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How To Get More Cash - Our Freight Invoice Factoring Companies Can Give
Your Freight Company The Money You Need

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Factoring invoices is helpful for numerous reasons. It allows a trucking business to raise money without getting new debt. While debt is often needed, most truck companies would prefer to raise cash without obtaining money. Financial obligation is dangerous, and when it can not be repaid, assets can be repossessed. If the debt is huge enough, it could even force a trucking companies out of business.

 

 

 

 

 

 

 

Here Is a Quick way to Shore Up Your Cash Flow - Choose An Accounts Receivable Factoring Company Instead Of A Traditional Bank Funding

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

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

Money flow does not have to be a problem any ever more. Do not be deceived -- banks are not the only locations you can get funding. Other solutions are available and you do not have to borrow money. Exactly what is truck factoring ? One option is called truck factoring. Truck Factoring is the process of selling accounts receivable to a financier instead of waiting to gather the money from the client. Oh, the Irony- Truck factoring has an ironic distinction: It is the financial backbone of many of America's most effective companies. Why is this paradoxical ? Because invoice factoring is not taught in business colleges, is rarely mentioned in business plans and is relatively unknown to bulk of most of American business people.

Yet it is a financial process that releases up billions of dollars every year, enabling countless companies to grow and succeed. Trucking Factoring has actually been around for countless 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 client has actually agreed pay in the near future. Factoring Principals--Although factoring offers solely with business-to-business deals, a large portion of the retail business utilizes a factoring principal. MasterCard, Visa, and American Express all use a type of factoring in their retail deals. Utilizing the purest definition of the word, these large customer finance companies are truly simply large Accounts Receivable Factoring Companies of customer paper. Consider it: You make a purchase at Sears and charge it to your MasterCard. The store makes money practically instantly, even though you do not make payment until you are prepared.

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 numerous benefits to cash-hungry companies. Rather than wait 30, 60, 90 days or longer for payment on an item that has actually already been provided, a business can factor (sell) its receivables for money at a small discount off the dollar value of the invoice. Payroll, marketing efforts, and working capital are just a few of the company needs that can be satisfied with instant  cash.

Receivable Funding offers the means for a producer to renew inventory and make more products to offer: There is no longer a requirement to wait for earlier sales to be paid. FACTORING is not simply a cash management tool for manufacturers: Almost any kind business can take advantage of Accounts Receivable Factoring. Typically, a company that extends credit will have 10 to 20 percent of its annual sales bound in invoices at any given time. Think for a moment about how much is tied up in 60 days' worth of invoices: You can not pay the power bill or this week s payroll with a customer s invoice, however you can sell that invoice for the money to meet those obligations. Using trucking factoring companies is a fast and easy process. The factoring company purchases the invoice at a price cut, typically a few portion points less than the stated value of the invoice.

 

 

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The American Transportation Organization
mentions that there are about
195,000 workers with transportation
businesses and
250,000 personal service providers trucking
companies certified to
run in the U.S. that transported,
according to their latest searchings for billions of
items, supplies and
standard products .
There are a number of common
providers either going solo or in
teams on our country
roads transferring these
important products to our
stores, manufacturingplants and ports.

Also freight invoice factoring
companies benefit
countless of them and offer their
receivables financing facilities
countrywidecounting
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

 

Moreno Valley is a city located in Riverside County, California and is part of the San Bernardino-Riverside Metropolitan Area. A relatively young city, its rapid growth from the 1980s to the early 2000s made it the second-largest city in Riverside County by population, and one of the Inland Empire's population centers. As of the 2010 census,[6] the city's population was 193,365. Neighboring Riverside, California, is the county seat and largest city in the county and the two cities are closely tied. Moreno Valley is also part of the Greater Los Angeles area.According to the City's 2009 Comprehensive Annual Financial Report,[28] the top employers in the city are:

 

 

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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:

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

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

 

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

 

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

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

 

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.

