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Don't Even Think About Going To The Bank Without Reading This Report - Our Freight Factoring Companies Can Provide
Your Freight Company The Money Your Company Needs

factorinvoices.org

factoring trucking receivables

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factoring trucking receivables

trucking factoring

Medium-Size freight brokerage companies, particularly those who have actually not been in existence for very long, will often find it difficult to protect a loan. Banks are typically hesitant to lend cash to companies that do not have a lot of income and possessions. They also desire evidence of the practicality of a company and hence need that the majority of operations, especially little ones, be in business for a certain quantity of time prior to they are willing to hand over any money. Since of this, a small business frequently has a couple of money generating choices when needs emerge. One choice readily available, however typically ignored, is factoring. This is an outstanding method for a small business to get money.

 

 

 

 

 

 

 

How Much is Your Cash Flow "Tension" Costing Your Company - Choose A Factoring Company Instead Of A Typical Bank Funding

Exactly how to Increase Money Flow Without Loaning -Cash Money flow is one of the primary reasons companies fail.

At one time or another, every company, even successful ones, have actually experienced bad money flow.

Money flow does not have to be an issue any ever more. Do not be fooled -- banks are not the only places you can get financing. Other solutions are offered and you do not have to borrow money. What is trucking factoring ? One solution is called trucking factoring. Trucking Factoring is the procedure of offering invoices to an investor rather than waiting to collect the money from the client. Oh, the Irony- Truck factoring has a paradoxical difference: It is the monetary foundation of many of America's most effective businesses. Why is this ironic ? Because invoice factoring is not taught in business colleges, is seldom discussed in business strategies and is relatively unidentified to bulk of most of American business individuals.

Yet it is a monetary procedure that frees billions of dollars every year, enabling thousands of businesses to grow and succeed. Factoring has been around for countless years. Trucking Factoring Companies are financiers who pay cash for the right to receive the future payments on your invoices. An unpaid receivable or invoice has value. It is a financial obligation your client has to pay in the near future. Factoring Principals--Although factoring deals solely with business-to-business deals, a big percentage of the retail company uses a factoring principal. MasterCard, Visa, and American Express all utilize a type of factoring in their retail transactions. Utilizing the purest definition of the word, these large consumer finance business are truly simply big Accounts Receivable Factoring Businesses of customer paper. Consider it: You make a purchase at Sears and charge it to your MasterCard. The store gets paid practically immediately, even though you do not pay up until you are prepared.

For this service, the charge card company charges Sears a fee (typical common normal fees vary from two to four percent of the sale). The Advantages Factoring can offer many advantages to cash-hungry companies. Instead of waiting 30, 60, 90 days or longer for payment on an item that has currently been provided, a business can factor (sell) its receivables for money at a small discount off the dollar value of the invoice. Payroll, marketing efforts, and working capital are simply a few of the business needs that can be satisfied with instant  cash.

Receivable Loan Funding offers the ways for a manufacturer to replenish inventory and make even more items to offer: There is no longer a requirement to await for earlier sales to be paid. FACTORING is not simply a cash management tool for manufacturers: Almost any type company can benefit from Receivable Loan Funding. Generally, a business that extends credit will have 10 to 20 percent of its annual sales tied up in accounts receivable at any given time. Think for a minute about exactly how much is bound in 60 days' worth of invoices: You can not pay the power expense or today s payroll with a client s invoice, however you can sell that invoice for the cash to meet those responsibilities. Using trucking factoring companies is a quick and easy process. The factor purchases the invoice at a discount, typically a few percentage points less than the stated value of the invoice.

 

 

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detroit-factoring-companies

 

The United states Truck Association
states that there are about
205,000 truck drivers with transportation
firms and
250,000 private companies trucking
companies accredited to
run in the States that transferred,
according to their most current searchings for billions of
products, supplies and
basic products .
There are several usual
carriers either going solo or in
teams on our country
roadways transferring these
crucial items to our
stores, factories and shipping ports.

Moreover truck factoring
firms aid
numerous of them and offer their
factoring facilities
nationwideincluding
including the following states.

