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The Instrument of Profitable Companies -
Our Factoring Business
Can Give
Your Freight Company
The Money You Need

 

 

factoring for trucking companies

best factoring companies for trucking

factoring trucking receivables

trucking factoring services

Factoring invoices is advantageous for numerous factors. It permits a trucking company to raise money without obtaining new debt. While financial obligation is in some cases required, the majority of freight broker firm would prefer to raise cash without borrowing money. Debt is high-risk, and when it can not be paid back, assets can be repossessed. If the debt is large enough, it could even force a trucking firms out of business.

The Company Who Won the Prize For - Pick 

A Receivable Loan C0mpany Instead Of A Typical Bank Funding

Exactly how to Increase Money Flow Without Borrowing -Cash Money flow is among the primary reasons businesses fail.

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

Cash flow does not have to be an issue any more. Do not be deceived -- banks are not the only places you can get funding. Other options are offered and you do not have to borrow money. What is truck factoring ? One solution is called factoring business. Truck Factoring is the procedure of selling accounts receivable to an investor instead of waiting to collect the money from the customer. Oh, the Irony- Trucking factoring has an ironic distinction: It is the financial foundation of many of America's most successful companies. Why is this paradoxical ? Because receivable loan funding is not instructed in business colleges, is seldom mentioned in business plans and is fairly unknown to bulk of most of American business people.

Yet it is a monetary procedure that frees billions of dollars every year, enabling thousands of companies to grow and succeed. Factoring has been around for thousands of years. Staffing Factoring Businesses are financiers who pay money for the right to get 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 offers solely with business-to-business deals, a large percentage of the retail company 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 business are really simply big Accounts Receivable Factoring Companies of customer paper. Consider it: You purchase at Sears and charge it to your MasterCard. The store gets paid almost instantly, although you do not pay until you are ready.

For this service, the credit card business charges Sears a fee (typical common normal charges range from two to 4 percent of the sale). The Advantages Receivable Financing can offer numerous advantages to cash-hungry business. Rather than wait 30, 60, 90 days or longer for payment on an item that has actually currently been provided, a business can factor (sell) its receivables for cash at a little price cut off the amount of the invoice. Payroll, marketing efforts, and working capital are just a few of the company requirements that can be met with instant  cash.

Factoring Business provides the means for a manufacturer to replenish inventory and make more items to offer: There is no longer a requirement to await for earlier sales to be paid. FACTORING is not just a money management tool for manufacturers: Practically any kind business can take advantage of Invoice Factoring. Generally, a company that extends credit will have 10 to 20 percent of its yearly sales tied up in invoices at any given time. Think for a minute about how much is bound in 60 days' worth of invoices: You can not pay the power expense or today s payroll with a customer s invoice, however you can offer that invoice for the money to satisfy those obligations. Using trucking factoring companies is a fast and easy procedure. The factor purchases the invoice at a price cut, usually a few portion points less than the stated value of the invoice.

 

 

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The United states Trucking Organization
states that there around
200,000 work with truck
businesses and
276,000 personal companies trucking
companies licensed to
run in America that carried,
according to their most current listings of millions of
products, supplies and
fundamental products .
There are a number of common
providers either going solo or in
groups on our country
highways carrying these
important items to our
shops, manufacturing facilities and shipping ports.

Andfreight bill factoring
businesses help
countless of them and offer their
receivables financing services
nationwide including
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-business

 

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

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.

 

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

 

EveryTruckJob.com 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 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.

 

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.

 

 

"

Lawrence Truck & Haul have been operating their 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 heady times from 2002 to 2007, Lawrence 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. Cash was flowing and times were good for all.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. Worse still, it was noticed by Lawrence 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, Sam Vasquez, CEO of Lawrence 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 something wrong or different when it came to reaching out to delinquent accounts? When checking his bookkeeper's records this was definitely not 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 Lawrence 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 Lawrence hadn't gone elsewhere. The had just gone!.The situation looked dire to Sam Vasquez. Sam 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 Laurie 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.Sam 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 on the road, delivering good to all his loyal customers. 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 Sam. ""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.

 

""Sam 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 Sam walked into his office with a spring in his step, determined to call each and every client who owed money to Lawrence Truck & Haul. 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, Sam 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 Joanneerley knocked at his door.

 

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

 

""Sure thing Joanne, come on in."" Sam leaned back in his chair and looked expectantly at Joanneerely.""Well, I did a little searching this afternoon and tried to figure out a way out of this mess Sam."" She pulled a small stack of papers from a folder and set them on the desk before him.""Have you ever heard of factoring?"" Joanneerley asked.""It does sound vaguely familiar. What is it?"" he said.""Well,"" she began, ""It�s actually quite simple really.

 

So basically, factoring invoices would enable us to get paid on the nose for loads that we haul.""""Immediately?"" Sam interrupted.""Yes, immediately,"" she continued, ""In a nutshell, it's pretty easy. We start by having a professional account manager review our figures and help us set up 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,� Sam said. �And then what?��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.

