After three years in business, we were growing fast, but constantly running short on cash. We expanded our client base and did more and more work every week.

However, the problem was that too many of our invoices were short-paid and customers stretched the payment terms to a point where it became difficult to make payroll on time and to buy the materials needed for the next job.

To add insult to injury, the habitual short-payment of invoices required more and more of our productive time to be spent on administrative chores like accounting and collection.

Bottom line, we had the work and plenty of opportunities to go after, but the collection on our outstanding accounts was very slow and cumbersome.

At first, we thought a credit line could bridge the gap between having to make payroll and getting paid, but with less than five years in business and little collateral, the bank quickly said “no”. So, what to do now?

We had heard about invoice factoring as a potential solution to the “slow-paying-customer-syndrome” before, but the companies advertising these services turned out to be too impersonal and too inflexible for our taste. Some did not even want us – because we were “too small” for them.

However, one of them actually referred us to MFS in Florida. We called MFS, and after a short phone call on a Monday morning, they agreed that we would benefit from an invoice factoring facility to improve our cash flow.

The application and underwriting process was extremely fast, simple, and painless, since we spoke directly with one of the owners of MFS and all decisions are made quickly and by the owners. There's none of the typical back and forth with sales reps or other folks with fancy titles who always make all sorts of promises that the underwriters can never keep.

Within a matter of minutes, we received the Factoring Application via email. We completed it and send it back to them right away. Within a few hours, we had a written proposal and agreed to move forward. Within the same week, the factoring facility was set up to exactly what we needed and we received the first funds the next Monday.

Every time we write new invoices, we sent copies to MFS, and the funds are wired into our account right away. All-in-all, it’s great and a very easy process.

Since we started working with MFS in 2015, we have paid our people and vendors on time and even hired new crews.

Our sales have more than doubled and our time spent on chasing late invoices and short payments has decreased significantly.

We are now even looking to expand our services to other areas in the country. We could have never done it without MFS!