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How To Rob Banks Legally -
Our Freight Invoice Factoring
Can Give
Your Freight Company
The Money You Need

 

 

trucking factoring company

factoring for trucking companies

trucking invoice factoring companies

factoring companies for trucking industry

Factoring invoices is advantageous for a number of factors. It permits a trucking business to raise money without acquiring new financial obligation. While financial obligation is often needed, the majority of trucking companies would prefer to raise money without obtaining money. Debt is high-risk, and when it can't be paid back, properties can be repossessed. If the financial obligation is big enough, it may even compel a trucking firms out of business.

They Grinned When the Banker Spoke to Me in French - Choose 

A Trucking�Factoring Company  Instead Of A Typical Bank Funding

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

At one time or another, every business, even effective ones, have actually experienced poor 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. What is trucking factoring ? One solution is called freight invoice factoring. Trucking Factoring is the process of selling accounts receivable to an investor rather than waiting to collect the money from the customer. Oh, the Irony- Truck factoring has a paradoxical difference: It is the financial backbone of many of America's most effective companies. Why is this paradoxical ? Since receivable financing is not instructed in business colleges, is seldom discussed in business plans and is relatively unidentified to the majority of most of American business people.

Yet it is a monetary process that releases up billions of dollars every year, enabling thousands of companies to grow and succeed. Staffing Factoring has been around for countless years. Trucking Factoring Businesses are investors who pay money for the right to receive the future payments on your invoices. An overdue receivable or invoice has value. It is a financial obligation your client has to pay in the near future. Factoring Principals--Although factoring deals solely with business-to-business transactions, a large portion of the retail business utilizes a factoring principal. MasterCard, Visa, and American Express all utilize a form of factoring in their retail deals. Utilizing the purest meaning of the word, these large consumer finance business are really just large Receivable Loan Financing Companies of customer paper. Consider it: You make a purchase at Sears and charge it to your MasterCard. The store gets paid practically instantly, although you do not pay up until you are prepared.

For this service, the charge card company charges Sears a fee (typical common normal fees vary from two to four percent of the sale). The Benefits Accounts Receivable Factoring can offer numerous advantages to cash-hungry business. Rather than wait 30, 60, 90 days or longer for payment on a product that has actually already been delivered, a business can factor (sell) its receivables for cash at a small price cut off the dollar value of the invoice. Payroll, advertising efforts, and working capital are just a few of the company needs that can be met with instant  money.

Freight Invoice Factoring offers the means for a producer to replenish stock and make more items to offer: There is no longer a need to wait for earlier sales to be paid. Receivable Loan Financing is not simply a money management tool for manufacturers: Almost any type business can take advantage of Invoice Factoring. Generally, a company that extends credit will have 10 to 20 percent of its yearly sales bound 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 bill or today s payroll with a client s invoice, but you can offer that invoice for the cash to meet those obligations. Using trucking factoring companies is a fast and simple procedure. The factoring company purchases the invoice at a discount, typically a few percentage points less than the face value of the invoice.

 

 

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The United states Truck Association
mentions that there around
200,000 truck drivers with transportation
companies and
250,000 personal providers trucking
firms licensed to
run in America that transported,
according to their newest data of millions
items, supplies and
standard products .
There are several common
providers either going solo or in
teams on our nation
highways transferring these
crucial products to our
shops, manufacturingplants and ports.

Plustrucking factoring
businesses support
numerous of them and offer their
receivables financing services
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

freight-invoice-factoring

 

Watch Our Truck Factoring YouTube Videos For More Information

 

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:

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

List of Trucking Companies for Owner/Operators and Company Drivers

 

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

List of Trucking Companies for Owner/Operators and Company Drivers

 

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

 

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

List of Trucking Companies for Owner/Operators and Company Drivers

 

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

 

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.

 

 

"

Since the mid 1980s Hansen 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 boom times from 2002 to 2007 Hansen Truck & Haul was the mastermind of a top-rated accounts receivable in the trucking industry. Very few customers were behind on their bills, and those customers who were late turned in their overdue payments within an acceptable time frame. 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 to a crawl

 

. And worse yet, Hansen had noticed during the early part of 2008 that though the bulk of their clients were always on time with payments, the few late-bloomers there were, had seemingly started to spread this illness. Spring changed to summer, summer changed to fall, and the CEO of Hansen, Mitchell Richardson, was beginning to feel very uncomfortable indeed whenever he looked at their weekly Accounts Receivable reports. The number of clients who were late in their payments was continuing to grow.He had already been to the administrators to ask what the actual problem was. 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. Perhaps he was losing his customers to his competitor, who seemed to offer very low prices with no guarantee of quality or performance, and these clients who were in debt to his company had possibly disappeared leaving him stranded. Perhaps they were unable to pay their debt to him, but were able to meet the costs of a lesser service. But after doing the cursory research for this and talking to friends in the field, he found that alas, no, customers of Hansen hadn't gone elsewhere. The had just gone!.This current state-of-affairs was causing Mitchell Richardson to have some very restless nights. There were goods to ship, employees to pay, trucks to repair and maintain, and continuous overheads that were very extensive when compared to the funds (or lack of) that were incoming. At night he would speak to his wife Delores and shake his head in frustration.

