Contract Credit, Inc
Financial Services - Austin, Texas, United States
Contract Credit, Inc Employees
Contract Credit, Inc Details
Contract Credit is an accounts receivable factoring company that specializes in financing government contractors.Factoring is a financing option for businesses that don't get paid right after completing a job. In some industries, clients' invoices aren't due until a month or more after they receive their products or services. This delay in cash flow makes it difficult for businesses to accept new jobs because they may not have enough funds to pay employees or buy supplies. Small companies, startups, and seasonal businesses whose cash flow fluctuates throughout the year struggle the most with this issue.Factoring companies like Contract Credit, Inc buy unpaid invoices from businesses, which provides the businesses with an immediate influx of cash. Usually, the factoring company gives the business 70 to 90 percent of the total invoice value up front. Then, the factoring company collects the payments from the customers as they're due. After the factoring company gets paid, they subtract a fee from the remainder of the invoice value and give what's left to the business.Federal Contract WorkersFactoring is also used across many industries within the federal government. Some of the most common industries that use factoring include manufacturing, staffing, security, IT, construction contractors, and transportation.Companies can use the funds from the sale to pay employees, buy new equipment, expand their business, or pay for any other expenses. Federal contracting jobs can be expensive for businesses to fulfill, so selling invoices to a factoring company is a great way to achieve financial security.
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