: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho State, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, and Wyoming

 

About 80,500 people work in downtown Detroit, comprising one-fifth of the city's employment base. A number of major corporations are based downtown, Downtown Detroit's corporate residents also include major technology, insurance, energy, advertising, architecture, and law firms, such as and several prominent law firms. Downtown also contains large offices for all of the major nationwide consulting firms-- as well as large offices for corporations officially based outside the city, like, and several other banks. In sum, Detroit has a highly concentrated base of financial, automotive, and technology firms, accented by a full range of professional services firms.Thousands more employers work a few miles north of downtown in Detroit's Midtown. Midtown's anchors are the the city's largest single employer, . Midtown is also home to watchmaker its headquarters, factory and flagship storeand an array of small and/or startup company's, with a recent uptick in retailing activity.A number of the city's downtown employers are relatively new, as there has been a marked trend of companies moving from satellite suburbs around Metropolitan Detroit into the downtown core. The city of Detroit has made efforts to lure the region's growth by creating a wireless Internet zone, offering many business tax incentives, creating recreational spaces such as the Detroit RiverWalk along the entire Detroit International Riverfront, Campus Martius Park, and greenways such as the Dequindre Cut, and facilitating the building and renovation of residential high-rises in the center city.The city has cleared sections of land while retaining a number of historically significant vacant buildings in order to spur redevelopment;[146] though the city has struggled with finances, it issued bonds in 2008 to provide funding for ongoing work to demolish blighted properties. In 2006, downtown Detroit reported $1.3 billion in restorations and new developments which increased the number of construction jobs in the city. In the decade prior to 2006, downtown Detroit gained more than $15 billion in new investment from private and public sectors.[147] Detroit's recent financial issues, many developers remain unfazed by the city's problems.[148] Midtown Detroit is one of the most successful areas of Detroit with a residential occupancy rate of 96%.[149] Numerous developments are currently in various stages of construction, including an $82 million reconstruction of the Downtown Detroit's population of young professionals is growing and retail is expanding.[153] A number of luxury high rises have been built, including Riverfront Towers. The east river development plans include the newly renovated historic , and more apartment and condominium developments. This dynamic is luring many younger residents to the city's Downtown, along with Corktown,[154] and the revitalized Midtown and New Center areas. A 2007 study found that Detroit's new downtown residents are predominantly young professionals (57 percent are ages 2534, 45 percent have bachelor's degrees, 34 percent have a master's or professional degree).[155]In July 2012, The domestic auto industry is primarily headquartered in Metro Detroit.The area is also an important source of engineering job opportunities.[169] A 2004 Border Transportation Partnership study showed that 150,000 jobs in the Windsor-Detroit region and $13 billion in annual production depend on the City of Detroit's international border crossing.[170] One Detroit Center overlooks the city's financial district.A rise in automated manufacturing using robotic technology has created related industries in the area.[171][172]In addition to property taxes, residents pay an income tax rate of 2.50%.[173]Detroit automakers and local manufacturers have made significant restructurings in response to market competition.

 

 

View Our Truck Factoring Companies YouTube Videos For More Information

 

Oilfield services Factoring Company Calculator
This calculator will show you how much you will make by using our Oilfield services Factoring company . But, as your about to discover, you will certainly notice the increased cash flow that will occur when you use our Oilfield services Factoring company
Enter the principal balance of your Oilfield services Factoring company
(call your Oilfield services Factoring company lender and ask for the current payoff amount):
Enter the amount of your monthly Oilfield services Factoring company payment:
(invoice amount):
Enter the your Oilfield services Factoring company's current interest rate:

EveryJob is a free service dedicated to helping professional truck drivers find new truck driving jobs with the best trucking companies hiring today!

Locate truck driving jobs by city, state, position andenefits offered. Search current driving jobs and fill out the EZ truck driver application customized for cdl trucking jobs

 

EveryJob is a free service dedicated to helping professional truck drivers find new truck driving jobs with the best trucking companies hiring today!

Locate truck driving jobs by city, state, position andenefits offered. Search current driving jobs and fill out the EZ truck driver application customized for cdl trucking jobs

 

EveryJob is a free service dedicated to helping professional truck drivers find new truck driving jobs with the best trucking companies hiring today!

Locate truck driving jobs by city, state, position andenefits offered. Search current driving jobs and fill out the EZ truck driver application customized for cdl trucking jobs

 

Click below to find Trucking Companies in the United States:

Trucking Companies serving to/from points within the United States,
categorized by services offered. United States Trucking
Companies will be listed under all categories in which they provide specified Trucking Services.
To find companies offering specific Trucking Services in the United States, click on the list of services below.

EveryJob is a free service dedicated to helping professional truck drivers find new truck driving jobs with the best trucking companies hiring today!

Locate truck driving jobs by city, state, position andenefits offered. Search current driving jobs and fill out the EZ truck driver application customized for cdl trucking jobs

 

The largest trucking companies in the U.S. set a revenue record in 2013, but revenuegrowth slowed for the second year in a row.

The combined revenue of the 50 largest motor carriers rose to $106.6 billion last year, according to The Top 50 Trucking Companies list, based on data prepared by Consulting Group in Pittsburgh.

