Seafood Industry Factoring Services
An Invoice Factoring Company for the Seafood Industry
Seafood Accounts Receivable Factoring
Table of contents
- An Invoice Factoring Company for the Seafood Industry
- Seafood Accounts Receivable Factoring
- Same-Day Seafood Company Invoice Funding
- How Does Invoice Factoring Work?
- Factoring Services for Seafood Companies with Bankers Factoring
- Why is Invoice Factoring Great for Seafood Companies?
- What Financial Challenges Do Seafood Companies Face?
- Where Seafood Companies Need to Cover Costs.
- The Benefits of Seafood Factoring with Bankers Factoring:
Same-Day Seafood Company Invoice Funding
Troubles with paying your crew, maintaining your product on the market, and keeping your company above water? Unpaid invoices on 30-90 day payment terms can create strain, tension, and financial stress for seafood companies. Fortunately, there is a solution to gaps in cash flow created by slow payment: seafood invoice factoring.
Bankers Factoring has deep experience offering seafood industry factoring services with high advance rates and reasonable factoring fees.
Please read what does factoring cost.
How Does Invoice Factoring Work?
Your seafood company has just completed a sale to your customer, providing your fresh, quality product to the market. Now, there is one problem: you are often stuck waiting for payment from your customer on 30-90 day payment terms, but your company needs working capital now to keep your business afloat and operations running smoothly.
Learn more about invoice factoring works.
This is where invoice or receivable factoring comes in by turning outstanding invoices into same-day working capital. A seafood factoring company like Bankers Factoring will buy this unpaid invoice from you, providing your company with an 80-94% cash advance and injecting immediate cash flow into your company. With Bankers Factoring, we are able to offer a remarkably quick turn-around rate of same-day funding after our simple, fast, and accessible approval process.
Now, the factoring company will take over collecting payment from your customer. Once this payment is collected, the rest of the reserves from the transaction will be issued to you, less a small factoring fee. With this simple, quick process, you are easily able to cover your financial obligations without waiting 30-90 days, keeping your seafood company free from the headache of unpaid invoices.
Learn about how factoring companies buy accounts receivable.
Learn about the fees associated with invoice factoring.
Factoring Services for Seafood Companies with Bankers Factoring
Instead of waiting up to months for your payment, allow Bankers Factoring to finance your seafood company. For over two decades, the owner-employees of Bankers Factoring have been creating solutions for those working in the seafood industry, allowing you to continue providing the best and freshest product to the market.
Why is Invoice Factoring Great for Seafood Companies?
Facing costs with boat repairs, equipment payments, taxes, permits, and paying your crew? These costs and more can become detrimental to seafood companies when unpaid invoices are piling up and can leave you feeling like a fish out of water. Invoice factoring takes this issue and turns it around, providing safe and reliable working capital and transforming financial turmoil into financial opportunity.
When seafood companies receive working capital from Bankers Factoring, tied-up cash flow becomes a thing of the past, and there is no limit to the costs you will be able to cover. Healthy financial status is the foundation of any company, and there is nothing more essential to maintaining maintenance and creating growth.
What Financial Challenges Do Seafood Companies Face?
Whether you are an independent fishing company, fish farm, wholesaler, retailer, distributor, or seafood processing company, your seafood company is likely familiar with these financial challenges. Invoice factoring is able to help your seafood company leave worries of gaps in cash flow behind and cover these costs with ease.
Also, learn about combining purchase order financing and invoice factoring.
Where Seafood Companies Need to Cover Costs.
- Seasonal variation
Seafood products are not consistent throughout the year, with some parts of the year having an abundance in products and other parts of the year lacking in these same products. Because of this, it is important to be paid on time so that seafood companies can maintain their financial health during the seasons.
- Market competition
With the seafood industry being highly competitive, price wars and reduced profit margins can often occur, leaving seafood companies more vulnerable to financial struggles. Smaller seafood companies may also have less resources than larger seafood companies, making it all the more important to have access to working capital.
Read more about the benefits of invoice factoring.
- Product Quality
When working with seafood, food safety, and product quality is of utmost importance. If any issues are potentially encountered with product quality, this can result in costly recalls and damage to seafood companies. It is important to be prepared and financially healthy if any problems occur.
- Fluctuating seafood prices
Factors such as supply and demand, conditions in the weather, global trends, and regulations all affect the prices of seafood. It can be difficult to predict where the price is going to go, and seafood companies can often find themselves not knowing what profit margin they’re going to make.
- Rise in production costs
Fuel, labor, transportation, packaging, and more: there are many production costs associated with the seafood industry. These rising production costs can often put financial stress on seafood companies, especially when met with unpaid invoices from 30-90 day payment terms.
- Environmental sustainability
Environmental regulations are on the rise, and with this comes changes to production methods. Because of this, seafood companies may need to invest in new equipment and certifications, potentially increasing costs.
When using invoice factoring, these costs and more are able to be comfortably covered without having to worry about when your invoice is going to be paid.
The Benefits of Seafood Factoring with Bankers Factoring:
- Same-day funding after approval
- Low factoring costs with zero hidden fees
- Flexible, clearly defined terms
- Unique sliding scale fees that drop as you grow
- Bad debt protection from non-payment
- We take on the credit risk
- Quick and simple access to working capital
- More accessible than traditional loans
- Credit checks are done on your customer, not you
- 24/7 online reporting portal
- Access to our decades of knowledge and expertise
With our expert services and customer care, you are in good hands, and your seafood company can leave gaps in cash flow and worries of slow payment behind. Bankers Factoring cares about your seafood company just as much as you do: allow us to help you keep your company healthy, strong, and above water.
Ready for the owner-employees of Bankers Factoring to grow your business with our award-winning receivable factor financing, including bad debt protection? Use our fast online factoring application or call 866-598-4295.
Get Fast Working Capital through Invoice Factoring
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