Invoice Factoring for Commercial Cleaning & Janitorial
One of the biggest reasons to choose Wave Crest as your Commercial Cleaning Factoring Company is our personal approach. We will work with you to get the best factoring agreement in place for your janitorial or commercial cleaning business. Instead of waiting on customer payments, you’ll be able to create more consistent cash flow and use it to grow your operation.
Why Invoice Factoring Works for Commercial Cleaning and Janitorial Companies
Invoice factoring can be used by nearly any type of B2B (business-to-business) organization that invoices customers on terms after completing a job, including companies that work on month-to-month or weekly retainers. It’s also ideal for businesses that need to continually reinvest in operational expenses, such as the products and tools needed to successfully run a commercial cleaning business or janitorial service.
Finally, it’s a go-to staple for companies that experience cyclical cash flow slowdowns or occasionally need money to meet payroll expenses, which can affect growing commercial cleaning and janitorial businesses that are growing. This is because when you’re growing, you’re hiring. And not only are you hiring and getting staff up and trained in the field, you’re also equipping them for the work. These are all investments made before a dime of client money comes in from job orders, invoices, or retainers.
Invoice factoring is a great solution for commercial cleaning businesses and janitorial services. It enables you to unlock money the same day you generate a customer invoice or a monthly or weekly retainer. Instead of waiting weeks or months on the client’s payment, you factor the invoice or retainer and receive up to 90% or even 95% of the invoice amount within 24-48 hours (and sometimes even faster).
How the Commercial Cleaning Factoring Process Works
1. Get approved to factor invoices (or client retainers)
The factoring application is a simple process and usually takes 1-2 business days. We review and vet the creditworthiness of your clients and decide which clients are qualified for the program. Your company’s credit score? It’s not an issue. Likewise, it doesn’t matter how long you’ve been in business. Once approved, you can factor invoices right away.
2. Factor an invoice or retainer
After you’re approved to factor invoices you can begin factoring right away. Submit an invoice to us and we’ll process it and process your advance. Generally, you’ll receive funding the next business day. And you’ll know what the percentage of your advance will be, because that will be set up during the approval process. This makes it easier for your organization to not only unlock cash flow, but project it as well. This in turn makes it easier for you to meet operating expenses and plan for the future.
3. Enjoy the advantages of invoice factoring
If you thought more consistent cash flow or having the ability to unlock cash flow for payroll or operating expenses was the only benefit of invoice factoring, you’re wrong. It’s a cash flow financing tool that enables you to:
Stay focused on running and growing your business instead of chasing customer invoices or sitting by while competitors out-maneuver you
Pay your suppliers and vendors in cash and early to avoid debt and take advantage of cash and quick-pay discounts
Repair or replace aging equipment, or upgrade with equipment that makes your business more efficient
Purchase new equipment that enables you to fulfill more services
Meet payroll expenses while you’re growing and ramping up
Take on new business faster
Attract and service bigger client accounts
Take the next step and reach out to us for a free, no-obligation quote for commercial cleaning and janitorial factoring services. Get answers in 24-48 hours and factor invoices to free up the working capital you need to grow your operation.
What is Janitorial Factoring?
Janitorial factoring refers to a financing process called invoice factoring, or receivables financing. It enables janitorial companies to leverage unpaid customer receivables (invoices, retainers, monthly contracts, and so on) and obtain working capital debt-free.
What is Commercial Cleaning Factoring?
Commercial cleaning factoring is also known as invoice factoring or receivables financing for commercial cleaning companies. It’s the process these companies can use to speed up cash flow by factoring – or selling – a client invoice to a commercial cleaning factoring company like Wave Crest.
How long does it take to speed up cash flow by factoring invoices?
Not long! Once your business is set up to factor invoices, you’ll be able to unlock working capital and speed up cash flow with same-day funding on your approved invoices.
Even if you’re already working with another commercial cleaning factoring company, we would be happy to provide you with a quote. This way you’ll know you have the best possible factoring agreement in place for your business. There are no fees to apply, and no hidden fees in our program.