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How To Make a Good Profits - Our Receivable Financing Company Can Provide
Your Truck Company The Cash Your Company Needs

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factoring for trucking 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.

 

 

 

 

 

 

 

Thousands Now Play Who Never Thought They Could - Choose A Truck�Factoring Company  Instead Of A Regular Bank Financing

How to Enhance Cash Flow Without Borrowing -Cash Money flow is one of the main reasons businesses fail.

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

Money flow does not have to be a problem any ever more. Do not be deceived -- banks are not the only locations you can get funding. Other solutions are offered and you do not have to borrow. What is trucking factoring ? One option is called trucking factoring. Trucking Factoring is the process of selling accounts receivable to a financier 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 many of America's most successful businesses. Why is this ironic ? Since truck factoring is not taught in business colleges, is rarely mentioned in company strategies and is fairly unidentified to the majority of most of American business people.

Yet it is a financial procedure that releases up billions of dollars every year, enabling countless companies to grow and prosper. Factoring has been around for countless years. Receivable Funding Companies are financiers who pay cash for the right to receive the future payments on your invoices. An overdue receivable or invoice has value. It is a financial obligation your customer has to pay in the near future. Factoring Principals--Although factoring deals solely with business-to-business deals, a big portion of the retail business uses a factoring principal. MasterCard, Visa, and American Express all use a form of factoring in their retail transactions. Utilizing the purest definition of the word, these large consumer finance business are truly just large Invoice Factoring Companies of customer paper. Consider it: You make a purchase at Sears and charge it to your MasterCard. The store gets paid practically instantly, even though you do not pay until you are ready.

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 Benefits Accounts Receivable Factoring can provide numerous advantages to cash-hungry business. Instead of waiting 30, 60, 90 days or longer for payment on a product that has actually currently been delivered, a company can factor (sell) its receivables for cash at a little price cut off the dollar value of the invoice. Payroll, advertising efforts, and working capital are simply a few of the company requirements that can be met with instant  cash.

Receivable Loan Financing offers the ways for a manufacturer to replenish inventory and make more products to sell: There is no longer a need to await for earlier sales to be paid. FACTORING is not simply a money management tool for manufacturers: Practically any kind business can benefit from Commercial Factoring. Generally, a company that extends credit will have 10 to 20 percent of its yearly sales bound in accounts receivable at any given time. Think for a moment about how much is bound in 60 days' worth of invoices: You can not pay the power bill or today s payroll with a customer s invoice, however you can offer that invoice for the cash to satisfy those obligations. Using trucking factoring companies is a fast and simple procedure. The factoring company buys the invoice at a discount, typically a few portion points less than the stated value of the invoice.

 

 

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The U.s. Trucking Organization
mentions that there are about
205,000 truck drivers with freight trucking
firms and
276,000 private companies trucking
companies accredited to
run in the United States that transferred,
according to their newest data of millions
products, supplies and
standard materials .
There are numerous usual
providers either going solo or in
groups on our country
roads carrying these
vital products to our
shops, manufacturingplants and ports.

Also freight factoring
businesses support
countless of them and offer their
accounts receivablesfinancing facilities
countrywidecounting
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

 

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

 

"

 

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

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.

 

Click below to find Trucking Companies in the United States:

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

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.

 

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

 

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

 

 

"

