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To Companies Who Want To Write - but Can't Get Started - Our Trucking Factoring Company Can Provide
Your Truck Company The Money Your Company Needs

businessfinanceresource.org

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truck factoring definition

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trucking invoice factoring companies

Small truck companies, especially those who have actually not been in existence for very long, will frequently find it tough to protect a loan. Banks are often hesitant to provide cash to businesses that do not have a lot of income and possessions. They also desire proof of the viability of a company and therefore need that many operations, especially small ones, be in business for a certain quantity of time before they are prepared to turn over any cash. Because of this, a small company frequently has a couple of money generating alternatives when needs emerge. One choice available, but typically overlooked, is receivable Financing. This is an exceptional means for a medium-size company to obtain cash.

 

 

 

 

 

 

 

How to Get Cash And Grow Your Company - Pick A Freight Bill�Factoring Company  Instead Of A Typical Bank Funding

How to Enhance Money Flow Without Loaning -Cash Money flow is one of the primary reasons companies fail.

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

Cash 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 options are offered and you do not have to borrow. Exactly what is trucking factoring ? One solution is called trucking factoring. Truck Factoring is the process of selling invoices to a financier rather than waiting to collect the money from the customer. Oh, the Irony- Trucking factoring has a paradoxical difference: It is the monetary backbone of many of America's most effective businesses. Why is this ironic ? Because invoice factoring is not instructed in business colleges, is seldom mentioned in company plans and is fairly unidentified to bulk of most of American company people.

Yet it is a financial procedure that releases up billions of dollars every year, allowing thousands of businesses to grow and prosper. Receivable Financing has actually been around for countless years. Receivable Loan Funding Companies are investors who pay cash for the right to get the future payments on your invoices. An overdue receivable or invoice has value. It is a financial obligation your client has agreed pay in the near future. Factoring Principals--Although factoring offers exclusively with business-to-business transactions, a big percentage of the retail company uses a factoring principal. MasterCard, Visa, and American Express all use a form of factoring in their retail transactions. Using the purest meaning of the word, these large customer finance companies are really just big FACTORING Businesses of consumer paper. Consider it: You purchase at Sears and charge it to your MasterCard. The store gets paid practically immediately, although you do not make payment up until you are prepared.

For this service, the credit card company charges Sears a charge (typical common normal charges range from two to 4 percent of the sale). The Advantages Trucking Factoring can offer many benefits to cash-hungry business. Instead of waiting 30, 60, 90 days or longer for payment on a product that has actually already been provided, a company can factor (sell) its receivables for cash at a small price cut off the amount of the invoice. Payroll, advertising efforts, and working capital are simply a few of the company needs that can be met with instant  cash.

Invoice Factoring offers the means for a producer to replenish inventory and make more items to sell: There is no longer a need to await for earlier sales to be paid. Receivable Loan Financing is not just a money management device for manufacturers: Practically any kind company can benefit from Receivable Loan Financing. Generally, a business that extends credit will have 10 to 20 percent of its annual sales tied up in invoices at any given time. Think for a moment about exactly how much is bound in 60 days' worth of invoices: You can not pay the power expense or this week s payroll with a customer s invoice, but you can sell that invoice for the cash to satisfy those responsibilities. Using trucking factoring companies is a fast and easy process. The factor purchases the invoice at a price cut, usually a few portion points less than the stated value of the invoice.

 

 

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The United states Trucking Association
mentions that there are about
195,000 workers with freight trucking
firms and
250,000 personal providers trucking
firms licensed to
operate in the U.S. that transferred,
according to their most current listings of millions of
products, materials and
standard products .
There are numerous common
carriers either going solo or in
teams on our country
highways transporting these
important products to our
shops, factories and harbors.

