Home to beautiful beaches, Southern plantations, and the charms of Charleston, South Carolina is a tourist’s paradise. Famous for its long history, low country cuisine, antiques shops, and gardens, Charleston draws people from around the world. With its natural beauty and inviting climate, the state also draws businesses of all kinds and supports a lively economic community. There are many industries that can benefit from using factoring companies in South Carolina.
Factoring in South Carolina
Even when the economy is booming, many companies will experience a cash flow crunch if they have to wait too long for their customers to pay for work that has been completed. It can be difficult to keep up with salaries, insurance, rent, and other fixed expenses that must be paid every month when customers want 30, 60, or even 90 day payment terms. Whether a company finds itself in a cash flow crunch or is well-capitalized for the present but ready to expand in the future, factoring their invoices could be a wise financial decision.
How factoring works for South Carolina companies is that the factoring company purchases its client’s invoices, or accounts receivable, and then collects from its customers. The client receives nearly all of the invoice amount right away with the balance, minus a small factoring fee, sent to them when the invoice is paid in full. This speeds up the client’s cash flow and allows them to use the money as they wish. The best news of all: factoring is not a loan and does not incur any debt. That’s why many South Carolina businesses are turning to factoring for their funding needs.
South Carolina Factoring by Industry
- Textile mills
- Manufacturing, especially wood products and food processing
- Agriculture, especially peaches, poultry, and lumber
Some of the best Factoring Companies in South Carolina
View the above list of factoring companies in South Carolina for more information.