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The Secrets of Making People Like You Get - Our Trucking Factoring Companies Can Give
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Medium-Size freight brokerage companies, specifically those who have actually not been around for extremely long, will typically discover it hard to protect a loan. Banks are commonly hesitant to provide cash to businesses that do not have a lot of income and assets. They also desire proof of the practicality of a business and therefore need that the majority of operations, particularly small ones, been around for a particular quantity of time before they are prepared to turn over any money. Since of this, a small company typically has a couple of money producing options when requires arise. One alternative offered, but commonly ignored, is receivable Financing. This is an outstanding way for a small business to acquire money.

 

 

 

 

 

 

 

Take This One Minute Test - Pick An Accounts Receivable Factoring Company Instead Of A Traditional Bank Funding

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

At one time or another, every business, even effective ones, have experienced poor money flow.

Money flow does not have to be an issue any ever more. Do not be fooled -- banks are not the only places you can get funding. Other solutions are available and you do not have to borrow. What is truck factoring ? One option is called truck factoring. Trucking Factoring is the procedure of offering accounts receivable to an investor instead of waiting to collect the money from the client. Oh, the Irony- Trucking factoring has a paradoxical distinction: It is the monetary backbone of numerous of America's most successful companies. Why is this paradoxical ? Because receivable funding is not instructed in business colleges, is rarely mentioned in company plans and is relatively unknown to bulk of most of American company individuals.

Yet it is a financial process that frees billions of dollars every year, allowing thousands of companies to grow and succeed. Staffing Factoring has been around for thousands of years. FACTORING Companies are investors who pay cash for the right to receive the future payments on your invoices. An overdue receivable or invoice has value. It is a financial obligation your customer has to pay in the near future. Factoring Principals--Although factoring offers exclusively with business-to-business deals, a big percentage of the retail company utilizes a factoring principal. MasterCard, Visa, and American Express all utilize a type of factoring in their retail transactions. Utilizing the purest definition of the word, these big customer finance companies are really just big Truck Factoring Businesses of customer paper. Consider it: You make a purchase at Sears and charge it to your MasterCard. The store makes money practically immediately, even though you do not pay up until you are prepared.

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

Invoice Factoring offers the means for a manufacturer to renew stock and make more products to sell: There is no longer a need to await for earlier sales to be paid. FACTORING is not simply a money management tool for producers: Practically any type company can take advantage of Accounts Receivable Factoring. Typically, a business that extends credit will have 10 to 20 percent of its yearly sales bound in invoices 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, however you can sell that invoice for the cash to satisfy those responsibilities. Using trucking factoring companies is a quick and simple process. The factoring company buys the invoice at a price cut, usually a couple of percentage points less than the face value of the invoice.

 

 

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The United states Transportation Organization
specifies that there are about
195,000 truck drivers with transportation
businesses and
276,000 private service providers trucking
companies licensed to
run in the U.S. that transferred,
according to their latest listings of millions of
products, supplies and
fundamental materials .
There are a number of typical
carriers either going solo or in
groups on our nation
roadways transporting these
vital items to our
stores, manufacturing facilities and shipping ports.

Moreover freight factoring
businesses benefit
many of them and offer their
accounts receivablesfinancing services
nationallycomprising
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

 

"

Baton Rouge , French for ""Red Stick,"" is the capital of the U.S. state of Louisiana and its second-largest city. The seat of East Baton Rouge Parish, the city is located on the banks of the Mississippi River.As the ""Capital City,"" Baton Rouge is the political hub for Louisiana, and is the second largest metropolitan city in the state with a growing population of 230,058 people as of 2012. The metropolitan area surrounding the city, known as Greater Baton Rouge, has a population of 815,298 people as of 2012. The urban area has around 594,309 inhabitants.Baton Rouge is a major industrial, petrochemical, medical, research, motion picture, and growing technology center of the American South. The Port of Baton Rouge is the ninth largest in the United States in terms of tonnage shipped, and is the farthest tream Mississippi River port capable of handling Panamax ships.The Baton Rouge area owes its historical importance to its site upon the Istrouma Bluff, the first natural bluff upriver from the Mississippi River Delta, that provided the city�s residents a safe business quarter from flooding. In addition, the city built a levee system stretching from the bluff southward to protect the riverfront and low-lying agricultural areas. The city is a culturally rich center, having lived under seven different governments: French, English, Spanish, West Floridian, Louisiana, Confederate, and American.

