If you’re seeking oil and gas financing, invoice factoring is one of the best solutions. With factoring, you can boost cash flow by collecting immediate payments for invoices. Invoice factoring has many advantages over other types of financing.
The following are the four top reasons you should consider oil and gas factoring.
1. Boost Your Cash Flow
The top reason many oil and gas businesses consider invoice factoring is to improve cash flow for their business. This is an issue in many industries, including oil, gas and oilfields. The gap between sending out invoices and receiving payment can put financial pressure on your business.
If clients are late in paying, it can cause further difficulties. Oilfield factoring makes it possible to get paid for your completed work within days.
2. Grow Your Business
Lack of cash flow makes it hard to expand your business. When all of your cash is needed for daily expenses, you can’t think about expanding. With invoice factoring, you can start making more ambitious plans, such as hiring additional staff or opening another location. Factoring provides you with the cash you need to grow your business faster.
3. Meet Payroll With Ease
Service providers in the oil and gas industry have to make payroll too, whether you are a rigger, hauler, engineer, welder, or rustabout provider. Oilfield factoring helps you make payroll and ensure that everyone gets paid on time.
4. Invest In Repairs and New Equipment
It’s essential to keep your equipment in good working order. You may also need to purchase additional trucks, materials and machinery to improve efficiency. Lack of cash flow is the main reason businesses fail to invest in necessary tools and equipment. Invoice factoring provides you with the cash you need to make essential repairs and purchase new equipment.
Why Riviera Finance is Your Best Choice For Oilfield Factoring
If you’re seeking oil and gas financing, you want to work with a trustworthy company. There are several reasons so many businesses choose Riviera Finance.
- Fast Delivery — The reason businesses choose factoring is that they need cash quickly. Riviera understands this and provides the quickest turnaround in the industry.
- Reliable Service — You want to be able to reach a financial company that you’re working with. We have a staff of 125 skilled employees at various locations in the U.S. handling invoices, wiring funds and approving credit.
- Credit Protection — Riviera provides non-recourse factoring which means we take the credit risk on the invoices we factor.
- Personal Service — Riviera provides customized financial solutions for all our clients. We provide personalized service that’s aimed at meeting your unique needs.
- Stability & Experience— When you work with a funding company, you want to have confidence that they know your industry and customers and will always have the cash on hand to pay your advances. Riviera has been in business since 1969 and knows the oil & gas industry well.
If you want to learn more about oil and gas factoring, contact Riviera Finance today.