Information for the city of Corpus Christi
Corpus Christi is a coastal city in the South Texas region of the U.S. state of Texas. The county seat of Nueces County, it also extends into Aransas, Kleberg, and San Patricio counties. The metropolitan area US Census estimated population in 2013, was 442,600. The population was 316,381 at the 2013 US Census estimate, making it the eighth most populous city in the state of Texas. It is the principal city of the tri county Corpus Christi metropolitan area, as well as the larger six county Corpus Christi Kingsville Alice Combined Statistical Area, with a 2013 Census estimate at 516,793. The translation from Latin of the city's name (Corpus Christi) means Body of Christ. The name was given to the settlement and surrounding bay by Spanish explorer Alonso �lvarez de Pineda in 1519, when he discovered the lush semi tropical bay on the feast day celebrating the ""Body of Christ.""
The city has the nicknames ""Texas Riviera"" and ""Sparkling City by the Sea"", particularly in literature promoting tourism.The city is home to the Port of Corpus Christi, the fifth largest in the United States, and is served by the Corpus Christi International Airport.The majority of the population is employed in the Services, Wholesale and Retail Trades and Government sectors. Corpus Christi has an unemployment rate of 7.0% as of July 2012.The Port of Corpus Christi, which is the fifth largest U.S. port and deepest inshore port on the Gulf of Mexico, handles mostly oil and agricultural products. Much of the local economy is driven by tourism and the oil & petrochemicals industry. In 2005, the Port was ranked as the 47th largest in the world by cargo tonnage.Corpus Christi is home to two installations of the United States military: the Corpus Christi Army Depot, and Naval Air Station Corpus Christi. Combined, these installations provide 6,200 civilian jobs to the local economy, making them the single largest employer in the city. Corpus Christi Army Depot, located on NAS Corpus Christi, is the largest helicopter repair facility in the world. A third military installation, also located on NAS Corpus Christi, is the United States Coast Guard Sector/Air Station Corpus Christi.Corpus Christi is the original home of the headquarters of Whataburger, a fast food restaurant operator and franchiser with 650 stores in ten states and Mexico; however, the company relocated its headquarters to San Antonio in 2009.
Other large employers include CHRISTUS Spohn Health System at 5,400 local employees, the Corpus Christi Independent School District with 5,178, H E B at 5,000, and Bay Ltd. at 2,100. Other companies based in Corpus Christi include Stripes Convenience Stores and AEP Texas.Corpus Christi became the first major city to offer city wide free wi fi[when?] in order to allow remote meter reading after a meter reader was attacked by a dog. In 2007, the network was purchased by Earthlink for $5.5 million, and stopped being a free service on May 31, 2007Corpus Christi (k�r'p?s kris'te) [key], city (1990 pop. 257,453), seat of Nueces co., S Tex.; inc. 1852. It is a port on Corpus Christi Bay at the entrance to Nueces Bay (at the mouth of the Nueces River).
The city is an oil and gas center, with refineries, smelters, chemical works, and food processing plants, as well as large seafood, fishing, and health care industries. Sports fishing facilities, beaches, and a mild climate make Corpus Christi a tourist and convention center, and it is the gateway to Padre Island National Seashore. Tradition holds that the bay was named by the Spanish explorer Alonzo Alvarez de Pineda, who found it on Corpus Christi Day in 1519, but there is evidence that it was named instead by the first settlers, who arrived from the lower Rio Grande valley in the 1760s. In 1839, Col. H. L. Kinney founded a trading post, and traders and adventurers collected in a raffish colony on land claimed by both Texas and Mexico. The small port and terminus for overland wagon train traffic boomed during the Mexican War. It was briefly captured by the U.S. navy in the Civil War. Corpus Christi developed industrially after the discovery of oil in the area and the completion (1926) of a deepwater channel past Mustang Island.The city has many historical sites and is the seat of Texas A&M Univ. Corpus Christi. A naval air station is on the southern shore of the bay. The city has suffered from occasional hurricanes; it is partially protected from flooding by a sea wall 12,300 ft (3,749 m) long, built between 1939 and 1941.
