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How To Get Financing Without a Lawyer for Under One Dollar -
Our Factoring Services
Can Provide
Your Freight Company
The Cash You Want

 

 

factoring services for trucking companies

best trucking factoring company

factoring for trucking

factoring services for trucking companies

Medium-Size freight brokerage companies, particularly those who have actually not been in existence for extremely long, will commonly discover it difficult to protect a loan. Banks are typically reluctant to lend cash to businesses that do not have a great deal of earnings and properties. They likewise desire evidence of the practicality of a company and thus need that many operations, specifically small ones, been around for a particular amount of time prior to they are eager to hand over any money. Because of this, a medium-size company typically has few cash producing options when needs emerge. One option offered, however typically neglected, is invoice factoring. This is an exceptional means for a small business to acquire cash.

How Much is Your Cash Flow "Tension" Costing Your Company - Choose 

A Freight�Brokerage Factoring Company  Instead Of A Typical Bank Financing

How to Increase Money Flow Without Borrowing -Cash Money flow is one of the primary reasons businesses fail.

At one time or another, every business, even effective ones, have actually experienced poor cash flow.

Money flow does not have to be a problem any ever more. Do not be fooled -- banks are not the only locations you can get financing. Other solutions are offered and you do not have to borrow. Exactly what is truck factoring ? One option is called factoring services. Trucking Factoring is the process of selling invoices to a financier instead of waiting to collect the cash from the customer. Oh, the Irony- Truck factoring has an ironic distinction: It is the monetary foundation of many of America's most effective businesses. Why is this ironic ? Because factoring is not taught in business colleges, is rarely discussed in company plans and is fairly unknown to the majority of most of American business individuals.

Yet it is a financial process that frees billions of dollars every year, enabling thousands of businesses to grow and succeed. Trucking Factoring has been around for countless years. Receivable Loan Financing Companies are financiers who pay cash for the right to receive the future payments on your invoices. An overdue receivable or invoice has value. It is a financial obligation your client has actually agreed pay in the near future. Factoring Principals--Although factoring offers solely with business-to-business deals, a big portion of the retail business uses a factoring principal. MasterCard, Visa, and American Express all use a form of factoring in their retail transactions. Using the purest meaning of the word, these big consumer finance business are truly just big Factoring Companies of consumer paper. Think about it: You make a purchase at Sears and charge it to your MasterCard. The shop gets paid practically instantly, although you do not pay up until you are ready.

For this service, the credit card business charges Sears a charge (typical common normal fees range from 2 to four percent of the sale). The Benefits Factoring can provide many advantages to cash-hungry companies. Rather than wait 30, 60, 90 days or longer for payment on a product that has currently been provided, a business can factor (sell) its receivables for cash at a little price cut off the amount of the invoice. Payroll, advertising efforts, and working capital are simply a few of the company needs that can be satisfied with instant  money.

Factoring Services provides the ways for a producer to renew stock and make more products to sell: There is no longer a need to wait for earlier sales to be paid. Receivable Loan Financing is not simply a cash management tool for manufacturers: Almost any type business can benefit from Receivable Loan Funding. Typically, a business that extends credit will have 10 to 20 percent of its yearly sales tied up in accounts receivable at any given time. Think for a moment about exactly how much is tied up in 60 days' worth of invoices: You can not pay the power expense or this week s payroll with a client s invoice, however you can offer that invoice for the cash to meet those responsibilities. Using truck factoring companies is a fast and easy process. The factor purchases the invoice at a discount, usually a couple of portion points less than the face value of the invoice.

 

 

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The American Truck Association
mentions that there around
200,000 employees with freight trucking
businesses and
300,000 personal companies trucking
firms licensed to
operate in the States that transported,
according to their most current searchings for billions of
products, supplies and
fundamental products .
There are a number of common
carriers either going solo or in
teams on our nation
roadways transferring these
important products to our
stores, manufacturing facilities and harbors.

