Once designated an “Indian Territory” and later abandoned by thousands in the Dust Bowl drought years, Oklahoma has a rich history. Today it is also a rich state, with fine public facilities, outstanding museums, and beautiful cities. Like its neighbors, Texas and Louisiana, Oklahoma has greatly benefitted from the oil and natural gas reserves below its rough landscape. There are many industries that can benefit from using factoring companies in Oklahoma.
Factoring in Oklahoma
While much of the state’s economy rides on the oil industry, Oklahoma is also home to many small and medium-sized companies that vary from small startups to long established businesses. Regardless of a company’s size or longevity, often customers’ long payment terms can disrupt cash flow and cut into a company’s working capital. To combat this kind of cash flow crunch, many companies turn to factoring, an alternative funding method that provides funding fast.
The companies sell their invoices to a factoring firm, which then pays them upfront for most of the value of each invoice. The factoring firm collects directly from the company’s customers and sends the balance of the amount, minus a small factoring fee, once the invoice is paid in full. The company can use this infusion of cash for its regular operating expenses or apply it to growing the business with more staff, more space, more equipment, or whatever else is needed. Companies in Oklahoma have found this to be a valuable source of funding. Factoring brings capital to a company without it having to incur additional debt.
Oklahoma Factoring by Industry
- Natural gas and oil production and refining
- Natural resources, including coal, copper, silver, and zinc
- Agriculture, especially wheat and livestock
Some of the best Factoring Companies in Oklahoma
View the above list of factoring companies in Oklahoma for more information.