 

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

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

 

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

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

 

 

"

Powell Truck and Haul has been in business since the mid 1980s. For more than twenty years they've been delivering goods for most major industries in the nation, with business booming as they traversed the country, in all kinds of weather, for all kinds of clients. During the heady times from 2002 to 2007, Powell 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. 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

 

. Worse still, it was noticed by Powell 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. Spring changed to summer, summer changed to fall, and the CEO of Powell, Martin Gomez, 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 already been to the administrators to ask what the actual problem was. Were they doing things different, or wrong, when it came to collecting overdue accounts? By his bookkeepers records, this wasn't the case. Perhaps he was losing his customers to his competitor, who seemed to offer very low prices with no guarantee of quality or performance, and these clients who were in debt to his company had possibly disappeared leaving him stranded. They could not afford to pay him their debt, but they could afford a lesser service, maybe. But after doing the cursory research for this and talking to friends in the field, he found that alas, no, customers of Powell hadn't gone elsewhere. The had just gone!.The situation looked dire to Martin Gomez. Martin 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. After work he would confide in his wife, Anne, and neither were unable to stop the constant worry over the lack of funds.""Lin, I have a really bad feeling,"" he'd sadly say to his wife.""Well, what do you think it is?"" she would say.Martin 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 on the road, delivering good to all his loyal customers. But then a haze would cover his trucks and his vast fleet would vanish to leave just a few. Why couldn�t he work out how to resolve this financial problem with his business?""I know what it is,"" said Martin. ""I've relied too long on the profits I receive from invoices alone. For too long I've been allowing our clients to let their accounts become overdue."" Anne would look at her husband lovingly, and holding his hand would say 'it is such a harsh economy these days and our clients must be having difficulty meeting their responsibilities'.""Anne was trying so hard to support her husband in these worrying times, while Martin was weighed down with the worry of how he was going to handle this situation he found himself in.The next day Martin strolled into his office and was determined to sit down and make every phone call to every client who had owed Powell 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, Martin 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 Lisaerley knocked at his door.

 

""Can I have a word with you Martin?"" she asked standing in the doorway.

 

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

 

Basically, factoring invoices means that we would get paid immediately for the loads we haul.""Martin interrupted ""Immediately?"".""Yes, immediately,"" she continued, ""In a nutshell, it is pretty easy. 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.""I see,� Martin 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.

 

This company tells us what the cost will be to purchase factoring for our accounts receivable. Once we arrive at a mutual agreement, the funding begins.�Martin leaned forward and reviewed the paperwork closely.""I do not know, Lisa - it just sounds too good to be true"", Martin said quietly.""Yes, I know; that's exactly what I thought at the beginning. 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 Martin,"" she drew a circle around a paragraph on the document before him.""Just how flexible?"" asked Martin.""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. Apparently they can figure this all out in two to four days.

 

""It does all sound pretty good, remembering that we are all tapped out now with loans from the bank last year to repair vehicles, and we all know just how tight money is. it is imperative that we keep the business rolling as usual, and every day we go unpaid we are getting closer and closer to dealing with some serious issues in both the short term and the long term,"" said Martin.Martin took in a long slow breath, then looked at his secretary with something like hope in his eyes.""Exactly�. I think this might just be a way out of the trouble we are in with these folks who owe us money.""Martin took a moment to think about this solution, and agreed with his secretary. The customers who were in debt to Powell Truck & Haul were professional resources of the company, but they were also long-standing friends. Just because they were experiencing difficulties paying their own bills now, Martin was very concerned about losing these relationships. Martin 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 could create a disaster situation for both of them if he wasn't careful in how these debtors were handled. Of course he did not want to lose any more money, but he did not want to lose business either.""Well, let me think about this tonight Lisa, thank you."" Lisa nodded, satisfied with her work, and she left the office feeling quite content in the knowledge that she had helped Martin keep the shirt on his back, and possibly hers too.Martin 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 Powell 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, Powell 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.""Well, I'll have to tell Eric about this,"" muttered Martin to himself.Eric is Martin's son-in-law, and he really admired the ideas behind Powell, so much so that only two years before he had started his own transportation service business. At that time Martin knew the struggles Eric would face, but he still encouraged him to follow his dream. With the economy the way it was, if an established company such as Powell was struggling then the little guys, like Eric, were going to be in even more trouble.

