Here are answers to some frequently asked questions about financing and Far West Capital. Please click the question below to find your answer. If you do not find the answer you’re looking for, please contact us.
We can provide you with cash after you go through a simple application process in our office. Essentially, our factoring program involves the purchase of accounts receivable/invoices. For a more detailed description, please visit our services page.
We are happy to work with any client in the transportation and trucking industry whom we think we can help. We are looking for quality businesses that can improve their profitability through increased cash flow. Most of our clients provide goods and services of some kind, and therefore have accounts receivable/invoicing programs in place. If you are not sure how our factoring program can benefit your business, please contact us.
Decreasing Costs – By paying cash for supplies, you may be able to receive supplier discounts not previously available to you when cash flow was tight.
Reducing Credit Risk – Far West Capital will conduct diligent underwriting of your account debtors, which can help you identify potential losses before they happen.
Improving Business Management – With additional cash, you will have more business flexibility to increase your inventory, offer special terms to customers, pay off existing debt, capture new opportunities, etc.
Our customers have the option of receiving their funds by picking up a check at our office or having the funds directly deposited into their account. This increases payment efficiency as well as convenience for you.
Your account manager is responsible for sending your invoice to your customer. Once your invoice is 25 days old, your account manager will begin collection efforts to assure payment is received as quickly as possible. This saves you the time and expense of costly collection efforts.
Customers will be provided a unique username and password so they can have access to their account online 24/7. Your online profile will enable you to view any activity on your account (e.g. customer payments, invoice advances, credit memos or charge backs).
All accounts are under recourse agreement, which means that if for any reason your customer does not pay an invoice, you are responsible for buying it back from the factor. If there are any issues with getting paid, your account manager will do everything possible to get your invoices paid before charging you (e.g. filing on your customers’ bond, contacting shipper, sending the invoice to a lawyer that specializes in transportation).