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Cash For Companies. Tell Us What You Want - Our Receivable Loan Company Can Provide
Your Trucking Company The Money You Need

businessfinanceresource.org

trucking invoice factoring companies

factoring for trucking companies

factoring trucking receivables

trucking invoice factoring companies

Factoring invoices is advantageous for numerous reasons. It allows a truck firm to raise money without acquiring new financial obligation. While debt is often required, most truck companies would choose to raise cash without borrowing money. Debt is high-risk, and when it cannot be paid back, possessions can be repossessed. If the financial obligation is huge enough, it could even force a truck companies out of business.

 

 

 

 

 

 

 

How To Get Financing Without a Lawyer for Under One Dollar - Choose A Freight�Invoice Factoring Company  Instead Of A Typical Bank Funding

Exactly how to Enhance Money Flow Without Borrowing -Cash Money flow is one of the main reasons companies fail.

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

Money flow does not have to be an issue any ever more. Do not be deceived -- banks are not the only locations you can get financing. Other solutions are offered and you do not have to borrow money. What is truck factoring ? One option is called trucking factoring. Truck Factoring is the process of offering invoices to a financier rather than waiting to collect the money from the client. Oh, the Irony- Truck factoring has an ironic distinction: It is the financial foundation of numerous of America's most successful businesses. Why is this ironic ? Since receivable financing is not taught in business colleges, is seldom mentioned in business plans and is fairly unknown to bulk of most of American company people.

Yet it is a monetary procedure that releases up billions of dollars every year, allowing thousands of companies to grow and succeed. Receivable Financing has been around for thousands of years. Accounts Receivable Factoring Companies are financiers who pay money for the right to get the future payments on your invoices. An unpaid receivable or invoice has value. It is a debt your client has actually to pay in the near future. Factoring Principals--Although factoring offers solely with business-to-business transactions, a large percentage of the retail business utilizes a factoring principal. MasterCard, Visa, and American Express all utilize a form of factoring in their retail transactions. Using the purest definition of the word, these large customer finance business are truly just large Invoice Factoring Businesses of consumer paper. Consider it: You make a purchase at Sears and charge it to your MasterCard. The store makes money almost immediately, although you do not pay up until you are ready.

For this service, the credit card company charges Sears a fee (typical common normal charges vary from two to 4 percent of the sale). The Advantages Factoring can offer many advantages to cash-hungry business. Rather than wait 30, 60, 90 days or longer for payment on a product that has actually already been delivered, a company can factor (sell) its receivables for cash at a little discount off the dollar value of the invoice. Payroll, marketing efforts, and working capital are simply a few of the business requirements that can be satisfied with instant  money.

Invoice Factoring provides the ways for a producer to renew stock and make more products to offer: There is no longer a requirement to wait for earlier sales to be paid. FACTORING is not simply a cash management tool for manufacturers: Practically any kind business can benefit from Accounts Receivable Factoring. Generally, a business that extends credit will have 10 to 20 percent of its annual sales bound 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 sell that invoice for the money to meet those obligations. Using truck factoring companies is a fast and easy procedure. The factor buys the invoice at a discount, usually a couple of percentage points less than the face value of the invoice.

 

 

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lexington-fayette-factoring-companies

 

The U.s. Truck Association
states that there around
195,000 work with freight trucking
firms and
250,000 private providers trucking
firms certified to
operate in the United States that transported,
according to their latest data of millions
items, supplies and
fundamental materials .
There are numerous usual
carriers either going solo or in
teams on our nation
roads transporting these
important items to our
stores, factories and ports.

And truck factoring
firms benefit
countless of them and offer their
accounts receivablesfinancing facilities
nationwideincluding
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

 

"