 

"

 

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

 

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

 

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

 

Click below to find Trucking Companies in the United States:

Trucking Companies serving to/from points within the United States,
categorized by services offered. United States Trucking
Companies will be listed under all categories in which they provide specified Trucking Services.
To find companies offering specific Trucking Services in the United States, click on the list of services below.

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.

 

 

"

Kelly Truck & Haul have been operating their 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, Kelly was a top rated accounts receivable mastermind of the trucking industry. Few customers were ever late on bills and those clients who were, were sure to turn in their late payments within a reasonable amount of time. Times were great for everyone, and the cash was flowing.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, Kelly 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, Steve Wells, CEO of Kelly felt a chill go down his spine whenever he would look at the weekly A/R reports. The numbers of clients who owed him back debt were growing.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. 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 Kelly 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 Kelly hadn't gone elsewhere. They had just gone home.To Steve Wells the situation looked desperate. 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. After work he would confide in his wife, Denise, and neither were unable to stop the constant worry over the lack of funds.""I have a bad feeling, Lin,"" he'd sadly say to his wife.""What could you do differently?"" she would ask.Steve would stare off for a moment and then close eyes. He could see the fleet of trucks he had purchased over the years. He could see them on the road, delivering good to all his loyal customers. But then a haze would cover his trucks and his vast fleet would vanish to leave just a few. What on earth was happening to create the death of his business?""I know what it is,"" said Steve. ""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."" All Denise could do was hold his hand and look at him tenderly. 'We know it is a difficult economy at the moment - perhaps it will take a while for people to get on top of their bills'.""Steve 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 Steve strolled into his office and was determined to sit down and make every phone call to every client who had owed Kelly 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 Steve 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 Elizabetherley knocked at his door.

 

""Steve, can I have a word?"" she queried, standing in the doorway.

 

""Sure thing Elizabeth, come on in."" Steve relaxed back into his chair and looked up at Elizabetherley.""Well, I did a little searching this afternoon and tried to figure out a way out of this mess Steve."" 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.""Steve 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.. 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.""Steve 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. There�s a lot of flexibility depending on the business volume and credit histories. The company will advise us the cost to purchase factoring for our company's accounts receivable. The funding commences once we�ve arrived at an agreement.�Steve was still a little concerned. He leaned forward in his chair and studied the paperwork very closely.""I do not know, Elizabeth - it just sounds too good to be true"", Steve said quietly.""Now, now, I know, I thought the same thing. But really, they have guaranteed us experts that do all the legwork, which would free us up here to focus on our clients in good standing and marketing, all that good stuff. They appear to be very flexible, Steve,"" 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. Apparently they can figure this all out in two to four days.

 

""That sounds pretty good, seeing as we tapped ourselves out with bank loans last year to repair the fleet and money sure is tight. 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,"" Steve said.He took a deep breath and looked at his secretary with something she recognized as hope.""Precisely�. This could be the answer to our prayers: it will solve many problems we are facing due to these unpaid debts.""Steve thought about this and agreed with Elizabetherley. The clients who owed them money were long standing friends and professional resources of Kelly. They did not want to throw away these relationships because they were having trouble paying their bills now. Steve 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.""Let me go over this tonight Elizabeth, and thankyou."" Elizabeth nodded, stood up and left the office feeling that she had helped her employer keep on his shirt and hers too.Steve sat behind his desk and looked over the details Elizabeth had not mentioned in their meeting. What other issues could freight factoring help Kelly 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, Kelly 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 Isaac the good news,"" Steve muttered to himself.His son-in-law Isaac had liked the idea of Kelly 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. Steve knew then what struggles Isaac would face but he encouraged him nonetheless. With the economy the way it was, if an established company such as Kelly was struggling then the little guys, like Isaac, were going to be in even more trouble. Perhaps the antidote to these problems was in freight factoring, and they were about to find out.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, Steve 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 took that time and refocused effort to offering competitive prices in new territories. Steve recalled those dismal months when he wasn't aware of freight factoring, and he shuddered at those memories. If Steve hadn't discovered freight factoring at just the right time, his business may not be operating today.

