The western state of Utah offers recreational opportunities in all seasons. With ski resorts in the winter and lakes for boating and streams for fishing in the summer, Utah residents and visitors alike can enjoy the outdoors year-round. In addition to all the businesses that serve the tourist industry, Utah has a diversified economy with many small and medium-sized companies in a wide variety of industries. There are many industries that can benefit from using factoring companies in Utah.
Factoring in Utah
Just as the tourist industry has high and low seasons, any company can experience times of financial ups and downs. When financial challenges could be eased with faster payments from customers, it’s time to consider factoring. Factoring accounts receivable helps a company bridge the gap between sending a customer an invoice for work completed and receiving payment from that customer.
The factoring company purchases the invoices from its client and pays them a large portion of the amount due upfront. The client can have that working capital in hand, without waiting 30, 60, or sometimes even 90 days to get paid. Then the factoring company collects on those invoices and pays the client the remaining funds, minus a small factoring fee, when the invoice is paid in full. Factoring lets business owners in Utah meet their overhead expenses, while building a reserve for growth and expansion. The good news: they can do this all without borrowing money or incurring debt.
Utah 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 Utah
- Advanced Commercial Capital
- Celtic Bank
- Express Freight Finance
- iThrive Funding
- TAB Bank
- Tetra Capital
- Transfac Capital
- Working Capital Solutions Group
View the above list of factoring companies in Utah for more information.