10/28/2024
The Difference Between WinGate Instant Asset Funding & Factoring
Wingate ventures where no other factoring company has ever dared to tread! Predictability is essential for any financial services firm engaging in invoice factoring. To thrive in this industry, it’s crucial to utilize definable variables—like selling price, standard vendor payment terms, and a projected profit margin—within a clear formula that helps ensure profitability. This approach is evident as most factoring firms target market segments where these elements can be managed with minimal unforeseen fluctuations.
Enter Wingate Financial. Wingate has opted to provide cash advances to contractors who find themselves not only waiting to be compensated but also awaiting payment from the insurance industry—money that will eventually flow to Wingate. The timing of these payments remains uncertain, and in many situations, even the amount owed to the contractor hasn't been fully determined. “This is exactly why Wingate recognizes an opportunity to support contractors who rely heavily on claims from insurance carriers, such as roofers or restoration specialists.” A project can be completed months before the insurance carrier reviews the details, leading to prolonged negotiations. This delay often results in unexpected cash flow shortages for the contractor.
Wingate has honed the ability to evaluate a “pending” payout in as little as two hours, enabling cash disbursement to contractors within 24 hours. Typically, our offers exceed 90% of the most recent approved claim amount. This process has never been simpler, as there’s no need for a credit inquiry or personal information.
This specialized tool is an invaluable asset for your financial expert during those high-pressure and unforeseen cash shortfalls. Just three straightforward documents are required, and cash will be available in your account by the following day. To our knowledge, Wingate stands as the sole financial services firm dedicated to smoothing cash flow cycles for contractors reliant on insurance claims.
If you would like to discuss a potential payout or just ask a few questions, please call Chris Brashear directly at 970-617-4189.