Richards 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 Richards 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. Cash was flowing and times were good for all.It was just one year later, in 2008, when the economy in the United States took a sharp decline, and both large and small businesses started to notice the squeeze on their pocketbooks: everyone had suddenly gone silent. Business slowed down. And worse yet, Richards had noticed during the early part of 2008 that though the bulk of their clients were always on time with payments, the few late-bloomers there were, had seemingly started to spread this illness. Spring changed to summer, summer changed to fall, and the CEO of Richards, Ben Reynolds, was beginning to feel very uncomfortable indeed whenever he looked at their weekly Accounts Receivable reports. The numbers of clients who owed him back debt were growing.He had already been to the administrators to ask what the actual problem was. Were they doing things different, or wrong, when it came to collecting overdue accounts? By his bookkeepers records, this wasn't the case. Perhaps he was losing his customers to his competitor, who seemed to offer very low prices with no guarantee of quality or performance, and these clients who were in debt to his company had possibly disappeared leaving him stranded. Perhaps they were unable to pay their debt to him, but were able to meet the costs of a lesser service. But after doing the cursory research for this and talking to friends in the field, he found that alas, no, customers of Richards hadn't gone elsewhere. The had just gone!.The situation looked dire to Ben Reynolds. 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. After work he would confide in his wife, Wilma, and neither were unable to stop the constant worry over the lack of funds.""I have a bad feeling, Lin,"" he'd sadly say to his wife.""Well, what do you think it is?"" she would ask.Ben would stare off for a moment and then close eyes. He could see the fleet of trucks he had purchased over the years. He could see them on the road, delivering good to all his loyal customers. But then a haze would cover his trucks and his vast fleet would vanish to leave just a few. What could cause this ultimate death spiral of business?""I think I know what it could be,"" said Ben. ""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 Wilma 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'.""Ben knew very well that Wilma was only trying to help, but his responsibilities weighed heavily on his shoulders and he knew he had better do something soon to resolve this situation.The following day Ben walked into his office with a spring in his step, determined to call each and every client who owed money to Richards Truck & Haul. This wasn't really a very efficient way for a Chief Executive to spend his day, and Ben 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, Ben knew that he was in trouble.

 

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 Mariaerley knocked at his door.

 

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

 

""Of course Maria, please come in."" Ben leaned back in his chair and looked expectantly at Mariaerely.""Well, I did a little searching this afternoon and tried to figure out a way out of this mess Ben."" 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?"" she asked.""It sounds vaguely familiar. What is factoring""? he asked.""Well,"" she began, ""It�s actually quite simple really.

 

So basically, factoring invoices would enable us to get paid on the nose for loads that we haul.""Ben interrupted ""Immediately?"".""Immediately, yes"" she added, ""In a nutshell, it is pretty easy. We can have an expert account manager review our numbers and help us complete 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.""Ben replied cautiously ""I see - and what happens then?""Following the completion of their review and once we have been approved for a contract with the factoring company, then we sit down to negotiate conditions and terms. You'll be surprised at the amount of flexibility, all dependent upon the credit histories and business volume.

 

The company will advise us the cost to purchase factoring for our company's accounts receivable. We come to an agreement and the funding starts pouring out.�Ben leaned forward and reviewed the paperwork closely.""I do not know, Maria - it just sounds too good to be true"", Ben said quietly.""Now, now, I know, I thought the same thing. But think about it, Ben: 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, Ben,"" she drew a circle around a paragraph on the document before him.""How flexible?"" asked Ben.""They personalize the factoring rates so that the amount they are willing to take on is commensurate with our needs and our client�s debt. It only takes 2 to 4 days for this to be figured out. ""That sounds pretty good, seeing as we tapped ourselves out with bank loans last year to repair the fleet and money sure is tight. it is imperative that we keep the business rolling as usual, and every day we go unpaid we are getting closer and closer to dealing with some serious issues in both the short term and the long term,"" said Ben.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.""Ben thought about this and agreed with Mariaerley. The customers who were in debt to Richards Truck & Haul were professional resources of the company, but they were also long-standing friends. Ben wasn't prepared to lose these relationships just because they were having financial issues at the moment. Ben knew that the economy had taken a hit and he knew that it would probably be a long time before things started to look up again. That unknown amount of time could create a disaster situation for both of them if he wasn't careful in how these debtors were handled. Of course he did not want to lose any more money, but he did not want to lose business either.""Let me go over this tonight Maria, and thankyou."" Maria nodded, stood up and left the office feeling that she had helped her employer keep on his shirt and hers too.Ben 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 Richards 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. Ben was surprised: it said that his company could get up to fifty percent cash advances on load pickups. As a man who hated binding contracts with no room to breathe, he was pleased to see that this factoring company would not make him sign a long term contract, would not make him pay any sign up fees and there was no minimum volume required.""I must tell Victor the good news,"" muttered Ben to himself.Ben's son-in-law, Victor, loved the idea behind Richards and highly respected his father-in-law for having such great business sense, that two years ago he got his capital together and started his own transportation company. At that time Ben knew the struggles Victor would face, but he still encouraged him to follow his dream. With the faltering economy, if a big fish like Richards was hurting, a little guy like Victor was about to catch his death. But, maybe the answer for both of them was in freight factoring, and Ben was going to find out very soon.Some months later, having successfully gone through the entire process of the application, having experts study his credit history and statements and review his accounts receivable, Ben found that he was starting his journey out of the despair which had been created for him by his delinquent account holders.They took on reasonable factoring purchase contracts and stopped spending their precious man hours scrambling to collect debt. They used that time to refocus their efforts in being competitive in new territories. Ben looked back on the dismal months of life before freight factoring and almost shuddered at the thought. If Ben hadn't discovered freight factoring at just the right time, his business may not be operating today.

