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For The Business Who Wants To Look Better - Our Trucking Factoring Company Can Provide
Your Trucking Company The Cash Your Company Needs

accountreceivablefactor.com

factoring services for trucking companies

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trucking invoice factoring companies

Medium-Size freight brokerage businesses, especially those who have not been around for really long, will frequently find it hard to secure a loan. Banks are often reluctant to provide cash to companies that do not have a lot of income and properties. They likewise want evidence of the practicality of a business and hence require that most operations, specifically little ones, been around for a certain amount of time prior to they want to turn over any money. Because of this, a small company typically has a couple of money producing alternatives when requires occur. One choice offered, however often neglected, is invoice factoring. This is an excellent method for a medium-size business to obtain cash.

 

 

 

 

 

 

 

Thousands Now Play Who Never Thought They Could - Pick A Trucking�Factoring Company  Instead Of A Typical Bank Financing

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

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

Money flow does not have to be a problem any ever more. Do not be fooled -- banks are not the only locations you can get funding. Other solutions are available and you do not have to borrow. What is trucking factoring ? One solution is called truck factoring. Truck Factoring is the procedure of selling invoices to an investor rather than waiting to gather the money from the client. Oh, the Irony- Trucking factoring has a paradoxical difference: It is the financial backbone of numerous of America's most effective companies. Why is this ironic ? Since receivable funding is not instructed in business colleges, is rarely mentioned in business plans and is fairly unknown to bulk of most of American company individuals.

Yet it is a financial procedure that frees billions of dollars every year, enabling thousands of companies to grow and prosper. Invoice Factoring has actually been around for thousands of years. Trucking Factoring Businesses are financiers who pay cash for the right to get the future payments on your invoices. An overdue receivable or invoice has value. It is a debt your client has agreed pay in the near future. Factoring Principals--Although factoring offers exclusively with business-to-business transactions, a big percentage of the retail business uses a factoring principal. MasterCard, Visa, and American Express all utilize a form of factoring in their retail transactions. Using the purest meaning of the word, these big customer finance business are truly just large Receivable Loan Funding Companies of consumer paper. Think about it: You make a purchase at Sears and charge it to your MasterCard. The shop gets paid almost immediately, even though you do not make payment up until you are prepared.

For this service, the credit card business charges Sears a fee (typical common normal fees range from 2 to 4 percent of the sale). The Advantages Trucking Factoring can provide numerous benefits to cash-hungry companies. 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 cash at a little price cut off the amount of the invoice. Payroll, advertising efforts, and working capital are simply a few of the company requirements that can be met with instant  cash.

Account Receivable Financing offers the ways for a producer to renew stock and make more products to offer: There is no longer a need to wait for earlier sales to be paid. FACTORING is not simply a money management tool for producers: Almost any type business can benefit from Invoice Factoring. 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 how much is bound in 60 days' worth of invoices: You can not pay the power expense or today s payroll with a customer s invoice, but you can offer that invoice for the money to satisfy those obligations. Using truck factoring companies is a quick and simple procedure. The factor buys the invoice at a discount, typically a few percentage points less than the face value of the invoice.

 

 

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las-vegas-factoring-companies

 

The United states Transportation Organization
mentions that there around
200,000 employees with freight trucking
businesses and
250,000 private companies trucking
companies licensed to
run in the United States that carried,
according to their most current data of millions
items, supplies and
basic products .
There are several common
carriers either going solo or in
teams on our nation
highways carrying these
important products to our
shops, manufacturingplants and shipping ports.

