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To Companies Who Want To Write - but Can't Get Started - Our Receivable Factoring Company Can Provide
Your Freight Company The Cash Your Company Needs

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factoring trucking receivables

Small freight companies, especially those who have actually not been around for extremely long, will commonly find it hard to protect a loan. Banks are frequently hesitant to provide cash to companies that do not have a great deal of income and possessions. They likewise want evidence of the practicality of a business and thus need that the majority of operations, particularly small ones, be in company for a certain quantity of time prior to they are willing to turn over any cash. Due to the fact that of this, a medium-size company typically has few money producing choices when needs emerge. One alternative offered, however commonly neglected, is factoring. This is an excellent way for a small business to acquire money.

 

 

 

 

 

 

 

What Your Banker Doesn't Want You to Know - Pick A Freight Bill�Factoring Company  Instead Of A Typical Bank Funding

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

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

Cash flow does not have to be a problem any more. Do not be deceived -- banks are not the only places you can get financing. Other options are offered and you do not have to borrow. What is trucking factoring ? One solution is called trucking factoring. Trucking Factoring is the process of offering accounts receivable to an investor instead of waiting to gather the money from the customer. Oh, the Irony- Trucking factoring has an ironic difference: It is the monetary backbone of numerous of America's most effective businesses. Why is this ironic ? Because accounts receivable factoring is not instructed in business colleges, is seldom mentioned in business strategies and is relatively unidentified to the majority 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 prosper. Receivable Financing has actually been around for thousands of years. Commercial Factoring Businesses are investors who pay money for the right to receive the future payments on your invoices. An unpaid receivable or invoice has value. It is a financial obligation your client has actually to pay in the near future. Factoring Principals--Although factoring offers exclusively with business-to-business deals, a big percentage of the retail business uses a factoring principal. MasterCard, Visa, and American Express all utilize a type of factoring in their retail deals. Utilizing the purest definition of the word, these big customer finance business are really simply big Receivable Loan Funding Companies of customer paper. Consider it: You purchase at Sears and charge it to your MasterCard. The shop makes money practically instantly, even though you do not pay until you are prepared.

For this service, the credit card company charges Sears a charge (typical common normal charges range from 2 to four percent of the sale). The Benefits Commercial Factoring can provide many advantages to cash-hungry business. Rather than wait 30, 60, 90 days or longer for payment on a product that has actually currently been provided, a company can factor (sell) its receivables for money 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 requirements that can be satisfied with instant  cash.

Factoring offers the ways for a manufacturer to replenish stock and make even more products to sell: There is no longer a need to await for earlier sales to be paid. FACTORING is not just a cash management device for producers: Almost any kind company can benefit from Receivable Loan Funding. Generally, a company that extends credit will have 10 to 20 percent of its annual sales tied up in invoices at any given time. Think for a minute about exactly how much is bound in 60 days' worth of invoices: You can not pay the power bill or today s payroll with a customer s invoice, but you can sell that invoice for the cash to satisfy those obligations. Using truck factoring companies is a fast and simple process. The factoring company buys the invoice at a discount, usually a couple of portion points less than the stated value of the invoice.

 

 

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The United states Trucking Association
mentions that there are about
195,000 truck drivers with transportation
firms and
276,000 personal companies trucking
firms accredited to
run in the U.S. that carried,
according to their most current searchings for billions of
items, materials and
fundamental products .
There are several typical
providers either going solo or in
groups on our nation
roads transferring these
vital items to our
shops, factories and ports.