Andfreight factoring
businesses support
countless of them and offer their
receivables financing services
nationally comprising
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

factoring-services

 

Watch Our Trucking Factoring YouTube Videos For More Information

 

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

Searching for the right trucking companies to move your freight can be tough, with the large amount of local, regional, and national truck carriers out there. FreightCenter helps make freight shipping simple, finding you the safest, reliable trucking companies every time you ship. Our trucking companies are licensed and insured to carry freight safely and efficiently across the country, no matter the size or type of freight you need to ship.Plus, with the high volume of freight we move, we will work to get you the best freight rates possible. Simply enter in a few details below and you�ll see instant freight rates from all the top trucking companies in one easy screen

 

Searching for the right trucking companies to move your freight can be tough, with the large amount of local, regional, and national truck carriers out there. FreightCenter helps make freight shipping simple, finding you the safest, reliable trucking companies every time you ship. Our trucking companies are licensed and insured to carry freight safely and efficiently across the country, no matter the size or type of freight you need to ship.Plus, with the high volume of freight we move, we will work to get you the best freight rates possible. Simply enter in a few details below and you�ll see instant freight rates from all the top trucking companies in one easy screen

 

Searching for the right trucking companies to move your freight can be tough, with the large amount of local, regional, and national truck carriers out there. FreightCenter helps make freight shipping simple, finding you the safest, reliable trucking companies every time you ship. Our trucking companies are licensed and insured to carry freight safely and efficiently across the country, no matter the size or type of freight you need to ship.Plus, with the high volume of freight we move, we will work to get you the best freight rates possible. Simply enter in a few details below and you�ll see instant freight rates from all the top trucking companies in one easy screen

 

Searching for the right trucking companies to move your freight can be tough, with the large amount of local, regional, and national truck carriers out there. FreightCenter helps make freight shipping simple, finding you the safest, reliable trucking companies every time you ship. Our trucking companies are licensed and insured to carry freight safely and efficiently across the country, no matter the size or type of freight you need to ship.Plus, with the high volume of freight we move, we will work to get you the best freight rates possible. Simply enter in a few details below and you�ll see instant freight rates from all the top trucking companies in one easy screen

 

If you're like most drivers, you're looking for a better company in trucking that might be offering the best jobs in terms of pay, freight, and hometime ' not to mention benefits or a sign on bonus. We've got all of our clients listed based on the states where they're hiring, so you can quickly find the best job in your home state. You'll see the very best nationwide trucking companies that have positions available.

 

Life of a Truck driver, like many other professionals can be very challenging, rewarding, and frustrating at the same time. �The Truckers Place.com� is an information site for many of the Truckers needs. It is designed to encompass the needs of the Trucker, both on the Road and at Home.

List of Trucking Companies for Owner/Operators and Company Drivers

 

 

"

Russell Truck and Haul has been in business since the mid 1980s. 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 boom times from 2002 to 2007 Russell Truck & Haul was the mastermind of a top-rated accounts receivable in the trucking industry. Very few customers were behind on their bills, and those customers who were late turned in their overdue payments within an acceptable time frame. The money was flowing, and times were great.It was just one year later, in 2008, when the economy in the United States took a sharp decline, and both large and small businesses started to notice the squeeze on their pocketbooks: everyone had suddenly gone silent. Business slowed to a crawl

 

. And worse yet, Russell 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. Spring changed to summer, summer changed to fall, and the CEO of Russell, Johnny Holt, was beginning to feel very uncomfortable indeed whenever he looked at their weekly Accounts Receivable 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 something wrong or different when it came to reaching out to delinquent accounts? By his bookkeepers records, this wasn't the case. He thought perhaps that he was losing clients to a competitor who offered rock-bottom prices with little to no guarantee of quality performance, and that the folks who owed Russell money had jumped ship and decided to leave him holding the bag.

 

. Perhaps they were unable to pay their debt to him, but were able to meet the costs of a lesser service. But after doing the cursory research for this and talking to friends in the field, he found that alas, no, customers of Russell hadn't gone elsewhere. The had just gone!.To Johnny Holt the situation looked desperate. He had employees to pay, goods to ship, trucks to maintain and overhead that was almost unbearable when compared against the lack of funds that were coming in. In the evenings he would discuss his concerns with his wife, Annie, and still find no relief from the worry and frustration.

 

""Lin, I have a really bad feeling,"" he would say with deep woe.""Well, what do you think it is?"" she would ask.Johnny would stare off into the distance, and then slowly close his 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 then a haze would cover his trucks and his vast fleet would vanish to leave just a few. What on earth was happening to create the death of his business?""I know what it is,"" Johnny said. ""For way too long I've been relying solely on profits received from invoices. For too long I've been allowing our clients to let their accounts become overdue."" Linda could only grab her husband's hand and look at him lovingly, ""It's a hard economy. It might be awhile until things get settled up.

