Invoice Factoring for Parking Lot Maintenance & Repair
Table of contents
- Invoice Factoring for Parking Lot Maintenance & Repair
- Invoice Financing for Snow Removal and Parking Lot Repair
- Parking Maintenance Factoring Steps
- What is parking lot maintenance?
- Types of parking lot construction services?
- How to finance a parking lot service company?
- Sources of funding for facility service companies:
- How can selling invoices help my parking lot business?
- Parking Lot Factoring Positives
- What is the process of factoring invoices?
- Bankers Factoring Non-Recourse Parking Lot Maintenance Factoring
- Ready for the owner-employees of Bankers Factoring to help you grow your parking lot maintenance company with our invoice funding, including bad debt protection? Use our fast online factoring application or call the toll-free number 866-598-4295
Invoice Financing for Snow Removal and Parking Lot Repair
Parking Lot Maintenance Invoice Factoring Summary
Parking lot contractors, vendors, and maintenance companies provide services on properties all year long. The cash requirements to pay employees, buy supplies, and finance equipment can quickly run out of control without a financing plan. Parking lot maintenance factoring is a fast and safe plan.
Accordingly, a strategic way for parking lot maintenance to fund their business is by selling unpaid receivables. Selling invoices, or invoice factoring, is a process that injects cash flow into your business without balance sheet debt. We understand how crucial overcoming cash flow crunches is to your survival. Therefore we offer Non-Recourse Factoring, which protects your business from bad debt.
Parking Maintenance Factoring Steps
- Receive fast working capital within 3 to 5 days of submitting your online funding application.
- Receive bad debt protection: if your customer becomes bankrupt or insolvent, we take on the risk, not you.
- Initial cash advances from 80 to 93% of your total accounts receivable (A/R) value
- Eliminate the long receivable process by extending credit terms, and having a plan to manage your finances.
What is parking lot maintenance?
Repairs, treatments, and reconditioning parking lots are a service to enhance the lifetime of the pavement. Parking lots are exposed to weather elements all year round, which causes weathering, cracks, and damage over time. Wear and tear on car lots create unsafe conditions for slips, trips, and falls and is aesthetically unpleasing.
Property management companies, parking lot owners, and facility managers hire parking lot vendors to preserve property value and reduce injury risk for staff, customers, and others on your property.
Types of parking lot construction services?
Most commercial and residential facilities need annual services to maintain parking lots. Depending on your location, seasonal weather trends dictate your lot maintenance plan.
For example, winter exposure to snow, ice, and salt and continuous freeze-thaw cycles weakens the structural integrity of your asphalt and cause cracks and ground damage.
Type of parking lot maintenance company services:
- Sweeping and cleaning
- Sealing and Coating
- Snow and ice removal
- Crack filling and potholes
- Asphalt overlay
How to finance a parking lot service company?
Operating your facility service company requires funding to keep up with payroll expenses, materials, and equipment. Most parking lot facilities are owned or managed by large commercial entities requiring extended payment terms. What does this mean?
For instance, your company has a contract with a customer to re-pave fifteen parking lots this year. Your customer requires NET60 billing terms for each job. Thus, you must wait at least two months for payment each time your crew completes a project. As such, the long period of outflows with inflows hurts your working cash business.
Sources of funding for facility service companies:
- Small Business Administration (SBA) Loans: the SBA offers loans for startups and small businesses partially backed by the US government. An SBA 7a loan is an option for those with good credit.
- A commercial line of credit from a financial institution: your bank can extend a line of credit for you to draw in times of cash flow crunches. It would be best if you had good credit, collateral, and financial history for the best rates.
- Personal savings and investments: entrepreneurs fund their business ventures, but frequently this becomes too expensive and requires outside funding.
- Invoice Factoring: selling your open invoices to receive cash without balance sheet debt
Keep reading our full article, How to Finance Your Business Without Giving up Equity.
How can selling invoices help my parking lot business?
Invoice factoring is a flexible business financing tool that enables your business to sell unpaid invoices in exchange for fast funding. Selling your invoice helps your business by eliminating the long wait for your customers to pay. Accordingly, without taking on any loans, your business can receive cash funding within 3 to 5 days of your application.
When parking lot companies complete jobs with extended payment terms, the company needs to pay out of pocket for expenses for weeks and months. Payroll funding is costly when you send crews out to job sites daily. Accordingly, factoring invoices inject working capital and provide bad debt protection.
Bad debt protection ensures your business does not have to write off bad from uncollected receivables. We cover the risk if your customers can no longer pay their bills. The main types of uncollected receivables stem from customer insolvency or bankruptcy.
Parking Lot Factoring Positives
- Fast funding process that injects your business with cash flow in 3 to 5 days
- Flexible financing that does not put debt on your balance sheet
- Payroll funding to cover staffing expenses
- Access to working capital enables your parking lot company to attract customers and increase sales.
- Bad debt protection for your accelerated cash flow – we take on the bad debt, not you.
Keep reading our full article, Why Sell Your Receivables?
What is the process of factoring invoices?
The process of invoice factor financing is straightforward and can be completed 100% online through our funding application. If your parking lot business has unpaid invoices from creditworthy customers, you can inject fast working capital into your business.
In just four easy steps, your business can have a customized financing plan:
- Complete parking lot service contracts and invoice your customers
- Fill out an online funding application to begin the funding process
- Within 3 to 5 days, your company receives 80 to 93% of the value of your receivables
- Once your customer pays the open invoices, we discount the remaining available balance less our low factoring rate.
When searching for a factoring firm to become your financial partner, it is essential to compare factoring rates and costs, industry expertise, and if they offer credit protection.
Keep reading our full article, How Invoice Factoring Works.
Bankers Factoring Non-Recourse Parking Lot Maintenance Factoring
Bad debt protection through Bankers Factoring Non-Recourse factoring protects our clients through economic uncertainty and times of prosperity. Our financial experts have experience with facility services, construction, and parking lot maintenance companies seeking funding from $20,000 to $4,000,000 monthly.
Our valuable parking lot repair factoring program customizes your cash flow plan with credit protection. Bridge your cash flow struggles with invoice factoring and gain more customers.