With its abundance of government and technology jobs, Lexington has one of the nation's most stable economies. Lexington has been described as having ""a fortified economy, strong in manufacturing, technology and entrepreneurial support, benefiting from a diverse, balanced business base"". The Lexington Metro Area had a July 2008 unemployment rate of only 5.4%. Lexington was named the 4th best city for ""Businesses and Careers"" in 2011 by Magazine, the 5th best city for Young Professionals in 2008 and 6th Best Value Cities 2011 by Kiplinger. As such, the city is home to several large corporations. The city is also host to a Jif peanut butter plant that produces more peanut butter than any other factory in the world and three notable corporate headquarters: Fazoli's, a fast food Italian chain that has expanded to more than twenty states; Tempur-Pedic, International, a manufacturer of mattresses with memory foam; and the Forcht Group of Kentucky, a holding company that employs more than 2,100 people across Kentucky. Forcht Group operates several businesses in Lexington including First Corbin Bancorp, Kentucky National Insurance Company, My Favorite Things, BSC, a bank data services company, and First Lab, among others.The city's largest employer, the University of Kentucky, as of 2012, employs about 14,000, although that number is expected to shrink due to reduced funding from the state. The University is the ninth largest economic company in the state of Kentucky, with an annual budget of $1.4 billion, and the College of Medicine within the University is the 21st-largest company in the state.Other sizable employers include the Lexington-Fayette County government and other hospital facilities. This includes the Fayette County Public Schools, employing 5,374, and the Lexington-Fayette Urban County Government, employing 2,699. Central Baptist Hospital, Saint Joseph Hospital, Saint Joseph East, and the Veterans Administration Hospital employ 7,000 totalLexington, consolidated with Fayette County, is the second-largest city in Kentucky and the 61st largest in the United States. Known as the ""Horse Capital of the World"", it is located in the heart of Kentucky's Bluegrass region. In the 2013 US Census Estimate, the city's population was 308,428, anchoring a metropolitan area of 489,435 people and a combined statistical area of 708,677 people.Lexington ranks tenth among US cities in college education rate, with 39.5% of residents having at least a bachelor's degree. It is the location of the Kentucky Horse Park, The Red Mile and Keeneland race courses, Rupp Arena, the world's largest basketball-specific arena, Transylvania University, the University of Kentucky and Bluegrass Community & Technical College.

 

"

 

View Our Freight Factoring Companies YouTube Videos For More Information

 

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

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

List of Trucking Companies for Owner/Operators and Company Drivers

 

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

List of Trucking Companies for Owner/Operators and Company Drivers

 

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

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

 

If you're like most drivers, you're looking for a better company in trucking that might be offering the best jobs in terms of pay, freight, and hometime ' not to mention benefits or a sign on bonus. We've got all of our clients listed based on the states where they're hiring, so you can quickly find the best job in your home state. You'll see the very best nationwide trucking companies that have positions available.

 

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

 

If you're like most drivers, you're looking for a better company in trucking that might be offering the best jobs in terms of pay, freight, and hometime ' not to mention benefits or a sign on bonus. We've got all of our clients listed based on the states where they're hiring, so you can quickly find the best job in your home state. You'll see the very best nationwide trucking companies that have positions available.

 

 

"

Simmons Truck and Haul has been in business since the mid 1980s. For more than twenty years they've been delivering goods for most major industries in the nation, with business booming as they traversed the country, in all kinds of weather, for all kinds of clients. During the boom times from 2002 to 2007 Simmons Truck & Haul was the mastermind of a top-rated accounts receivable in 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 Simmons 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. And as spring turmed to summer and summer into the early days of fall, Shawn Watkins, CEO of Simmons felt a chill go down his spine whenever he would look at the weekly A/R 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? When checking his bookkeeper's records this was definitely not the case. He thought perhaps that he was losing clients to a competitor who offered rock-bottom prices with little to no guarantee of quality performance, and that the folks who owed Simmons 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 Simmons hadn't gone elsewhere. The had just gone!.To Shawn Watkins the situation looked desperate. He had employees to pay, goods to ship, trucks to maintain and overhead that was almost unbearable when compared against the lack of funds that were coming in. In the evenings he would discuss his concerns with his wife, Tina, and still find no relief from the worry and frustration.

 

""I have a bad feeling, Lin,"" he'd sadly say to his wife.""Well, what do you think it is?"" she would ask.Shawn 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 traveling, bringing goods to all of his clients. 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,"" said Shawn. ""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."" Linda could only grab her husband's hand and look at him lovingly, ""it is a hard economy. It might be awhile until things get settled up.

 

""Shawn 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 Shawn strolled into his office and was determined to sit down and make every phone call to every client who had owed Simmons 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 Shawn 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 Kayerley knocked at his door.

 

""Can I have a word with you Shawn?"" she queried, standing in the doorway.

 

""Sure thing Kay, come on in."" Shawn leaned back in his chair and looked expectantly at Kayerely.""Well Shawn, this afternoon I did some research, trying to work out how we are going to get out of this mess."" She pulled a small stack of papers from a folder and set them on the desk before him.""Have you ever heard the word factoring?"" Kayerley asked.""It does sound vaguely familiar. What is it?"" he said.""Well,"" she began, ""It�s actually quite simple really.