Information for the state of Texas
"Mineral resources compete with industry for primary economic importance in Texas. The state is the leading U.S. producer of oil, natural gas, and natural-gas liquids, despite recent production declines. It is also a major producer of helium, salt, sulfur, sodium sulfate, clays, gypsum, cement, and talc. Texas manufactures an enormous variety of products, including chemicals and chemical products, petroleum, food and food products, transportation equipment, machinery, and primary and fabricated metals. The development and manufacture of electronic equipment, such as computers, has in recent decades become one of the state's leading industries; the area around Dallas and Fort Worth has become known as ""Silicon Prairie,"" a name now also extended to Austin and its suburbs.
Agriculturally, Texas is one of the most important states in the country. It easily leads the nation in producing cattle, cotton, and cottonseed. Texas also has more farms, farmland, sheep, and lambs than any other state. Principal crops are cotton lint, grains, sorghum, vegetables, citrus and other fruits, and rice; the greatest farm income is derived from cattle, cotton, dairy products, and greenhouse products. Hogs, wool, and mohair are also significant. Among other important Texas crops are melons, wheat, pecans, oats, and celery. Texas also has an important commercial fishing industry. Principal catches are shrimp, oysters, and menhaden"
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Corpus Christi Factoring Companies
Factoring is available for companies of all sizes, ranging from a one person business to Fortune 500 companies. Every business can use factoring as an effective way of increasing their cash flow -Corpus Christi Factoring Companies
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Corpus Christi Factoring Companies Articles
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Important Points to Remember When Choosing Your Factoring Company
Now that you’ve decided that factoring would be a solid business decision for your company, the next step is to find the perfect factoring company for you. Once you start looking you’ll discover that there are many factoring companies (or ‘factors’) in the marketplace, and this is the perfect situation for you as a potential factoring client.
But it can also be confusing, because now you have to find the right factoring company to suit your business’s needs. To assist you in making the right decision we’ve listed below the main issues that should be considered when choosing a factoring company.
Factoring Fees and Terms
Before making your final decision and entering into a factoring agreement, check out the fees applicable and the terms of the contract. Both of these can vary a lot, depending on the factoring company and the industry it's serving. When you start your research you’ll discover that some factoring companies charge a flat fee: this fee is, in effect, a certain percentage of the total value of the customer invoices you sell to them; whilst others have additional charges to cover the general costs of doing business – such as, money transfers, shipping, collateral, and so on.
Ensure that the factoring company you’re considering working with is transparent and upfront with you about its fee structure. In addition, you may want to consider a long term contract with your factoring company if it includes flexible rates or a price break. If you’re receiving competitive offers from other factoring companies or you have increased factoring volume, you’ll discover that many factoring companies will be prepared to adjust their rates. A one year contract is the industry standard for most factoring agreements. Generally, unless you give your factor a 60 or 90 day notice, your factoring contract will automatically renew.
What’s the Difference between Recourse and Non Recourse Factoring?
It’s important that you understand the difference between recourse and non recourse factoring prior to choosing your factoring company, because you need to know what the best fit would be for your company and your customers. So, with non recourse factoring, all of the credit risks for the collection of the invoice belong to the factoring company; while recourse factoring means that, with you being the client, you’ll ultimately be responsible if the factoring company is unable to collect payment on your customers’ invoices.
There are benefits to recourse factoring, and perhaps the main benefit is that it’s less expensive than non recourse factoring. If you have a recourse agreement and the customer defaults on payment, it doesn’t automatically mean that you’ll be asked to settle the debt out of pocket. Generally, what happens is that the factor will hold back a portion of either future cash advances or payments being held in reserve, with the money being placed in an escrow account awaiting settlement of the debt.
Our suggestion is that you find a factoring company that offers both recourse and non recourse factoring, because not all of your customers will be good candidates for recourse factoring. An experienced factoring company working with a strong credit team can also behelpful in ensuring you’re working with good customers: this will relieve some of the pressure of being stuck with bad debt.
Experience and Capital: The Two PreRequisites
Your company should be looking for a factoring company with experience in your industry, including the capital structure to fund your business as it continues to grow. Once you start researching factoring companies you’ll discover that there are a lot to choose from; however, many of these are recent start ups with limited experience. Prior to signing any factoring agreement, do your research and look into the history and background of the factoring company concerned, especially its ability to provide financial services in your area of expertise.