 

 

"

Since the mid 1980s Peters Truck & Haul have been successfully running their freight business. They've delivered goods for nearly every major industry in the nation and for 20 plus years, business was booming as they've traversed the country in all weather for all clients. During the heady times from 2002 to 2007, Peters was a top rated accounts receivable mastermind of the trucking industry. Few customers were ever late on bills and those clients who were, were sure to turn in their late payments within a reasonable amount of time. The money was flowing, and times were great.But a short year later, in the fall of 2008, when the United States economy took a nosedive and businesses both small and large began to feel the pinch on their pocketbooks, those that used to make their demands had suddenly and largely gone silent. Business slowed down. And worse yet, Peters had noticed during the early part of 2008 that though the bulk of their clients were always on time with payments, the few late-bloomers there were, had seemingly started to spread this illness. And as spring turmed to summer and summer into the early days of fall, Charlie Holmes, CEO of Peters felt a chill go down his spine whenever he would look at the weekly A/R reports. There was a growing list of clients who now owed them back debt.He had gone to his administrators and asked them what the problem had been. Were they doing things different, or wrong, when it came to collecting overdue accounts? By his bookkeepers records, this wasn't the case. Perhaps he was losing his customers to his competitor, who seemed to offer very low prices with no guarantee of quality or performance, and these clients who were in debt to his company had possibly disappeared leaving him stranded. Perhaps they were unable to pay their debt to him, but were able to meet the costs of a lesser service. So he did the necessary research and, after discussions with friends in the same field, he realised that no, his customers hadn't gone anywhere else. The had just gone!.To Charlie Holmes the situation looked desperate. There were goods to ship, employees to pay, trucks to repair and maintain, and continuous overheads that were very extensive when compared to the funds (or lack of) that were incoming. After work he would confide in his wife, Sue, and neither were unable to stop the constant worry over the lack of funds.""Lin, I have a really bad feeling,"" he would say with deep woe.""What could you do differently?"" she would say.Charlie would stare off for a moment and then close eyes. He could see the fleet of trucks he had purchased over the years. He could see them traveling, bringing goods to all of his clients. But somewhere, a haze would form over his fleet and the vast number of vehicles would disappear to but a few. What could cause this ultimate death spiral of business?""I know what it is,"" said Charlie. ""I've relied too long on the profits I receive from invoices alone. I've let too many of our customers go too long without paying on their bills."" Sue would look at her husband lovingly, and holding his hand would say 'it is such a harsh economy these days and our clients must be having difficulty meeting their responsibilities'.""Charlie knew his wife meant well, but he knew that he was responsible for too many people to sit idly by, waiting for the sun to peak over the clouds.The following day Charlie walked into his office with a spring in his step, determined to call each and every client who owed money to Peters Truck & Haul. This wasn't really a very efficient way for a Chief Executive to spend his day, and Charlie knew he should be overseeing all the other sides of the business, such as shipments and deliveries, approaching prospective customers, or working with his sales team. But, he felt like he was doing something proactive to help his business, even though he had staff on salary to do just that thing. A waste of time - a waste of money - he had the best intentions, but all the while Charlie was realising just how much trouble he was in.After a half day of contacting debtors in vain - they dodged his calls or promised to call back at worst or made minimal interest-only payments at best - he was about to throw in the towel when his secretary Priscillaerley knocked at his door.

 

""Can I have a word with you Charlie?"" she queried, standing in the doorway.

 

""Sure thing Priscilla, come on in."" Charlie relaxed back into his chair and looked up at Priscillaerley.""Well, I did a little searching this afternoon and tried to figure out a way out of this mess Charlie."" She opened up a folder she had been carrying and pulled out a small wad of papers, placing them on the desk in front of him.""Have you ever heard of factoring?"" she asked.""It does sound vaguely familiar. What is factoring""? he asked.""Well,"" she began, ""It�s actually quite simple really.

 