And freight factoring
firms service
several of them and offer their
receivables financing services
nationwidecomprising
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

 

Irving is a city located in the U.S. state of Texas within Dallas County. According to a 2012 estimate from the U.S. Census Bureau, the city population was 225,427 making it the thirteenth most populous city in Texas. Irving is part of the Dallas�Plano�Irving metropolitan division of the Dallas�Fort Worth�Arlington metropolitan area, designated by the U.S. Census Bureau and colloquially referred to as the Dallas/Fort Worth Metroplex.Irving includes the Las Colinas community, one of the first master-planned developments in the United States and once the largest mixed-use development in the Southwest with a land area of more than 12,000 acres (4,856 ha). Las Colinas is home to the Mustangs at Las Colinas, which is the largest equestrian sculpture in the world, as well as many Fortune 500 companies, such as Mobil. In January 2011 the city completed the Irving Convention Center at Las Colinas and plans to develop the area into a mixed-use complex including a special entertainment district.Part of Dallas/Fort Worth International Airport, which serves the cities of Dallas and Fort Worth, is inside the city limits of Irving.Several large businesses have headquarters in Irving,

 

 

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

The largest trucking companies in the U.S. set a revenue record in 2013, but revenuegrowth slowed for the second year in a row.

The combined revenue of the 50 largest motor carriers rose to $106.6 billion last year, according to The Top 50 Trucking Companies list, based on data prepared by Consulting Group in Pittsburgh.

 

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.

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

List of Trucking Companies for Owner/Operators and Company Drivers

 

The largest trucking companies in the U.S. set a revenue record in 2013, but revenuegrowth slowed for the second year in a row.

The combined revenue of the 50 largest motor carriers rose to $106.6 billion last year, according to The Top 50 Trucking Companies list, based on data prepared by Consulting Group in Pittsburgh.

 

The largest trucking companies in the U.S. set a revenue record in 2013, but revenuegrowth slowed for the second year in a row.

The combined revenue of the 50 largest motor carriers rose to $106.6 billion last year, according to The Top 50 Trucking Companies list, based on data prepared by Consulting Group in Pittsburgh.

 

The largest trucking companies in the U.S. set a revenue record in 2013, but revenuegrowth slowed for the second year in a row.

The combined revenue of the 50 largest motor carriers rose to $106.6 billion last year, according to The Top 50 Trucking Companies list, based on data prepared by Consulting Group in Pittsburgh.

 

 

"

Baker 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 Baker Truck & Haul was the mastermind of a top-rated accounts receivable in the trucking industry. Very few customers were behind on their bills, and those customers who were late turned in their overdue payments within an acceptable time frame. Times were great for everyone, and the cash was flowing.It was just one year later, in 2008, when the economy in the United States took a sharp decline, and both large and small businesses started to notice the squeeze on their pocketbooks: everyone had suddenly gone silent. Business slowed down. Worse still, it was noticed by Baker 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, Gregory George, CEO of Baker felt a chill go down his spine whenever he would look at the weekly A/R reports. The numbers of clients who owed him back debt were growing.He had gone to his administrators and asked them what the problem had been. Were they doing something wrong or different when it came to reaching out to delinquent accounts? 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 Baker hadn't gone elsewhere. They had just gone home.The situation looked dire to Gregory George. 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, Pamela, and neither were unable to stop the constant worry over the lack of funds.""Lin, I have a really bad feeling,"" he'd sadly say to his wife.""Well, what do you think it is?"" she would say.Gregory would stare off into the distance, and then slowly close his eyes. In his mind he could clearly see the fleet of trucks purchased over the many years. He could see them on the road, delivering good to all his loyal customers. But then a haze would cover his trucks and his vast fleet would vanish to leave just a few. What could cause this ultimate death spiral of business?""I think I know what it could be,"" said Gregory. ""For way too long I've been relying solely on profits received from invoices. 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.

 

""Gregory 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 Gregory strolled into his office and was determined to sit down and make every phone call to every client who had owed Baker money. This wasn't really a very efficient way for a Chief Executive to spend his day, and Gregory 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, Gregory knew that he was in trouble.