 

But, an antidote may have been found in freight factoring and Martin was soon to find out.A few short months later, after completing the application process, having the legal experts review his credit history, accounts receivable, and statements, finally Martin was beginning to find his way out of the hole his debtors 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. Martin 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.

 

"

 

Moreno Valley is a city located in Riverside County, California and is part of the San Bernardino-Riverside Metropolitan Area. A relatively young city, its rapid growth from the 1980s to the early 2000s made it the second-largest city in Riverside County by population, and one of the Inland Empire's population centers. As of the 2010 census,[6] the city's population was 193,365. Neighboring Riverside, California, is the county seat and largest city in the county and the two cities are closely tied. Moreno Valley is also part of the Greater Los Angeles area.According to the City's 2009 Comprehensive Annual Financial Report,[28] the top employers in the city are:

 

 

More Trucking Factoring Companies Story Articles

"

Factoring in the Future of a Trucking Business: A Story Harold Turner let the phone ring on his desk. 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. Turner Trucking Company was at a turning point of growth and Harold had to decide if signing with a factoring company was the right way forward.

 

More than forty years ago Harold's father had started this business working as an owner-operator and eventually growing Turner Trucking Company into a fifteen trailer fleet. Yes, they had survived some very difficult times when it appeared like they might go under, and even Harold's mother had jumped into the cab at times to make hauls. His father had lived long enough to witness the price of hires drop during the recession and watch the eruption of fuel prices afterwards. But now things were different: the company was in Harold'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. Some of the refrigerated trailers were in need of repairs and he felt to stay competitive it was also a good idea to invest in specialized haulers to be ready for the constant requests he was getting for loads of new energy and agriculture equipment. Every time he had to turn down a request, Turner Trucking looked weak in a very strong market.

 

He knew what his father would have said - 'wait, take your time before adding new technology'. Harold 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?� He smiled to himself as he remembered his father poking fun at the other drivers who switched to automatic, even though automatic was quite obviously more efficient (though less manly). 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.

 

Harold believed a successful man is always thinking of his next step. What would be the next step for Turner Trucking? And how would he be able to 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? There was a lot he didn�t understand about the process. It sounded a lot like ninth grade algebra which just didn�t feel like it belonged as part of the trucking business. A factoring company actually purchases your invoices and takes control of your accounts receivable, payment being a certain percentage of the amount invoiced. 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 this assistance, you're placed in the position of waiting for payment from your customers, and this can often be thirty days, or more. During those thirty days the trucking company cannot pay its employees and bills with invoices.

 

Now it was time for Harold 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. 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! 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 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. Well, what was the point of going to a factoring company if there was shady business like that going on?

 

But it turned out to be quite easy. All the factoring companies he researched were open about their business practices and very friendly on the phone when he called. 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. In fact, he was quite pleased with the idea of a long-term contract because he knew this was a one-off and he would not have to keep going back and forth to different companies. Nobody charged him for credit checks and they offered him a fuel advance on the pick-up of the load. Many companies offered a non-recourse factoring program that suited him just fine. 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. 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. Factoring was based on the credit of his customers and on their reliability which worked well for Harold because he and his father had built up good strong relationships over decades with their list of clients. So he knew they would understand when the factoring company contacted them for the invoices. His clients would not have any problems, nor would they think poorly of Turner Trucking, because the factoring companies handle themselves in such a polite and professional manner, similar to the way his father had managed the business in the past.

 

Feeling happier now, Harold 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 Turner 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 would not be inheriting a financial mess.