 

So basically, factoring invoices would enable us to get paid on the nose for loads that we haul.""Immediately?"" Shawn 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. That profile will also include investigating our accounts receivable aging reports, our existing customer credit limits and so on. 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.""I see,� Shawn said. �And then what?""Well, after their review, and we�re approved for a factoring contract, we can negotiate terms and conditions. You'll be surprised at the amount of flexibility, all dependent upon the credit histories and business volume.

 

The company will advise us the cost to purchase factoring for our company's accounts receivable. Once we arrive at a mutual agreement, the funding begins.�Leaning forward, Shawn studied the documents very closely.""It sounds too good to be true, Kay,"" he said.""Yes, I know; that's exactly what I thought at the beginning. But think about it, Shawn: they've guaranteed that experts will do all the paperwork, and that will free us up to do what we should be doing - focusing on our customers in good standing, and that kind of stuff. They appear to be very flexible, Shawn,"" 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. We need to keep business rolling as normal and every day we�re going unpaid, we�re closer to facing some serious problems in both the short and long term,"" said Shawn.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.""Shawn took a moment to think about this solution, and agreed with his secretary. The clients who owed them money were long standing friends and professional resources of Simmons. Just because they were experiencing difficulties paying their own bills now, Shawn was very concerned about losing these relationships. Shawn 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. He did not want to lose business but he also did not want to lose any more money.""Let me go over this tonight Kay, and thankyou."" Kay nodded, satisfied with her work, and she left the office feeling quite content in the knowledge that she had helped Shawn keep the shirt on his back, and possibly hers too.Shawn 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 Simmons 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, Simmons could receive up to fifty-percent cash advances upon load pick-ups. As a man who hated binding contracts with no room to breathe, he was pleased to see that this factoring company would not make him sign a long term contract, would not make him pay any sign up fees and there was no minimum volume required.""Well, I'll have to tell Jim about this,"" Shawn muttered to himself.Jim is Shawn's son-in-law, and he really admired the ideas behind Simmons, so much so that only two years before he had started his own transportation service business. Shawn knew then what struggles Jim would face but he encouraged him nonetheless. With the faltering economy, if a big fish like Simmons was hurting, a little guy like Jim was about to catch his death. Perhaps the antidote to these problems was in freight factoring, and they were about to find out.A few short months later, after completing the application process, having the legal experts review his credit history, accounts receivable, and statements, finally Shawn was beginning to find his way out of the hole his debtors had created for him.They took on reasonable factoring purchase contracts and stopped spending their precious man hours scrambling to collect debt. They took that time and refocused effort to offering competitive prices in new territories. Shawn looked back on the dismal months of life before freight factoring and almost shuddered at the thought. He probably wouldn't be in business today had he not learned just in time about freight factoring.

 

"

 

"

With its abundance of government and technology jobs, Lexington has one of the nation's most stable economies. Lexington has been described as having ""a fortified economy, strong in manufacturing, technology and entrepreneurial support, benefiting from a diverse, balanced business base"". The Lexington Metro Area had a July 2008 unemployment rate of only 5.4%. Lexington was named the 4th best city for ""Businesses and Careers"" in 2011 by Magazine, the 5th best city for Young Professionals in 2008 and 6th Best Value Cities 2011 by Kiplinger. As such, the city is home to several large corporations. The city is also host to a Jif peanut butter plant that produces more peanut butter than any other factory in the world and three notable corporate headquarters: Fazoli's, a fast food Italian chain that has expanded to more than twenty states; Tempur-Pedic, International, a manufacturer of mattresses with memory foam; and the Forcht Group of Kentucky, a holding company that employs more than 2,100 people across Kentucky. Forcht Group operates several businesses in Lexington including First Corbin Bancorp, Kentucky National Insurance Company, My Favorite Things, BSC, a bank data services company, and First Lab, among others.The city's largest employer, the University of Kentucky, as of 2012, employs about 14,000, although that number is expected to shrink due to reduced funding from the state. The University is the ninth largest economic company in the state of Kentucky, with an annual budget of $1.4 billion, and the College of Medicine within the University is the 21st-largest company in the state.Other sizable employers include the Lexington-Fayette County government and other hospital facilities. This includes the Fayette County Public Schools, employing 5,374, and the Lexington-Fayette Urban County Government, employing 2,699. Central Baptist Hospital, Saint Joseph Hospital, Saint Joseph East, and the Veterans Administration Hospital employ 7,000 totalLexington, consolidated with Fayette County, is the second-largest city in Kentucky and the 61st largest in the United States. Known as the ""Horse Capital of the World"", it is located in the heart of Kentucky's Bluegrass region. In the 2013 US Census Estimate, the city's population was 308,428, anchoring a metropolitan area of 489,435 people and a combined statistical area of 708,677 people.Lexington ranks tenth among US cities in college education rate, with 39.5% of residents having at least a bachelor's degree. It is the location of the Kentucky Horse Park, The Red Mile and Keeneland race courses, Rupp Arena, the world's largest basketball-specific arena, Transylvania University, the University of Kentucky and Bluegrass Community & Technical College.

