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How I Improved My Profits in One Evening -
Our Freight Factoring Companies
Can Give
Your Freight Company
The Money You Need



factoring companies for trucking industry

trucking factoring

freight broker factoring companies

best factoring companies for trucking

Invoice Factoring is beneficial for a number of reasons. It permits a trucking business to raise money without getting new financial obligation. While debt is occasionally essential, the majority of freight brokerage would like to raise cash without obtaining cash. Financial obligation is risky, and when it cannot be repaid, assets can be repossessed. If the debt is huge enough, it could even force a truck companies out of business.

How I Improved My Profits in One Evening - Choose 

An Invoice Factoring Company Instead Of A Typical Bank Funding

How to Increase Cash Flow Without Loaning -Cash Money flow is among the main reasons companies fail.

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

Cash flow does not have to be a problem any ever more. Do not be deceived -- 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 freight factoring companies. Trucking Factoring is the process of selling accounts receivable to an investor rather than waiting to gather the money from the customer. Oh, the Irony- Truck factoring has an ironic distinction: It is the financial foundation of numerous of America's most effective companies. Why is this paradoxical ? Since invoice factoring is not taught in business colleges, is rarely mentioned in company strategies and is relatively unidentified to the majority of most of American business individuals.

Yet it is a financial procedure that frees billions of dollars every year, enabling countless companies to grow and succeed. Receivable Financing has been around for countless years. Staffing Factoring Companies are financiers who pay money for the right to receive the future payments on your invoices. An unpaid receivable or invoice has value. It is a debt your customer has agreed pay in the near future. Factoring Principals--Although factoring deals exclusively with business-to-business deals, a large percentage of the retail business utilizes a factoring principal. MasterCard, Visa, and American Express all utilize a type of factoring in their retail transactions. Using the purest definition of the word, these big customer finance companies are truly simply large Receivable Loan Financing Companies of consumer paper. Think about it: You purchase at Sears and charge it to your MasterCard. The store makes money practically immediately, although you do not pay until you are prepared.

For this service, the charge card company charges Sears a fee (typical common normal fees range from two to four percent of the sale). The Benefits Staffing Factoring can provide numerous advantages to cash-hungry business. Rather than wait 30, 60, 90 days or longer for payment on a product that has actually currently been provided, a business can factor (sell) its receivables for cash at a small price cut 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.

Freight Factoring Companies offers the means for a manufacturer to replenish stock and make even more products to offer: There is no longer a need to await for earlier sales to be paid. FACTORING is not simply a money management tool for producers: Almost any type company can benefit from Truck Factoring. Generally, 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, but you can sell that invoice for the money to satisfy those obligations. Using trucking factoring companies is a quick and easy process. The factor buys the invoice at a price cut, typically a couple of portion points less than the face value of the invoice.



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The United states Trucking Organization
specifies that there around
200,000 truck drivers with truck
firms and
276,000 private companies trucking
companies licensed to
operate in the United States that carried,
according to their latest searchings for billions of
items, supplies and
basic materials .
There are a number of common
carriers either going solo or in
teams on our country
roadways transferring these
vital items to our
shops, factories and shipping ports.

Alsotruck factoring
corporations aid
many of them and offer their
factoring facilities
nationally counting
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



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Factoring Companies Calculator
This calculator will show you how much you will make by using our Factoring Companies . But, as your about to discover, you will certainly notice the increased cash flow that will occur when you use our Factoring Companies
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Locate truck driving jobs by city, state, position andbenefits 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 JOC Top 50 Trucking Companies list, based on data prepared by SJ Consulting Group in Pittsburgh.


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.