 

"

 

 

 

 

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Accountsreceivablefunding.Org

 

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Trucking Factoring  Articles

"

�So It is not a loan?� asked Armando Harrison, reclining back into his chair and crossing his legs. The woman who sat across the desk smiled and shook her head.�Not quite,� she stated.Armando was the owner of a small trucking company which had fallen on some hard times recently. Certainly the trucking business can be an extremely profitable venture, and for many years it had been that way for Sean. His company was called Stone Trucking, named after both of his grandfathers, Miguel and Jay. They had both been hardworking men, and had done a lot to make Armando the same.Disaster had struck half a year ago, when two trucks in Sean�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. Armando depended on his full fleet, and missing two trucks was devastating . In addition, he just did not have the available cash to buy a new truck, plus repair the other one.A big problem a lot of trucking companies came across was how bills were paid in the industry. 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.Armando was an excellent business man, and he certainly hadn't done anything wrong. Certain events had occurred that he could not possibly have predicted, and now he had to find a way to protect his business and prevent it from ultimate devastation.That�s where the woman across the desk came in. Armando knew she was employed by a Factoring company and that her name was Diane. Armando 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.Diane explained. �It�s not a loan, we purchase your accounts receivable. we are not giving you finance to be repaid later: we are purchasing something from you, and when you can you can buy it back. This is a win-win situation: we are protected from a total loss, and you're protected from the ridiculous fees and charges you'd have to pay if you borrowed from a bank.Armando nodded. It sounded good to him, almost too good.The woman laughed. �You look like you don�t believe me,� she chuckled.�No, I do, I just think it sounds a bit too good to be true. I thought I was going to lose my company.�Diane nodded. �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. We all need help sometimes. 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,� said Diane with a smile. �Let�s see what we can do to help you.�And with that they set about making a profile.

 

Armando completed the form, with Diane offering advice as needed.

 

The completed profile gave Diane and her company all the information they needed on Sean's business, and with this information they would determine if this business would in fact be 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 Armando filled out his form, Diane was pretty sure he was a perfect candidate for factoring.Diane took the completed form and placed it in her briefcase. Standing up, she reached over the desk and shook Sean's hand. He stood before they shook as well, and then smiled. Armando walked Diane to the door where they said 'Goodbye', then he went back into 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 felt so drained: he had been flailing helplessly for so long, he just knew his business was going to collapse and probably take him with it. But now, after speaking to Diane and learning all about Factoring, he felt such a huge relief, like someone had just lifted a huge weight off his shoulders. He sat back in his chair and ran a hand through his graying but still thick black hair.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 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.His mind wandered back to the very beginning, when he first started his business. He had opened a restaurant at age twenty two when he was fresh out of school. It had been successful. Offering home cooking in his own hometown, his business had really prospered.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 Stone Trucking. So he did it. 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 was concerned that he just did not have the energy left to try and save the business. 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 know how to say quit.And now it seemed as though he would not have to - all because of Factoring. Armando opened his eyes, sat forward, turned his computer on. He had lots 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

The key reasons why Truck Agencies Use Factoring Companies.

 

As the owner of your own business, you may likely be more than perceptive already of the challenge in making certain that cash flow concerns do not become a problem down the line. After all, the toughest thing that can potentially transpire for your firm is to find yourself swept up in a long and tough condition that leaves you forever looking for the money you need to have on an continual manner.

 

For pretty much any firm in this condition, the trouble can come for waiting for work to lapse and actually be compensated into your statement. Bill of sales, checks, and the like can take a while to actually to beprocessed which may leave you with momentary cash flow dilemmas. Gratefully, there are options out there for industries to check out-- and among these is factoring companies.

 

Factoring agencies will, in substitution for your accounts, offer you with the money today to make sure that you do not need to fret about the delaying phase which could make paying out the bills and acquiring toolsmore hard. With this kind of setup, invoice factoring can become remarkably beneficial for a lot of enterprises who have to avoid a cash lure which they have gotten themselves in.

 

Given that, relying on the volume of the project, it can take up to 60 days for a number of business enterprises to get compensated then it is necessary to take care of your own back and not leave yourself money short to pay the expenses. After all, how many companies possess two months revenue just occupying there to deal with all their bills until they earn?

 

This is most notably correct of trucking enterprises. They usually take care of great deals of accounts which means a notable volume of collection time entails business owner themselves. Seeking to get paid out in time can develop into an incredible headache and this is exactly why you work with trucking factoring providers who are glad to help out truckers mainly.

 

As all of us determine, trucking is an unbelievably massive market with lots of organizations out there employing hundreds of vehicle drivers. The sad thing is, plenty of these drivers end up in finances difficulties considering that they are still waiting on work from six weeks earlier to actually pay them. When this is the scenario for a trucking company, turning to factoring providers for assistance could be the most suitable alternative left.