 

Poor Gregory spent the whole morning trying in vain to contact his debtors: they promised to call back, dodged his calls, or made small interest-only payments. He was beginning to feel quite despaired when his secretary knocked on his door.

 

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

 

""Sure thing Lori, come on in."" Gregory relaxed back into his chair and looked up at Lorierley.""Well Gregory, 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 of factoring?"" she asked.""It sounds vaguely familiar. What is it?"" he said.""Well,"" she began, ""It�s actually quite simple really.

 

Basically, factoring invoices means that we would get paid immediately for the loads we haul.""Gregory interrupted ""Immediately?"".""Immediately, yes"" she added, ""In a nutshell, it is pretty easy. We start by having a professional account manager review our figures and help us set up a company profile. 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�s a broad view.""Gregory 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. There�s a lot of flexibility depending on the business volume and credit histories. The company will advise us the cost to purchase factoring for our company's accounts receivable. We come to an agreement and the funding starts pouring out.�Gregory leaned forward and reviewed the paperwork closely.""It sounds too good to be true, Lori,"" he said.""Now, now, I know, I thought the same thing. But think about it, Gregory: 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. And they're flexible Gregory,"" she drew a circle around a paragraph on the document before him.""Just how flexible?"" asked Gregory.""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.

 

""It does all sound pretty good, remembering that we are all tapped out now with loans from the bank last year to repair vehicles, and we all know just how tight money is. it is imperative that we keep the business rolling as usual, and every day we go unpaid we are getting closer and closer to dealing with some serious issues in both the short term and the long term,"" Gregory said.Gregory took in a long slow breath, then looked at his secretary with something like hope in his eyes.""Exactly�. This could very well be the answer to resolving the problems we are having with these clients who still owe us money.""Gregory thought about this and agreed with Lorierley. The customers who were in debt to Baker Truck & Haul were professional resources of the company, but they were also long-standing friends. They did not want to throw away these relationships because they were having trouble paying their bills now. He was well aware that the economy was in a bad way and that it might be quite a while before things started picking up. If he did not handle these debtors in the right way, that unknown amount of time could spell disaster for all of them. He did not want to lose business but he also did not want to lose any more money.""Well, let me think about this tonight Lori, thank you."" Lori stood up and left Gregory's office, with the nice feeling of knowing that she may just have solved a very serious problem.Gregory sat behind his desk and looked over the details Lori had not mentioned in their meeting. What other issues could freight factoring help Baker with? Running his pencil down the sheet, he noted that the freight factoring company could assist with fuel costs, fuel advances, and fuel discount cards. Gregory was surprised: it said that his company could get up to fifty percent cash advances on load pickups. Gregory was a typical business man: he despised binding contracts that did not allow room to breathe, so he was pleasantly surprised to see that the factoring company did not require a long term contract, that there was no minimum volume required, and that there were no sign-up fees.""Well, I'll have to tell Jimmy about this,"" Gregory muttered to himself.Gregory's son-in-law, Jimmy, loved the idea behind Baker 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 Gregory knew the struggles Jimmy would face, but he still encouraged him to follow his dream. With the faltering economy, if a big fish like Baker was hurting, a little guy like Jimmy was about to catch his death. But, maybe the answer for both of them was in freight factoring, and Gregory was going to find out very soon.A few months later after going through the entire application process and having the experts review his accounts receivable, credit history and statements, Gregory found himself beginning to dig his way out of the hole his delinquent account holders 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. Gregory recalled those dismal months when he wasn't aware of freight factoring, and he shuddered at those memories. Had he missed the boat on this one, he probably wouldn't be in business today.