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� 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


Life of a Truck driver, like many other professionals can be very challenging, rewarding, and frustrating at the same time. �The Truckers� 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




Since the mid 1980s Sims 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, Sims was a top rated accounts receivable mastermind of 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. Cash was flowing and times were good for all.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 down. Worse still, it was noticed by Sims in early 2008 that even though most of their loyal customers were on time with their payments, there were a few late bloomers who were starting to spread the disease. And as spring turmed to summer and summer into the early days of fall, Brent Rodriquez, CEO of Sims felt a chill go down his spine whenever he would look at the weekly A/R reports. The number of clients who were late in their payments was continuing to grow.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 Sims 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 Sims hadn't gone elsewhere. The had just gone!.This current state-of-affairs was causing Brent Rodriquez to have some very restless nights. Brent was very concerned, because there were constant overheads, goods to ship, employees to pay, and trucks which needed to be maintained, but there just wasn't the money coming back into the business. At night he would speak to his wife Vanessa and shake his head in frustration.


""I have a bad feeling, Lin,"" he would say with deep woe.""What could you do differently?"" she would say.Brent would stare off for a moment and then close eyes. In his mind he could clearly see the fleet of trucks purchased over the many 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,"" Brent said. ""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."" All Vanessa could do was hold his hand and look at him tenderly. 'We know it's a difficult economy at the moment - perhaps it will take a while for people to get on top of their bills'.""Brent 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 next day Brent strolled into his office and was determined to sit down and make every phone call to every client who had owed Sims 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. 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. Wasting money, wasting time - even with the best of intentions, Brent 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 Barbaraerley knocked at his door.


""Brent, can I have a word?"" she asked standing in the doorway.


""Sure thing Barbara, come on in."" Brent leaned back in his chair and looked expectantly at Barbaraerely.""Well Brent, this afternoon I did some research, trying to work out how we're going to get out of this mess."" She pulled a small stack of papers from a folder and set them on the desk before him.""Have you ever heard the word factoring?"" Barbaraerley asked.""It sounds 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.""""Immediately?"" Brent interrupted.""Immediately, yes"" she added, ""In a nutshell, it's pretty easy. We can have an expert account manager review our numbers and help us complete a company profile. That profile will also include investigating our accounts receivable aging reports, our existing customer credit limits and so on. 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,� Brent said. �And then what?��Well, after their review, and we�re approved for a factoring contract, we can negotiate terms and conditions. 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. We come to an agreement and the funding starts pouring out.�Brent leaned forward and reviewed the paperwork closely.""It sounds too good to be true, Barbara,"" he said.""Now, now, I know, I thought the same thing. But think about it, Brent: 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 Brent,"" she drew a circle around a paragraph on the document before him.""How flexible?"" asked Brent.""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. """"It does all sound pretty good, remembering that we're all tapped out now with loans from the bank last year to repair vehicles, and we all know just how tight money is. 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 Brent.He took a deep breath and looked at his secretary with something she recognized as hope.""Exactly�. This could very well be the answer to resolving the problems we're having with these clients who still owe us money.""Brent thought about this and agreed with Barbaraerley. The customers who were in debt to Sims Truck & Haul were professional resources of the company, but they were also long-standing friends. Brent wasn't prepared to lose these relationships just because they were having financial issues at the moment. Brent knew that the economy had taken a hit and he knew that it would probably be a long time before things started to look up again. If he didn't handle these debtors in the right way, that unknown amount of time could spell disaster for all of them. He didn't want to lose business but he also didn't want to lose any more money.""Well, let me think about this tonight Barbara, thank you."" Barbara stood up and left Brent's office, with the nice feeling of knowing that she may just have solved a very serious problem.Brent sat behind his desk and looked over the details Barbara had not mentioned in their meeting. He wondered if there might be other problems freight factoring could help Sims Truck & Haul with? Running his pencil down the sheet, he noted that the freight factoring company could assist with fuel costs, fuel advances, and fuel discount cards. In fact, Sims could receive up to fifty-percent cash advances upon load pick-ups. As a man who hated binding contracts with no room to breathe, he was pleased to see that this factoring company would not make him sign a long term contract, would not make him pay any sign up fees and there was no minimum volume required.""I must tell Dan the good news,"" Brent muttered to himself.His son-in-law Dan had liked the idea of Sims so much and revered his father in law for having such business acumen that only two years before, he had gathered the venture capital to begin his own transportation service company. At that time Brent knew the struggles Dan would face, but he still encouraged him to follow his dream. With the faltering economy, if a big fish like Sims was hurting, a little guy like Dan 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 months later after going through the entire application process and having the experts review his accounts receivable, credit history and statements, Brent found himself beginning to dig his way out of the hole his delinquent account holders had created for him.They took on reasonable factoring purchase contracts and stopped spending their precious man hours scrambling to collect debt. They used that time to refocus their efforts in being competitive in new territories. Brent 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.





