Accutrac Experiences Record Growth as Factoring Becomes the Way of Doing Business
Fresno, CA, October 25, 2013 --(PR.com
)-- There was a time when factoring held a stigma of being an alternative financing solution meant just for businesses that had nowhere else to turn for funding. All that is changing as Accutrac Capital announces record growth in their North American operations.
“Businesses have caught on to how increasing their access to ready cash flow can help them seize opportunities for growth and better manage their resources,” explains Charles Sheppard, co-founder of Accutrac Capital. “They’re doing the math and finding factoring a viable financing solution to take their businesses to the next level. That translates into growth for Accutrac. In fact, we recently purchased ITC, Invoices to Cash and added staff in our national office to help us manage the growth in demand.”
Why is factoring gaining in popularity? “Our current banking system is ultra conservative and riddled with red tape,” says Sheppard. “Opportunities don’t wait. When one presents itself, most banks can’t move quickly enough for the business owner to make the most of it. And, the banks’ stringent financing policies mean that, unless you’ve organized financing at a time when you didn’t need it, it’s frankly tough to qualify for. That’s especially true in industries that banks consider high risk, like the trucking and transportation industry.”
The fact that factoring doesn’t create debt is another key factor in its growing popularity. “When you factor, you’re drawing on funds you’ve already earned,” says Sheppard. “You’re just accessing them immediately instead of waiting 30 to 90 days to be paid by a customer. That means that there’s no debt involved to impact a balance sheet or a credit rating. And, because qualification is based on the creditworthiness of a business’s customers, it’s far easier to obtain than a bank loan.”
“I was very disappointed with how conservative the Canadian banks were,” says Accutrac client Tal Hayek, Co-founder and CEO of AcuityAds. “I can’t say enough good things about how Accutrac Capital has solved our rapid growth cash flow issues. They’ve really allowed us to move to the next level of growth…and the results prove it! In the last year alone, we’ve grown from a staff of 15 people to 50 people. Our revenues have increased 360% and we’re processing more than 20 billion online transactions a day. We just opened a New York office with a US sales force. We wouldn’t have been able to do any of this without the expert assistance of Charles Sheppard and Accutrac Capital.”
Accutrac works with businesses in all stages of development; from business startups, to high growth businesses and businesses going through transitions. They specialize in the trucking and transportation industry with factoring and related products designed specifically for freight, trucking and transportation businesses. That includes services like flat fee factoring, load advances, fuel cards and exchange services.
About Accutrac: Accutrac Capital is one of North America’s leading alternative financing companies. The US division of Accutrac is headquartered out of Fresno, California. Accutrac’s Canadian division is headquartered in Orillia, Ontario. Accutrac’s newest addition, Accutrac Capital ITC Inc. is headquartered in Mississauga, Ontario. Accutrac offers factoring, alternative financing and related products to companies across various industries. Our purchase order financing and accounts receivable management solutions help businesses throughout the US and Canada keep their cash flow healthy.
For more information about Accutrac Capital, contact Accutrac at http://www.accutraccapital.com.
1-866-531-2615 ext. 219