 

"

 

More Trucking Factoring Companies Story Articles

"

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

 

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

 

To move Thomas Trucking Company ahead into the future, he needed a steady cash flow but there was just not enough money to go around. His employees needed to be paid. They had families and household bills too. Some of the refrigerated trailers were in need of repairs and he felt to stay competitive it was also a good idea to invest in specialized haulers to be ready for the constant requests he was getting for loads of new energy and agriculture equipment. He knew that turning down these requests made Thomas 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. Daniel chuckled, thinking about his father. He remembered when his father was totally against installing GPS units in the cabs. His Dad would say ""Why on earth do you need some stranger telling you to get off the exit that everyone knows has been there for years?� 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.

 

Daniel believed a successful man is always thinking of his next step. What would be the next step for Thomas 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? If he was being honest, he did not really understand how it all worked. It sounded like a ninth grade math problem and he wondered how this would fit into the trucking business. Factoring companies buy your invoices and manage your accounts receivable for a certain percentage of the invoiced amount. 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. In those 30 days, a trucking company can�t pay its bills and employees in invoices.

 

Now it was time for Daniel to do his homework. Daniel 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. Worse still, if the customer defaulted on payment, the factoring company takes it out of the money supposedly coming to you! Through the grapevine, he�d also heard about how some companies suddenly slipped you onto a sliding scale of percentages even if you had already signed a lengthy contract for maybe 3% or 7% so there you are with 10% coming as a cost to you out of the freight bill. His colleague, Ronnie, who owned a trucking company in Missouri, was nearly destroyed by a factoring company who charged him the full freight bill on top of the fees for factoring. He knew he would have to be very careful if he was to avoid any of these shady companies?

 

But it turned out to be quite easy. When he called the factoring companies he discovered they were very open about their business practices, and very friendly and helpful. Their customer service actually knew things about their company and spoke in nice clear English so he could understand what was being explained. He was quite happy to sign an exclusive contract. In fact, he was quite pleased with the idea of a long-term contract because he knew this was a one-off and he would not have to keep going back and forth to different companies. 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.

 

For Daniel it was quite a relief to be dealing with the factoring company. They were more personable than those loan managers at the bank. It seemed as though those bank people spoke another language, but these factoring guys knew the trucking business and spoke to him like a client, not like a beggar for a handout. The factoring companies 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 Daniel 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 Thomas 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.

 

Daniel 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. With the capabilities of this new cash flow, Daniel could actually expand Thomas Trucking Company further across the country and perhaps even go international into Canada. He was a happy man again knowing that he had just made a decision which would guarantee the success of his business and his sons would not be inheriting a financial mess.

 

"

 

 

View Our Trucking Factoring Videos For More Information

 

 

 

 

 

 

 

Trucking Factoring  Articles

"

�So It is not a loan?� Reginald Hart asked as he leaned back in his chair, crossing his legs. The woman who sat across the desk smiled and shook her head.�Not quite,� she said.Reginald was the owner of a small trucking company which had fallen on some hard times recently. Certainly the trucking business can be an extremely profitable venture, and for many years it had been that way for Clifton. His company was called Patterson Trucking, named after both of his grandfathers, Francisco and Roy. They had both been hardworking men, and had done a lot to make Reginald the same.Six months ago disaster struck Clifton'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. Reginald depended on his full fleet, and missing two trucks was devastating . Furthermore, buying a whole new truck and fixing the other simply took more cash than Reginald 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. In the long run, this wasn�t an issue, but if problems arose, you could find yourself in trouble.Reginald 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. Her name was Sherry 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.Sherry explained. �it is really not a loan at all: we actually buy 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.Reginald agreed. It sounded good to him, almost too good.Sherry laughed. �I'm not sure that you 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.�Sherry smiled, agreeing. �Yes, we get a lot of that. 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. We all need help sometimes. That�s what we�re here for.""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,� Sherry said with a smile. �Let's work out a solution to your problem.�And with that they set about making a profile.

