Are there any fees to apply?
No. There are no application fees.
How long does it take to get setup?
It typically takes between 3-10 business days for the initial underwriting and funding process. After that, on average, we fund within 24 hours of invoice receipt. In most cases, we fund same-day.
What can I expect during the application and funding process?
Below is an overview of Velocity’s process from beginning to end:
What types of business can factor?
Many types of businesses can benefit from factoring. At Velocity, we specialize in Oil & Gas service companies such as Welding, Roustabout, Trucking, Sandblasting, Rig Moves, and Oilfield Construction just to name a few but also welcome other industries such as staffing, manufacturing, and more.
Do you work with start-up companies?
Yes! In fact, many start-up companies use factoring to generate the cash flow needed to establish and grow their business.
Is factoring a good a fit for my business?
Invoice factoring service is a great fit for many companies. If your company meets the following criteria, Velocity may be the perfect partner to meet your financial needs. However, this list may not cover all circumstances so please feel free to call us at 432-247-1888 for a FREE evaluation!
Factoring with Velocity may be a great solution to obtaining working capital if your company:
What if my personal credit isn’t very strong?
Don’t sweat! Although we do review personal credit, one of the great things about factoring is that we rely the most heavily on the credit-worthiness of your customers. If you work for quality companies that have good commercial credit, it’s unlikely your personal credit will affect our ability to fund.
Will Velocity communicate with my customer?
Yes. Throughout the relationship, Velocity may reach out to your customer to update the payment address on file, submit or verify invoices, and manage collections. With Velocity taking on some of invoice management duties, you’ll have more time to focus on building your company. With that in mind, we also understand how important your customer relationship is to your business so it is always a top priority for our team that any communication with your customer is courteous and professional.
Do I have to factor all of my invoices?
No, you choose which accounts to factor. With no monthly minimums, you can factor as much or as little as you need on approved accounts.
Do you charge to review credit of my potential new customers?
No. We believe, whether you plan to factor them or not, it’s in everyone’s best interest for our clients to have good credit information available to them when making the decision to do business with a new customer.
What happens if I’m already factoring or receiving financing from another company?
We’re happy to help you review your current financing arrangement. If a buyout is appropriate, Velocity will work with your current finance company as well as your customers to ensure the smoothest transition possible for you.
Can I visit your office?
Absolutely! In fact, we’d love to visit with you in person, whether you are an existing or a potential customer. Since we are located in downtown Midland, we are easily accessible to all of our customers in West Texas and the surrounding areas.