Plus freight factoring
firms service
several of them and offer their
receivables financing services
nationallycounting
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

 

"

Fort Worth, city (1990 pop. 447,619), seat of Tarrant co., N Tex., on the Trinity River 30 mi (48 km) W of Dallas; settled 1843, inc. 1873. An army post was established on the site in 1847, and after the Civil War became an Old West cow town. The first railroad (completed 1876) helped establish Fort Worth as a meatpacking and cattle-shipping point, and it soon also became a center for milling and shipping wheat. In 1919 oil was discovered to the west, and refineries and related installations were built. Fort Worth, which in its rivalry with Dallas calls itself the city ""where the West begins,"" has been financially revitalized since the construction of major industrial parks in the 1980s, and suburban expansion continues. Oil and gas, cattle, and grain remain important, but newer industries, such as aerospace and electronic equipment manufacture, wholesaling and distribution, transportation, communications, and food processing, have led economic development. The airline industry is critical, with both the Dallas�Fort Worth International Airport and Alliance cargo airport in or near the city;is based there.Fort Worth is the seat of Texas Christian Univ., Texas Wesleyan Univ., and a Baptist seminary. The Tarrant County Convention Center, Kimbell Art Museum, Amon Carter Museum, Modern Art Museum of Fort Worth, quadrennial Van Cliburn International Piano Competition, Texas Motor Speedway, Bass Performance Center (in Sundance Square), and the old stockyards are among its visitor attractions.

 

"

 

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

 

 

"

Since the mid 1980s Stephens Truck & Haul have been successfully running their freight business. 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, Stephens was a top rated accounts receivable mastermind of the trucking industry. Very few customers were behind on their bills, and those customers who were late turned in their overdue payments within an acceptable time frame. Cash was flowing and times were good for all.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 to a crawl

 

. And worse yet, Stephens 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. And as spring turmed to summer and summer into the early days of fall, Darrell Wood, CEO of Stephens 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 Stephens money had jumped ship and decided to leave him holding the bag.

 

. 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 Stephens hadn't gone elsewhere. The had just gone!.To Darrell Wood the situation looked desperate. Darrell 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 Lorraine 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.Darrell 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 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. What could cause this ultimate death spiral of business?""I know what it is,"" Darrell said. ""For way too long I've been relying solely on profits received from invoices. I've let too many of our customers go too long without paying on their bills."" Lorraine 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'.""Lorraine was trying so hard to support her husband in these worrying times, while Darrell was weighed down with the worry of how he was going to handle this situation he found himself in.The following day Darrell walked into his office with a spring in his step, determined to call each and every client who owed money to Stephens Truck & Haul. This wasn't really a very efficient way for a Chief Executive to spend his day, and Darrell knew he should be overseeing all the other sides of the business, such as shipments and deliveries, approaching prospective customers, or working with his sales team. 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 Darrell was realising just how much trouble he was in.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 Jamieerley knocked at his door.

 

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

 

