- Water Haulers
- Rig Movers
- Mud Haulers
- Gravel Haulers
- Hot Shots
- Haz Mat Hauling
- Frac Sand Haulers
- Vacuum Trucks
How Oil and Gas Factoring Works
Essentially, a company will sell their outstanding invoices to a factoring company in exchange for an upfront cash advance. Then, the oilfield factoring company will wait for the payments from the debtors. Once the payment is received, they remit the remaining balance minus their service fee. Without a factoring agreement, oil and gas companies are at the mercy of customers who may take 60 or even 90 days to pay their invoices. Oilfield factoring grants them immediate access to the money they’re owed for a small fee.
Submit Applicaiton
To process your application, we will need your company information, your customers’ information, the credit limits wanted, and the MSA’s if applicable. Once approved, we will determine favorable rates and terms that work for both of us. The average setup takes less than two business days!
Industry Knowledge
Once we have all documents signed, we will reach out to your customers and determine their invoicing and approval process. We have hundreds of customers in our system already, and likely currently work with your customers.
Receive Payment
Submit your unpaid invoices to us and receive payment. We advance 90% of the invoice value to you immediately upon billing and approval. Once your customer pays, you receive the remaining balance minus a small factoring fee. You will have access to your client portal 24/7 and you can submit your invoices to factor anywhere, anytime.
Industry-wide Oil & Gas Factoring Services
Our funding expertise stretches across the entire O&G industry.
- Equipment Haulers
- Flatbed Carriers
- Crude Haulers
- Pipe Haulers
- Roustabouts
- Welders
- Fence Installation
- Rig Cleaning
- Trenching
- Well Cleaning
- Location Cleaning
- Sandblasting
- Salt Removal
- And More…
Comprehensive Back-Office Support
Oilfield Factoring provides our clients with more than just fast payments. To compliment our oil and gas factoring service, we also include complete back office services to help your business run smoothly.
Credit Checks
Never work with someone who doesn’t pay. We offer free credit screenings of potential customers so you know who you are working for.
Invoice Reviews
Common invoicing mistakes can keep your customers from paying on time. We will review your invoices to make sure they are accurate and error-free.
Payment Processing
We offer different payment options, at no extra charge, saving you both time and money.
Collections
We value the relationships you have built and have tailored our collections to be as professional and light-touch as possible.
Are You Running a Crew of Subcontractors?
Weekly pay will allow you to attract and retain the best subs. If you have independent trucks or leasers that you would prefer setup to factor their own invoices, send them our way! If your company can be extended the credit necessary, we can setup your subs to factor, with you as the debtor. We handle all payments to your contractors, keep track of invoices, and help your operations run smoothly. Best of all, there is no cost to you; your subcontractors pay the factoring fees! To learn more about this program, please call today: 866-834-7338
Things change quickly out in the field.
Partner with Oilfield Factoring and keep up.
Call today or fill out our simple form.