 

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.�Sam leaned forward and reviewed the paperwork closely.""It sounds too good to be true, Joanne,"" he said.""Now, now, I know, I thought the same thing. But really, they have guaranteed us experts that do all the legwork, which would free us up here to focus on our clients in good standing and marketing, all that good stuff. And they're flexible Sam,"" she underlined a paragraph on the paper before him.""Just how flexible?"" he asked.""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. It's imperative that we keep the business rolling as usual, and every day we go unpaid we're getting closer and closer to dealing with some serious issues in both the short term and the long term,"" Sam said.He took a deep breath and looked at his secretary with something she recognized as hope.""Exactly�. This could be the answer to our prayers: it will solve many problems we're facing due to these unpaid debts.""Sam thought about this and agreed with Joanneerley. The clients who owed them money were long standing friends and professional resources of Lawrence. They didn't want to throw away these relationships because they were having trouble paying their bills now. Sam 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. 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 Joanne, thank you."" Joanne nodded, stood up and left the office feeling that she had helped her employer keep on his shirt and hers too.Sam 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 Lawrence 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, Lawrence 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 Ted the good news,"" Sam muttered to himself.Ted is Sam's son-in-law, and he really admired the ideas behind Lawrence, so much so that only two years before he had started his own transportation service business. At that time Sam knew the struggles Ted would face, but he still encouraged him to follow his dream. With the faltering economy, if a big fish like Lawrence was hurting, a little guy like Ted was about to catch his death. But, maybe the answer for both of them was in freight factoring, and Sam 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 Sam 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. Sam looked back on the dismal months of life before freight factoring and almost shuddered at the thought. If Sam hadn't discovered freight factoring at just the right time, his business may not be operating today.

 

"

 

 

More Trucking Factoring Companies Story Articles

"

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

 

Danny�s father had started as an owner-operator and had grown Myers 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 Danny'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. Now the company was solely in Danny�s hands and he wanted to live to see it in better 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 all have families and the usual household bills. 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, Myers 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. Danny 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. 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.

 

Danny knew he was right in his forward thinking. How would he take Myers 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. He just finished paying off the small bank loan for installing satellite radio in the trucks for the guys.

 

But was factoring the answer? If he was being honest, he didn't really understand how it all worked. It sounded like a ninth grade math problem and he wondered how this would fit into the trucking business. Factoring companies buy your invoices and manage your accounts receivable for a certain percentage of the invoiced amount. 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. During those thirty days the trucking company can't pay its employees and bills with invoices.

 

Now it was time for Danny to do his homework. 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. Worse still, if the customer defaulted on payment, the factoring company takes it out of the money supposedly 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 friend Ronnie who had a trucking business in Missouri, was run nearly into the ground by a factoring company that charged him the full freight bill on top of the factoring fees. 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. 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 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 didn�t worry over his credit and the debt troubles his father had had in the past of the company. All the factoring company was interest in was the credit of his customers and on their reliability: this worked great for Danny 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 Myers 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.

 

Danny 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. With the capabilities of this new cash flow, Danny could actually expand Myers Trucking Company further across the country and perhaps even go international into Canada. 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.

 

"

 

 

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Trucking Factoring  Articles

�So, this is not a loan?� Casey Gordon 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 stated.Casey Gordon 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 Micheal. He named his business Cruz Trucking, named after Ted and Jason, his two grandfathers. Both of these men had been very hardworking and had set a great example for Micheal.Disaster had struck half a year ago, when two trucks in Micheal�s fifteen truck fleet went down. One was involved in a very costly accident, and the other simply rolled over, and headed to the trucking graveyard. Casey depended on his full fleet, and missing two trucks was devastating . Furthermore, buying a whole new truck and fixing the other simply took more cash than Casey 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. This system works okay as long as no problems arise, but if they do, then things can get quite sticky.Casey 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. Casey knew she was employed by a Factoring company and that her name was Toni. Casey 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.Toni explained. �It�s not a loan, we purchase 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.Casey nodded. It sounded good to him, almost too good.Toni laughed. �I'm not sure that you 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.�Toni smiled, agreeing. �Yes, we get a lot of that. There's no way we want to see you lose your business. 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,� Toni said with a smile. �Let's work out a solution to your problem.�And with that they set about making a profile.