 

"

 

Irving is a city located in the U.S. state of Texas within Dallas County. According to a 2012 estimate from the U.S. Census Bureau, the city population was 225,427 making it the thirteenth most populous city in Texas. Irving is part of the Dallas�Plano�Irving metropolitan division of the Dallas�Fort Worth�Arlington metropolitan area, designated by the U.S. Census Bureau and colloquially referred to as the Dallas/Fort Worth Metroplex.Irving includes the Las Colinas community, one of the first master-planned developments in the United States and once the largest mixed-use development in the Southwest with a land area of more than 12,000 acres (4,856 ha). Las Colinas is home to the Mustangs at Las Colinas, which is the largest equestrian sculpture in the world, as well as many Fortune 500 companies, such as Mobil. In January 2011 the city completed the Irving Convention Center at Las Colinas and plans to develop the area into a mixed-use complex including a special entertainment district.Part of Dallas/Fort Worth International Airport, which serves the cities of Dallas and Fort Worth, is inside the city limits of Irving.Several large businesses have headquarters in Irving,

 

 

More Trucking Factoring Companies Story Articles

"

The Future of a Trucking Company, and Factoring The phone was ringing on his desk, and Victor Perry just sat there letting it ring. He let his morning coffee cool and left his cigarette to ash itself in the tray, because he is trying to make the biggest decision ever for his trucking company. Perry Trucking Company was at a turning point of growth and Victor had to decide if signing with a factoring company was the right way forward.

 

More than forty years ago Victor's father had started this business working as an owner-operator and eventually growing Perry Trucking Company into a fifteen trailer fleet. Yes, they had survived some very difficult times when it appeared like they might go under, and even Victor's mother had jumped into the cab at times 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 Victor's hands and he needed to ensure that this business would be left in great shape for his sons.

 

To move Perry 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. Every time he had to turn down a request, Perry Trucking looked weak in a very strong market.

 

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

 

Victor knew he was right in his forward thinking. How would he take Perry Trucking to the next level? And how would he be able to afford it? Business funding was tied up in fuel bills and the mortgage for the garage and office. Thankfully he'd just finished paying off the bank loan for the installation of satellite radio in the trucks.

 

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. A factoring company actually purchases your invoices and takes control of your accounts receivable, payment being a certain percentage of the amount invoiced. 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 Victor to do his homework. He had heard of companies charging for same day money transfers, advancing a percentage of the money owed to your business, while the rest is held in a private account if the bill wasn't paid within sixty or more days. Worse still, if the customer defaulted on payment, the factoring company takes it out of the money supposedly coming to you! He'd even heard about some companies putting you onto a sliding percentage scale regardless of any previously signed contracts for possibly 3% or 7%, and there you are now with 10% coming as a charge to you out of the freight bill. His 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. Nobody charged him for credit checks and they offered him a fuel advance on the pick-up of the load. In fact there were a few companies who offered him a non-recourse factoring program, and this was exactly what he had been hoping for. He was more than happy with the figures he was offered in percentage terms on the freight bills. It was good money.

 

It was really refreshing dealing with the factoring people. They were more personable than those loan managers at the bank. He was relieved to note that the factoring companies understood the trucking business and discussed business with him like a respected client, not like someone looking for a handout. The factoring companies were not interested in his credit nor the financial problems his father had experienced in the past. All the factoring company was interest in was the credit of his customers and on their reliability: this worked great for Victor because he and his father had created a very strong and loyal list of clientele over the years. So he knew they would understand when the factoring company contacted them for the invoices. His clients would not have any problems, nor would they think poorly of Perry 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, Victor 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 Perry Trucking Company and who knows, move into Canada, which had always been his dream. His heart felt full knowing his sons wouldn�t have to worry about money because of the right decisions he had made for their trucking business.

 

"

 

 

View Our Freight Factoring Videos For More Information

 

 

 

 

 

 

 

Trucking Factoring  Articles

"

