British Columbia, part of North America’s Pacific Northwest, draws visitors from around the world for its beautiful scenery. In Vancouver, the province’s largest city, people can visit both the ocean shore and the snow-capped Cascade Mountains in the same day, and enjoy all the amenities of a cosmopolitan and international city by night. The Vancouver metropolitan area, with a population of more than 2.5 million, is also the province’s business center, home to a wide variety of corporations as well as smaller and medium-sized companies. There are many industries that can benefit from using factoring companies in British Columbia.
Factoring in British Columbia
The province has a very diverse and healthy economy, with higher average salaries than many other areas. At one time, natural resources – mining, timber, and agriculture – dominated the economy. Now a wide variety of service industries employ roughly three quarters of the province’s residents, with many working in finance, insurance, tourism, real estate, and even film production, with Vancouver coming in third after Los Angeles and New York City as a movie and television production center.
Regardless of its size and industry, any company can encounter times when they have bills to pay, but have to wait for payments from customers. To bridge that gap between completing their work and receiving payment on their invoices, many businesses in British Columbia turn to factoring those invoices. How this works is the factoring company purchases the invoices from its client and pays them a large portion of the amount due upfront, minus a small factoring fee. The client can have that working capital in hand, without waiting 30, 60, or sometimes even 90 days to get paid. British Columbia business owners can meet their overhead expenses, while building a reserve for growth and expansion, all without incurring debt.
British Columbia Factoring by Industry
- Service industries
- Timber and paper products