""Sure thing Jamie, come on in."" Darrell leaned back in his chair and looked expectantly at Jamieerely.""Well Darrell, this afternoon I did some research, trying to work out how we are 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?"" she asked.""It sounds vaguely familiar. What is factoring""? he asked.She began, ""Well, it is really very simple. Basically, factoring invoices means that we would get paid immediately for the loads we haul.""Darrell interrupted ""Immediately?"".""Immediately, yes"" she added, ""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.. 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,� Darrell said. �And then what?""Following the completion of their review and once we have 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. Once we arrive at a mutual agreement, the funding begins.�Leaning forward, Darrell studied the documents very closely.""I do not know, Jamie - it just sounds too good to be true"", Darrell 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 Darrell,"" she underlined a paragraph on the paper before him.""How flexible?"" asked Darrell.""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 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 Darrell.Darrell took in a long slow breath, then looked at his secretary with something like hope in his eyes.""Precisely�. This could very well be the answer to resolving the problems we are having with these clients who still owe us money.""Darrell took a moment to think about this solution, and agreed with his secretary. The clients who owed them money were long standing friends and professional resources of Stephens. They did not want to throw away these relationships because they were having trouble paying their bills now. Darrell 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 did not handle these debtors in the right way, that unknown amount of time could spell disaster for all of them. He did not want to lose business but he also did not want to lose any more money.""Let me go over this tonight Jamie, and thankyou."" Jamie nodded, stood up and left the office feeling that she had helped her employer keep on his shirt and hers too.Darrell sat behind his desk and looked over the details Jamie had not mentioned in their meeting. He wondered if there might be other problems freight factoring could help Stephens 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, Stephens could receive up to fifty-percent cash advances upon load pick-ups. Darrell was a typical business man: he despised binding contracts that did not allow room to breathe, so he was pleasantly surprised to see that the factoring company did not require a long term contract, that there was no minimum volume required, and that there were no sign-up fees.""Well, I'll have to tell Max about this,"" muttered Darrell to himself.His son-in-law Max had liked the idea of Stephens so much and revered his father in law for having such business acumen that only two years before, he had gathered the venture capital to begin his own transportation service company. Darrell knew then what struggles Max would face but he encouraged him nonetheless. With the faltering economy, if a big fish like Stephens was hurting, a little guy like Max was about to catch his death. But, an antidote may have been found in freight factoring and Darrell 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 Darrell was beginning to find his way out of the hole his debtors had created for him.They adopted reasonable factoring purchase contracts and stopped wasting their own precious time trying to collect debts. They used that time to refocus their efforts in being competitive in new territories. Darrell looked back on the dismal months of life before freight factoring and almost shuddered at the thought. Had he missed the boat on this one, he probably wouldn't be in business today.

 

"

 

"

Fort Worth, city (1990 pop. 447,619), seat of Tarrant co., N Tex., on the Trinity River 30 mi (48 km) W of Dallas; settled 1843, inc. 1873. An army post was established on the site in 1847, and after the Civil War became an Old West cow town. The first railroad (completed 1876) helped establish Fort Worth as a meatpacking and cattle-shipping point, and it soon also became a center for milling and shipping wheat. In 1919 oil was discovered to the west, and refineries and related installations were built. Fort Worth, which in its rivalry with Dallas calls itself the city ""where the West begins,"" has been financially revitalized since the construction of major industrial parks in the 1980s, and suburban expansion continues. Oil and gas, cattle, and grain remain important, but newer industries, such as aerospace and electronic equipment manufacture, wholesaling and distribution, transportation, communications, and food processing, have led economic development. The airline industry is critical, with both the Dallas�Fort Worth International Airport and Alliance cargo airport in or near the city;is based there.Fort Worth is the seat of Texas Christian Univ., Texas Wesleyan Univ., and a Baptist seminary. The Tarrant County Convention Center, Kimbell Art Museum, Amon Carter Museum, Modern Art Museum of Fort Worth, quadrennial Van Cliburn International Piano Competition, Texas Motor Speedway, Bass Performance Center (in Sundance Square), and the old stockyards are among its visitor attractions.

 

"

 

More Trucking Factoring Companies Story Articles

The Future of a Trucking Company, and Factoring The phone was ringing on his desk, and Jesse Flores 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. Flores 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.

 

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

 

To move Flores 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 all have families and the usual household bills. 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, Flores 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. Jesse allowed himself a good hard chuckle. His father had been against placing 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?� 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). 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.

 

Jesse knew he was right in his forward thinking. How would he take Flores Trucking to the next level? 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? If he was being honest, he did not 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 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 Jesse to do his homework. Jesse 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! 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. 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. All the factoring companies he researched were open about their business practices and very friendly on the phone when he called. Customer service appeared to understand their company and explained in clear, concise English exactly how it all worked. He was quite happy to sign an exclusive contract. He liked the idea of a long term commitment so he knew he wouldn�t have to bother going back and forth to different companies and wasting time filing more forms. 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.

 

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 Jesse 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 Flores 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.