�So, this is not a loan?� Clinton Thomas asked as he leaned back in his chair, crossing his legs. The woman sitting across the desk from Clinton smiled at him, shaking her head.�Not quite,� she stated.Clinton was the owner of a small trucking company which had fallen on some hard times recently. Trucking could be a profitable business, and for a little under a decade, it had been for Wade. He named his business Baker Trucking, named after Oscar and Dave, his two grandfathers. Both of these men had been very hardworking and had set a great example for Wade.Disaster had struck half a year ago, when two trucks in Wade�s fifteen truck fleet went down. One was a roll-over and ended up in the trucking graveyard: the other was involved in a serious and costly accident. Clinton depended on his full fleet, and missing two trucks was devastating . In addition, he just did not have the available cash to buy a new truck, plus repair the other one.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. In the long run, this wasn�t an issue, but if problems arose, you could find yourself in trouble.Clinton 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 Brenda 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.Brenda 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.Clinton nodded. It sounded good to him, almost too good.Brenda laughed. �I'm not sure that you believe me,� she chuckled.�Oh no, I do: it just sounds too good to be true. I thought I was going to lose my company.�Brenda nodded. �We get that a lot. Listen, I�d hate to see you lose your company. We know how hard you work, and that you've invested everything in your business. Sometimes you need help. That�s 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,� Brenda said with a smile. �Let's work out a solution to your problem.�And with that they set about making a profile.

 

Clinton completed the form, with Brenda offering advice as needed.

 

The profile filled Brenda and her company in on Wade�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. Listening as Clinton filled out his form, Brenda was pretty sure he was a perfect candidate for factoring.Brenda took the completed form and placed it in her briefcase. Standing up, she reached over the desk and shook Wade's hand. He stood before they shook as well, and then smiled. They said their goodbyes and Clinton 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 leaned back and closed 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 Brenda though, learning about factoring, it felt like a weight had been lifted from his shoulders. He relaxed into his chair, running his hand through his thick black hair with its telling streaks of grey.All those long, sleepless nights. The terrifying panic attacks that occurred regardless of 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.Clinton 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 it wasn't what he really wanted to do. He wasn't passionate about the food industry. He thought long and hard, and then he decided to sell the restaurant. He took half a year off, and in that time he thought to start Baker Trucking. And that's exactly what he did. Once again he built a company from the ground up. He had been successful.And then the trucks went down, and his success looked to be in flux. He was nearing 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 it seemed as though he would not have to - all because of Factoring. Clinton opened his eyes, sat forward, turned his computer on. He had things to do. There would be plenty of time later to be thankful, but for now it was time to get back to work.

 

"

 

 

 

More Trucking Factoring Company Story Articles

The reason why Truck Companies Work with Factoring Firms.

 

As the manager of your own business, you may be much more than perceptive already of the difficulty in making certain that capital matters do not become a problem down the line. Anyway, the most terrible thing that can possibly transpire for your business is to find yourself involved in a long and problematic condition that leaves you forever trying to find the funds you are in need of on an on-going manner.

 

For just about any establishment in this position, the problem can come for waiting for work to clear up and actually be compensated into your statement. Invoices, checks, and the like could take a long time to actually to be taken care of which may leave you with short-term cash flow difficulties. Luckily, there are solutions out there for enterprises to explore-- and one of these is factoring firms.

 

Factoring firms will, in trade for your bill of sales, provide you with the cash right away so you do not have to worry about the waiting time frame which could make paying off the bills and acquiring toolsmore hard. With this type of system, invoice factoring can come to be remarkably helpful for lots of enterprises who need to avoid a money trap which they have found themselves in.

 

Considering that, depending upon the scale of the task, it can take up to 60 days for several firms to get paid then it is very important to cover your own back and definitely not leave yourself cash short to settle the monthly bills. After all, how many enterprises have two months revenue just occupying there to address all their costs until they get paid?

 

This is most notably true of truck agencies. They have the tendency to take care of lots of statements which means a notable amount of collection time demands business owner themselves. Trying to get paid promptly can turn into an unbelievable trouble and this is why you work with truck factoring companies who are glad to help out truckers particularly.

 

As most of us know, trucking is an remarkably huge market with plenty of companies out there utilizing hundreds of vehicle drivers. Unfortunately, plenty of these drivers end up in income difficulties considering that they are still waiting for work from six weeks in the past to actually pay them. When this is the situation for a truck organization, depending on factoring companies for solutions might be the most recommended choice left.

