What is Oil and Gas Factoring?
The oil and gas industry is notoriously difficult to operate in. There are constant cash flow demands, whether to pay employees, cover research and development costs, or purchase equipment. Lengthy payment terms are the norm, meaning there are periods when there’s a lot of money flowing out but very little coming in. That can make it challenging to maintain healthy cash flow levels.
However, you don’t have to worry about whether you have sufficient funds to make payments or operate at full capacity. Factoring services for the oil and gas industry allow you to unlock the cash tied up in outstanding invoices. By turning your receivables into cash, you will have the working capital needed to go after lucrative projects and keep your business growing.
Most importantly, factoring is not a loan. Instead, it is an effective way of getting faster payment for your business. The level of funding you can access also grows in line with your invoice values, making this a scalable funding option for businesses of every size.