 

Jesse stepped out of his office to let his secretary know to expect the arrival of the factoring contract shortly. 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 Flores 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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Trucking Factoring  Articles

"

�So It is not a loan?� Barry Green asked as he leaned back in his chair, crossing his legs. The woman sitting across the desk from Barry smiled at him, shaking her head.�No, not exactly,� she stated.Barry 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 Eddie. His company was called Austin Trucking, named after both of his grandfathers, Lewis and Bob. Both of these men had been very hardworking and had set a great example for Eddie.Six months ago disaster struck Eddie's business when two out of his fleet of fifteen trucks were taken off the road.

 

One was involved in a very costly accident, and the other simply rolled over, and headed to the trucking graveyard. Barry 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. This system works okay as long as no problems arise, but if they do, then things can get quite sticky.Barry was an excellent business man, and he certainly hadn't done anything wrong. Things had happened that he could not have predicted, and he had to figure out a way to keep his business from hurting, or even going under.And that's why he found himself across the desk from this woman. Barry knew she was employed by a Factoring company and that her name was Loretta. 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.Barry nodded. It sounded perfect - perhaps too good?.Loretta laughed. �I'm not sure that you believe me,� she said.�No, I do, I just think it sounds a bit too good to be true. I actually thought I might end up losing my business.�Loretta smiled, agreeing. �We get that a lot. 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,� Loretta said with a smile. �Let's work out a solution to your problem.�And with that they set about making a profile.

 

Barry filled the form out, with Loretta available to help him if he needed it. The profile filled Loretta and her company in on Eddie�s company, and would help them determine if he was suitable for factoring. Unfortunately, not all companies are. Some businesses are beyond the help of a Factoring company, while other businesses weren't in enough financial stress to warrant it. Listening as Barry filled out his form, Loretta was pretty sure he was a perfect candidate for factoring.When the form was done Loretta took it and slid it into her briefcase. Standing up, she reached over the desk and shook Eddie's hand. He also stood up, and they smiled at each other. They said their goodbyes and Barry 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. But now, after speaking to Loretta 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 sudden panic attacks, not matter 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. 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 it wasn't what he really wanted to do. He wasn't passionate about the food industry. He thought about it for a long time, then decided it was time to sell his restaurant. He took six months off, and during that time he decided to create Austin 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.And then the trucks went down, and his success looked to be in flux. He was nearing fifty. He didn�t think he had it in him, to save this company. But giving up wasn't part of his personality either.

 

The idea of cutting his losses, shutting down, laying off his workers, it actually made him sick some nights. He did not want to quit - both for himself and for his staff members.And now it seemed as though he would not have to - all because of Factoring. Barry opened his eyes, sat forward, turned his computer on. 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.

 

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More Trucking Factoring Company Story Articles

The reason why Truck Firms Utilize Factoring Companies.

 

As the owner of your own business enterprise, you may be much 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 in all probability occur for your enterprise is to find yourself embroiled in a long and hard condition that leaves you forever trying to find the money you necessitate on an continuing manner.

 

For any type of business enterprise in this instance, the problem 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 while to actually to be taken care of which may leave you with temporary available resources issues. Thankfully, there are options out there for industries to explore-- and just one of these is factoring companies.

 

Factoring companies will, in trade for your statements, grant you with the money right away to ensure you do not have to stress over the waiting period which could make paying off the bills and getting toolsmore hard. With this type of setup, invoice factoring can come to be remarkably helpful for many businesses who ought to get out of a cash trap which they have found themselves in.

 

Since, basing on the volume of the task, it can take up to 60 days for many enterprises to get compensated then it is critical to cover up your own back and not leave yourself resources short to pay the expenses. After all, how many enterprises have two months income just occupying there to pay for all their expenditures until they earn?

 

This is primarily true of trucking companies. They have the tendency to handle great deals of statements which means a considerable amount of collection time demands company owner themselves. Striving to get paid promptly can develop into an extraordinary trouble and this is precisely why you utilize trucking factoring companies who are delighted to help out truckers exclusively.

