An oilfield services company was struggling due to slow-paying customers. Even in the changing market, they were able to weather the storm because they had positioned themselves well in both their services and strong customers. The primary issue was tight cash flow because several of their customers had shut down the rigs they were working on. Their bank was unable to provide a line of credit because of the company’s financial history.
They connected with Scale Funding after finding our website. In about 15 minutes, they had received a quote for an oilfield invoice factoring line that was based on their creditworthy customers. It was a month-to-month factoring line that adjusted based on business volume each month, giving them the rate that met their needs. They also received free credit checks on their new customers, giving them the confidence they needed in a fluctuating market.
The business is able to fund up to five days a week, ensuring that when they have invoices, they have immediate access to cash to pay their subcontractors, bills and stay on top of equipment rental payments. As their business continues to change, Scale Funding stays in close contact with the owner to ensure that they have the financing they need at the best rate among oilfield factoring companies. They have added new customers and know that with their partnership with Scale Funding, they can continue to operate and diversify their business to solidify their future.
Scale Funding is an invoice factoring company serving businesses across the United States. For more information on factoring, call (800) 707-4845 for a free, no-obligation consultation and quote.