In this midst of this pandemic, businesses of all sizes are facing tough decisions in the face of dwindling revenues and an economy virtually in free fall. They are looking at staffing issues, concerns about meeting rent, payroll, operational costs and even their very viability. While banks and the government are doing their part to help bolster the U.S. economy, time is of the essence as, according to PYMNTS, the average SMB only has enough cash reserves to last 20 days. These companies simply can’t afford to wait to obtain this much-needed working capital. This is why receivables financing can make a big difference for small businesses.
Through its invoiceXcel offering, the company allows qualified customers to quickly access working capital ranging from $50,000 to $500 million.
Receivables financing is accelerated payment of the invoices already due. So rather than wait 30, 60, 90 days or even longer, receivables financing firms will purchase the value of the invoice and deliver that money to the customer in as little as one business day. These are not loans, so they are not subject to, nor will they impact, a business’s credit rating. Rather, they are simply getting these companies their money faster. There’s also a much shorter application process and no bureaucracy to contend with — translating into quicker payment. This is in contrast to a number of the fintech firms that offer loans positioned as “automated cash-flow solutions,” some of whom have already tightened the spigot on lending at a time when businesses need that money the most.
One such company that provides this service is Raistone Capital. Through its invoiceXcel offering, the company allows qualified customers to quickly access working capital ranging from $50,000 to $500 million. Because of the urgency of the current situation, the company is offering additional benefits including:
- Expedited processing for companies with revenues under $5 million who have the most demonstrable and immediate need for working capital
- Expedited processing for companies in the services industry or those reliant on imports
- A waiver on all application fees, registration fees and administrative fees on all newly activated accounts (through June 2020)
What makes Raistone different from many others in this space is the company has sizable equity investments from a $30+ billion family office and the world’s largest wealth manager. With this kind of financial backing, they have the resources to help a great number of businesses navigate these challenging times; unlike many other finance offerings for small businesses which are shuttering lending due to their investor backing.
For more information about how invoiceXcel and Raistone Capital can help your business, click here.