Plus freight factoring
companies aid
numerous of them and offer their
receivables financing facilities
nationallyincluding
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

 

 

Las Vegas is an internationally renowned major resort city known primarily for gambling, shopping, fine dining and nightlife and is the leading financial and cultural center for Southern Nevada. The city bills itself as The Entertainment Capital of the World, and is famous for its mega casino�hotels and associated entertainment. A growing retirement and family city, Las Vegas is the 31st-most populous city in the United States, with a population at the 2010 census of 583,756. The 2010 population of the Las Vegas metropolitan area was 1,951,269. The city is one of the top three leading destinations in the United States for conventions, business and meetings. Today, Las Vegas is one of the top tourist destinations in the world.Established in 1905, Las Vegas was incorporated as a city in 1911. At the close of the 20th century, Las Vegas was the most populous American city founded in that century (a distinction held by Chicago in the 19th century). The city's tolerance for various forms of adult entertainment earned it the title of Sin City, and has made Las Vegas a popular setting for films and television programs.Las Vegas is commonly used to describe not just the city, but areas beyond the city limits - especially the resort areas on and near the Las Vegas Strip - and the Las Vegas Valley. The 4.2 mi (6.8 km) stretch of South Las Vegas Boulevard known as the Strip is in the unincorporated communities of Paradise, Winchester, and Enterprise (Clark County).[The primary drivers of the Las Vegas economy are tourism, gaming and conventions, which in turn feed the retail and restaurant industries.TourismThe major attractions in Las Vegas are the casinos and the hotels, although in recent years other new attractions have begun to emerge. A view of the Las Vegas Valley looking south from the Stratosphere Tower at dusk.Most casinos in the downtown area are located on the Fremont Street Experience, The Stratosphere being one of the exceptions. Fremont East, adjacent to the Fremont Street Experience, was granted variances to allow bars to be closer together, similar to the Gaslamp Quarter of San Diego, the goal being to attract a different demographic than the Strip attracts.Downtown casinos Golden Nugget Las VegasMain article: Downtown (Nevada gaming area)The Golden Gate Hotel & Casino, located downtown along the Fremont Street Experience, is the oldest continuously operating hotel and casino in Las Vegas; it opened in 1906 as the Hotel Nevada.The year 1931 marked the opening of the Northern Club (now the La Bayou). The most notable of the early casinos may have been while it was run by Benny Binion.Boyd Gaming has a major presence downtown operating the Casino. Other casinos operations include the , which are also located downtown along the Fremont Street Experience.Downtown casinos that have undergone major renovations and revitalization in recent years include the .Las Vegas StripMain article: Las Vegas StripThe center of the gambling and entertainment industry, however, is located on the Las Vegas Strip, outside the city limits in the surrounding unincorporated communities of Paradise and Winchester in Clark County. The largest and most notable casinos and buildings are located there.Development The Strip in late 2009 Astronaut photograph of Las Vegas at nightSee also: List of tallest buildings in Las VegasWhen The Mirage opened in 1989, it started a trend of major resort development on the Las Vegas Strip outside of the city. This resulted in a drop in tourism in the downtown area, but many recent projects have increased the number of visitors to downtown.An effort has been made by city officials to diversify the economy by attracting health-related, high-tech and other commercial interests. No state tax for individuals or corporations, as well as a lack of other forms of business-related taxes, have aided the success of these efforts.With the Strip expansion in the 1990s, downtown Las Vegas - which has maintained an old Las Vegas feel - began to suffer. However, in recent years the city has made strides in turning around the fortunes of this urban area.The Fremont Street Experience was built in an effort to draw tourists back to the area, and has been popular since its startup in 1995.The city purchased 61 acres (25 ha) of property from the Union Pacific Railroad in 1995 with the goal of creating a better draw for more people to the downtown area. In 2004, Las Vegas Mayor Oscar Goodman announced plans for Symphony Park, which will include residential and office highrises.Already operating in Symphony Park is the Cleveland Clinic Lou Ruvo Center for Brain Health (opened in 2010), The Smith Center for the Performing Arts (opened in 2012) and the DISCOVERY Children's Museum (opened in 2013).On land across from Symphony Park, the World Market Center Las Vegas opened in 2005. It currently encompasses three large buildings with a total of 5.1 million square feet. Trade shows for the furniture and furnishing industries are held there semiannually.Also located nearby is the Las Vegas Premium Outlets - North, one of the top-performing outlet centers in its company's portfolio. It is currently undergoing a second expansion.A new Las Vegas City Hall opened in February 2013 on downtown's Main Street, another urban area ripe for development. The former City Hall building is now occupied by the corporate headquarters for the major online retailer, , which opened downtown in 2013.has taken a personal, as well as a professional, interest in the urban area and is contributing $350 million of his personal wealth toward a multifaceted revitalization effort called the Downtown Project. This involves investing $200 million in real estate, $50 million in small businesses, $50 million in education and $50 million in technology start