 

""I have a bad feeling, Lin,"" he would say with deep woe.""Well, what do you think it is?"" she would ask.Mitchell would stare off into the distance, and then slowly close his 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 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 think I know what it could be,"" said Mitchell. ""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."" Delores would look at her husband lovingly, and holding his hand would say 'It's such a harsh economy these days and our clients must be having difficulty meeting their responsibilities'.""Mitchell 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 Mitchell strolled into his office and was determined to sit down and make every phone call to every client who had owed Hansen money. Now, it wasn't the most efficient way to spend a day as a chief executive, what he really needed to be doing was to be overseeing all of the other intricacies of shipment and delivery and reaching out to prospective clients or retraining his sales team to do the same. Even though he was doing something to help his company, he knew he had folks on salary to do just this thing. A waste of time - a waste of money - he had the best intentions, but all the while Mitchell was realising just how much trouble he was in.Poor Mitchell spent the whole morning trying in vain to contact his debtors: they promised to call back, dodged his calls, or made small interest-only payments. He was beginning to feel quite despaired when his secretary knocked on his door.

 

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

 

""Sure thing Hazel, come on in."" Mitchell relaxed back into his chair and looked up at Hazelerley.""Well Mitchell, this afternoon I did some research, trying to work out how we're going to get out of this mess."" She opened up a folder she had been carrying and pulled out a small wad of papers, placing them on the desk in front of him.""Have you ever heard of factoring?"" Hazelerley asked.""It sounds vaguely familiar. What is factoring""? he asked.""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.""Mitchell interrupted ""Immediately?"".""Yes, immediately,"" she continued, ""It's actually very simple. We can have an expert account manager review our numbers and help us complete 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 provides a very broad view.��Mitchell replied cautiously ""I see - and what happens then?��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. We come to an agreement and the funding starts pouring out.�Mitchell was still a little concerned. He leaned forward in his chair and studied the paperwork very closely.""It sounds too good to be true, Hazel,"" he said.""Yes, I know; that's exactly what I thought at the beginning. But think about it, Mitchell: 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 Mitchell,"" she underlined a paragraph on the paper before him.""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. 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,"" Mitchell said.Mitchell took in a long slow breath, then looked at his secretary with something like hope in his eyes.""Precisely�. This could be the answer to our prayers: it will solve many problems we're facing due to these unpaid debts.""Mitchell thought about this and agreed with Hazelerley. The customers who were in debt to Hansen 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, Mitchell was very concerned about losing these relationships. Mitchell 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 Hazel, thank you."" Hazel nodded, stood up and left the office feeling that she had helped her employer keep on his shirt and hers too.Mitchell 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 Hansen 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, Hansen 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 Alberto the good news,"" Mitchell muttered to himself.Mitchell's son-in-law, Alberto, loved the idea behind Hansen and highly respected his father-in-law for having such great business sense, that two years ago he got his capital together and started his own transportation company. Mitchell knew then what struggles Alberto would face but he encouraged him nonetheless. With the economy the way it was, if an established company such as Hansen was struggling then the little guys, like Alberto, were going to be in even more trouble. But, maybe the answer for both of them was in freight factoring, and Mitchell was going to find out very soon.Some months later, having successfully gone through the entire process of the application, having experts study his credit history and statements and review his accounts receivable, Mitchell found that he was starting his journey out of the despair which had been created for him by his delinquent account holders.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. Mitchell recalled those dismal months when he wasn't aware of freight factoring, and he shuddered at those memories. If Mitchell hadn't discovered freight factoring at just the right time, his business may not be operating today.

 

"

 

 

More Trucking Factoring Companies Story Articles

Factoring in the Future of a Trucking Business: A Story The phone was ringing on his desk, and Lee Freeman 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. Freeman Trucking Company had reached a turning point and he now had to make a decision as to whether he should sign up with a factoring company, and indeed if this would be a good or regrettable decision for his business.

 

Lee�s father had started as an owner-operator and had grown Freeman 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 Lee'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 Lee's hands and he needed to ensure that this business would be left in great shape for his sons.

