Accounts Receivable Financing (also known as AR financing or invoice financing) allows contracting companies to receive an immediate cash advance on their outstanding invoices.
AR Loans Designed Specifically for Insurance Restoration Contractors
Having spent many years in the construction industry, the team at Greenlock understands that insurance restoration contractors often have to wait months for their invoices to get paid due to the insurance payout process. This can make it difficult for contractors to keep their businesses running efficiently.
With AR financing, your cash flow problems will be a thing of the past! You no longer have to wait for your customers (or their insurance companies) to pay to receive the money you are owed. Greenlock can fund your outstanding invoices so you can pay your employees, subcontractors, and suppliers and keep your business moving forward!
How Does it Work?
To receive an Accounts Receivable Loan from Greenlock, you first need to fill our application. If approved, you will receive a pre-approval notice from us within two business days, and then you will be assigned to an account manager who may require additional information. Your account manager will help complete your account setup and walk you through our process. Once set up you may request us to purchase invoices. We advance 75% of the invoice amount. The whole process can be completed in as little as 48 hours.
Once you are paid by your customer(s), you pay us back. There are no hidden costs or surprises, and you will always know upfront what our fees will be.
FAQs About Accounts Receivable Financing for Restoration Contractors
How much money can I get through Accounts Receivable Financing?
Greenlock can provide you with funding that covers all of your outstanding invoices, less our fees.
When do I have to pay back my AR Loan?
You pay us back when your receivable comes in from your customer(s).
How quickly can I get funding from an AR loan?
We can typically provide you with the funding you need within 48 hours.
How is an Accounts Receivable Loan different from a small business loan?
With a small business loan, you typically pay an interest rate on the amount of the lend, which is largely dependent on your credit score. At Greenlock, we loan based on who you are. We understand that although you may have some credit issues, your credit score does not tell the whole story. Your outstanding invoices are collateral.