Restaurant Wholesaler and Hospitality Staffing Factoring
As a cultural mainstay across almost every part of the world, the importance of restaurants is undeniable. Behind these scenes, restaurant wholesalers and staffing companies make all this possible.
From supplying everything from meat, produce, dairy, and silverware to filling roles in line cooks, servers, dishwashers, and hosts, wholesalers and staffing companies need to be able to maintain strong financial health to provide the best service possible to their customers. So what happens when you find yourself with issues like dealing with consistently slow payments and finding your business turned down time and time again for a traditional business loan?
As a highly accessible and simple alternative funding option that addresses and remedies the issue of slow payment by selling your unpaid invoices, invoice factoring may be the answer to your restaurant industry business’ financial struggles.
What is Invoice Factoring for the Restaurant Industry?
When your restaurant wholesaler or staffing agency has successfully completed a transaction with the restaurant you are working with, you are left with an invoice often on payment terms of 30, 60, or even 90 days. When unlimited cash flow is unavailable, slow payment and gaps in cash flow can be a difficult headache to deal with. Thankfully, invoice factoring is here to close these gaps and solve the issue of slow payment in the hospitality industry.
Traditional loans often come with difficult approval processes and lengthy funding timelines. On the contrary, invoice factoring, especially with Bankers Factoring, boasts a highly accessible approval process and a remarkably short timeline. Our approval process requires little documentation, and instead of being based on your creditworthiness, it is based on your customer’s creditworthiness. You can receive funding no matter what your credit score may be.
After our short and sweet approval process, Bankers Factoring provides your restaurant supplier company with same-day funding after approval, along with low and affordable rates so simple you could calculate them on a napkin, cheaper than swiping most business credit cards. You can leave behind the waiting game with us and get essential funding immediately. Critical working capital is something you need now rather than later, and we make this possible for you.
More questions? Have them answered with our invoice factoring FAQ.
How Does Restaurant Factoring Work?
When your unpaid invoices seem to be just waiting around, collecting dust until they’re finally paid off months after the initial transaction, you can stop this wait by selling your unpaid invoices to Bankers Factoring.
Once you have sold your unpaid invoices to us, we will provide you with an immediate cash advance of up to 80-93%. We will then collect the payment from your customers ourselves, all while using the utmost professionalism and respect. When we receive the payment from your customer, we will provide you with the rest of the reserves minus a small, affordable factoring rate.
Are you worried about how your customer will react? Read our article on how to talk to your customers about factoring.
After completing this process, you can take full advantage of your new working capital with zero restrictions on where you can use it. You can also complete the process of invoice factoring as many times as you’d like, and there is no limit to how much you can factor.
Learn more with our comprehensive guide to factoring invoices.
How Restaurant Funding and Hospitality Staffing Factoring Supports Your Local Community
While working behind the scenes and supplying everything that restaurants could possibly need, you already know how important restaurants are to your local communities. As Marquette Wire said, “Restaurants are the heart and soul of any city. They tell stories, provide comfort and a sense of belonging.” From supporting the local economy, providing essential jobs, supporting agriculture, creating a sense of community, and boosting tourism, there are few industries more critical than the restaurant industry to a community’s success.
Your restaurant wholesaler or staffing agency is essential. Bankers Factoring knows that when we support you financially, we are helping you to bring unity to your local community. When you are what makes the restaurant industry go round, and finances make your business go round, the importance of healthy cash flow is undeniable. As employee-owners, our number one goal is assisting your business to succeed truly, and we intimately understand the positive impact businesses can have on our local communities.
Learn more about why choose Bankers Factoring for the restaurant wholesale and staffing industry.
Be careful of expensive Merchant Cash Advances or MCA loans.
With interest rate APR from 70-400%, MCA loans are expensive and have onerous terms. It is by far the most expensive financing solution for small business owners. If you have B2B or B2G outstanding invoices, non-recourse factoring is a much cheaper and safer way to grow your business. Stay away from an MCA finance company.
Learn more about the Benefits of Restaurant Factoring With Bankers Factoring
When choosing to work with Bankers Factoring, our award-winning factoring services don’t stop at just providing critical working capital. Learn more about the numerous benefits of working with Bankers Factoring to your restaurant supplier business.
- Bad debt protection with non-recourse factoring
- Immediate, same-day funding after approval
- Bridging and solving gaps in cash flow for staffing companies
- Clearly defined terms and zero hidden fees
- Low rates are similar to swiping a business credit card
- Fees that drop as your business grows
- Credit approval based on your client instead of you
- We take on the credit risk
- Access to our decades of knowledge and expertise
- Famous Bankers’ light touch with your clients
- 24/7 online reporting portal
- Greater accessibility than traditional loans
- SBA loan turndown specialists
Now that you’ve learned how invoice factoring can provide you with what you need to succeed, nothing stops you from reaching out to Bankers Factoring today and beginning your journey to financial health and security.