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The Future of a Trucking Company, and Factoring The phone was ringing on his desk, and Keith Murphy 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. Murphy Trucking Company was at a turning point of growth and Keith had to decide if signing with a factoring company was the right way forward.


Keith�s father had started as an owner-operator and had grown Murphy 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 Keith's mother had jumped into the cab at times 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. But now things were different: the company was in Keith's hands and he needed to ensure that this business would be left in great shape for his sons.


There just never seemed to be enough money to go around, and certainly no spare cash, but to move his company successfully into the future he needed a steady and reliable cash flow. 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, Murphy Trucking looked weak in a very strong market.


His father would have told him to wait and to take his time adding on new technology. Keith chuckled, thinking about his father. 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. He knew his father's days were long gone and new technology was very important for the business, like having Qualcomm to reduce communication time for bills of lading.


Keith knew he was right in his forward thinking. What would be the next step for Murphy Trucking? More importantly, how could he afford it? Funding was all tied up in the mortgage for the office and garage and in the fuel bills. Thankfully he'd just finished paying off the bank loan for the installation of satellite radio in the trucks.


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. Factoring companies buy your invoices and manage your accounts receivable for a certain percentage of the invoiced amount. 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 can't pay its employees and bills with invoices.


Keith had to really consider what his next step was going to be. He had heard of companies charging for same day money transfers, advancing a percentage of the money owed to your business, while the rest is held in a private account if the bill wasn't paid within sixty or more days. Plus it was worse still if the customer didn�t pay up at all because then the factoring company would take it right out of the money supposed to be coming to you! Through the grapevine, he�d also heard about how some companies suddenly slipped you onto a sliding scale of percentages even if you had already signed a lengthy contract for maybe 3% or 7% so there you are with 10% coming as a cost 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. Well, what was the point of going to a factoring company if there was shady business like that going on?


However, it all turned out to be very simple. When he called the factoring companies he discovered they were very open about their business practices, and very friendly and helpful. 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. 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.


For Keith it was quite a relief to be dealing with the factoring company. 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. All the factoring company was interest in was the credit of his customers and on their reliability: this worked great for Keith because he and his father had created a very strong and loyal list of clientele over the years. So he knew they would understand when the factoring company contacted them for the invoices. His clients wouldn�t think poorly of Murphy 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.