 

""Annie was trying so hard to support her husband in these worrying times, while Johnny was weighed down with the worry of how he was going to handle this situation he found himself in.The next day Johnny strolled into his office and was determined to sit down and make every phone call to every client who had owed Russell money. Now, it wasn't the most efficient way to spend a day as a chief executive, what he really needed to be doing was to be overseeing all of the other intricacies of shipment and delivery and reaching out to prospective clients or retraining his sales team to do the same. Even though he was doing something to help his company, he knew he had folks on salary to do just this thing. Wasting money, wasting time - even with the best of intentions, Johnny knew that he was in trouble.

 

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 Cynthiaerley knocked at his door.

 

""Johnny, can I have a word?"" she queried, standing in the doorway.

 

""Of course Cynthia, please come in."" Johnny relaxed back into his chair and looked up at Cynthiaerley.""Well, I did a little searching this afternoon and tried to figure out a way out of this mess Johnny."" 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 the word factoring?"" Cynthiaerley asked.""It does sound vaguely familiar. What is factoring""? he asked.She began, ""Well, it's really very simple. Basically, factoring invoices means that we would get paid immediately for the loads we haul.""Johnny interrupted ""Immediately?"".""Yes, immediately,"" she continued, ""It's 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.. Additionally, the factoring will help to determine the creditworthiness of our customers independent of their credit history with our business. It�s a broad view.��Johnny replied cautiously ""I see - and what happens then?��Following the completion of their review and once we've been approved for a contract with the factoring company, then we sit down to negotiate conditions and terms. You'll be surprised at the amount of flexibility, all dependent upon the credit histories and business volume.

 

The company will advise us the cost to purchase factoring for our company's accounts receivable. Once we arrive at a mutual agreement, the funding begins.�Johnny was still a little concerned. He leaned forward in his chair and studied the paperwork very closely.""It sounds too good to be true, Cynthia,"" he said.""Now, now, I know, I thought the same thing. But think about it, Johnny: 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. And they're flexible Johnny,"" she underlined a paragraph on the paper before him.""Just how flexible?"" asked Johnny.""They personalize the factoring rates so that the amount they are willing to take on is commensurate with our needs and our client�s debt. 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,"" said Johnny.Johnny took in a long slow breath, then looked at his secretary with something like hope in his eyes.""Precisely�. This could very well be the answer to resolving the problems we're having with these clients who still owe us money.""Johnny thought about this and agreed with Cynthiaerley. The customers who were in debt to Russell Truck & Haul were professional resources of the company, but they were also long-standing friends. They didn't want to throw away these relationships because they were having trouble paying their bills now. Johnny knew only too well that the whole economy was floundering, and that it was not going to change overnight. That unknown amount of time, if he handled these debtors incorrectly, could spell disaster for both of them. Of course he didn't want to lose any more money, but he didn't want to lose business either.""Well, let me think about this tonight Cynthia, thank you."" Cynthia nodded, satisfied with her work, and she left the office feeling quite content in the knowledge that she had helped Johnny keep the shirt on his back, and possibly hers too.Johnny sat behind his desk and looked over the details Cynthia had not mentioned in their meeting. He wondered if there might be other problems freight factoring could help Russell 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. In fact, Russell could receive up to fifty-percent cash advances upon load pick-ups. Johnny was a typical business man: he despised binding contracts that didn't allow room to breathe, so he was pleasantly surprised to see that the factoring company didn't require a long term contract, that there was no minimum volume required, and that there were no sign-up fees.""I must tell Francisco the good news,"" muttered Johnny to himself.Francisco is Johnny's son-in-law, and he really admired the ideas behind Russell, so much so that only two years before he had started his own transportation service business. At that time Johnny knew the struggles Francisco would face, but he still encouraged him to follow his dream. With the economy the way it was, if an established company such as Russell was struggling then the little guys, like Francisco, were going to be in even more trouble.

 

But, maybe the answer for both of them was in freight factoring, and Johnny was going to find out very soon.A few short months later, after completing the application process, having the legal experts review his credit history, accounts receivable, and statements, finally Johnny 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 used that time to refocus their efforts in being competitive in new territories. Johnny recalled those dismal months when he wasn't aware of freight factoring, and he shuddered at those memories. If Johnny hadn't discovered freight factoring at just the right time, his business may not be operating today.