 

"

 

"

Baton Rouge , French for ""Red Stick,"" is the capital of the U.S. state of Louisiana and its second-largest city. The seat of East Baton Rouge Parish, the city is located on the banks of the Mississippi River.As the ""Capital City,"" Baton Rouge is the political hub for Louisiana, and is the second largest metropolitan city in the state with a growing population of 230,058 people as of 2012. The metropolitan area surrounding the city, known as Greater Baton Rouge, has a population of 815,298 people as of 2012. The urban area has around 594,309 inhabitants.Baton Rouge is a major industrial, petrochemical, medical, research, motion picture, and growing technology center of the American South. The Port of Baton Rouge is the ninth largest in the United States in terms of tonnage shipped, and is the farthest tream Mississippi River port capable of handling Panamax ships.The Baton Rouge area owes its historical importance to its site upon the Istrouma Bluff, the first natural bluff upriver from the Mississippi River Delta, that provided the city�s residents a safe business quarter from flooding. In addition, the city built a levee system stretching from the bluff southward to protect the riverfront and low-lying agricultural areas. The city is a culturally rich center, having lived under seven different governments: French, English, Spanish, West Floridian, Louisiana, Confederate, and American.

 

"

 

More Trucking Factoring Companies Story Articles

"

Factoring in the Future of a Trucking Business: A Story The phone was ringing on his desk, and Glenn Mcdonald just sat there letting it ring. His morning coffee cooled and his cigarette smoked away in the tray: Glenn is thinking, and pondering the biggest decision he's ever had to make for his trucking business. Mcdonald Trucking Company was at a turning point of growth and Glenn had to decide if signing with a factoring company was the right way forward.

 

Glenn�s father had started as an owner-operator and had grown Mcdonald 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 Glenn's mother had jumped into the cab at times to make hauls. His father had worked long enough to see the price of hires drop dramatically during the recession and to see the explosion of fuel prices afterwards. Now the company was solely in Glenn�s hands and he wanted to live to see it in better shape for his sons.

 

There just never seemed to be enough money to go around, and certainly no spare cash, but to move his company successfully into the future he needed a steady and reliable cash flow. His employees needed to be paid. They had families and household bills too. A few of the refrigerated trailers really needed some maintenance, and in order to stay competitive he really wanted to invest in specialized haulers to meet the increasing requests for loads of agricultural and energy equipment. He knew that turning down these requests made Mcdonald Trucking look inefficient and weak in what was currently a strong market.

 

His father would have told him to wait and to take his time adding on new technology. Glenn chuckled, thinking about his father. His father had been against placing GPS units in the cabs. His Dad would say ""Why on earth do you need some stranger telling you to get off the exit that everyone knows has been there for years?� Also his father had the habit of teasing all the drivers he caught switching into automatic even though driving in automatic was much more efficient though not manly in his father�s eyes. He knew his father's days were long gone and new technology was very important for the business, like having Qualcomm to reduce communication time for bills of lading.

 

Glenn knew he was right in his forward thinking. How would he take Mcdonald Trucking to the next level? More importantly, how could he afford it? Funding was all tied up in the mortgage for the office and garage and in the fuel bills. 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. Factoring companies buy your invoices and manage your accounts receivable for a certain percentage of the invoiced amount. The factoring company gives the trucking business its payment right away which allows the business to have continuous cash flow so it can pay employees, buy fuel, and make repairs for upcoming hauls. Without the assistance of factoring, you have to wait for customers to send you the payment which is often 30 days late. During those thirty days the trucking company cannot pay its employees and bills with invoices.

 

Now it was time for Glenn to do his homework. Glenn 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 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?

 

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 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 was good money.

 

For Glenn it was quite a relief to be dealing with the factoring company. They were extremely helpful and more personable than the bank staff. It seemed as though those bank people spoke another language, but these factoring guys knew the trucking business and spoke to him like a client, not like a beggar for a handout. The factoring companies 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 Glenn because he and his father had created a very strong and loyal list of clientele over the years. He knew immediately that there would not be any problems when they were contacted by the factoring company regarding their invoices. His clients wouldn�t think poorly of Mcdonald 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.

