Have you ever turned down a client’s large order just because you didn’t have the right financing for it? How did it feel to lose a good amount of profit for your business? Purchase order (PO) financing was created to solve this exact problem. MRKT Capital believes that purchase order financing companies help businesses produce their required inventory to fulfill their client’s order. This will, in turn, result in higher sales and customer loyalty because they know they can rely on you. Here are 4 more benefits of PO financing that’ll convince you to accept large orders and help you fulfill them.
1. It’s easier than bank financing
Bank loans must go through a lot of credit checks and investigations before approval. PO financing, on the other hand, comes with minimal requirements. All you need is to be a B2B or B2G business, sell physical goods, meet a required profit margin, and be creditworthy.
2. It’s fast
Those credit and background checks that a bank requires may take up to a month before they yield results. With PO financing, your supplier can be paid within 1 to 2 weeks, helping them fulfill the purchase faster. Plus, this boosts your efficiency and professionalism.
3. You can increase your credit line based on your revenues
It’s important to build a relationship with your PO financing company because they can support your operations as your business grows. The higher your revenues are, the greater your chances are of increasing your credit line.
4. It’s also available for small businesses
Because of its minimal requirements, even small businesses can avail of PO financing.
Now, there’s no more excuse for you to turn down a client, big or small. Do your research to find the best PO financing company that can meet your business needs and become your partner in success.