Basically, factoring invoices means that we would get paid immediately for the loads we haul.""Charlie interrupted ""Immediately?"".""Immediately, yes"" she added, ""it is actually very simple. We start by having a professional account manager review our figures and help us set up a company profile. Included in the profile would be the investigation of our accounts receivable aging reports, our current customers' credit limits etc.. In addition, factoring will assist in determining our customers' creditworthiness, independent from their credit relationship with our company. It�s a broad view.""I see,� Charlie said. �And then what?""Following the completion of their review and once we have been approved for a contract with the factoring company, then we sit down to negotiate conditions and terms. There�s a lot of flexibility depending on the business volume and credit histories. This company tells us what the cost will be to purchase factoring for our accounts receivable. The funding commences once we�ve arrived at an agreement.�Charlie leaned forward and reviewed the paperwork closely.""I do not know, Priscilla - it just sounds too good to be true"", Charlie said quietly.""Now, now, I know, I thought the same thing. But think about it, Charlie: they've guaranteed that experts will do all the paperwork, and that will free us up to do what we should be doing - focusing on our customers in good standing, and that kind of stuff. They appear to be very flexible, Charlie,"" she underlined a paragraph on the paper before him.""Just how flexible?"" he asked.""It seems that they personalize their factoring charges so that the amount they're prepared to work with is commensurate with our client's debt and our needs. It only takes 2 to 4 days for this to be figured out. ""That sounds pretty good, seeing as we tapped ourselves out with bank loans last year to repair the fleet and money sure is tight. We need to keep business rolling as normal and every day we�re going unpaid, we�re closer to facing some serious problems in both the short and long term,"" Charlie said.Charlie took in a long slow breath, then looked at his secretary with something like hope in his eyes.""Exactly�. I think this might just be a way out of the trouble we are in with these folks who owe us money.""Charlie thought about this and agreed with Priscillaerley. The clients who owed them money were long standing friends and professional resources of Peters. Charlie wasn't prepared to lose these relationships just because they were having financial issues at the moment. Charlie knew only too well that the whole economy was floundering, and that it was not going to change overnight. That unknown amount of time could create a disaster situation for both of them if he wasn't careful in how these debtors were handled. He did not want to lose business but he also did not want to lose any more money.""Well, let me think about this tonight Priscilla, thank you."" Priscilla stood up and left Charlie's office, with the nice feeling of knowing that she may just have solved a very serious problem.Charlie stayed at his desk for a long time, looking over the details they hadn't discussed during their meeting. He wondered if there might be other problems freight factoring could help Peters Truck & Haul with? With his pencil gliding down the sheet he noticed that the factoring company could help fray the cost of fuel with fuel discount cards and fuel advances. Charlie was surprised: it said that his company could get up to fifty percent cash advances on load pickups. Charlie was a typical business man: he despised binding contracts that did not allow room to breathe, so he was pleasantly surprised to see that the factoring company did not require a long term contract, that there was no minimum volume required, and that there were no sign-up fees.""Well, I'll have to tell Randy about this,"" muttered Charlie to himself.Randy is Charlie's son-in-law, and he really admired the ideas behind Peters, so much so that only two years before he had started his own transportation service business. Charlie knew then what struggles Randy would face but he encouraged him nonetheless. With the faltering economy, if a big fish like Peters was hurting, a little guy like Randy was about to catch his death. Perhaps the antidote to these problems was in freight factoring, and they were about to find out.A few short months later, after completing the application process, having the legal experts review his credit history, accounts receivable, and statements, finally Charlie was beginning to find his way out of the hole his debtors had created for him.They adopted reasonable factoring purchase contracts and stopped wasting their own precious time trying to collect debts. They took that time and refocused effort to offering competitive prices in new territories. Charlie recalled those dismal months when he wasn't aware of freight factoring, and he shuddered at those memories. Had he missed the boat on this one, he probably wouldn't be in business today.

 

"

 

About 80,500 people work in downtown Detroit, comprising one-fifth of the city's employment base. A number of major corporations are based downtown, Downtown Detroit's corporate residents also include major technology, insurance, energy, advertising, architecture, and law firms, such as and several prominent law firms. Downtown also contains large offices for all of the major nationwide consulting firms-- as well as large offices for corporations officially based outside the city, like, and several other banks. In sum, Detroit has a highly concentrated base of financial, automotive, and technology firms, accented by a full range of professional services firms.Thousands more employers work a few miles north of downtown in Detroit's Midtown. Midtown's anchors are the the city's largest single employer, . Midtown is also home to watchmaker its headquarters, factory and flagship storeand an array of small and/or startup company's, with a recent uptick in retailing activity.A number of the city's downtown employers are relatively new, as there has been a marked trend of companies moving from satellite suburbs around Metropolitan Detroit into the downtown core. The city of Detroit has made efforts to lure the region's growth by creating a wireless Internet zone, offering many business tax incentives, creating recreational spaces such as the Detroit RiverWalk along the entire Detroit International Riverfront, Campus Martius Park, and greenways such as the Dequindre Cut, and facilitating the building and renovation of residential high-rises in the center city.The city has cleared sections of land while retaining a number of historically significant vacant buildings in order to spur redevelopment;[146] though the city has struggled with finances, it issued bonds in 2008 to provide funding for ongoing work to demolish blighted properties. In 2006, downtown Detroit reported $1.3 billion in restorations and new developments which increased the number of construction jobs in the city. In the decade prior to 2006, downtown Detroit gained more than $15 billion in new investment from private and public sectors.[147] Detroit's recent financial issues, many developers remain unfazed by the city's problems.[148] Midtown Detroit is one of the most successful areas of Detroit with a residential occupancy rate of 96%.[149] Numerous developments are currently in various stages of construction, including an $82 million reconstruction of the Downtown Detroit's population of young professionals is growing and retail is expanding.[153] A number of luxury high rises have been built, including Riverfront Towers. The east river development plans include the newly renovated historic , and more apartment and condominium developments. This dynamic is luring many younger residents to the city's Downtown, along with Corktown,[154] and the revitalized Midtown and New Center areas. A 2007 study found that Detroit's new downtown residents are predominantly young professionals (57 percent are ages 2534, 45 percent have bachelor's degrees, 34 percent have a master's or professional degree).[155]In July 2012, The domestic auto industry is primarily headquartered in Metro Detroit.The area is also an important source of engineering job opportunities.[169] A 2004 Border Transportation Partnership study showed that 150,000 jobs in the Windsor-Detroit region and $13 billion in annual production depend on the City of Detroit's international border crossing.[170] One Detroit Center overlooks the city's financial district.A rise in automated manufacturing using robotic technology has created related industries in the area.[171][172]In addition to property taxes, residents pay an income tax rate of 2.50%.[173]Detroit automakers and local manufacturers have made significant restructurings in response to market competition.