 

"

 

"

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

 

"

 

More Trucking Factoring Companies Story Articles

"

Factoring in the Future of a Trucking Business: A Story Lester Chavez let the phone ring on his desk. He let his morning coffee cool and left his cigarette to ash itself in the tray, because he is trying to make the biggest decision ever for his trucking company. Chavez Trucking Company was at a turning point of growth and Lester had to decide if signing with a factoring company was the right way forward.

 

More than forty years ago Lester's father had started this business working as an owner-operator and eventually growing Chavez Trucking Company into a fifteen trailer fleet. There had been some hard times when it seemed everything was going to go under and even Lester�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. But now things were different: the company was in Lester'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 had families and household bills too. Some of the refrigerated trailers were in need of repairs and he felt to stay competitive it was also a good idea to invest in specialized haulers to be ready for the constant requests he was getting for loads of new energy and agriculture equipment. Every time he had to turn down a request, Chavez Trucking looked weak in a very strong market.

 

He knew what his father would have said - 'wait, take your time before adding new technology'. Lester chuckled, thinking about his father. His father had been against placing GPS units in the cabs. His Dad would say ""Why on earth do you need some stranger telling you to get off the exit that everyone knows has been there for years?� Also his father had the habit of teasing all the drivers he caught switching into automatic even though driving in automatic was much more efficient though not manly in his father�s eyes. 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.

 

Lester believed a successful man is always thinking of his next step. What would be the next step for Chavez Trucking? And how would he be able to afford it? Funding was all tied up in the mortgage for the office and garage and in the fuel bills. Thankfully he'd just finished paying off the bank loan for the installation of satellite radio in the trucks.

 

He wondered about factoring - was this the answer for him? 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. 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 this assistance, you're placed in the position of waiting for payment from your customers, and this can often be thirty days, or more. During those thirty days the trucking company cannot pay its employees and bills with invoices.

 

Now it was time for Lester to do his homework. Lester 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 friend Ronnie who had a trucking business in Missouri, was run nearly into the ground by a factoring company that charged him the full freight bill on top of the factoring fees. Well, what was the point of going to a factoring company if there was shady business like that going on?

 

However, it all turned out to be very simple. All the factoring companies he researched were open about their business practices and very friendly on the phone when he called. 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. In fact there were a few companies who offered him a non-recourse factoring program, and this was exactly what he had been hoping for. Also he was happy to hear how much he was offered in terms of percentages on the freight bills. It was good money.

 

For Lester it was quite a relief to be dealing with the factoring company. They were more personable than those loan managers at the bank. It seemed as though those bank people spoke another language, but these factoring guys knew the trucking business and spoke to him like a client, not like a beggar for a handout. The factoring companies were not interested in his credit nor the financial problems his father had experienced in the past. Factoring was based on the credit of his customers and on their reliability which worked well for Lester 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 would not have any problems, nor would they think poorly of Chavez Trucking, because the factoring companies handle themselves in such a polite and professional manner, similar to the way his father had managed the business in the past.

 

Feeling happier now, Lester stepped out of his office to advise his secretary to expect to receive the contract very shortly from the factoring company. He felt exhilarated by the new possibilities that would make the future of the company fun again and put the stress of the difficult times behind him. He suddenly realized that, with this new cash flow, he could actually expand Chavez Trucking Company and who knows, move into Canada, which had always been his dream. He was a happy man again knowing that he had just made a decision which would guarantee the success of his business and his sons would not be inheriting a financial mess.