 

Reginald filled the form out, with Sherry available to help him if he needed it. The completed profile gave Sherry and her company all the information they needed on Clifton's business, and with this information they would determine if this business would in fact be suitable for Factoring. Unfortunately, not all companies are. Some were beyond factoring special brand of help, and sometimes things weren�t even dire enough for it. Listening as Reginald filled out his form, Sherry was pretty sure he was a perfect candidate for factoring.Sherry took the completed form and placed it in her briefcase. She then stood, reached across the desk and shook Clifton�s hand. He stood before they shook as well, and then smiled. They said their goodbyes and Reginald walked her to the door, and then returned to his office.His employees were there, seven who worked in the office, and as he sat behind his desk once more he heard the familiar clack of fingers on keyboards, the electronic whine of the copy machine.He shut his eyes. He felt so drained: he had been flailing helplessly for so long, he just knew his business was going to collapse and probably take him with it. Talking to Sherry 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 wasn�t out of the woods yet, there was still a lot of work to be done, but he could feel it. He was still here; he knew this was the right path for him, and he felt proud that he had taken the appropriate steps to sort out his problems.His mind wandered back to the very beginning, when he first started his business. At twenty-two and straight out of school he had opened a restaurant. It had been successful. Home cooking in his hometown, and he had done very well.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 six months off, and during that time he decided to create Patterson Trucking. And that's exactly what he did. Once again he built a company from the ground up. The business had been an instant success.And then the trucks went down, and his success looked to be in flux. He was about to turn fifty. He was concerned that he just did not have the energy left to try and save the business. 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 didn�t know how to say quit.And now, because of factoring, he was sure he wouldn�t have to. Clifton's eyes opened, he sat forward in his chair and turned on his computer. 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 reason why Truck Establishments Employ Factoring Companies.

 

As the operator of your own business, you may likely be more than mindful already of the difficulty in making sure that capital issues do not become a dilemma down the line. Anyway, the most terrible thing that can possibly happen for your enterprise is to find yourself swept up in a long and tough condition that leaves you forever looking for the money you necessitate on an continual manner.

 

For any enterprise in this condition, the concern can come for waiting for work to lapse and actually be settled into your bank account. Statements, checks, and the like could take a long time to actually to be taken care of which can certainly leave you with temporary cash flow troubles. The good news is, there are options out there for companies to consider-- and just one of these is factoring providers.

 

Factoring providers will, in trade for your statements, give you with the cash today to make sure that you do not need to stress over the waiting phase which could make paying the bills and acquiring materialsmore tough. With this sort of arrangement, invoice factoring can end up being incredibly helpful for numerous companies who need to get out of a cash lure which they have discovered themselves in.

 

Given that, basing on the scale of the project, it can take up to 60 days for several companies to get paid then it is critical to cover up your own back and definitely not leave yourself cash short to pay the monthly bills. After all, how many firms possess two months income just lying there to address all their overheads till they earn?

 

This is most notably true of trucking enterprises. They have the tendency to take care of great deals of accounts which means a serious volume of collection time demands company owner themselves. Trying to get paid off promptly can come to be an amazing struggle and this is exactly why you make use of trucking factoring firms who are pleased to help out truckers particularly.

 

As we all understand, trucking is an incredibly big industry with countless firms out there hiring hundreds of drivers. Sadly, quite a few of these drivers end up in finances troubles simply because they are still expecting work from six weeks in the past to actually compensate them. When this is the case for a trucking organization, choosing factoring firms for support maybe the most effective alternative left.

 

This implies that a trucking organization can pay off the salaries of the personnel, keep all the cars topped off with fuel and continue to escalate, progress and expand without consistently waiting for the cash which is taking too long to come in. Trucking Companies operating without a factoring system applied are leaving themselves at substantial danger, as contenders cash out promptly and carry on to broaden.

 

There's honestly almost nothing to be stressed about when it comes to employing a Factoring agency-- they are not like a financial institution or a person who is going to leave you with a considerable mound of personal debt to pay back. You give them legitimate invoices from job you have already accomplished , you are only just facilitating the payment system.

