Oil Field Services Factoring

Managing Cash Flow is one of the biggest concerns in the Oil Field Services Industry. Because of the long collection period, many field equipment suppliers and exploration service providers face a cash crunch and often times do not have the liquidity to fund growth, pay bills or meet payroll needs. Factoring can turn those accounts receivables that may not be due for 30 to 45 days into cash, often times within 2-3 days. Anchor Funding Services has experience working with operators, manufacturers, exploration service providers and suppliers.

Oil Field Services Factoring Sample Customer

ABC Corp a manufacturer of wellheads was having a hard time meeting payroll, even though the company was profitable. The president of ABC went to several regional and national banks to get financing, but because of the tightening of small business loan requirements, the presidents not great personal credit rating, and the wildcat nature of the oil industry, ABC Corp was unable to get traditional financing. ABC then contacted Anchor Funding Services to find out about converting his accounts receivable into cash. Through factoring, ABC Corp sold its accounts receivable to Anchor Funding Services, LLC and received cash for 75% of the invoices in 2-3 business days. ABC Corp was was able to meet payroll and pay off some its other accounts payable that were coming due. Anchor Funding Services then provided credit management and collection services to collect the rest of the receivables. After the funds were collected, Anchor Funding Services sent the balance less our fees.

Some of Oil Field Services Jobs and Contractors We Can Factor

• Roustabouts
• Roughnecks
• Service Unit Operators
• Petroleum Engineers
• Oil Rig Tool Pushers
• Oil Derrick Hand
• Drillers
• Floorhands

Get a proposal within 24 hours - Call to speak to one of our factoring associates at 866-950-6669 or fill out the quick quote form on this page.