 

"

 

 

Watch Our Truck Factoring Companies Videos For More Information

 

 

 

 

 

 

 

Trucking Factoring  Articles

"

�So, this is not a loan?� Anthony Rivera asked as he leaned back in his chair, crossing his legs. The woman who sat across the desk smiled and shook her head.�No, not exactly,� she stated.Anthony 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 Steve. He named his business Day Trucking, named after Jacob and Gene, his two grandfathers. They had both been hardworking men, and had done a lot to make Anthony the same.Disaster had struck half a year ago, when two trucks in Steve�s fifteen truck fleet went down. One was involved in a very costly accident, and the other simply rolled over, and headed to the trucking graveyard. Anthony 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 Anthony had on hand.Paying of bills in the trucking industry is always a major cause for concern for businesses.

 

You could go a month or more before bills were completely paid off. This system works okay as long as no problems arise, but if they do, then things can get quite sticky.Anthony 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 Colleen and she worked for a factoring company. Anthony 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.She sat there now, and explained. �it is really not a loan at all: we actually buy your accounts receivable. We aren�t giving you money to be paid back later, we�re buying something from you, and you can buy it back when you can. That way we�re protected from a complete loss, but you�re protected from the outrageous fees you would find in a loan from the bank.Anthony nodded. It sounded perfect - perhaps too good?.Colleen laughed. �You look like you don�t believe me,� she said.�No, I do, I just think it sounds a bit too good to be true. I actually thought I might end up losing my business.�Colleen nodded. �Yes, we get a lot of that. There's no way we want to see you lose your business. You work hard, you�ve put everything you can into it. Sometimes you need help. 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,� said Colleen with a smile. �Let�s see what we can do to help you.�And with that they set about making a profile.

 

Anthony filled the form out, with Colleen available to help him if he needed it. The profile filled Colleen and her company in on Steve�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 Anthony completed his form, Colleen listened to his story and she felt quite sure he would be the ideal candidate for Factoring.When the form was done Colleen took it and slid it into her briefcase. She then stood, reached across the desk and shook Steve�s hand. He stood before they shook as well, and then smiled. Anthony walked Colleen to the door where they said 'Goodbye', then he went back into his office.All his staff members were there, all seven who worked in his office. Sitting behind his desk once more he could hear the familiar sounds of his office workers going about their daily business.He shut his eyes. He 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 Colleen 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 sudden panic attacks, not matter where he was. He could feel it all fading away. He knew it wasn't over yet and that there was still a way to go, but he could just feel everything start to change for him. He was still here; he knew this was the right path for him, and he felt proud that he had taken the appropriate steps to sort out his problems.Anthony 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 really 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 about it for a long time, then decided it was time to sell his restaurant. He took half a year off, and in that time he thought to start Day 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.Then disaster! The two trucks went down and suddenly his success wasn't looking so guaranteed. He was nearing fifty. He didn�t think he had it in him, to save this company. But giving up wasn't part of his personality either.

 

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. Anthony 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 reason why Truck Firms Make use of Factoring Companies.

 

As the manager of your own business, you may well be more than perceptive already of the hardship in making certain that capital concerns do not become a predicament down the line. Anyway, the most unfortunate thing that can potentially happen for your business is to find yourself swept up in a long and complicated condition that leaves you forever trying to find the funds you require on an continuous manner.

 

For any type of company in this predicament, the concern can come for waiting for work to clear up and actually be paid into your bank account. Bill of sales, checks, and the like could take a while to actually to beprocessed which can certainly leave you with momentary available resources issues. Luckily, there are opportunities out there for companies to look into-- and one of these is factoring providers.

 

Factoring companies will, in trade for your statements, grant you with the cash asap to ensure that you do not have to stress over the waiting time span that could make paying out the bills and obtaining materialsmore complicated. With this style of arrangement, invoice factoring can come to be extremely useful for numerous establishments who have to avoid a cash pitfall which they have discovered themselves in.

 

Due to the fact that, depending upon the size of the job, it can take up to 60 days for several business enterprises to get compensated then it is crucial to cover up your own back and not leave yourself resources short to pay the expenses. After all, how many businesses have two months cash flow just occupying there to address all their overheads until they earn?

 

This is most especially correct of truck agencies. They often tend to handle great deals of accounts which means a substantial amount of collection period entails company owner themselves. Trying to get paid off in time can eventually become an extraordinary inconvenience and this is precisely why you use trucking factoring organizations who are pleased to help out truckers mainly.

 

As we all understand, trucking is an incredibly huge field with plenty of firms out there utilizing hundreds of vehicle drivers. The sad thing is, many of these drivers land up in cash problems for the reason that they are still anticipating work from six weeks previously to actually compensate them. When this is the case for a truck agency, turning to factoring providers for support might be the ideal choice left.