 

Glenn stepped out of his office to let his secretary know to expect the arrival of the factoring contract shortly. He felt exhilarated by the new possibilities that would make the future of the company fun again and put the stress of the difficult times behind him. With the capabilities of this new cash flow, Glenn could actually expand Mcdonald Trucking Company further across the country and perhaps even go international into Canada. His heart felt full knowing his sons wouldn�t have to worry about money because of the right decisions he had made for their trucking business.

 

"

 

 

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Trucking Factoring  Articles

"

�So It is not a loan?� Sidney Mason asked as he leaned back in his chair, crossing his legs. The woman who sat across the desk smiled and shook her head.�No, not exactly,� she said.Sidney Mason 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 Maurice. His company was called Reid Trucking, named after both of his grandfathers, Wayne and Edwin. Both of these men had been very hardworking and had set a great example for Maurice.Six months ago disaster struck Maurice's business when two out of his fleet of fifteen trucks were taken off the road.

 

One was a roll-over and ended up in the trucking graveyard: the other was involved in a serious and costly accident. The financial security of Maurice's company relied on his full fleet on fifteen being on the road, and missing two trucks was just 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.Sidney wasn�t a bad owner, and he hadn�t messed up. 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. Her name was Lillian and she worked for a factoring company. 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�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.Sidney agreed. It sounded good to him, almost too good.Lillian laughed. �You look like you don�t believe me,� she chuckled.�Oh no, I do: it just sounds too good to be true. I actually thought I might end up losing my business.�Lillian nodded. �We get that a lot. Listen, I�d hate to see you lose your company. We know how hard you work, and that you've invested everything in your business. Sometimes you need help. That's why we do what we do.""In any case, thank you for coming to see me.""It�s right down the road, usually we do it all online, but I didn�t mind swinging on by today,� Lillian said with a smile. �Let�s see what we can do to help you.�And right there and then they created a business profile. Sidney filled the form out, with Lillian available to help him if he needed it. The profile filled Lillian and her company in on Maurice�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 Sidney filled out his form, Lillian was pretty sure he was a perfect candidate for factoring.When the form was done Lillian took it and slid it into her briefcase. She then stood, reached across the desk and shook Maurice�s hand. He stood before they shook as well, and then smiled. Sidney walked Lillian to the door where they said 'Goodbye', then he went back into his office.All his staff members were there, all seven who worked in his office. Sitting behind his desk once more he could hear the familiar sounds of his office workers going about their daily business.He shut his eyes. He had felt so helpless lately, was sure the whole thing was collapsing, and would take him with it. Talking to Lillian 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.Sidney couldn�t help but think back to when he had first started the business. He had opened a restaurant at age twenty two when he was fresh out of school. It had been successful. Home cooking in his hometown, and he had done very well.But 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 half a year off, and in that time he thought to start Reid Trucking. And that's exactly what he did. 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. Maurice's eyes opened, he sat forward in his chair and turned on his computer. He had things to do. There would be plenty of time later to be thankful, but for now it was time to get back to work.

 

"

 

 

 

More Trucking Factoring Company Story Articles

Reasons why Trucking Corporations Utilize Factoring Firms.

 

As the owner of your own business enterprise, you may well be much more than mindful already of the challenge in making certain that capital concerns do not become a dilemma down the line. Anyway, the most horrible thing that can possibly occur for your establishment is to find yourself involved in a long and difficult situation that leaves you forever looking for the money you need to have on an recurring manner.

 

For any firm in this scenario, the problem can come for waiting for work to lapse and actually be brought in into your statement. Bill of sales, checks, and the like can take a while to actually to be taken care of which can easily leave you with temporary cash flow troubles. Thank goodness, there are approaches out there for firms to explore-- and just one of these is factoring companies.

 

Factoring companies will, in substitution for your accounts, offer you with the funds today in order that you do not have to fret about the delaying time frame that could make paying off the expenses and obtaining toolsmore difficult. With this kind of arrangement, invoice factoring can become tremendously helpful for plenty of establishments who need to get out of a cash trap which they have discovered themselves in.

 

Because, basing on the size of the work, it can take up to 60 days for many business enterprises to get compensated then it is important to cover up your own back and definitely not leave yourself resources short to pay off the costs. After all, how many companies have two months revenue just occupying there to address all their spendings until they make money?

