Maintaining BBB Accreditation for 25 years is not an easy feat, but it’s one Factors Western is proud to have accomplished. As a company that deals extensively in its customers’ finances, trust is of the utmost importance, and the BBB seal proves trustworthiness in an instant.
“We use the BBB seal to legitimize potential clients as a trusted information source. We also display our Accreditation proudly to show our trustworthiness. It helps to legitimize our business,” says Greg Smith, president.
So, what is factoring? Factoring provides working capital or cash for invoices, instead of waiting 30 to 60 or even 90 days to get paid. Smith says, “We simply buy your receivables as soon as the work is completed, providing a continuous source of cash without creating debt.”
In many cases, it’s quick growth or taking on large contracts where factoring becomes a useful tool for alternative financing. Smith says, “Mobilization and project start-up costs can quickly deplete cash flow in early stages, while companies have to wait for the first payment to arrive. Factoring can bridge that gap and make the project a success.” This can also be helpful to new businesses or those unable to qualify for extended credit. In these situations, factoring can smooth out cash flow to maintain and expand operations.
Many of their clients have great ability to get the job done but simply lack financing to support multiple projects at once. Smith says, “My favourite part of the work we do is helping businesses realize their growth potential. Particularly when we enable them to take on a project or job they would otherwise have to turn down, due to limited cash flow. We pride ourselves on being available and ready to answer any questions and to customize solutions that fit their unique businesses.”
Factors Western works closely with their clients. Smith says, “Trust is extremely important in our business, we work very closely to provide them with the working capital needed to run their operations. In many ways, we act as their Accounts Receivable department, which includes follow up calls on outstanding invoices.” With constant engagement, they become very integrated into their clients’ businesses.
Being able to react to growth when it’s there is key. Smith says, “Know your options when it comes to what financing is available for your business.”
Factors Western celebrates 25 years of Accreditation in good-standing this May. They are a well-established, family run business, with headquarters in Calgary, Alberta. The company has been operating since 1985, with a large focus on Western Canada and the oil and gas industry.