 

To move Freeman Trucking Company ahead into the future, he needed a steady cash flow but there was just not enough money to go around. His employees needed to be paid. They had families and household bills too. 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, Freeman 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. Lee allowed himself a good hard chuckle. He remembered when his father was totally against installing GPS units in the cabs. He would say, �Why do you need the voice of some woman to tell you to get off at an exit that has been the same exit that 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.

 

Lee knew he was right in his forward thinking. How would he take Freeman 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.

 

He wondered about factoring - was this the answer for him? 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 the assistance of factoring, you have to wait for customers to send you the payment which is often 30 days late. In those 30 days, a trucking company can�t pay its bills and employees in invoices.

 

Now it was time for Lee to do his homework. Lee had heard that there were companies that charged for same day money transfers and would only advance a percentage of the money owed to your company while holding the rest in a private account if they didn�t get their bill payment within 60 or so days. 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. All the factoring companies he researched were open about their business practices and very friendly on the phone when he called. Customer service appeared to understand their company and explained in clear, concise English exactly how it all worked. He didn�t mind signing 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 wouldn't 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. 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 Lee it was quite a relief to be dealing with the factoring company. They were more personable than those loan managers at the bank. 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 Lee 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 have any problems, nor would they think poorly of Freeman 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, Lee stepped out of his office to advise his secretary to expect to receive the contract very shortly from the factoring company. 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 Freeman 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?� Patrick Hughes asked as he leaned back in his chair, crossing his legs. The woman sitting across the desk from Patrick smiled at him, shaking her head.�Not quite,� she stated.Patrick Hughes 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 Francisco. His company was called Payne Trucking, named after both of his grandfathers, Albert and Miguel. They had both been hardworking men, and had done a lot to make Patrick the same.Disaster had struck half a year ago, when two trucks in Francisco�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. The financial security of Francisco's company relied on his full fleet on fifteen being on the road, and missing two trucks was just devastating . Furthermore, buying a whole new truck and fixing the other simply took more cash than Patrick had on hand.Paying of bills in the trucking industry is always a major cause for concern for businesses.

 

Waiting a month or longer for bills to be paid was quite normal. In the long run, this wasn�t an issue, but if problems arose, you could find yourself in trouble.Patrick was an excellent business man, and he certainly hadn't done anything wrong. 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.That�s where the woman across the desk came in. Patrick knew she was employed by a Factoring company and that her name was Sally. He had accidentally come across her company one night when he was working late, searching the internet to see if there was some solution to his financial dilemma.She sat there now, and explained. �it is really not a loan at all: we actually buy your accounts receivable. We aren�t giving you money to be paid back later, we�re buying something from you, and you can buy it back when you can. 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.Patrick nodded. It sounded good to him, almost too good.The woman laughed. �I'm not sure that you 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.�Sally nodded. �Yes, we get a lot of that. Listen, I�d hate to see you lose your company. You work hard, you�ve put everything you can into it. Sometimes you need help. That's why we do what we do.��In any case, thank you for coming to see me.��No problem - I'm just down the road. We normally do it all online but I was happy to come and visit you today,� said Sally with a smile. �Let�s see what we can do to help you.�And right there and then they created a business profile. Patrick filled the form out, with Sally available to help him if he needed it. The profile filled Sally and her company in on Francisco�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. As Patrick completed his form, Sally listened to his story and she felt quite sure he would be the ideal candidate for Factoring.Sally took the completed form and placed it in her briefcase. Standing up, she reached over the desk and shook Francisco's hand. He stood before they shook as well, and then smiled. They said their goodbyes and Patrick 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 shut his eyes. He felt so drained: he had been flailing helplessly for so long, he just knew his business was going to collapse and probably take him with it. Talking to Sally 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 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.Patrick couldn�t help but think back to when he had first started the business. At twenty-two and straight out of school he had opened a restaurant. It had been successful. Offering home cooking in his own hometown, his business had really prospered.But it wasn't what he really wanted to do. His passion didn�t lie with 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 Payne Trucking. And that's exactly what he did. Once again he built a company from the ground up. The business had been an instant success.And then the trucks went down, and his success looked to be in flux. He was about to turn fifty. He didn�t think he had it in him, to save this company. But giving up wasn't part of his personality either.

 

Just the thought of shutting down, cutting his losses, laying off his workers - the whole thing made him physically sick some nights. He didn�t know how to say quit.And now, because of factoring, he was sure he wouldn�t have to. Patrick opened his eyes, sat forward, turned his computer on. He had lots to do. He could be thankful later, for now, it was time to work.

