As home to many of the first European settlements in the United States, Massachusetts has an exceptionally long and colorful history. Its people are justifiably proud of its heritage, which includes the nation’s first college, Harvard University, founded in 1636. In 1773, the “Boston Tea Party” launched the colonies’ War for Independence from England, with the war’s first battle taking place in 1775 in Lexington and Concord. There are many industries that can benefit from using factoring companies in Massachusetts.
Factoring in Massachusetts
While the state has several very large urban areas, smaller cities and towns are spread out from its Atlantic Coast to its borders with New York and its fellow New England states. Business is big in the Bay State, with numerous smaller companies in all industries located throughout the region. Some of these businesses face cash flow challenges, specifically when their customers take weeks or even months to pay on their invoices.
Some Massachusetts companies have found that invoice factoring is an effective solution to this gap between completing a job and getting paid for that work. A factoring company will pay them a large amount on that invoice upfront, with the balance coming after customers have paid the invoice in full. This alternative funding method enables Massachusetts businesses to continue to pay salaries and overhead expenses, without waiting 30, 60, or even 90 days for payment. In addition, they can set aside funds for expansion and growth.
Massachusetts Factoring by Industry
- Financial Services
- Commercial Fishing
- Agriculture, especially cranberries and dairy products
Some of the best Factoring Companies in Massachusetts
View the above list of factoring companies in Massachusetts for more information.