As a leading factoring company for the New York area, Viva Capital Funding, LLC, has invoice factoring expertise in nearly every commercial industry. With over 20 years of experience, partnering with us helps you achieve your business goals, relieve your cash flow worries, and so much more.
Industries in New York That Use Factoring Financing
While the flexible financing services offered by Viva Capital Funding can be utilized by businesses across any industry, we have particularly extensive experience in the following:
- Service providers.
Read on to discover how to turn your invoices into immediate cash instead of having to wait the usual 30 – 120 days for your customers to pay.
Invoice Factoring Financing
Considering that 82% of businesses fail because of cash flow problems, quick access to working capital is essential to the success of your B2B company-cue invoice factoring: a business-friendly replacement for outdated finance methods.
Whether you need to meet payroll, tax obligations or pay bills, invest in equipment or enhanced marketing, or commit to a substantial contract or massive order, factoring is a fast, flexible, and debt-free way to boost your cash flow.
When you sell your accounts receivable, invoice finance brokers pay you most of the invoice amount in exchange for control of your outstanding invoices. Your customers send the payment directly to the factoring company on the existing terms, and once the invoice is paid in full, you get the remaining invoice amount – minus the factor’s fee.
At Viva Capital Funding, LLC, we have simplified the process to just six steps:
- First, a customer places an order with you.
- Then, the creditworthiness of your customer is checked through Viva Capital Funding.
- Next, complete and deliver the order to the verified customer.
- After that, sell your invoices to Viva Capital and receive the payment within 24-48 hours.
- Lastly, let Viva Capital’s accounts receivables experts manage the collection process. We’ll then pay you the remaining balance, minus a small fee.
- You can keep tabs on your invoices 24/7 with our Accounts Receivable Reporting.
About New York
Britannica spelled out the character of New York City best: “New York is the most ethnically diverse, religiously varied, commercially driven, famously congested, and, in the eyes of many, the most attractive urban center in the country.
It remains a conglomeration of local neighbourhoods with stark contrasts and deep contradictions – perhaps the most fitting representative of a diverse and powerful nation.”
New York’s Economy
If the economy of New York were that of a country, it would rank twelfth in the world!
As depicted in the city’s seal, the beaver and the flour barrel represent the early stages of New York’s economy. Fast forward 300+ years, and shipping and finance have secured New York’s international reputation, while manufacturing provides jobs for the city’s considerable population.
Modern-day NYC boasts an economy led by national and global drivers of industry:
- Financial services added $429 billion to the state’s GDP
- Healthcare and education leads New York in terms of total employees and added $135 billion to the GDP
- Professional and business services generated $195 billion for the state
- Retail trade contributed $64.5 billion to New York’s GDP in 2020
- Manufacturing – $61 billion in GDP contribution
- Shipping – over 50% of the people and goods that have ever entered the U.S. came through New York’s port
- Tech accounts for more than 291,000 jobs and $124.7 billion in New York’s economic output.
New York Business Resources
The NYC Department of Small Business Services (SBS) helps expose economic possibilities and create economic security for all New Yorkers.
The NYC Small Business Resource Network aims to strengthen New York City’s economy by giving small businesses access to a range of programs and services.
The NYC Small Business Resource Center at the Thomas Yoseloff Business Center provides numerous resources to encourage the launch and growth of small businesses.
The New York Small Business Development Center (NYSBDC) offers New York’s entrepreneurs and small business owners top-quality, confidential business counseling, training, and business research at no cost.
Since opening our doors in 1999, Viva Capital Funding, LLC, has provided thousands of businesses with the best invoice factoring solutions at competitive rates. For a factoring company you can rely on to support your New York business, contact us today.