 

This means that a trucking firm can provide the paychecks of the people, keep all the trucks filled with gas and continue to scale, thrive and expand without continually waiting for the funds which is taking too prolonged to come in. Trucking Business enterprises functioning without a factoring program established are leaving themselves at considerable risk, as competitions cash out rapidly and carry on to develop.

 

There's absolutely almost nothing to be worried about when it comes to employing a Factoring business-- they usually are not like a banking company or any individual who is going to leave you with a big mass of personal debt to pay back. You give them genuine invoices from job you have already accomplished , you are simply quickening the payment system.

 

In the United States, where trucking enterprises grow, factoring companies are not considered getting a loan in any capacity. This private contract then allows both parties to profit and experience a worry-free future-- it provides the factoring business a secured resource of income to add to the list and it supplies the trucking company the needed cash that they worked hard to earn.

 

The trucking enterprise provides their statements to the factoring business. The trucking factoring provider then obtain the payment amounts from the trucking company's clients. Factoring has beenaround for centuries and has been employed for several years by a lot of diverse industries-- but none more so than truckers. While you might miss out on a small part of the money, something like 1-3 % depending on who you partner with, it means that you are acquiring the finances today and can actually start off setting the cash to perform.

 

After all, an IOU or an invoice is not going to fund expenses, is it? For trucking establishments when the finances can be very good one day and gone the next, it is up to the drivers to work smartly and to ensure they are leaving themselves with a significant measure of time and money to get through the week until they are paid again.

 

So the next period your trucking company is enduring some momentary cash flow dilemmas and you are shelling out too much time chasing slow paying clients, why not start considering making use of a factoring businesses as a way to get your cash and give yourself a more pleasant future in the eyes of your trucking staff 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. In addition, while you apply for a certain loan amount, that is all the financing you are entitled to. Once the loan is paid off, you can then apply for another loan if the need arises.

 

Trucking Factoring Companies

 

Trucking Factoring companies do not give loans, and the money you get from the Trucking Factoring company does not put you in debt. Rather the financing you receive from a Trucking Factoring company is based on money your business has already earned, but have not yet received. Trucking Factoring companies actually purchase your accounts receivable or at least part of them for a percentage of their total worth, Normally around 80%-95%. The amount of money you can receive is based on the amount of money you have earned and the accounts receivable you are willing to �sell.� Once a Trucking Factoring account has been created for you, it will continue for as long as you need it, with the money available continuing to grow as your business grows, and providing cash as you require it.

 

Benefits of a Trucking Factoring Company Vs. A Bank Loan

 

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

 

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

 

2. 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. Using a Trucking Factoring company means that you'll get the finance quicker. Once the Trucking Factoring company assures itself that the customers in your accounts receivable are likely to pay their debt, the money is usually in the account within 24 hours. With a bank, there are vast amounts of paperwork, then the loan has to be underwritten, which can take months before you actually see the loan if it is approved.

 

4.Interest is Paid Up Front. Unlike a bank loan that continues to build interest that you have to pay the entire time you have your business loan with a Trucking Factoring company, you do not have to continue to pay interest as they take it right off the top, deducting it from the total amount of accounts receivable. So you do not have to worry about monthly loan repayments, and you do not have to worry about the amount of interest payable, because all the money in the account is yours to spend.

 

As you can see, there are several benefits that makes considering financing through a Trucking Factoring company over a traditional bank worthwhile. However, there are also a couple of other benefits that a factory company can offer your business is far beyond the scope of the bank. The 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. The Trucking Factoring company takes over that chore, since it is now their money to collect. Trucking Factoring companies are very good at collecting these debts, saving you the time and effort that you need to devote to your growing company.

 

Another bonus is that, because the Trucking Factoring company has evaluated the quality of your customers' credit before buying the accounts receivable, you learn valuable information regarding your customers, like which ones are likely to pay, and which ones are less 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

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Philadelphia

 

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