The idea with factoring is that, as your company grows, the funding of your customer invoices will grow with you.Research the factoring company’s client base and their capital structure. What’s a typical account size? What’s the factoring volume of their largest client? Is the factoring company limited to how many debtors it can handle? In general, factoring companies that have been serving your industry for many years will usually be able to offer your business the best deal.
Additional Factoring Services
There are many more benefits to factoring than simply increasing your company’s cash flow. Because the factoring company will be handling the collection of your customer’s invoices, your company will be saving time and resources. A good factoring company will also be able to evaluate companies in your industry and provide credit information. In short, your factor will ensure that you experience excellent customer service. You’ll be matched with your own representative who’ll be able to address any questions or concerns you may have about your factoring account.
So, when researching factoring companies, look for a factor who not only offers additional products but provides a high level of customer service that will help your business grow by assisting you in making smart business decisions.
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Corpus Christi Factoring Companies Articles
Medical and Healthcare Factoring
Receive Payment Today! No Waiting Weeks for Reimbursement!
It's certainly no secret that Medicaid, Medicare, HMOs, Workers' Compensation, and other private insurers can take a LONG time to pay your invoices! But now there's good news for healthcare professionals! Now you don't have to wait weeks, sometimes months, to collect on your medical receivables. If you're a healthcare professional and you provide medical or healthcare-related services of any type, we're here to help you!
The Difference between Healthcare Factoring and Medical Factoring
Healthcare factoring and medical factoring are phrases that are often used interchangeably, probably understandably, but there is a difference between these two. The difference is that healthcare factoring applies when there's no third party payer involved, while a medical factoring company is used when there is a third-party payer involved.
Healthcare Factoring and Medical Receivables Factoring are available for the following healthcare providers -
- Group and Sole Practitioners
- Physical Therapy and Rehabilitation Facilities
- Durable Medical Equipment
- Medical Coding Services
- Medical Billing Services
- Medical Supply Companies
- Medical Staffing Companies
- Medical Transportation
- Medical Transcription Services
- Ambulance Providers
- Nursing Homes
- Imaging Facilities, such as providers of X-Rays, MRIs, CT Scans, and so on
- Home Healthcare Providers - both Medical and Non-Medical,
- And more! Healthcare Receivables Factoring
Generally, healthcare receivables are associated with customers who are not third-party payers. Some common healthcare sectors include medical staffing companies, medical transcription services, medical billing and coding services, and medical supply companies. When these vendors utilize healthcare factoring they're free to enjoy the benefits of an almost unlimited line of credit - all based on the services they've provided. A simple explanation of factoring healthcare receivables is as follows-
- When work has been completed, the healthcare vendor will invoice their customer.
- These customers may include nursing homes, hospitals, medical offices, and so on.
- Next, the vendor will forward a copy of the billing documentation to the healthcare factoring company.
- Within 24 hours, sometimes even less, the factoring company will deposit money into the vendors bank account. The amount deposited will generally be around 85% of the gross value of the invoice.
- The factoring company handles collections on behalf of the vendor, and will retain 15% while awaiting payment.
- Once the invoice has been paid in full, the factor will release the 15% - less their factoring fee - back to the vendor.
Medical Receivables Factoring
- Regardless of whether you're billing Medicaid, Medicare, HMOs, Blue Cross/Blue Shield, or third-party insurance companies, we have the perfect factoring solution for you. When you start factoring your medical claims you'll achieve instant benefits by receiving upfront capital; while the factor may have to wait months for your customers to settle their accounts. A simple explanation of factoring medical claims is as follows-
- The healthcare provider submits claims to the third-party payer, as usual.
- A copy of completed paperwork is then submitted to the factoring company.
- Within 24 hours, sometimes even less, the factoring company will deposit money directly into the medical provider's bank account: the amount deposited will typically be around 85% of the net collectable value.
- Once the claim has been paid in full by the third-party payer, the factoring company will release the remaining 15% - less their factoring fee.
Corpus Christi Factoring Companies Articles
A ‘Factor’ is a third party commercial financial company who purchases the Accounts Receivable from businesses: this transaction is known as ‘Factoring’. Factoring exists so that businesses can receive a quick injection of cash, as opposed to waiting the 60 or 90 days for customers to pay their invoices. Factoring is also known as Accounts Receivable Financing, and Invoice Factoring.