Keith 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 Murphy 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?� Calvin Pierce asked as he leaned back in his chair, crossing his legs. The woman sitting across the desk from Calvin smiled at him, shaking her head.�Not quite,� she stated.Calvin Pierce 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 Billy. His company was called Dunn Trucking, named after both of his grandfathers, Glenn and Darren. They had both been hardworking men, and had done a lot to make Calvin the same.Disaster had struck half a year ago, when two trucks in Billy�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. Calvin depended on his full fleet, and missing two trucks was devastating . In addition, he just didn't have the available cash to buy a new truck, plus repair the other one.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. In the long run, this wasn�t an issue, but if problems arose, you could find yourself in trouble.Calvin was an excellent business man, and he certainly hadn't done anything wrong. Things had happened that he couldn't have predicted, and he had to figure out a way to keep his business from hurting, or even going under.And that's why he found himself across the desk from this woman. Her name was Renee and she worked for a factoring company. Calvin 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.Renee explained. �it is really not a loan at all: we actually buy your accounts receivable. We're not giving you finance to be repaid later: we're purchasing something from you, and when you can you can buy it back. That way we�re protected from a complete loss, but you�re protected from the outrageous fees you would find in a loan from the bank.Calvin nodded. It sounded perfect - perhaps too good?.Renee laughed. �You look like you don�t believe me,� she chuckled.�Oh no, I do: it just sounds too good to be true. I actually thought I might end up losing my business.�Renee smiled, agreeing. �We get that a lot. Listen, I�d hate to see you lose your company. We know how hard you work, and that you've invested everything in your business. Sometimes you need help. That�s what we�re here for.��Well, I'm very grateful that you came to see me today.��It�s right down the road, usually we do it all online, but I didn�t mind swinging on by today,� Renee said with a smile. �Let�s see what we can do to help you.�And with that they set about making a profile.


Calvin completed the form, with Renee offering advice as needed.


The profile filled Renee and her company in on Billy�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 Calvin filled out his form, Renee was pretty sure he was a perfect candidate for factoring.When the form was done Renee took it and slid it into her briefcase. She then stood, reached across the desk and shook Billy�s hand. He stood before they shook as well, and then smiled. They said their goodbyes and Calvin walked her to the door, and then returned to his office.His employees were there, seven who worked in the office, and as he sat behind his desk once more he heard the familiar clack of fingers on keyboards, the electronic whine of the copy machine.He leaned back and closed his eyes. He had felt so helpless lately, was sure the whole thing was collapsing, and would take him with it. Talking to Renee though, learning about factoring, it felt like a weight had been lifted from 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 terrifying panic attacks that occurred regardless of where he was. He could feel it all fading away. He knew it wasn't over yet and that there was still a way to go, but he could just feel everything start to change for him. He was still here; he knew this was the right path for him, and he felt proud that he had taken the appropriate steps to sort out his problems.Calvin 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 successful. Home cooking in his hometown, and he had done very well.But he had gotten bored. His passion didn�t lie with the food industry. He thought about it for a long time, then decided it was time to sell his restaurant. He took half a year off, and in that time he thought to start Dunn 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.And then the trucks went down, and his success looked to be in flux. He was nearing fifty. He was concerned that he just didn't 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 didn�t know how to say quit.And now it seemed as though he wouldn't have to - all because of Factoring. Billy's eyes opened, he sat forward in his chair and turned on his computer. He had things to do. He could be thankful later, for now, it was time to work.





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The reason why Truck Companies Work with Factoring Firms.


As the manager of your own business, you may be much more than perceptive already of the difficulty in making certain that capital matters do not become a problem down the line. Anyway, the most terrible thing that can possibly transpire for your business is to find yourself involved in a long and problematic condition that leaves you forever trying to find the funds you are in need of on an on-going manner.


For just about any establishment in this position, the problem can come for waiting for work to clear up and actually be compensated into your statement. Invoices, checks, and the like could take a long time to actually to be taken care of which may leave you with short-term cash flow difficulties. Luckily, there are solutions out there for enterprises to explore-- and one of these is factoring firms.


Factoring firms will, in trade for your bill of sales, provide you with the cash right away so you don't have to worry about the waiting time frame which could make paying off the bills and acquiring toolsmore hard. With this type of system, invoice factoring can come to be remarkably helpful for lots of enterprises who need to avoid a money trap which they have found themselves in.


Considering that, depending upon the scale of the task, it can take up to 60 days for several firms to get paid then it's very important to cover your own back and definitely not leave yourself cash short to settle the monthly bills. After all, how many enterprises have two months revenue just occupying there to address all their costs until they get paid?


