Oilfield Factoring Services
The team at Velocity Financial has been working with oilfield service companies in the Permian Basin and across Texas for over 15 years. We have worked with companies across the oil and gas industry, including welding, roustabout, and oilfield trucking, just to name a few. Our factoring facilities help you get paid more quickly so you can continue growing your oilfield service company.
Why Choose Velocity for Your Factoring Needs?
Velocity, situated at the core of the Permian Basin, specializes in oilfield factoring services and has an extensive grasp of the oil and gas sector. Our experience spans hundreds of companies within the basin, equipping us with the insight to secure your funding swiftly. Our robust connections with numerous accounts payable teams, likely including those you work with, underscore our commitment to maintaining respectful interactions with your customers.
Comprehensive Support Across the Oil & Gas Sector
Our oilfield factoring services extend across a wide range of specialties within the Oil & Gas industry, including:
- Welding and Fabrication
- Roustabout Services
- Oilfield Trucking
- Sand Hauling
- Water Hauling
- Hot Shot
- Aggregate Hauling
- Rig Moving
- Fishing & Downhole Operations
- Machine Shops
- Pipe Inspection
- Compressor Maintenance & Repair
- Right of Way Clearing
- Chemical Sales & Hauling
Whether you’re a startup or an established business, our oilfield factoring services offer the cash flow solutions you need to maintain smooth operations without the delays often associated with slow paying customers or traditional lending.
Oil and Gas Invoice Factoring Deals
Streamlining Your Business Operations
At Velocity, we recognize the importance of cash flow in maintaining and expanding your operations. Our streamlined process ensures quick approval and access to funds, enabling you to meet payroll deadlines and seize business opportunities as they arise.
Contact Us Today
At Velocity, we recognize the importance of cash flow in maintaining and expanding your operations. Our streamlined process ensures quick approval and access to funds, enabling you to meet payroll deadlines and seize business opportunities as they arise.
Oil and Gas Factoring FAQ
How long does it take to apply for oil and gas factoring?
The application process is streamlined to be quick and efficient, typically taking just a few days from application to approval.
How will I know if you approve my customer?
We communicate approval decisions directly to you through your preferred method of contact, ensuring you’re promptly informed about your customer’s factoring status.
When will I receive my funding?
On an ongoing basis, funds are usually disbursed same-day, helping you maintain steady cash flow for your operations.
I invoice my customer through an online portal; how does that work with your factoring services?
Our team is experienced with many online invoicing portals and will use the portal to help confirm invoice submission and status, streamlining the process for efficiency.
Will you have contact with my customers?
Yes, but our interactions are always conducted professionally and kept as minimal as possible, ensuring your relationships with your customers are maintained and respected.
What supporting documents are required with my invoices?
Typically, we request copies of the invoices you wish to factor, along with any relevant supporting documents such as purchase orders,job tickets, POD, or contracts.
When will I receive my reserve funds?
Reserve funds are typically available the following business day after your customer’s payment is posted to the invoice.
What factors affect the oil and gas industry, and how can factoring help?
Market volatility, regulatory changes, and cash flow challenges significantly impact the industry. Factoring provides a stable cash flow solution, mitigating the effects of extended pay terms and capital constraints.
How can factoring support payroll solutions for oilfield companies?
Factoring ensures consistent cash flow, enabling oilfield companies to meet payroll obligations on time, crucial for maintaining workforce stability.
Are there any differences in the application process for factoring in Midland and Odessa compared to other regions?
While our application process remains consistent, our local knowledge of Midland and Odessa enables us to provide tailored advice and solutions specific to businesses operating in these areas. We have existing relationships with many of the accounts payable departments in the Permian Basin, leading to a smooth factoring process.