 

Casey filled the form out, with Toni available to help him if he needed it. The profile filled Toni and her company in on Micheal�s company, and would help them determine if he was suitable for factoring. In truth, not all companies were. Some businesses are beyond the help of a Factoring company, while other businesses weren't in enough financial stress to warrant it. Listening as Casey filled out his form, Toni was pretty sure he was a perfect candidate for factoring.Toni took the completed form and placed it in her briefcase. She then stood, reached across the desk and shook Micheal�s hand. He also stood up, and they smiled at each other. They said their goodbyes and Casey 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 Toni 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.The long nights, where he couldn�t sleep. The terrifying panic attacks that occurred regardless of where he was. Already he could feel all the stress start to drain 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 there, he was on the right path, and he was working to make things right.His mind wandered back to the very beginning, when he first started his business. At twenty-two and straight out of school he had opened a restaurant. It had been successful. Home cooking in his hometown, and he had done very well.But it wasn't what he really wanted to do. He wasn't passionate about the food industry. He thought long and hard, and then he decided to sell the restaurant. He took half a year off, and in that time he thought to start Cruz 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.Then disaster! The two trucks went down and suddenly his success wasn't looking so guaranteed. He was about to turn fifty. He didn�t think he had it in him, to save this company. But he couldn�t give up. 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. Micheal's eyes opened, he sat forward in his chair and turned on his computer. He had things to do. There would be plenty of time later to be thankful, but for now it was time to get back to work.

 

 

 

 

More Trucking Factoring Company Story Articles

Why Truck Corporations Work with Factoring Firms.

 

As the manager of your own establishment, you may perhaps be more than wary already of the challenge in making sure that capital issues do not become a difficulty down the line. After all, the most unfortunate thing that can possibly take place for your company is to find yourself dragged in a long and challenging condition that leaves you forever searching for the funds you necessitate on an continuing manner.

 

For virtually any business enterprise in this situation, the trouble can come for waiting for work to clear up and actually be paid out into your bank account. Statements, checks, and the like can take a long time to actually to beprocessed which may leave you with momentary capital troubles. Thank goodness, there are approaches out there for firms to look into-- and among these is factoring agencies.

 

Factoring agencies will, in exchange for your statements, provide you with the cash today to ensure that you don't have to worry about the delaying phase that could make paying the expenses and obtaining toolsmore troublesome. With this kind of setup, invoice factoring can become tremendously helpful for lots of companies who have to get out of a cash lure which they have gotten themselves in.

 

Since, depending on the scale of the work, it can take up to 60 days for some business enterprises to get compensated then it's very important to blanket your own back and not leave yourself funds short to settle the monthly bills. After all, how many companies possess two months income just occupying there to cover all their costs till they make money?

 

This is most especially true of truck firms. They often manage bunches of accounts which means a notable amount of collection period involves business owner themselves. Making an effort to get paid promptly can turn into an unbelievable struggle and this is why you make use of truck factoring firms who are glad to help out truckers specifically.

 

As all of us realize, trucking is an extremely large business with a lot of organizations out there employing hundreds of vehicle drivers. However, several of these drivers end up in money difficulties given that they are still awaiting work from six weeks previously to actually compensate them. When this is the case for a truck business, depending on factoring firms for support maybe the most effective option left.

 

This means that a trucking business can pay the wages of the work force, keep all the trucks loaded with gas and continue to escalate, evolve and expand without constantly waiting for the money which is taking too long to come in. Trucking Business enterprises running without a factoring system put in place are leaving themselves at considerable danger, as contenders cash out fast and carry on to grow.

 

There's honestly very little to be troubled about when it comes to employing a Factoring establishment-- they typically aren't like a bank or an individual who is going to leave you with a large stockpile of financial debt to pay back. You give them authentic invoices from work you have already finished , you are only facilitating the payment system.

 

In the Usa, where trucking agencies thrive, factoring enterprises are not considered getting a loan in any capacity. This private settlement then makes it possible for both groups to benefit and experience a good future-- it provides the factoring provider a secured asset of cash flow to put into the list and it offers the trucking firm the needed finances that they sweated to earn.

 

The trucking establishment presents their statements to the factoring establishment. The trucking factoring business then acquire the installment payments from the trucking company's customers. Factoring has beenaround for hundreds of years and has been used for several years by a lot of various business sectors-- but none exceeding so than truckers. While you may miss out on a small part of the money, something like 1-3 % depending on who you work with, it means that you are obtaining the finances today and can actually start off setting the funds to operate.

 

After all, an IOU or an invoice is not going to fund spendings, is it? For trucking establishments when the funds can be really good one day and gone the next, it's up to the drivers to work prudently and to make certain they are leaving themselves with a substantial amount of time and finance to get through the week till they are paid for again.

 

So the next occasion your trucking company is enduring some temporary cash flow issues and you are shelling out excessive time chasing slow paying customers, why not start off looking into making use of a factoring businesses as a means to get your money and give yourself a more worry-free future in the eyes of your trucking team and your bank difference?

 

 

 

 

 

 

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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. 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. Plus, the amount you apply for through the bank is the actual amount that you are going to receive. Of course, once that loan has been re-paid, you can always re-apply for another loan.

 

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. 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 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.

 

Benefits of a Trucking Factoring Company Vs. A 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. There is no 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. There's 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 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. Receive Your 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.Interest is Paid 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 not only are you relieved of those monthly loan payments, but you also don't 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 most important benefits is that once you sell your accounts receivable to the factory company, you don't have to take time away from running your business to collect the money owed from reluctant to pay customers. Since these accounts belong to the Trucking Factoring company, this is now their job. 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.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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