 

 

More Trucking Factoring Companies Story Articles

"

Factoring in the Future of a Trucking Business: A Story The phone was ringing on his desk, and Wayne Watson just sat there letting it ring. He let his morning coffee cool and left his cigarette to ash itself in the tray, because he is trying to make the biggest decision ever for his trucking company. Watson Trucking Company had reached a turning point and he now had to make a decision as to whether he should sign up with a factoring company, and indeed if this would be a good or regrettable decision for his business.

 

Wayne�s father had started as an owner-operator and had grown Watson Trucking Company into a fifteen trailer fleet over forty years. Yes, they had survived some very difficult times when it appeared like they might go under, and even Wayne's mother had jumped into the cab at times to make hauls. His father had lived long enough to witness the price of hires drop during the recession and watch the eruption of fuel prices afterwards. Now the company was solely in Wayne�s hands and he wanted to live to see it in better shape for his sons.

 

To move Watson Trucking Company ahead into the future, he needed a steady cash flow but there was just not enough money to go around. He had employees to pay. They had families and household bills too. A few of the refrigerated trailers really needed some maintenance, and in order to stay competitive he really wanted to invest in specialized haulers to meet the increasing requests for loads of agricultural and energy equipment. Every time he had to turn down a request, Watson Trucking looked weak in a very strong market.

 

He knew what his father would have said - 'wait, take your time before adding new technology'. Wayne chuckled, thinking about his father. His father had been against placing GPS units in the cabs. His Dad would say ""Why on earth do you need some stranger telling you to get off the exit that everyone knows has been there for years?� Also his father had the habit of teasing all the drivers he caught switching into automatic even though driving in automatic was much more efficient though not manly in his father�s eyes. His father days were long gone and technology was actually an important improvement for the business such as having Qualcomm to cut down on fruitless time communicating on the phone for bills of lading.

 

Wayne believed a successful man is always thinking of his next step. How would he take Watson Trucking to the next level? And how would he be able to afford it? Funding was all tied up in the mortgage for the office and garage and in the fuel bills. He just finished paying off the small bank loan for installing satellite radio in the trucks for the guys.

 

But was factoring the answer? There was a lot he didn�t understand about the process. It sounded a lot like ninth grade algebra which just didn�t feel like it belonged as part of the trucking business. A factoring company actually purchases your invoices and takes control of your accounts receivable, payment being a certain percentage of the amount invoiced. The factoring company gives the trucking business its payment right away which allows the business to have continuous cash flow so it can pay employees, buy fuel, and make repairs for upcoming hauls. Without the assistance of factoring, you have to wait for customers to send you the payment which is often 30 days late. During those thirty days the trucking company cannot pay its employees and bills with invoices.

 

Wayne had to really consider what his next step was going to be. Wayne had heard that there were companies that charged for same day money transfers and would only advance a percentage of the money owed to your company while holding the rest in a private account if they didn�t get their bill payment within 60 or so days. Worse still, if the customer defaulted on payment, the factoring company takes it out of the money supposedly coming to you! He'd even heard about some companies putting you onto a sliding percentage scale regardless of any previously signed contracts for possibly 3% or 7%, and there you are now with 10% coming as a charge to you out of the freight bill. His colleague, Ronnie, who owned a trucking company in Missouri, was nearly destroyed by a factoring company who charged him the full freight bill on top of the fees for factoring. He knew he would have to be very careful if he was to avoid any of these shady companies?