 

This signifies that a truck corporation can provide the wages of the staff, keep all the cars refilled with gas and continue to surmount, progress and expand without consistently waiting for the funds which is taking too lengthy to come in. Trucking Establishments operating without a factoring system implemented are leaving themselves at considerable threat, as competitors cash out fast and continue to grow.

 

There's honestly very little to be distressed about when it comes to employing a Factoring agency-- they commonly are not like a financial institution or somebody who is going to leave you with a substantial mound of liability to repay. You give them legitimate invoices from output you have already wrapped up , you are only just speeding the payment system.

 

In the Usa, where truck enterprises prosper, factoring providers are not considered taking on loan in any capacity. This private deal then permits both parties to profit and experience a worry-free future-- it provides the factoring business a guaranteed resource of income to include in the list and it furnishes the trucking firm the needed finances that they sweated to acquire.

 

The trucking enterprise bestows their statements to the factoring enterprise. The trucking factoring firm then collect the payments from the trucking company's clients. Factoring has beenaround for centuries and has been adopted for decades by several different markets-- but none more so than truckers. While you might possibly miss out on a small part of the money, something like 1-3 % depending on who you partner with, it signifies that you are acquiring the resources today and can actually start off putting the money to perform.

 

After all, an IOU or an invoice is certainly not going to cover bills, is it? For trucking enterprises when the cash can be excellent one day and gone the next, it is up to the vehicle drivers to work sensibly and to make certain they are leaving themselves with a notable amount of time and money to get through the week up until they are paid for once again.

 

So the next moment your trucking enterprise is bearing some short-term cash flow problems and you are shelling out too much time chasing slowly paying customers, why not start considering using a factoring companies as a way to get your finances and give yourself a more convenient future in the eyes of your trucking workers and your bank dividend?

 

 

 

 

 

 

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Traditional Bank Loans

 

Bank loans are an extremely traditional way for a business to get financing. 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. In addition, while you apply for a certain loan amount, that is all the financing you are entitled to. Of course, once that loan has been re-paid, you can always re-apply for another loan.

 

What Are Trucking Factoring Companies?

 

Trucking Factoring companies do not 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. Trucking Factoring companies actually purchase your accounts receivable or at least part of them for a percentage of their total worth, Normally around 80%-95%. The amount of finance you can receive will be based on the amount you have earned and the accounts receivable you are prepared to sell. Once 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

 

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

 

1. You will not Incur Debt. Since the Trucking Factoring company actually buys your accounts receivable you do not actually incur debt like you do with a bank loan. One of the main benefits of this kind of financing is that your business credit rating and your personal credit rating will not be affected. In the event that your business fails, you would not have to be concerned about someone coming after your personal or your business assets in order to pay off a loan. 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 great benefit of using the services of a Trucking Factoring company instead of a bank loan is that there is no collateral required for the Trucking Factoring company, because the Trucking Factoring company is buying your accounts receivables. Plus, the state of your credit rating is not an issue; however the Trucking Factoring company will run a credit check on your clients whose accounts receivable are being offered for financing. This means that it is 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. Using a Trucking Factoring company means that you'll get the finance quicker. Once the Trucking Factoring company assures itself that the customers in your accounts receivable are likely to pay their debt, the money is usually in the account within 24 hours. Borrowing from a bank begins with vast amounts of paperwork, the loan must be underwritten, and this can take ages before you're notified if the loan has been approved.

 

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

 

As you can see from the above, there are some great benefits to financing through a Trucking Factoring company, and not through a traditional bank loan. However, there are also a couple of other benefits that a factory company can offer your business is far beyond the scope of the bank. The most important benefits is that once you sell your accounts receivable to the factory company, you do not 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 good at collecting these debts, saving you the time and effort that you need to devote to your growing company.

 

In addition, since the Trucking Factoring company evaluates the credit quality of your customers prior to purchasing the accounts receivable you gain valuable information into which customers are likely to pay and which ones are not so likely to pay.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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