 

 

 

 

More Trucking Factoring Company Story Articles

The key reasons why Trucking Agencies Use Factoring Companies.

 

As the operator of your own business, you may perhaps be much more than aware already of the difficulty in making sure that cash flow concerns do not become a problem down the line. After all, the toughest thing that can quite possibly come about for your enterprise is to find yourself involved in a long and perplexing situation that leaves you forever looking for the resources you require on an recurring basis.

 

For any type of business in this case, the complication can come for waiting for work to lapse and actually be paid out into your statement. Bill of sales, checks, and the like could take some time to actually to beprocessed which can leave you with temporary capital troubles. The good news is, there are alternatives out there for firms to explore-- and one of these is factoring providers.

 

Factoring firms will, in substitution for your accounts, grant you with the cash money asap so you don't need to worry about the waiting time span that could make paying the expenses and obtaining toolsmore troublesome. With this type of arrangement, invoice factoring can become remarkably beneficial for many firms who have to get out of a money pitfall which they have found themselves in.

 

Since, basing on the volume of the project, it can take up to 60 days for several companies to get paid out then it's essential to take care of your own back and certainly not leave yourself resources short to settle the bills. After all, how many business enterprises possess two months income just lying there to address all their expenditures till they make money?

 

This is primarily true of trucking enterprises. They tend to manage lots of accounts which means a notable amount of collection time entails business owner themselves. Trying to get paid out promptly can develop into an unbelievable hassle and this is the key reasons why you work with trucking factoring providers who are thrilled to help out truckers mainly.

 

As all of us recognize, trucking is an exceptionally large market with many organizations out there working with hundreds of drivers. Unfortunately, numerous of these drivers land up in finances issues because they are still waiting for work from six weeks back to actually pay them. When this is the scenario for a trucking business, resorting to factoring agencies for support could be the most recommended choice left.

 

This implies that a trucking company can compensate the paychecks of the crew, keep all the cars refilled with gas and continue to scale, rise and expand without constantly waiting for the funds which is taking too lengthy to come in. Trucking Enterprises working without a factoring program applied are leaving themselves at considerable threat, as competitions cash out fast and go on to broaden.

 

There's honestly very little to be troubled about when it comes to making use of a Factoring agency-- they commonly are not like a banking company or a person who is going to leave you with a huge mound of financial debt to pay back. You give them authentic invoices from output you have already completed , you are only just speeding the payment process.

 

In the United States, where truck agencies develop, factoring companies are not considered borrowing in any capacity. This confidential contract then allows both groups to profit and experience a comfortable future-- it provides the factoring provider a secured resource of revenue to put into the list and it supplies the trucking firm the required cash that they sweated to earn.

 

The trucking enterprise provides their accounts to the factoring firm. The trucking factoring agency then receive the payment amounts from the trucking company's clients. Factoring has been all around for hundreds of years and has been employed for long times by numerous varying business-- but none more so than truckers. While you may lose out on a small part of the money, something like 1-3 % depending upon who you deal with, it means that you are receiving the resources today and can actually start setting the cash to perform.

 

Anyway, an IOU or an invoice is absolutely not going to pay for expenses, is it? For trucking agencies when the hard earned cash can be very good one day and gone the next, it's up to the vehicle drivers to work prudently and to guarantee they are leaving themselves with a notable measure of time and money to get through the week until they are paid for again.

 

So the next instance your trucking establishment is bearing some momentary cash flow concerns and you are devoting excessive time chasing sluggish paying clients, why not start off thinking of utilizing a factoring businesses as a means to get your cash and give yourself a more at ease future in the eyes of your trucking personnel and your bank dividend?

 

 

 

 

 

 

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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. 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. 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 don't offer loans, and you don't go into debt when you get money from a Trucking Factoring company. The finance you receive from the Trucking Factoring company is determined by money already earned by your business, but not yet received. 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 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. Since the Trucking Factoring company actually buys your accounts receivable you don't actually incur debt like you do with a bank loan. 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. In the event that your business fails, you wouldn't 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. There's 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'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.Interest is Paid Up Front. With a bank loan interest continues to build, and this has to be paid the whole time you have a business loan; however with a Trucking Factoring company there is no interest - they take it right off the top by deducting it from the total amount of receivable accounts. So you don't have to worry about monthly loan repayments, and you don't have to worry about the amount of interest payable, because all the money in the account is yours to spend.

 

As you can see, 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 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. The Trucking Factoring company takes over that chore, since it is now their money to collect. 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.While a Trucking Factoring company is not the only way for your business to obtain the money it needs to keep growing, it does offer a type of financing well worth considering.

 

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