The nation’s least populated state, Wyoming, has some of the country’s most scenic views and greatest natural resources. Known for its national parks, including Yellowstone and Grand Tetons, and popular tourist destinations, including Jackson Hole and Cheyenne, the state draws people from all over the world. Although sparsely populated, Wyoming supports a variety of industries, including oil and natural gas production and mining. It remains the nation’s leading coal-producing state, but also has important uranium reserves. There are many industries that can benefit from using factoring companies in Wyoming.
Factoring in Wyoming
Companies in Wyoming run into the same financial challenge shared by their counterparts in every state: waiting 30, 60, or even 90 days for their customers to pay them. This wait can disrupt their cash flow and make it difficult for them to expand their businesses. When companies in Wyoming encounter this kind of cash flow challenge, they often turn to factoring their invoices, an alternative funding strategy that does not require them to take out loans or incur debt.
Invoice factoring works like this: the client sells their invoices to a factoring company which then collects on those invoices directly from their customers. The factoring company advances a large percentage of the invoice amounts to its client right away, with the balance sent to them, minus a factoring fee, as soon as the customer pays the invoice in full. Companies can use this infusion of cash for operating expenses or growing the business. Some companies use the money to hire new staff, purchase more inventory, increase sales and marketing efforts or order new equipment. Factoring is a proven resource for many businesses in Wyoming.
Wyoming Factoring by Industry
- Natural resources, including coal
- Oil and gas production
- Cattle and sheep ranching
- Agriculture, especially wheat and oats