1st Commercial Credit, a factoring company that provides reverse factoring and supply chain financial solutions for business to business transactions, launched a vendor procurement card with a $10 million credit limit.
“Too many supply chain finance companies make this too complicated. We have made it a simple process to apply with a two page application for buyers to set up,” Raul Esqueda, president of 1st Commercial Credit, said. “Once we set up the account, the buyer then provides us with the vendors and invoices they want to pay and we pay the suppliers. It’s that simple.”
The card is available to profitable and credit insurable buyers based in the United States or Canada with a minimum of $3 million a month in revenue. Buyers from all industries can qualify and both vendors based in the United States and Canada as well as international vendors are eligible.
Funds are made available in three to five business days and include credit availability up to $10 million, no interference with a company’s current lender, n required API or software integration and a free vendor portal, among other features.
