Oilfield factoring is a financing solution for service contractors and suppliers in need of immediate cash. Oilfield invoice factoring supplies consistent cash flow enabling companies to meet payroll, manage their expenses, and grow their business.
Factoring is a straightforward process. An oilfield services company or oilfield supplier provides work, services, or products to their customers as usual. When it’s time to invoice the customer, the company sends the invoice to their factoring company, such as TCI Business Capital.
The factoring company advances the client a percentage of the value of the invoice, usually 90 percent, that same day. The invoice is forwarded to the client’s customer, who pays it in their regular terms. When the factoring company receives payment on the invoice, the remaining balance gets remitted to the client, less the factoring fee.
Oilfield service companies typically wait 30 days, 60 days, or longer on payments from their customers. Factoring eliminates the wait by supplying a significant cash advance to the client. Instead of wondering when payment will show up, or worrying about having cash available for expenses, company owners can focus on the job at hand.
One of the top benefits of oilfield factoring is companies that do not qualify for traditional lending, are quickly approved for factoring. Factoring lines are based on your customers’ credit and payment history, not that of your business.
Applying for and setting up an account for factoring is also much faster than traditional bank financing. At TCI Business Capital, we offer approvals in as little as 15 minutes, and our new client onboarding process is designed to get clients funded as fast as possible.
TCI Business Capital is a leader in factoring invoices for oilfield services companies. Our factoring programs are customized to fit the unique needs of each company. We understand timing is critical for many companies and our account set up process is designed to get clients set up quickly, so they can continue to focus on their business. In addition to the cash flow from factoring, TCI Business Capital has many value-added services for clients, including:
At TCI Business Capital, we are driven to provide our clients with superior service and support.
Since 1994, TCI Business Capital has become one of the top oilfield factoring companies in North America. We customize each factoring program to meet the specific needs of the client. We understand the oil and gas industries and know the challenges oilfield service providers face.
Invoice factoring with TCI Business Capital gives oilfield services companies and oilfield suppliers the ability to meet the financial demands that come with running a successful business.
We have over 20 years of experience working with the major players in the oil and gas industry. We know what they require, which makes it even easier for you to get paid the same day for the hard work you do. Some of the companies our clients work with include:
|Anadarko Petroleum Corporation||Apache Corporation||Arklatex Energy Services|
|Baker Hughes||Canadian Natural Resources||Canyon Technical Services|
|Cenovus Energy||Concho Resources||Consol Energy|
|Continental Resources||Energen||EOG Resources|
|EP Energy Corporation||EQT||Equinor|
|Extraction Oil & Gas||ExxonMobil||Gravity Oilfield Services|
|Gulfport Energy||Halliburton||Hilcorp Energy Company|
|Independence Oilfield Chemicals||Jones Energy||Kinder Morgan|
|Marathon Oil||Newfield Exploration||Noble Energy|
|Oasis Petroleum||Pioneer Natural Resources||Range Resources|
|Repsol Oil & Gas||Rifle Shot Oil Corp||Schlumberger|
|Southwestern Energy||SRC Energy||Statoil|
|Steffes Corporation||Syncrude||Tundra Energy Marketing Limited|
|U.S. Well Services||West Lake Energy Corp||Whiting Petroleum Corporation|
|WPX Energy||XRI Holdings||XTO Energy|