maintain steady cash flow. This additional working capital provided by their CFR partnership during growth periods allowed them to take on new clients without worrying about cash flow issues.