 

In the United States, where trucking companies succeed, factoring establishments are not considered taking on loan in any capacity. This private deal then makes it possible for both groups to make money and experience a comfortable future-- it gives the factoring provider a guaranteed asset of income to include in the list and it offers the trucking firm the required money that they sweated to generate.

 

The trucking enterprise bestows their accounts to the factoring establishment. The trucking factoring firm then acquire the installment payments from the trucking company's customers. Factoring has been all around for centuries and has been utilized for many years by several varying fields-- but none exceeding so than truckers. While you might possibly miss out on a small part of the money, something like 1-3 % depending on who you work with, it indicates that you are acquiring the resources today and can actually start off setting the cash to do work.

 

Once and for all, an IOU or an invoice is not going to cover expenses, is it? For trucking establishments when the finances can be good one day and gone the next, it is up to the vehicle drivers to work smartly and to make sure that they are leaving themselves with a significant volume of time and money to get through the week until they are paid for once again.

 

So the next period your trucking business is enduring some momentary cash flow challenges and you are devoting way too much time chasing slowly paying customers, why not start looking at utilizing a factoring companies as a way to get your finances and give yourself a more pleasant future in the eyes of your trucking workers and your bank difference?

 

 

 

 

 

 

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Traditional 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. In addition, while you apply for a certain loan amount, that is all the financing you are entitled to. Of course, once that loan has been re-paid, you can always re-apply for another loan.

 

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 money you can receive is based on the amount of money you have earned and the accounts receivable you are willing to �sell.� Once you have set up Trucking Factoring account it continues as long as you wish it too and the amount of money available to you even can grow as your business grows, giving you the ready cash you need to meet your own obligations.

 

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

 

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

 

1. You will not Incur Debt. 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. 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 great benefit of using the services of a Trucking Factoring company instead of a bank loan is that there is no collateral required for the Trucking Factoring company, because the Trucking Factoring company is buying your accounts receivables. In addition, while the Trucking Factoring company does run a credit check on your customers whose accounts receivables are offered for financing, the state of your credit is not an issue. This means that it is easier for new businesses to access the finance they need through a Trucking Factoring company, providing their accounts receivable are in good order. A bank may believe you haven't been in business long enough to be able to cover this risk.

 

3. Receive Your Money Faster. With a Trucking Factoring company you can actually get the money you need faster. Once the Trucking Factoring company assures itself that the customers in your accounts receivable are likely to pay their debt, the money is usually in the account within 24 hours. With a bank, there are vast amounts of paperwork, then the loan has to be underwritten, which can take months before you actually see the loan if it is approved.

 

4.Interest is Paid Up Front. With a bank loan interest continues to build, and this has to be paid the whole time you have a business loan; however with a Trucking Factoring company there is no interest - they take it right off the top by deducting it from the total amount of receivable accounts. So you 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. 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 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.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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Factoring Companies by City

New York City

Los Angeles


Chicago


Houston


Philadelphia


Phoenix


San Antonio


San Diego


Dallas


San Jose

Austin


Jacksonville


Indianapolis


San Francisco


Columbus


Fort Worth


Charlotte


Detroit


El Paso


Memphis

 

 

Boston


Seattle


Denver


Washington DC


Nashville-Davidson


Baltimore


Louisville/Jefferson


Portland


Oklahoma City


Milwaukee


Las Vegas


Albuquerque


Tucson


Fresno


Sacramento


Long Beach


Kansas City


Mesa


Virginia Beach


Atlanta

 

Colorado Springs


Raleigh


Omaha


Miami


Oakland


Tulsa


Minneapolis


Cleveland


Wichita


Arlington

 

New Orleans

Bakersfield

Tampa

Honolulu

Anaheim

Aurora

Santa Ana

St. Louis

Riverside

Corpus Christi

Pittsburgh

Lexington Fayette

Anchorage

Stockton

Cincinnati

St. Paul

Toledo


Newark

Greensboro

Plano

Henderson

Lincoln

Buffalo

Fort Wayne

Jersey

Chula Vista

Orlando

St. Petersburg

Norfolk

Chandler

Laredo

Madison

Durham

Lubbock

Winston Salem

Garland

Glendale

Hialeah

Reno

Baton Rouge

Irvine

Chesapeake

Irving

Scottsdale

North Las Vegas

Fremont

Gilbert town

San Bernardino

Boise

Birmingham

Rochester

Richmond

Spokane

Des Moines

 

 

 

 

 

Philadelphia

 

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