 

This is most especially correct of trucking firms. They often handle tons of accounts which means a huge quantity of collection period involves company owner themselves. Striving to get paid in time can come to be an amazing trouble and this is precisely why you work with truck factoring firms who are pleased to help out truckers mainly.

 

As most of us realize, trucking is an unbelievably enormous business with a lot of agencies out there employing hundreds of vehicle drivers. Regretfully, quite a few of these drivers end up in cash predicaments since they are still expecting work from six weeks earlier to actually compensate them. When this is the situation for a trucking company, resorting to factoring firms for solutions maybe the very best option left.

 

This indicates that a truck firm can pay out the paychecks of the people, keep all the trucks topped off with fuel and continue to escalate, rise and expand without continually waiting for the resources which is taking too long to come in. Trucking Establishments operating without a factoring system implemented are leaving themselves at substantial danger, as competitors cash out quickly and carry on to grow.

 

There's genuinely not much to be troubled about when it comes to employing a Factoring firm-- they commonly are not like a banking company or somebody who is going to leave you with a large stockpile of financial debt to repay. You give them legitimate invoices from work you have already wrapped up , you are only speeding the repayment system.

 

In the United States, where truck establishments flourish, factoring establishments are not considered taking on loan in any capacity. This private settlement then lets both groups to make money and experience a comfortable future-- it provides the factoring firm a guaranteed asset of money to include in the list and it furnishes the trucking firm the required funds that they worked hard to earn.

 

The trucking enterprise provides their accounts to the factoring firm. The trucking factoring provider then collect the payment amounts from the trucking company's customers. Factoring has been in existence for centuries and has been used for decades by plenty of varying business sectors-- but none exceeding so than truckers. While you may well lose out on a small part of the money, something like 1-3 % depending upon who you deal with, it indicates that you are receiving the money today and can actually begin setting the money to operate.

 

Once and for all, an IOU or an invoice is absolutely not going to fund costs, is it? For trucking establishments when the money can be really good one day and gone the next, it is up to the vehicle drivers to work prudently and to guarantee they are leaving themselves with a notable volume of time and money to get through the week up until they are compensated once more.

 

So the next time your trucking enterprise is having some temporary cash flow challenges and you are devoting a bit too much time chasing slowly paying clienteles, why not start taking into consideration using a factoring companies as a means to get your money and give yourself a more comfortable future in the eyes of your trucking staff and your bank difference?

 

 

 

 

 

 

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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. 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. In addition, while you apply for a certain loan amount, that is all the financing you are entitled to. Once the loan is paid off, you can then apply for another loan if the need arises.

 

What Are Trucking Factoring Companies?

 

Trucking Factoring companies do not give loans, and the money you get from the Trucking Factoring company does not put you in debt. Rather the financing you receive from a Trucking Factoring company is based on money your business has already earned, but have not yet received. The Trucking Factoring company purchases your accounts receivable, or part of them, for a certain percentage of their value - this is normally about 80-95%. The amount of finance you can receive will be based on the amount you have earned and the accounts receivable you are prepared 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.

 

What Are The Benefits Of A Trucking Factoring Company Versus A Traditional Bank Loan?

 

While not every business can take advantage of Trucking Factoring account financing (you have to have a business that has account receivables) for those that can use this type of financing there are several distinct benefits.

 

1. There is no debt. You do not incur debt as you do with a bank loan because the Trucking Factoring company actually purchases your accounts receivable. 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. Should the unforeseeable happen and your business fails, you will not have to worry about anyone coming after your personal as well as your business assets to pay off a loan. With a bank loan, the debt goes onto your credit report, and even one late payment can adversely affect your businesses credit, and even the ability to get insurance and may even reflect upon your personal credit rating.

 

2. No Collateral Required. Another benefit of using a Trucking Factoring company instead of a traditional loan is that you 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. You'll receive the money faster. Using a Trucking Factoring company means that you'll get the finance quicker. 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. 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 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. Since these accounts belong to the Trucking Factoring company, this is now their job. Trucking Factoring companies are very efficient at debt collecting, and this frees up your valuable time to devote to running your company.

 

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