 

 

 

 

View Our Freight Factoring Companies YouTube Videos For More Information

 

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

 

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

 

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.

 

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

 

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. Center helps make freight shipping simple, finding you the safest, reliable trucking companies every time you ship. 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

 

 

"

Since the mid 1980s Peterson 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, Peterson 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.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

 

. Worse still, it was noticed by Peterson in early 2008 that even though most of their loyal customers were on time with their payments, there were a few late bloomers who were starting to spread the disease. Spring changed to summer, summer changed to fall, and the CEO of Peterson, Brandon Russell, 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 gone to his administrators and asked them what the problem had been. Were they doing things different, or wrong, when it came to collecting overdue accounts? By his bookkeepers records, this wasn't the case. Perhaps he was losing his customers to his competitor, who seemed to offer very low prices with no guarantee of quality or performance, and these clients who were in debt to his company had possibly disappeared leaving him stranded. They could not afford to pay him their debt, but they could afford a lesser service, maybe. But after doing the cursory research for this and talking to friends in the field, he found that alas, no, customers of Peterson hadn't gone elsewhere. The had just gone!.To Brandon Russell 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. At night he would speak to his wife Nicole and shake his head in frustration.

 

""I have a bad feeling, Lin,"" he'd sadly say to his wife.""What could you do differently?"" she would ask.Brandon 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 somewhere, a haze would form over his fleet and the vast number of vehicles would disappear to but a few. What could cause this ultimate death spiral of business?""I know what it is,"" Brandon said. ""I've relied too long on the profits I receive from invoices alone. For too long I've been allowing our clients to let their accounts become overdue."" All Nicole 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'.""Nicole was trying so hard to support her husband in these worrying times, while Brandon was weighed down with the worry of how he was going to handle this situation he found himself in.The next day Brandon strolled into his office and was determined to sit down and make every phone call to every client who had owed Peterson money. This wasn't really a very efficient way for a Chief Executive to spend his day, and Brandon 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. Wasting money, wasting time - even with the best of intentions, Brandon knew that he was in trouble.

 

Poor Brandon 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.

 

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

 

""Of course Helen, please come in."" Brandon leaned back in his chair and looked expectantly at Helenerely.""Well Brandon, 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 the word factoring?"" Helenerley asked.""It sounds vaguely familiar. What is it?"" he said.She began, ""Well, it is really very simple. So basically, factoring invoices would enable us to get paid on the nose for loads that we haul.""Immediately?"" Brandon interrupted.""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.""Brandon 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. Once we arrive at a mutual agreement, the funding begins.�Leaning forward, Brandon studied the documents very closely.""I do not know, Helen - it just sounds too good to be true"", Brandon 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, Brandon,"" she underlined a paragraph on the paper before him.""How flexible?"" asked Brandon.""It seems that they personalize their factoring charges so that the amount they're prepared to work with is commensurate with our client's debt and our needs. Apparently they can figure this all out in two to four days.

