With its warm, dry climate, Arizona draws both tourists and retirees, but it also draws businesses of all kinds. In recent years, manufacturing has become the leading industry with factories turning out electronic and communications items, food products, and aeronautical equipment. Many of these manufacturers are located in the huge metropolitan area around Phoenix, which is now the nation’s sixth largest city. There are many industries that can benefit from using factoring companies in Arizona.
Factoring in Arizona
The state has grown dramatically in recent years and construction of commercial buildings, public buildings, highways, and residential neighborhoods never stops. Invoice factoring in Arizona has been growing as well, as more companies turn to this alternative financing method that pays them upfront on work that they have completed. To keep up with the pace of business around the Grand Canyon State, companies can speed up their cash flow with factoring.
How factoring works is that the factoring company purchases their client’s invoices and pays the client a large portion of the amount on those invoices. The client does not need to wait 30, 60, or sometimes even 90 days to get paid. Then the factoring company collects on those invoices from the client’s customers and pays the client the remaining funds when the invoice is paid in full. Arizona business owners find that this service lets them meet their overhead expenses, while building a reserve for growth and expansion, all without incurring debt.
Arizona Factoring by Industry
- Mining, especially copper
- Agriculture, especially cattle and cotton
Some of the best Factoring Companies in Arizona
View the above list of factoring companies in Arizona for more information.