This is most notably true of truck agencies. They have the tendency to take care of lots of statements which means a notable amount of collection time demands business owner themselves. Trying to get paid promptly can turn into an unbelievable trouble and this is why you work with truck factoring companies who are glad to help out truckers particularly.


As most of us know, trucking is an remarkably huge market with plenty of companies out there utilizing hundreds of vehicle drivers. Unfortunately, plenty of these drivers end up in income difficulties considering that they are still waiting for work from six weeks in the past to actually pay them. When this is the situation for a truck organization, depending on factoring companies for solutions might be the most recommended choice left.


This means that a trucking firm can provide the paychecks of the people, keep all the trucks filled with gas and continue to scale, thrive and expand without continually waiting for the funds which is taking too prolonged to come in. Trucking Business enterprises functioning without a factoring program established are leaving themselves at considerable risk, as competitions cash out rapidly and carry on to develop.


There's absolutely almost nothing to be worried about when it comes to employing a Factoring business-- they usually are not like a banking company or any individual who is going to leave you with a big mass of personal debt to pay back. You give them genuine invoices from job you have already accomplished , you are simply quickening the payment system.


In the United States, where trucking enterprises grow, factoring companies are not considered getting a loan in any capacity. This private contract then allows both parties to profit and experience a worry-free future-- it provides the factoring business a secured resource of income to add to the list and it supplies the trucking company the needed cash that they worked hard to earn.


The trucking enterprise provides their statements to the factoring business. The trucking factoring provider then obtain the payment amounts from the trucking company's clients. Factoring has beenaround for centuries and has been employed for several years by a lot of diverse industries-- but none more so than truckers. While you might miss out on a small part of the money, something like 1-3 % depending on who you partner with, it means that you are acquiring the finances today and can actually start off setting the cash to perform.


After all, an IOU or an invoice is not going to fund expenses, is it? For trucking establishments when the finances can be very good one day and gone the next, it's up to the drivers to work smartly and to ensure they are leaving themselves with a significant measure of time and money to get through the week until they are paid again.


So the next period your trucking company is enduring some momentary cash flow dilemmas and you are shelling out too much time chasing slow paying clients, why not start considering making use of a factoring businesses as a way to get your cash and give yourself a more pleasant future in the eyes of your trucking staff and your bank dividend?








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's 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. 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 don't offer loans, and you don't go into debt when you get money from a Trucking Factoring company. Rather the financing you receive from a Trucking Factoring company is based on money your business has already earned, but have 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 finance you can receive will be based on the amount you have earned and the accounts receivable you are prepared to 'sell.' Once you have set up Trucking Factoring account it continues as long as you wish it too and the amount of money available to you even can grow as your business grows, giving you the ready cash you need to meet your own obligations.


Benefits of a Trucking Factoring Company Vs. A 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. There is no debt. You don't incur debt as you do with a bank loan because the Trucking Factoring company actually purchases your accounts receivable. This has many benefits including the fact, that this type of financing won't affect either your business credit rating or your personal credit rating. 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. With a bank loan, the debt goes onto your credit report, and even one late payment can adversely affect your businesses credit, and even the ability to get insurance and may even reflect upon your personal credit rating.


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. You'll receive the money faster. With a Trucking Factoring company you can actually get the money you need faster. 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. With a bank, there are vast amounts of paperwork, then the loan has to be underwritten, which can take months before you actually see the loan if it is 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 don't have to continue to pay interest as they take it right off the top, deducting it from the total amount of accounts receivable. 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, there are several benefits that makes considering financing through a Trucking Factoring company over a traditional bank worthwhile. 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.


Another bonus is that, because the Trucking Factoring company has evaluated the quality of your customers' credit before buying the accounts receivable, you learn valuable information regarding your customers, like which ones are likely to pay, and which ones are less likely to pay.A Trucking Factoring company is not the only method of gaining access to finance for the running and growing of your business, however it does offer a financing option well worth considering.





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