 

""It does all sound pretty good, remembering that we are all tapped out now with loans from the bank last year to repair vehicles, and we all know just how tight money is. it is imperative that we keep the business rolling as usual, and every day we go unpaid we are getting closer and closer to dealing with some serious issues in both the short term and the long term,"" said Brandon.Brandon took in a long slow breath, then looked at his secretary with something like hope in his eyes.""Exactly�. I think this might just be a way out of the trouble we are in with these folks who owe us money.""Brandon took a moment to think about this solution, and agreed with his secretary. The customers who were in debt to Peterson 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, Brandon was very concerned about losing these relationships. He was well aware that the economy was in a bad way and that it might be quite a while before things started picking up. 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.""Well, let me think about this tonight Helen, thank you."" Helen nodded, stood up and left the office feeling that she had helped her employer keep on his shirt and hers too.Brandon stayed at his desk for a long time, looking over the details they hadn't discussed during their meeting. What other issues could freight factoring help Peterson 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, Peterson could receive up to fifty-percent cash advances upon load pick-ups. Brandon 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.""I must tell Lloyd the good news,"" Brandon muttered to himself.Lloyd is Brandon's son-in-law, and he really admired the ideas behind Peterson, so much so that only two years before he had started his own transportation service business. Brandon knew then what struggles Lloyd would face but he encouraged him nonetheless. With the economy the way it was, if an established company such as Peterson was struggling then the little guys, like Lloyd, 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, Brandon found that he was starting his journey out of the despair which had been created for him by his delinquent account holders.They adopted reasonable factoring purchase contracts and stopped wasting their own precious time trying to collect debts. They took that time and refocused effort to offering competitive prices in new territories. Brandon recalled those dismal months when he wasn't aware of freight factoring, and he shuddered at those memories. He probably wouldn't be in business today had he not learned just in time about freight factoring.

 

"

 

 

More Trucking Factoring Companies Story Articles

"

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

 

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

 

There just never seemed to be enough money to go around, and certainly no spare cash, but to move his company successfully into the future he needed a steady and reliable cash flow. His employees needed to be paid. They all have families and the usual household bills. A few of the refrigerated trailers really needed some maintenance, and in order to stay competitive he really wanted to invest in specialized haulers to meet the increasing requests for loads of agricultural and energy equipment. He knew that turning down these requests made Henderson 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. Carlos allowed himself a good hard chuckle. 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?� 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.

 

Carlos believed a successful man is always thinking of his next step. What would be the next step for Henderson Trucking? 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 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. In those 30 days, a trucking company can�t pay its bills and employees in invoices.

 

Now it was time for Carlos to do his homework. Carlos 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. He knew he would have to be very careful if he was to avoid any of these shady companies?

 

However, it all turned out to be very simple. When he called the factoring companies he discovered they were very open about their business practices, and very friendly and helpful. 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. 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. He was not charged for a credit check, and in addition he was offered a fuel advance on the pick-up of a load. Many companies offered a non-recourse factoring program that suited him just fine. Also he was happy to hear how much he was offered in terms of percentages on the freight bills. It was good money.

 

It was really refreshing dealing with the factoring people. 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 didn�t worry over his credit and the debt troubles his father had had in the past of the company. Factoring was based on the credit of his customers and on their reliability which worked well for Carlos because he and his father had built up good strong relationships over decades with their list of clients. So he knew they would understand when the factoring company contacted them for the invoices. His clients wouldn�t think poorly of Henderson 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.

 

Carlos 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 Henderson Trucking Company and who knows, move into Canada, which had always been his dream. 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.

 

"

 

 

 

 

 

 

 

Freight Funding

 

Finance Accounts Receivable

 

 

 

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Trucking Factoring  Articles

"