 

As most of us know, trucking is an remarkably big industry with many companies out there working with hundreds of operators. However, plenty of these drivers end up in finances predicaments due to the fact that they are still waiting for work from six weeks in the past to actually pay them. When this is the situation for a trucking agency, choosing factoring providers for aid may be the very best alternative left.

 

This indicates that a trucking business can provide the paychecks of the people, keep all the vehicles topped off with fuel and continue to surmount, develop and expand without constantly waiting for the cash which is taking too long to come in. Trucking Companies working without a factoring program implemented are leaving themselves at notable hazard, as contenders cash out rapidly and proceed to expand.

 

There's genuinely almost nothing to be stressed about when it comes to making use of a Factoring establishment-- they typically are not like a banking company or an individual who is going to leave you with a big mound of financial obligation to pay back. You give them legitimate invoices from work you have already accomplished , you are merely facilitating the payment process.

 

In the United states of America, where trucking enterprises thrive, factoring agencies are not considered borrowing in any capacity. This confidential contract then allows both parties to benefit and indulge in a worry-free future-- it provides the factoring agency a secured asset of earnings to add to the list and it provides the trucking company the needed funds that they sweated to generate.

 

The trucking establishment presents their invoices to the factoring business. The trucking factoring provider then acquire the payments from the trucking company's clients. Factoring has been all around for hundreds of years and has been used for long times by many different business sectors-- but none more so than truckers. While you could miss out on a small part of the money, something like 1-3 % depending on who you partner with, it implies that you are receiving the funds today and can actually start off putting the money to do work.

 

Anyway, an IOU or an invoice is not actually going to fund overheads, is it? For trucking companies when the money can be very good one day and gone the next, it is up to the vehicle drivers to work sensibly and to ensure they are leaving themselves with a substantial volume of time and finance to get through the week up until they are paid once more.

 

So the next time your trucking business is enduring some temporary cash flow issues and you are investing excessive time chasing slowly paying clienteles, why not begin considering making use of a factoring companies as a method to get your finances and give yourself a more convenient future in the eyes of your trucking staff and your bank balance?

 

 

 

 

 

 

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Traditional Bank Loans

 

Finance through a bank loan is the normal, or traditional, way of financing your business. While these loans are handy they are not available to every business. 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 is 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. Plus, the amount you apply for through the bank is the actual amount that you are going to receive. Once the loan is paid off, you can then apply for another loan if the need arises.

 

What Are Trucking Factoring Companies?

 

Trucking Factoring companies do not give loans, and the money you get from the Trucking Factoring company does not put you in debt. Rather the financing you receive from a Trucking Factoring company is based on money your business has already earned, but have 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 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 do not actually incur debt like you do with a bank loan. This has many benefits including the fact, that this type of financing will not affect either your business credit rating or your personal credit rating. 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. There's no collateral required. Another benefit of using a Trucking Factoring company instead of a traditional loan is that you are not 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. 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. Receive Your Money Faster. With a Trucking Factoring company you can actually get the money you need faster. The money will normally be in your account within 24 hours, once the Trucking Factoring company is confident that your customers� accounts are likely to be paid. Borrowing from a bank begins with vast amounts of paperwork, the loan must be underwritten, and this can take ages before you're notified if the loan has been approved.

 

4.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 you do not have to worry about monthly loan repayments, and you do not have to worry about the amount of interest payable, because all the money in the account is yours to spend.

 

As you can see from the above, there are some great benefits to financing through a Trucking Factoring company, and not through a traditional bank loan. In addition, there are other benefits that a Trucking Factoring company can offer you, outside the scope of a bank. The 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. 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.

 

In addition, since the Trucking Factoring company evaluates the credit quality of your customers prior to purchasing the accounts receivable you gain valuable information into which customers are likely to pay and which ones are not so likely to pay.While a Trucking Factoring company is not the only way for your business to obtain the money it needs to keep growing, it does offer a type of financing well worth considering.

 

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