 

This signifies that a truck corporation can pay off the paychecks of the work force, keep all the cars refilled with fuel and continue to escalate, evolve and expand without always waiting for the resources which is taking too lengthy to come in. Trucking Firms running without a factoring system applied are leaving themselves at notable threat, as contenders cash out quickly and continue to grow.

 

There's honestly almost nothing to be stressed about when it comes to working with a Factoring firm-- they are not like a bank or somebody who is going to leave you with a massive mass of financial debt to pay back. You give them legitimate invoices from work you have already finalized , you are only just speeding up the repayment process.

 

In the United states of America, where truck firms prosper, factoring enterprises are not considered taking on loan in any capacity. This confidential settlement then enables both groups to profit and take joy in a comfortable future-- it provides the factoring company a secured resource of income to add to the list and it gives the trucking company the required finances that they worked hard to obtain.

 

The trucking establishment provides their statements to the factoring establishment. The trucking factoring business then take the payment amounts from the trucking company's customers. Factoring has beenaround for centuries and has been utilized for decades by many various markets-- but none much more so than truckers. While you might lose out on a small part of the money, something like 1-3 % depending on who you team up with, it signifies that you are obtaining the cash today and can actually start off putting the funds to function.

 

Anyway, an IOU or an invoice is not actually going to pay for costs, is it? For trucking enterprises when the finances can be good one day and gone the next, it is up to the drivers to work sensibly and to make sure they are leaving themselves with a significant volume of time and finance to get through the week till they are paid once again.

 

So the next instance your trucking business is enduring some temporary capital concerns and you are putting in a bit too much time chasing slowly paying clients, why not start thinking about utilizing a factoring businesses as a method to get your finances and give yourself a more pleasant future in the eyes of your trucking team and your bank dividend?

 

 

 

 

 

 

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Bank Loans

 

Finance through a bank loan is the normal, or traditional, way of financing your business. These loans can be a life-saver, but they're not always available to every business. As an example, a newly formed business may not have the required assets to qualify for a bank loan, and even if they did, it is usual practise for a bank to use the business itself as collateral. This means that if you default on your loan payment you could lose your entire business. Plus, the amount you apply for through the bank is the actual amount that you are going to receive. Once the loan is paid off, you can then apply for another loan if the need arises.

 

What Are Trucking Factoring Companies?

 

Trucking Factoring companies do not 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. The Trucking Factoring company purchases your accounts receivable, or part of them, for a certain percentage of their value - this is normally about 80-95%. The amount of finance you can receive will be based on the amount you have earned and the accounts receivable you are prepared to sell. Once 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. Since the Trucking Factoring company actually buys your accounts receivable you do not actually incur debt like you do with a bank loan. 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. With a bank loan, the debt goes onto your credit report, and even one late payment can adversely affect your businesses credit, and even the ability to get insurance and may even reflect upon your personal credit rating.

 

2. There's no collateral required. Another benefit of using a Trucking Factoring company instead of a traditional loan is that you are not required to provide collateral to the Trucking Factoring company in order to secure financing, because the company �buys� the accounts receivables; not loans you money based on them. Plus, the state of your credit rating is not an issue; however the Trucking Factoring company will run a credit check on your clients whose accounts receivable are being offered for financing. This means that it is easier for new businesses to access the finance they need through a Trucking Factoring company, providing their accounts receivable are in good order. A bank may believe you haven't been in business long enough to be able to cover this risk.

 

3. You'll receive the money faster. Using a Trucking Factoring company means that you'll get the finance quicker. The money will normally be in your account within 24 hours, once the Trucking Factoring company is confident that your customers� accounts are likely to be paid. Borrowing from a bank begins with vast amounts of paperwork, the loan must be underwritten, and this can take ages before you're notified if the loan has been approved.

 

4.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 not only are you relieved of those monthly loan payments, but you also do not have to worry about the building up of interest, as every penny in the account is yours to spend on the business.

 

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 main benefit is that once you've sold your accounts receivable to the Trucking Factoring company, you are free from having to collect money owed by your customers. Since these accounts belong to the Trucking Factoring company, this is now their job. Trucking Factoring companies are very good at collecting these debts, saving you the time and effort that you need to devote to your growing company.

 

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

 

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