 

But it turned out to be quite easy. When he called the factoring companies he discovered they were very open about their business practices, and very friendly and helpful. Their customer service actually knew things about their company and spoke in nice clear English so he could understand what was being explained. He was quite happy to sign an exclusive contract. He liked the idea of a long term commitment so he knew he wouldn�t have to bother going back and forth to different companies and wasting time filing more forms. Nobody charged him for credit checks and they offered him a fuel advance on the pick-up of the load. Many companies offered a non-recourse factoring program that suited him just fine. Also he was happy to hear how much he was offered in terms of percentages on the freight bills. It sounded like a great scheme to him.

 

It was really refreshing dealing with the factoring people. They were extremely helpful and more personable than the bank staff. It seemed as though those bank people spoke another language, but these factoring guys knew the trucking business and spoke to him like a client, not like a beggar for a handout. The factoring companies were not interested in his credit nor the financial problems his father had experienced in the past. Factoring was based on the credit of his customers and on their reliability which worked well for Wayne because he and his father had built up good strong relationships over decades with their list of clients. He knew immediately that there would not be any problems when they were contacted by the factoring company regarding their invoices. His clients would not have any problems, nor would they think poorly of Watson Trucking, because the factoring companies handle themselves in such a polite and professional manner, similar to the way his father had managed the business in the past.

 

Wayne stepped out of his office to let his secretary know to expect the arrival of the factoring contract shortly. He felt exhilarated by the new possibilities that would make the future of the company fun again and put the stress of the difficult times behind him. He suddenly realized that, with this new cash flow, he could actually expand Watson Trucking Company and who knows, move into Canada, which had always been his dream. His heart felt full knowing his sons wouldn�t have to worry about money because of the right decisions he had made for their trucking business.

 

"

 

 

View Our Factoring Videos For More Information

 

 

 

 

 

 

 

Trucking Factoring  Articles

"

�So, this is not a loan?� asked Tommy Harper, reclining back into his chair and crossing his legs. The woman sitting across the desk from Tommy smiled at him, shaking her head.�Not quite,� she stated.Tommy Harper owned a small trucking company, and his business had recently fallen on difficult times. Trucking could be a profitable business, and for a little under a decade, it had been for Justin. His company was called Johnson Trucking, named after both of his grandfathers, Ray and Ernest. Both of these men had been very hardworking and had set a great example for Justin.Six months ago disaster struck Justin's business when two out of his fleet of fifteen trucks were taken off the road.

 

One was involved in a very costly accident, and the other simply rolled over, and headed to the trucking graveyard. The financial security of Justin's company relied on his full fleet on fifteen being on the road, and missing two trucks was just devastating . Furthermore, buying a whole new truck and fixing the other simply took more cash than Tommy had on hand.Paying of bills in the trucking industry is always a major cause for concern for businesses.

 

Waiting a month or longer for bills to be paid was quite normal. In the long run, this wasn�t an issue, but if problems arose, you could find yourself in trouble.Tommy wasn�t a bad owner, and he hadn�t messed up. Certain events had occurred that he could not possibly have predicted, and now he had to find a way to protect his business and prevent it from ultimate devastation.That�s where the woman across the desk came in. Her name was Leslie and she worked for a factoring company. Tommy had come across her company as he sat in his office late one night, pouring over the internet for some solution to his problem long after his employees had gone home.Leslie explained. �It�s not a loan, we purchase your accounts receivable. We aren�t giving you money to be paid back later, we�re buying something from you, and you can buy it back when you can. This is a win-win situation: we are protected from a total loss, and you're protected from the ridiculous fees and charges you'd have to pay if you borrowed from a bank.Tommy agreed. It sounded perfect - perhaps too good?.The woman laughed. �You look like you don�t believe me,� she said.�Oh no, I do: it just sounds too good to be true. I thought I was going to lose my company.�Leslie smiled, agreeing. �We get that a lot. Listen, I�d hate to see you lose your company. You work hard, you�ve put everything you can into it. Sometimes you need help. That�s what we�re here for.""In any case, thank you for coming to see me.""It�s right down the road, usually we do it all online, but I didn�t mind swinging on by today,� Leslie said with a smile. �Let's work out a solution to your problem.�And right there and then they created a business profile. Tommy completed the form, with Leslie offering advice as needed.

