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You have problems collecting from clients or customers. We have the will and the ways to get monies owed.

Why wait to get paid for the hard work that your business has performed when BP Financing can take care of it for you?

BP Financing is a factoring company that can help you get your bills paid while relieving you of the work and the worry of making it happen.

For 15 years, BP Financing has served as a solid partner for businesses who want to keep their focus on productivity while getting paid promptly.

Who We Are

BP Financing provides accounts receivable solutions for your business. When you need money fast to use immediately, BP Financing works with you to get the cash you need upfront.

Our mission as a company lies in helping other businesses, especially small businesses with limited resources, get the cash they have earned so they can use it when they need it, not when clients or customers decide to pay.

What We Do

Our business helps you through a process called factoring.

When businesses submit an invoice for goods and services, even getting paid on time means waiting four to six weeks for the money.

If your business needs the cash right now, our factoring service can help.

Factoring in accounts receivable means that we take the effort of collecting the bill off of your hands. The account is not necessarily delinquent, so we engage in the same type of collection efforts that you would.

Once we assume the burden of collection, we pay you a certain percentage of the amount owed. We can pay up to 95 percent upfront, but the amount will vary depending on a number of variables. Once we collect the bill, we deduct our fees and turn over whatever amount remains.

For example, if the bill turned over to us is $1,000 and we pay 90 percent upfront, you receive $900 within 24 hours. That money belongs to your company free and clear, meaning you can apply it in any way you need.

Most of our clients think of our service as providing an almost immediate advance on their billing.

The Benefits of Collection Using a Factoring Company

Small businesses can find themselves spending a large number of work hours in collections. Sending invoices, performing follow-ups when necessary, and engaging in other collection-related activities takes time away from core business functions.

In other words, we believe that you should concentrate your efforts on what you do best. Focus on producing goods and services while we concentrate on the following:

• Obtaining payments faster

• Providing you money upfront with no charged interest

• Preventing you from accruing new debt

• Allowing you to almost immediately reinvest your money into growing your business

• Keeping you from waiting for payments from habitually slow customers or clients

• We take all of the risk out of billing, paying you upfront for goods and or services rendered to your customer or client

Most companies use factoring services as a convenience that comes at a reasonable cost. In some cases, using a factoring service instead of employing a full time accounts receivable collection specialist can save money for your business overall.

Reach Out Today

Learn more about how factoring can help your business keep the focus on productivity. Our staff will be happy to answer any questions about how factoring works and how it has brought benefits to our clients in a wide range of industries.

Visit our site today to see how easy it is to sign up, submit your paperwork, and get paid through us.

Cash flow is the lifeblood of modern business operations. For businesses in Rockland County, one solution to managing cash flow challenges is factoring services. Factoring involves selling your unpaid invoices to a financing company like BP Financing, who then provides you with immediate cash, sometimes up to 95% of the invoice value.

Factoring can be especially appealing for major Rockland County industries like trucking, where delays in payments can halt operations. But before diving in, it's essential to weigh the pros and cons of factoring services.

Pros of Factoring Services

Improved Cash Flow

One of the most significant advantages of factoring is the immediate boost it provides to cash flow. For companies that operate on tight margins or need to cover daily expenses like fuel, payroll, or equipment, this immediate injection of cash can make a world of difference. Imagine a trucking company in Rockland County. If payments are delayed, trucks might sit idle, and employees could go unpaid. By factoring invoices, businesses can keep their operations running smoothly, without interruptions. The ability to access cash quickly means companies don’t have to rely as heavily on traditional loans or credit lines, which may involve more paperwork or stricter terms.

No New Debt

Another advantage of factoring is that it doesn’t increase your company’s debt. When you factor invoices, you’re essentially selling an asset—your unpaid invoices—so there’s no need to worry about repaying a loan with interest. This is particularly beneficial for businesses that may already have outstanding loans or don’t want to affect their credit standing. The factoring company takes on the responsibility of collecting payments from your customers, reducing the burden on your accounts receivable team and freeing up time to focus on other essential tasks.

Flexible and Scalable

Factoring services are flexible and grow with your business. As your invoiced amounts increase, the factoring advances can increase as well. This means that businesses aren’t restricted by loan caps or credit limits. Whether you need to factor $10,000 or $100,000 worth of invoices, factoring can scale according to your needs. This is especially helpful for companies experiencing rapid growth but lacking the cash flow to keep pace.

Cons of Factoring Services

Costs and Fees

One of the main drawbacks of factoring is the cost. While factoring provides quick cash, it doesn’t come free. Factoring companies charge fees, often based on a percentage of the invoice value. For businesses in Rockland County, factoring fees could chip away at profit margins. A company must consider whether the cost of factoring outweighs the benefits of having immediate cash. In many cases, the convenience is well worth the expense.

Dependence on Customer Creditworthiness

Factoring is not just about your business; it also hinges on the creditworthiness of your customers. If your clients have poor credit or are slow to pay, a factoring company may be hesitant to advance funds or might charge higher fees. For businesses in Rockland County with clients who have solid credit histories, factoring can be a reliable and convenient option. However, if your customer base includes smaller or financially unstable companies, factoring could become more expensive or harder to obtain. 

Is Factoring Right for Your Business?

Factoring services can offer many benefits, especially for businesses that need to maintain consistent cash flow without taking on additional debt. For industries like trucking, where payment delays are common, factoring can be a lifeline, keeping operations moving and employees paid. However, the costs and potential customer perception issues should be carefully considered.

If you're exploring factoring in Rockland County, it’s crucial to weigh the pros and cons. For companies that prioritize immediate cash and have customers with good credit, factoring can be an efficient and practical option. Contact our team at BP Financing to learn more.