It’s not like Dax isn’t a savvy business owner. He’d completed so many of the best practices when it comes to managing cash flow. He’d managed payroll challenges, paid bills on time, budgeted properly, and didn’t take on large amounts of debt that would cost him money.
He needed something that could cut down on the AMOUNT OF TIME it took to get paid.
Dax notes that banks are extremely stingy when it comes to entrepreneurs.
“Business owners are the guys who have the worst credit,” he said. “They take all their investments and make sure business is going. They’re the last one to get paid.”
While searching for innovative ways to boost his cash flow, he discovered FundThrough and its new invoice factoring product, Velocity. Using Velocity invoice factoring, Dax can exchange outstanding customer invoices for the working capital he needs to launch any new project.
FundThrough also enables Dax to get the money he needs to “focus on getting through payroll” without having to dip into his own personal savings and impact his home life.
And instead of waiting weeks for payment, Dax has created a streamlined process of procuring working capital, materials, and labor with the help of FundThrough.
When Dax is commissioned for a drywall and painting project, he requests a deposit from the construction client. As this generates an invoice, he signs into his QuickBooks account and sends the invoice to FundThrough, which approves the payment and processes the money to his business account.
As soon as he receives his materials, he completes a job, he generates an invoice and sends it to Velocity, and receives payment within 24 hours. FundThrough then works with his customer to obtain payment according to the terms of the invoice. In essence, FundThrough does “the waiting part” for him.
That brings Dax greater peace of mind when it comes to running his small business.
“I didn’t have money this easily available, I don’t know what I’d do,” he said. “I don’t know how I’d pay my guys, my suppliers, my vendors, and for supplies.”
Today, Dax invests in other businesses like real estate, construction ventures, flooring systems, and more. And he’s able to get the peace of mind knowing that his contracting business won’t interfere with those passions or force him to reallocate money elsewhere to that business.
“There’s nothing like today’s money,” he says. “It’s way better than tomorrow’s money.”
To learn more about how you can get your outstanding invoices paid, learn more at FundThrough.com.