Most construction subcontractors are familiar with the concept of retainage, also called retention. Basically, their general contractor (GC) withholds 5% to 10% (varies) of their payments until the project is completed. General contractors use this practice because withheld funds can be used to fix any issues with the work. Additionally, withheld funds are an incentive […]
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How to Get Clients for Your Office Cleaning Business (7 Ways)
Summary: Growing a small janitorial business in a competitive environment is challenging. Finding and retaining commercial and office clients who can provide long-term cleaning contracts is essential to your company’s success. This article discusses seven time-tested ways to find clients. It is intended for new and growing commercial cleaning companies. We cover the following: 1. […]
How to Evaluate Factoring Companies
The decision to use factoring to improve the cash flow of your company is not easy and should be done carefully. The success of your business depends on making the right choice and partnering with the right company. In this article, we discuss how to evaluate factoring companies effectively. The process is simple to use […]
What is Payroll Financing? How Does it Work?
Payroll financing is a solution that allows your company to finance invoices and assets so that it can make payroll. It usually refers to a common use of invoice factoring, though it can also refer to other solutions. In this article, we cover: 1. Do you have this problem? Making payroll is one of the […]
Small Business Purchase Order Financing
One of the greatest challenges for small product wholesalers is getting an order too large for them to fulfill. Large orders are good only if you have the financial resources to fulfill them. If you can’t fulfill them, you risk losing the order – and the customer – to a competitor. Being unable to handle […]
What is a Notice of Assignment?
A Notice of Assignment (NOA) is a document that factoring companies send to the end-customers of their clients. This document informs end-customers of the factoring financing relationship. Clients usually have some concerns when they learn that a factor will notify their customers. This article addresses these concerns and explains how the NOA works, why it […]
How do Purchase Order Financing Companies Prepay Foreign Suppliers? (Letter of Credit)
Most of our purchase order (PO) financing clients are importers who buy goods from another country and sell them to companies in the US or Canada. Some of these importers usually request that we prepay their supplier by wire transfer. While purchase order financing companies can pay foreign suppliers with a letter of credit, documentary collection, […]
What is a Factoring Company?
Summary: Factoring companies provide financing to businesses that have cash flow problems. They specialize in financing accounts receivable, which improves the client’s cash flow. Smaller factoring companies typically provide invoice factoring as their only service. However, larger providers typically offer additional products, such as purchase order financing, supply chain financing, and asset-based loans. This article […]
Factoring for Auto Transport Companies and Car Haulers
Summary: Canadian auto haulers frequently have trouble finding a factoring company that can work with them. Unfortunately, many factoring companies cannot finance auto haulers due to the risk of cargo damage, claims, and other issues. This article explains how freight factoring works, why auto transport companies are challenging to finance, and how to find a […]
How to Grow a Trucking Company
Growing a successful trucking company takes a lot of hard work and dedication. But, above all, it takes a disciplined approach to make the right decisions and take the right actions. This article helps Canadian owner-operators and small fleet owners accomplish this goal. It summarizes the seven key steps to take to grow your trucking […]