 

"

 

 

More Trucking Factoring Companies Story Articles

"

Factoring in the Future of a Trucking Business: A Story The phone was ringing on his desk, and Gene Lawson 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. Lawson Trucking Company was at a turning point of growth and Gene had to decide if signing with a factoring company was the right way forward.

 

Gene�s father had started as an owner-operator and had grown Lawson Trucking Company into a fifteen trailer fleet over forty years. There had been some hard times when it seemed everything was going to go under and even Gene�s mother strapped herself into a cab to make hauls. His father had worked long enough to see the price of hires drop dramatically during the recession and to see the explosion of fuel prices afterwards. Now the company was solely in Gene�s hands and he wanted to live to see it in better shape for his sons.

 

To move Lawson Trucking Company ahead into the future, he needed a steady cash flow but there was just not enough money to go around. His employees needed to be paid. 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. He knew that turning down these requests made Lawson Trucking look inefficient and weak in what was currently a strong market.

 

His father would have told him to wait and to take his time adding on new technology. Gene allowed himself a good hard chuckle. He remembered when his father was totally against installing 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.

 

Gene knew he was right in his forward thinking. How would he take Lawson Trucking to the next level? More importantly, how could he afford it? Business funding was tied up in fuel bills and the mortgage for the garage and office. Thankfully he'd just finished paying off the bank loan for the installation of satellite radio in the trucks.

 

He wondered about factoring - was this the answer for him? If he was being honest, he didn't really understand how it all worked. 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. In return, the factoring company pays the trucking business straight away, providing immediate cash flow for the business to pay staff, purchase fuel, and do any repairs or maintenance. Without the assistance of factoring, you have to wait for customers to send you the payment which is often 30 days late. In those 30 days, a trucking company can�t pay its bills and employees in invoices.

 

Now it was time for Gene to do his homework. Gene 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?

 

However, it all turned out to be very simple. All the factoring companies he researched were open about their business practices and very friendly on the phone when he called. Customer service appeared to understand their company and explained in clear, concise English exactly how it all worked. 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. He was not charged for a credit check, and in addition he was offered a fuel advance on the pick-up of a load. In fact there were a few companies who offered him a non-recourse factoring program, and this was exactly what he had been hoping for. He was more than happy with the figures he was offered in percentage terms on the freight bills. It was good money.

 

For Gene it was quite a relief to be dealing with the factoring company. They were more personable than those loan managers at the bank. He was relieved to note that the factoring companies understood the trucking business and discussed business with him like a respected client, not like someone looking for a handout. The factoring companies were not interested in his credit nor the financial problems his father had experienced in the past. All the factoring company was interest in was the credit of his customers and on their reliability: this worked great for Gene because he and his father had created a very strong and loyal list of clientele over the years. He knew immediately that there would not be any problems when they were contacted by the factoring company regarding their invoices. His clients wouldn�t think poorly of Lawson Trucking and the factoring companies appeared capable of handling the accounts receivable in the same polite manner that his father had used over the years.

 

Feeling happier now, Gene stepped out of his office to advise his secretary to expect to receive the contract very shortly from the factoring company. There was a new bounce is his step now: he knew instinctively that this new step would raise the future of his company to a new and higher level, and that all the stress from the past could now be put behind him. He suddenly realized that, with this new cash flow, he could actually expand Lawson Trucking Company and who knows, move into Canada, which had always been his dream. He was a happy man again knowing that he had just made a decision which would guarantee the success of his business and his sons wouldn't be inheriting a financial mess.

 

"

 

 

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Trucking Factoring  Articles

�So It is not a loan?� Erik Garcia asked as he leaned back in his chair, crossing his legs. The woman who sat across the desk smiled and shook her head.�No, not exactly,� she said.Erik Garcia 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 Karl. His company was called Ellis Trucking, named after both of his grandfathers, Jerome and Jeremy. They had both been hardworking men, and had done a lot to make Erik the same.Disaster had struck half a year ago, when two trucks in Karl�s fifteen truck fleet went down. One was a roll-over and ended up in the trucking graveyard: the other was involved in a serious and costly accident. The financial security of Karl'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 Erik had on hand.Paying of bills in the trucking industry is always a major cause for concern for businesses.

