TCI Business Capital, an oilfield factoring services provider, released its new factoring service lines specifically designed for oilfield service companies working the Utica and Marcellus Shales in Ohio, Pennsylvania and West Virginia.
“We are excited to present our new Oilfield Factoring Services on December 4, 5 and 6 at the OOGA, Ohio Oil and Gas Expo in Cleveland Ohio,” said Eric Schoch, TCI Business Capital EVP.
“The industry is changing; the challenges for our customers in Ohio, Pennsylvania and West Virginia are increasing. Today, 30- to 90-day pay terms are common. These long pay terms make it difficult for oilfield service companies to meet their working capital needs. Our new oilfield factoring lines address these challenges by not only maximizing cash flow, but by greatly reducing the accounts receivable turn through increased efficiency in the billing process,” Schoch continued.
“Response to our new oilfield factoring programs is strong, especially in the banking community where line limits and compliance issues are common for oilfield service providers,” he said. “Over the years we have built strong relationships with bankers and more often than not, can find a win-win solution for everyone.”
He added, “With our new factoring service, we have streamlined the setup process and cut the red tape, now customers can be approved in 15 minutes or less. We offer our services to a wide range of oilfield service companies including; oilfield trucking, well servicing, pipeline, pad and road construction companies, rental and supply companies, disposal sites and more. We offer lines from 50,000 to $20 million.”
Burnsville, MN-based TCI Business Capital is a privately held financial services company.