The majority of factoring companies purchase invoices and advance money to the business within 24 hours; however, the nature and terms of factoring can (and do) differ among financial service providers and industries. Depending on your customers’ credit histories, your industry, and other specific criteria, the advance rate on your invoices can range from 80% to as high as 95%. The factoring company not only collects on your invoices; it also offers back office support to your business.Once the factoring company has collected on your customer’s invoice,you’ll be paid the balance of the invoice – less the factor’s fee for assuming the risk. The primary benefit of factoring is that businesses no longer need to wait anywhere between one and three months for a customer to pay their accounts: they now have access to cash in hand so they can operate and grow their business.The Advantages of Factoring
There are a few reasons why factoring has become an invaluable financial tool for many businesses, including start ups. As mentioned above, the main benefit is that businesses can now receive a quick boost to their cash flow because factoring companies, in general, will provide cash on accounts receivable within 24 hours. This resolves the problems businesses experience with short term cash flow, and in many ways this injection of cash can help to grow a business. Besides handling your customer collections, factoring companies can also evaluate your customers’ payment and credit histories.Other benefits of factoring include:
• It can be customized to a business’s needs and managed to ensure that capital is available when it’s needed;
• It’s not based on your own business or credit history: it’s based on the quality of your customers’ credit;
• It’s not based on your company’s net worth: it provides a line of credit based on sales;
• There’s no limit to the amount of financing, unlike conventional bank loans;
• This financing will not show up as a debt on your balance sheet, because it’s not a loan.Who Uses Factoring?
Companies of all different sizes, including start ups, use factoring; and today factoring has become common business practice across many industries. Factoring is now widely used in the transportation industry, including manufacturing, textiles, trucking, oilfield services, wholesale and distribution, and staffing agencies. Interestingly, factoring receivables is practiced in many countries around the world and has a long history of success.
Can I Factor? My Company’s New, with No Financial History
Yes, you can! In fact, factoring has become an excellent tool for start up companies because no company credit history or balance sheet is required. It’s not really your company’s finances that the factoring company is concerned with; they’ll base their financing on your customers’ payment histories and credit scores.
What Percentage of My Invoices Should I Factor?
The answer to this question really depends on the unique needs of your business. Some companies only factor invoices for customers who typically take a long time to pay, while others factor all their invoices. The receivables that a company can factor range anywhere from a few thousand dollars to millions of dollars each and every month.
What’s the Difference between Factoring and a Bank Loan?
• The difference between factoring and a bank loan is that you’re not assuming any debt with factoring because it’s not a loan;
• With factoring, there’s no emphasis on your balance sheet – it’s all on your customer’s invoices;
• In addition, a bank loan is typically one lump sum, whereas factoring provides a steady flow of funds;
• Factoring companies can also help improve your company’s balance sheet by assisting with your credit and collection functions;
• A bank loan adds to your debt, whereas factoring converts receivables (an asset) into cash (another asset);
• And of course, bank loans can be very difficult to get because they’re limited by your balance sheet.How Do You Start the Factoring Process?
The factoring process can be very simple to set up. The customer will be asked to complete a short application form, and may be required to follow up with other reports and documents.
Recourse and Non Recourse Factoring: What’s the Difference?
• With Recourse factoring the client is ultimately responsibility for the payment of the invoice; whereas
• With Non Recourse factoring, the factoring company accepts responsibility for the risk of collecting the invoice.It’s important to note that some factoring companies over offer both types of factoring – recourse and non recourse.
What Are the Contract Terms and Fees Applicable with Factoring?
There are different fee structures with different factoring companies: some factors charge an overall factoring fee which is determined by the creditworthiness of your customers and the monthly volume of invoices; while others charge additional fees to cover shipping, money transfers, and other costs associated with doing business. Before signing with any factoring company make sure you understand the fees and terms applicable to your contract. Also note that most factoring contacts are renewed annually.
Do I Need Credit Insurance on Debtors?
Insurance is not typically required, but in specific circumstances it may be.
You Can Find More Information at http://factoring-services.org/
and at www.invoicefactoringcompanies.org/