 

You could go a month or more before bills were completely paid off. This system works okay as long as no problems arise, but if they do, then things can get quite sticky.Erik wasn�t a bad owner, and he hadn�t messed up. Certain events had occurred that he couldn't possibly have predicted, and now he had to find a way to protect his business and prevent it from ultimate devastation.And that's why he found himself across the desk from this woman. Erik knew she was employed by a Factoring company and that her name was Melissa. Erik 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.Melissa explained. �it is really not a loan at all: we actually buy 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're 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.Erik agreed. It sounded perfect - perhaps too good?.Melissa laughed. �You look like you don�t believe me,� she chuckled.�Oh no, I do: it just sounds too good to be true. I thought I was going to lose my company.�Melissa nodded. �We get that a lot. There's no way we want to see you lose your business. You work hard, you�ve put everything you can into it. We all need help sometimes. That�s what we�re here for.��Well, I'm very grateful that you came to see me today.��No problem - I'm just down the road. We normally do it all online but I was happy to come and visit you today,� said Melissa with a smile. �Let's work out a solution to your problem.�And right there and then they created a business profile. Erik completed the form, with Melissa offering advice as needed.

 

The profile filled Melissa and her company in on Karl�s company, and would help them determine if he was suitable for factoring. In truth, not all companies were. Some were beyond factoring special brand of help, and sometimes things weren�t even dire enough for it. As Erik completed his form, Melissa listened to his story and she felt quite sure he would be the ideal candidate for Factoring.When the form was done Melissa took it and slid it into her briefcase. She then stood, reached across the desk and shook Karl�s hand. He stood before they shook as well, and then smiled. They said their goodbyes and Erik 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 leaned back and closed 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. Talking to Melissa though, learning about factoring, it felt like a weight had been lifted from his shoulders. He relaxed into his chair, running his hand through his thick black hair with its telling streaks of grey.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.Erik couldn�t help but think back to when he had first started the business. At twenty-two and straight out of school he had opened a restaurant. It had been really successful. Home cooking in his hometown, and he had done very well.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 Ellis Trucking. And that's exactly what he did. For the second time in his short life he created a company from the ground up. He had been successful.Then disaster! The two trucks went down and suddenly his success wasn't looking so guaranteed. He was nearing fifty. He didn�t think he had it in him, to save this company. But giving up wasn't part of his personality either.

 

Just the thought of shutting down, cutting his losses, laying off his workers - the whole thing made him physically sick some nights. He didn't want to quit - both for himself and for his staff members.And now it seemed as though he wouldn't have to - all because of Factoring. Erik 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.

 

 

 

 

More Trucking Factoring Company Story Articles

Reasons why Trucking Agencies Utilize Factoring Firms.

 

As the operator of your own firm, you may likely be more than conscious already of the hardship in making certain that capital issues do not become a difficulty down the line. After all, the most unfortunate thing that can quite possibly happen for your business is to find yourself dragged in a long and challenging circumstance that leaves you forever searching for the cash you are in need of on an ongoing basis.

 

For just about any firm in this circumstance, the trouble can come for waiting for work to lapse and actually be compensated into your balance. Statements, checks, and the like can take a long time to actually to beprocessed which can certainly leave you with temporary cash flow difficulties. Fortunately, there are solutions out there for businesses to examine-- and one of these is factoring providers.

 

Factoring firms will, in substitution for your bill of sales, provide you with the resources right away so that you don't have to worry about the delaying duration which could make paying out the expenses and getting toolsmore challenging. With this sort of setup, invoice factoring can end up being tremendously helpful for numerous establishments who have to avoid a money trap which they have gotten themselves in.

 

For the reason that, depending on the scale of the task, it can take up to 60 days for a number of establishments to get compensated then it's significant to blanket your own back and not leave yourself cash short to pay off the costs. After all, how many firms possess two months revenue just lying there to cover all their costs until they make money?

 

This is especially correct of trucking companies. They usually take care of lots of invoices which means a substantial amount of collection time demands business owner themselves. Striving to get paid out promptly can come to be an extraordinary difficulty and this is the reason why you make use of truck factoring agencies who are happy to help out truckers particularly.

 

As all of us know, trucking is an incredibly enormous field with plenty of firms out there hiring hundreds of drivers. The sad thing is, several of these drivers land up in money predicaments because they are still awaiting work from six weeks previously to actually compensate them. When this is the case for a trucking company, choosing factoring agencies for support may be the finest alternative left.