�So It is not a loan?� asked Jaime King, reclining back into his chair and crossing his legs. The woman sitting across the desk from Jaime smiled at him, shaking her head.�Not quite,� she stated.Jaime was the owner of a small trucking company which had fallen on some hard times recently. Trucking could be a profitable business, and for a little under a decade, it had been for Virgil. He named his business Anderson Trucking, named after Fred and Cody, his two grandfathers. They had both been hardworking men, and had done a lot to make Jaime the same.Six months ago disaster struck Virgil'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 Virgil'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 Jaime had on hand.A big problem a lot of trucking companies came across was how bills were paid in the industry. Waiting a month or longer for bills to be paid was quite normal. This system works okay as long as no problems arise, but if they do, then things can get quite sticky.Jaime wasn�t a bad owner, and he hadn�t messed up. 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. Jaime knew she was employed by a Factoring company and that her name was Alice. Jaime had come across her company as he sat in his office late one night, pouring over the internet for some solution to his problem long after his employees had gone home.Alice 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.Jaime agreed. It sounded perfect - perhaps too good?.Alice laughed. �I'm not sure that you believe me,� she said.�Oh no, I do: it just sounds too good to be true. I thought I was going to lose my company.�Alice 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. We all need help sometimes. That�s what we�re here for.""Well, I'm very grateful that you came to see me today.""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 Alice with a smile. �Let's work out a solution to your problem.�And right there and then they created a business profile. Jaime completed the form, with Alice offering advice as needed.

 

The profile filled Alice and her company in on Virgil�s company, and would help them determine if he was suitable for factoring. In truth, not all companies were. Some were beyond factoring special brand of help, and sometimes things weren�t even dire enough for it. As Jaime completed his form, Alice listened to his story and she felt quite sure he would be the ideal candidate for Factoring.When the form was done Alice took it and slid it into her briefcase. She then stood, reached across the desk and shook Virgil�s hand. He stood before they shook as well, and then smiled. Jaime walked Alice 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 leaned back and closed his eyes. He had felt so helpless lately, was sure the whole thing was collapsing, and would take him with it. But now, after speaking to Alice and learning all about Factoring, he felt such a huge relief, like someone had just lifted a huge weight off his shoulders. He relaxed into his chair, running his hand through his thick black hair with its telling streaks of grey.The long nights, where he couldn�t sleep. The terrifying panic attacks that occurred regardless of where he was. Already he could feel all the stress start to drain away. He knew it wasn't over yet and that there was still a way to go, but he could just feel everything start to change for him. He was there, he was on the right path, and he was working to make things right.Jaime 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 he had gotten bored. He wasn't passionate about the food industry. He thought long and hard, and then he decided to sell the restaurant. He took half a year off, and in that time he thought to start Anderson Trucking. And that's exactly what he did. For the second time in his short life he created a company from the ground up. He had been successful.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. Jaime 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.

 

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More Trucking Factoring Company Story Articles

The key reasons why Truck Firms Use Factoring Firms.

 

As the owner of your own establishment, you may be more than wary already of the hardship in making certain that capital matters do not become a problem down the line. Anyway, the most unfortunate thing that can quite possibly transpire for your enterprise is to find yourself dragged in a long and hard situation that leaves you forever searching for the resources you really need on an continuing manner.

 

For any enterprise in this instance, the dilemma can come for waiting for work to clear up and actually be brought in into your statement. Bill of sales, checks, and the like could take some time to actually to beprocessed which can leave you with short-term capital difficulties. Thankfully, there are approaches out there for businesses to check out-- and among these is factoring firms.

 

Factoring companies will, in trade for your bill of sales, supply you with the cash now to ensure you do not have to fret about the lingering duration which could make paying off the bills and purchasing materialsmore complicated. With this type of setup, invoice factoring can become extremely practical for lots of firms who need to avoid a money trap which they have found themselves in.

 

Simply because, depending on the volume of the job, it can take up to 60 days for several businesses to get paid out then it is very important to take care of your own back and definitely not leave yourself money short to pay off the bills. After all, how many establishments have two months profits just lying there to cover all their expenditures until they make money?

 

This is most notably correct of truck agencies. They generally manage great deals of accounts which means a significant volume of collection period demands company owner themselves. Seeking to get compensated promptly can turn into an unbelievable struggle and this is precisely why you work with truck factoring companies who are happy to help out truckers specifically.

 

As we all determine, trucking is an astonishingly enormous field with plenty of agencies out there hiring hundreds of operators. However, plenty of these drivers land up in cash troubles given that they are still waiting for work from six weeks previously to actually pay them. When this is the condition for a truck agency, choosing factoring providers for assistance might be the most recommended choice left.

