For more than a century, cotton was king in Mississippi, but today the Deep South state has a more diversified economy than ever before. With new service businesses and a wider variety of cash crops, the state has evolved. Tourists continue to visit cities like Natchez and Vicksburg to tour antebellum plantation homes and Civil War battlefields, but the Magnolia State offers much more than history and fine southern cuisine. There are many industries that can benefit from using factoring companies in Mississippi.
Factoring in Mississippi
Mississippi is home to many small and medium-sized businesses that are ready to grow their business but don’t have the working capital to expand. Other businesses in the state have trouble keeping up with overhead expenses while they wait for their customers to pay. To solve both of these financial challenges, many companies turn to factoring their invoices. Factoring companies help them bridge the gap between completing their work and waiting 30, 60, or even 90 days to receive payment.
A factoring company purchases the invoice and pays its client the bulk of the invoice amount upfront. After collecting on the invoice from the customers, the factoring company sends the balance of the amount, minus a small factoring fee, to the client. The transaction involves no borrowing or incurring debt. Companies in Mississippi find that factoring is an easy, convenient and affordable way to speed up their cash flow. It allows them to access the money that has been sitting in their accounts receivable and use that money now for whatever they need.
Mississippi Factoring by Industry
- Natural resources, especially gold, silver, copper, lead
- Oil and natural gas
- Agriculture, especially cattle and dairy products
Some of the best Factoring Companies in Mississippi
View the above list of factoring companies in Mississippi for more information.