 

This indicates that a truck corporation can pay the wages of the personnel, keep all the cars loaded with gas and continue to go up, evolve and expand without continually waiting for the money which is taking too lengthy to come in. Trucking Companies functioning without a factoring program implemented are leaving themselves at considerable threat, as contenders cash out fast and go on to develop.

 

There's absolutely very little to be worried about when it comes to employing a Factoring contractor-- they commonly are not like a bank or a person who is going to leave you with a massive mass of financial obligation to pay back. You give them authentic invoices from work you have already accomplished , you are simply facilitating the payment process.

 

In the United States, where truck enterprises do well, factoring providers are not considered taking on loan in any capacity. This confidential agreement then permits both parties to profit and experience a comfortable future-- it gives the factoring business a guaranteed asset of income to put into the list and it furnishes the trucking business the needed funds that they sweated to obtain.

 

The trucking business provides their statements to the factoring agency. The trucking factoring company then collect the installment payments from the trucking company's clients. Factoring has beenaround for centuries and has been used for several years by lots of diverse fields-- but none much more so than truckers. While you might possibly miss out on a small part of the money, something like 1-3 % depending upon who you team up with, it means that you are receiving the finances today and can actually begin setting the cash to function.

 

After all, an IOU or an invoice is not actually going to cover bills, is it? For trucking agencies when the hard earned cash can be very good one day and gone the next, it's up to the drivers to work sensibly and to guarantee they are leaving themselves with a considerable quantity of time and finance to get through the week till they are paid once more.

 

So the next time your trucking company is enduring some temporary cash flow concerns and you are spending way too much time chasing sluggish paying customers, why not begin taking into consideration employing a factoring businesses as a manner to get your cash and give yourself a more convenient future in the eyes of your trucking personnel and your bank difference?

 

 

 

 

 

 

"

Traditional Bank Loans

 

Finance through a bank loan is the normal, or traditional, way of financing your business. While these loans are handy they are not available to every business. For example, a fairly newly established business simply may not have the assets to readily get a loan from a bank, even if they do, the standard collateral for a business loan is the business itself, which means that if you cannot make your loan payment, you risk losing your entire business. In addition, while you apply for a certain loan amount, that is all the financing you are entitled to. Once the loan is paid off, you can then apply for another loan if the need arises.

 

What Are Trucking Factoring Companies?

 

Trucking Factoring companies do not give loans, and the money you get from the Trucking Factoring company does not put you in debt. The finance you receive from the Trucking Factoring company is determined by money already earned by your business, but not yet received. The Trucking Factoring company purchases your accounts receivable, or part of them, for a certain percentage of their value - this is normally about 80-95%. The amount of money you can receive is based on the amount of money you have earned and the accounts receivable you are willing 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?

 

While not every business can take advantage of Trucking Factoring account financing (you have to have a business that has account receivables) for those that can use this type of financing there are several distinct benefits.

 

1. You Won't Incur Debt. Since the Trucking Factoring company actually buys your accounts receivable you don't 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 won't be affected. Should the unforeseeable happen and your business fails, you won't have to worry about anyone coming after your personal as well as your business assets 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 aren't 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. In addition, while the Trucking Factoring company does run a credit check on your customers whose accounts receivables are offered for financing, the state of your credit is not an issue. This means that it's easier for new businesses to access the finance they need through a Trucking Factoring company, providing their accounts receivable are in good order. A bank may believe you haven't been in business long enough to be able to cover this risk.

 

3. Receive Your Money Faster. With a Trucking Factoring company you can actually get the money you need faster. The money will normally be in your account within 24 hours, once the Trucking Factoring company is confident that your customers� accounts are likely to be paid. 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.Interest is Paid Up Front. With a bank loan interest continues to build, and this has to be paid the whole time you have a business loan; however with a Trucking Factoring company there is no interest - they take it right off the top by deducting it from the total amount of receivable accounts. So you don't have to worry about monthly loan repayments, and you don't have to worry about the amount of interest payable, because all the money in the account is yours to spend.

 

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. The Trucking Factoring company takes over that chore, since it is now their money to collect. Trucking Factoring companies are very efficient at debt collecting, and this frees up your valuable time to devote to running your 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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