FINANCIAL SERVICES
Factoring
Whether your business is established or a start-up, there comes a time when you require more credit and purchasing power than is presently available to you. Using Westgate's unique managed financing approach, growth opportunities are no longer something to fear. Westgate's factoring services can turn your accounts receivable into instant purchasing power and provide you the liquidity that will give you an edge over your competitors. Our entrepreneurial roots provide us insight into growing companies and the financial realities that they face. Our services allow you to concentrate on the crucial business practices that normally get overshadowed by the day-to-day cash flow oriented issues. Westgate's managed financing approach offers you both instant funding and general business consultation - without Westgate becoming a partner in your business. Our Factoring services for startups, as well as established companies, include:
- Cost-efficient management of credits and collections
(with or without financing)
- Timely financing of your accounts receivable
- Credit insurance
Our clients find it less costly for Westgate to manage their receivables than if they managed the details themselves. Obtain economies of scale by outsourcing your receivable management with Westgate. You can leverage your growth by reducing payroll and overhead, increase your cash flow through improved collections, increase sales by focusing on core business activities and reduce your bad debt by taking advantage of our credit protection programs.
How factoring works (top)
Orders are submitted for credit approval. After shipment, Westgate manages your outstanding receivables including ledgering, collection calls, cash application, and financial reporting. Westgate assumes the credit risk on approved customers. If you require working capital, which is tied up in your outstanding receivables, Westgate, using your receivables as collateral, will make advances to you. Westgate offers competitive pricing and flexible deal structuring, along with the highest level of customer service.
Purchase order funding programs(top)
Westgate pioneered the concept of purchase order funding because it recognized the importance of purchase order financing to growing businesses. As opposed to traditional inventory financing that helps you carry inventory, our innovative purchase order funding program helps you take on larger orders by providing financing up to the full amount of the order. This financing can actually remove the "fear factor" once and forever from your corporate marketing plans and allows you to concentrate on sales rather than inventory management and cash flow forecasting. Thanks to Westgate's unique purchase order funding program, you will never be afraid to accept an order for fear of inadequate financing - and you continue to own and grow your business independently. Westgate's Purchase Order Financing takes many different forms:
- Domestic, proprietary production
- Domestic production utilizing contract manufacturing
- 807 Programs
- Letters of Credit
- Any combination of the above
Every Purchase Order Funding program is specifically tailored to your unique situation. We are always eager to discuss these services and customize a program to address your individual needs.
Westgate's latest innovation is pre-approved purchase order funding program - a revolving line up to $500,000.
Based upon standard lending criteria, this program enables you to determine your capacity for taking on major orders that could transform your business into a significant force in the marketplace. When needed, simply submit the purchase order for approval and draw down against your pre-approved line. As a revolving line, it is renewed as you repay, so you can capitalize on other situations in the future.
Letters of Credit Services (top)
The Letters of Credit department at Westgate is well versed in the mechanics of handling Letters of Credit, as well as Drafts, Duty Payments, Clearances and Acceptances. Westgate's Letter of Credit facilities are available to clients on both a foreign and domestic basis.
Westgate helps its clients facilitate the purchase of product by issuing letters of credit. Each LC is customized to your unique situation and is drafted from scratch to assure timely delivery, mitigated risk and of course quality product or merchandise.
If you import finished product from non-domestic vendors and you have been deterred to increase sales due to the lack of financial resources required to bring in the merchandise, call Westgate financial today
Purchase Guarantees (top)
Our Purchase Guarantees help growing companies complete purchases when credit limits (that are typically based on outdated financial information) have been reached with your suppliers or other lenders. On a limited basis, Westgate will guarantee to cover the purchase of raw materials required to fulfill approved purchase orders.
Comprehensive Receivable Management Programs (top)
As your company grows, so do the headaches. Westgate can help you reduce costs by streamlining your receivable management processes. Gain the benefits of Westgate and its Partners years of collection experience, technological savvy, and refined business practices.
Credit Insurance (top)
Westgate provides credit insurance indirectly through its strategic partners. Run your receivables through our office and gain the use of an experienced, highly trained credit department, without the cost, reduce your risk of bad debt by insuring your paper, and focus on what you do best.
Business Development (top)
Westgate can become a source of information as well as financing and operational services. Our industry know-how and corporate philosophy has resulted in the development of solid relationships throughout the financial community. Use Westgate's experiences to help grow your business.
All arrangements with Westgate can be short- to medium-term, enabling you to better position your company to attract long-term financing. Westgate can also act as an intermediary in your search for long-term funds.
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