 

The profile filled Leslie and her company in on Justin�s company, and would help them determine if he was suitable for factoring. Unfortunately, not all companies are. Some businesses are beyond the help of a Factoring company, while other businesses weren't in enough financial stress to warrant it. Listening as Tommy filled out his form, Leslie was pretty sure he was a perfect candidate for factoring.When the form was done Leslie took it and slid it into her briefcase. Standing up, she reached over the desk and shook Justin's hand. He also stood up, and they smiled at each other. They said their goodbyes and Tommy walked her to the door, and then returned to his office.All his staff members were there, all seven who worked in his office. Sitting behind his desk once more he could hear the familiar sounds of his office workers going about their daily business.He shut his eyes. He felt so drained: he had been flailing helplessly for so long, he just knew his business was going to collapse and probably take him with it. But now, after speaking to Leslie and learning all about Factoring, he felt such a huge relief, like someone had just lifted a huge weight off his shoulders. He sat back in his chair and ran a hand through his graying but still thick black hair.All those long, sleepless nights. The sudden panic attacks, not matter where he was. He could feel it all fading away. He wasn�t out of the woods yet, there was still a lot of work to be done, but he could feel it. He was there, he was on the right path, and he was working to make things right.Tommy couldn�t help but think back to when he had first started the business. He had opened a restaurant at age twenty two when he was fresh out of school. It had been really successful. Offering home cooking in his own hometown, his business had really prospered.But he had gotten bored. He wasn't passionate about the food industry. He thought long and hard, and then he decided to sell the restaurant. He took six months off, and during that time he decided to create Johnson Trucking. So he did it. For the second time in his short life he created a company from the ground up. The business had been an instant success.And then the trucks went down, and his success looked to be in flux. He was nearing fifty. He was concerned that he just did not have the energy left to try and save the business. But giving up wasn't part of his personality either.

 

The idea of cutting his losses, shutting down, laying off his workers, it actually made him sick some nights. He did not want to quit - both for himself and for his staff members.And now, because of factoring, he was sure he wouldn�t have to. Tommy opened his eyes, sat forward, turned his computer on. He had things to do. He could be thankful later, for now, it was time to work.

 

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More Trucking Factoring Company Story Articles

Precisely why Truck Companies Work with Factoring Firms.

 

As the operator of your own company, you may perhaps be more than aware already of the challenge in making certain that cash flow issues do not become a difficulty down the line. After all, the most terrible thing that can in all probability take place for your company is to find yourself embroiled in a long and troublesome situation that leaves you forever trying to find the resources you really need on an continual basis.

 

For any kind of enterprise in this condition, the issue can come for waiting for work to lapse and actually be settled into your account. Bill of sales, checks, and the like can take a long time to actually to beprocessed which could leave you with momentary available resources problems. Thank goodness, there are alternatives out there for enterprises to consider-- and just one of these is factoring agencies.

 

Factoring providers will, in substitution for your statements, supply you with the funds right now to make sure that you do not need to stress over the delaying duration that could make paying off the bills and obtaining materialsmore challenging. With this type of setup, invoice factoring can come to be extraordinarily valuable for plenty of companies who need to get out of a cash ploy which they have gotten themselves in.

 

Given that, relying on the size of the task, it can take up to 60 days for many establishments to get paid then it is essential to take care of your own back and definitely not leave yourself funds short to settle the bills. After all, how many businesses have two months revenue just occupying there to address all their bills until they get paid?

 

This is primarily correct of trucking establishments. They have the tendency to take care of numbers of accounts which means a substantial volume of collection period entails business owner themselves. Trying to get compensated promptly can turn into an extraordinary headache and this is exactly why you work with truck factoring organizations who are pleased to help out truckers particularly.

 

As we all understand, trucking is an incredibly huge business with lots of agencies out there working with hundreds of operators. Regrettably, plenty of these drivers end up in income issues for the reason that they are still waiting on work from six weeks back to actually compensate them. When this is the circumstance for a truck firm, depending on factoring firms for help maybe the most effective option left.

 

This means that a trucking firm can compensate the salaries of the personnel, keep all the cars loaded with fuel and continue to surmount, thrive and expand without always waiting for the resources which is taking too lengthy to come in. Trucking Companies working without a factoring system implemented are leaving themselves at substantial hazard, as contenders cash out fast and go on to expand.

 

There's genuinely nothing to be distressed about when it comes to working with a Factoring company-- they usually are not like a bank or an individual who is going to leave you with a substantial pile of financial debt to repay. You give them legitimate invoices from job you have already accomplished , you are only quickening the repayment system.

 

In the Usa, where truck companies grow, factoring firms are not considered taking on loan in any capacity. This confidential settlement then enables both parties to benefit and take pleasure in a worry-free future-- it gives the factoring agency a secured resource of revenue to add to the list and it gives the trucking business the required funds that they sweated to earn.

 

The trucking firm gives their invoices to the factoring agency. The trucking factoring firm then receive the payments from the trucking company's clients. Factoring has beenaround for centuries and has been utilized for decades by lots of different markets-- but none exceeding so than truckers. While you might lose out on a small part of the money, something like 1-3 % depending upon who you partner with, it indicates that you are obtaining the finances today and can actually start off putting the money to work.