 

This signifies that a truck corporation can pay the salaries of the crew, keep all the trucks refilled with fuel and continue to scale, evolve and expand without constantly waiting for the resources which is taking too long to come in. Trucking Firms operating without a factoring program implemented are leaving themselves at notable threat, as rivals cash out quickly and carry on to grow.

 

There's honestly very little to be troubled about when it comes to making use of a Factoring company-- they are not like a financial institution or a person who is going to leave you with a massive mass of liability to pay back. You give them genuine invoices from job you have already accomplished , you are only facilitating the repayment system.

 

In the United states of America, where trucking enterprises do well, factoring enterprises are not considered accepting loan of in any capacity. This confidential settlement then permits both parties to benefit and experience a comfortable future-- it gives the factoring provider a secured asset of earnings to add to the list and it provides the trucking business the required money that they sweated to obtain.

 

The trucking company provides their statements to the factoring agency. The trucking factoring firm then receive the payments from the trucking company's clients. Factoring has been in existence for hundreds of years and has been adopted for decades by a lot of different markets-- but none much more so than truckers. While you may well miss out on a small part of the money, something like 1-3 % depending upon who you deal with, it means that you are getting the resources today and can actually start setting the resources to operate.

 

Anyway, an IOU or an invoice is not going to pay for spendings, is it? For trucking firms when the funds can be excellent one day and gone the next, it is up to the vehicle drivers to work prudently and to make sure that they are leaving themselves with a substantial quantity of time and finance to get through the week up until they are paid once again.

 

So the next occasion your trucking business is enduring some temporary capital dilemmas and you are shelling out way too much time chasing slow paying clienteles, why not begin thinking of employing a factoring businesses as a way to get your money and give yourself a more pleasant future in the eyes of your trucking personnel and your bank difference?

 

 

 

 

 

 

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Bank Loans

 

Bank loans are an extremely traditional way for a business to get financing. While these loans are handy they are not available to every business. For example, a fairly newly established business simply may not have the assets to readily get a loan from a bank, even if they do, the standard collateral for a business loan is the business itself, which means that if you cannot make your loan payment, you risk losing your entire business. Plus, the amount you apply for through the bank is the actual amount that you are going to receive. Of course, once that loan has been re-paid, you can always re-apply for another loan.

 

Trucking Factoring Companies

 

Trucking Factoring companies do not offer loans, and you do not go into debt when you get money from a Trucking Factoring company. 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 finance you can receive will be based on the amount you have earned and the accounts receivable you are prepared to sell. Once you have set up Trucking Factoring account it continues as long as you wish it too and the amount of money available to you even can grow as your business grows, giving you the ready cash you need to meet your own obligations.

 

Benefits of a Trucking Factoring Company Vs. A Bank Loan

 

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. You will not Incur Debt. You do not incur debt as you do with a bank loan because the Trucking Factoring company actually purchases your accounts receivable. 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. The debt goes onto your credit report with a bank loan, with only one missed payment adversely affecting your business credit: it would also affect your ability to secure insurance, and may reflect on your personal credit rating as well.

 

2. There's no collateral required. Another benefit of using a Trucking Factoring company instead of a traditional loan is that you 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. Using a Trucking Factoring company means that you'll get the finance quicker. Once the Trucking Factoring company assures itself that the customers in your accounts receivable are likely to pay their debt, the money is usually in the account within 24 hours. 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.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, there are several benefits that makes considering financing through a Trucking Factoring company over a traditional bank worthwhile. However, there are also a couple of other benefits that a factory company can offer your business is far beyond the scope of the bank. The most important benefits is that once you sell your accounts receivable to the factory company, you do not have to take time away from running your business to collect the money owed from reluctant to pay customers. 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.A Trucking Factoring company is not the only method of gaining access to finance for the running and growing of your business, however it does offer a financing option well worth considering.

 

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