Factoring for Scrap Metal Vendors

Easy Factoring for Scrap Metal Vendors

Invoice factoring and credit protection play an essential role in the scrap metal recycling industry.

Often suppliers have to wait 30-60 days for payment and invoice factoring with credit protection can be the ideal solution to maintain proper levels of working capital.  Factoring allows metal companies of all kinds. Whether they are from government contractors to startups to companies with concentration issues, you will get funding fast and easily with up to 90% of the invoice advanced. The metal supplier industry is a growing and important industry in the United States:

• Scrap metal recycling in the United States is estimated to be a $20 billion industry.
• Scrap metal recyclers handle about 120 million tons of recyclables each year.
• The scrap-metal-recycling industry provides resources to the primary manufacturing sector while conserving natural resources and protecting the environment.
•  In New York, the scrap metal industry provide 23,900 people with jobs generating nearly $5.4 billion in economic benefits in New York.  These are good jobs paying an average wage of $75,052.
• The scrap recycling industry created nearly $13.8 billion in economic benefits in California.  With 62,400 good jobs in California
• The scrap metal industry has brought Texas 41,820 good jobs. With nearly $9.5 billion in economic benefits in Texas.
• Florida has seen 26,540 good jobs generated from the scrap metal industry with nearly $4.5 billion in economic benefits in Florida.

Companies often collect scrap metal from a variety of sources including junk cars, old machinery, appliances, and construction waste. This enables many small companies to enter the industry and cater to a local market.  Scrap metal recycling in the U.S. remains an important source of supply for developing countries that need both ferrous and nonferrous metals to supplement their development. Over the five years to 2018, industry revenue is projected to increase per year on average.

Money When Your Business Needs It Most!