 

Anyway, an IOU or an invoice is not actually going to fund spendings, is it? For trucking enterprises when the money can be excellent one day and gone the next, it is up to the vehicle drivers to work prudently and to make sure that they are leaving themselves with a substantial volume of time and money to get through the week till they are handed over once again.

 

So the next instance your trucking establishment is enduring some temporary cash flow dilemmas and you are devoting an excessive amount of time chasing slowly paying clients, why not begin thinking about using a factoring companies as a method to get your money and give yourself a more at ease future in the eyes of your trucking crew and your bank dividend?

 

 

 

 

 

 

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Traditional Bank Loans

 

Finance through a bank loan is the normal, or traditional, way of financing your business. These loans can be a life-saver, but they're not always available to every business. As an example, a newly formed business may not have the required assets to qualify for a bank loan, and even if they did, it is usual practise for a bank to use the business itself as collateral. This means that if you default on your loan payment you could lose your entire business. In addition, while you apply for a certain loan amount, that is all the financing you are entitled to. Of course, once that loan has been re-paid, you can always re-apply for another loan.

 

What Are Trucking Factoring Companies?

 

Trucking Factoring companies do not offer loans, and you do not go into debt when you get money from a Trucking Factoring company. The finance you receive from the Trucking Factoring company is determined by money already earned by your business, but not yet received. Trucking Factoring companies actually purchase your accounts receivable or at least part of them for a percentage of their total worth, Normally around 80%-95%. The amount of finance you can receive will be based on the amount you have earned and the accounts receivable you are prepared to sell. Once a Trucking Factoring account has been created for you, it will continue for as long as you need it, with the money available continuing to grow as your business grows, and providing cash as you require it.

 

What Are The Benefits Of A Trucking Factoring Company Versus A Traditional Bank Loan?

 

Not every business can benefit from Trucking Factoring account financing because you have to have a business with accounts receivable, however there are many benefits for those who can access this type of finance.

 

1. You will not Incur Debt. Since the Trucking Factoring company actually buys your accounts receivable you do not actually incur debt like you do with a bank loan. One of the main benefits of this kind of financing is that your business credit rating and your personal credit rating will not be affected. In the event that your business fails, you would not have to be concerned about someone coming after your personal or your business assets in order to pay off a loan. The debt goes onto your credit report with a bank loan, with only one missed payment adversely affecting your business credit: it would also affect your ability to secure insurance, and may reflect on your personal credit rating as well.

 

2. No Collateral Required. Another benefit of using a Trucking Factoring company instead of a traditional loan is that you are not required to provide collateral to the Trucking Factoring company in order to secure financing, because the company �buys� the accounts receivables; not loans you money based on them. Plus, the state of your credit rating is not an issue; however the Trucking Factoring company will run a credit check on your clients whose accounts receivable are being offered for financing. This makes it easier for fledgling businesses to get the financing they need through a Trucking Factoring company (as long as their accounts receivables are in good order) then from a bank, who may not feel that you have been in business long enough to be worth the risk of issuing you a loan.

 

3. You'll receive the money faster. Using a Trucking Factoring company means that you'll get the finance quicker. Once the Trucking Factoring company assures itself that the customers in your accounts receivable are likely to pay their debt, the money is usually in the account within 24 hours. Borrowing from a bank begins with vast amounts of paperwork, the loan must be underwritten, and this can take ages before you're notified if the loan has been approved.

 

4.You receive interest up-front. Unlike a bank loan that continues to build interest that you have to pay the entire time you have your business loan with a Trucking Factoring company, you do not have to continue to pay interest as they take it right off the top, deducting it from the total amount of accounts receivable. So not only are you relieved of those monthly loan payments, but you also do not have to worry about the building up of interest, as every penny in the account is yours to spend on the business.

 

As you can see from the above, there are some great benefits to financing through a Trucking Factoring company, and not through a traditional bank loan. In addition, there are other benefits that a Trucking Factoring company can offer you, outside the scope of a bank. The main benefit is that once you've sold your accounts receivable to the Trucking Factoring company, you are free from having to collect money owed by your customers. Since these accounts belong to the Trucking Factoring company, this is now their job. Trucking Factoring companies are very good at collecting these debts, saving you the time and effort that you need to devote to your growing company.

 

In addition, since the Trucking Factoring company evaluates the credit quality of your customers prior to purchasing the accounts receivable you gain valuable information into which customers are likely to pay and which ones are not so likely to pay.While a Trucking Factoring company is not the only way for your business to obtain the money it needs to keep growing, it does offer a type of financing well worth considering.

 

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Factoring Companies by City

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