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How to Swim with The Banks without Being Eaten Alive -
Our Factoring Financing
Can Provide
Your Trucking Company
The Money You Want

 

 

trucking factoring service

trucking invoice factoring companies

best trucking factoring company

trucking factoring companies reviews

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

Free Book Tells You 12 Secrets of Better Cash Flow - Select 

A Freight�Invoice Factoring Company  Instead Of A Regular Bank Funding

Exactly how to Increase Money Flow Without Loaning -Cash Money flow is one of the primary reasons businesses fail.

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

Cash flow does not have to be an issue any more. Do not be fooled -- banks are not the only locations you can get funding. Other solutions are offered and you do not have to borrow. What is truck factoring ? One solution is called factoring financing. Trucking Factoring is the process of selling invoices to a financier instead of waiting to gather the money from the customer. Oh, the Irony- Truck factoring has an ironic distinction: It is the financial foundation of many of America's most successful businesses. Why is this ironic ? Since trucking factoring is not taught in business colleges, is rarely discussed in business plans and is relatively unknown to the majority of most of American company people.

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

For this service, the credit card business charges Sears a charge (typical common normal charges range from 2 to four percent of the sale). The Benefits Receivable Funding can provide numerous benefits to cash-hungry companies. Instead of waiting 30, 60, 90 days or longer for payment on an item that has actually currently been delivered, a company can factor (sell) its receivables for money at a small discount off the amount of the invoice. Payroll, advertising efforts, and working capital are simply a few of the company requirements that can be satisfied with instant  money.

Factoring Financing offers the means for a manufacturer to renew inventory and make more items to sell: There is no longer a requirement to await for earlier sales to be paid. FACTORING is not simply a cash management tool for producers: Almost any kind business can benefit from Trucking Factoring. Typically, a business that extends credit will have 10 to 20 percent of its annual sales bound in accounts receivable at any given time. Think for a moment about exactly how much is tied up in 60 days' worth of invoices: You can not pay the power expense or this week s payroll with a customer s invoice, but you can sell that invoice for the money to satisfy those responsibilities. Using truck factoring companies is a fast and easy process. The factor buys the invoice at a discount, typically a few percentage points less than the stated value of the invoice.

 

 

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The American Truck Organization
states that there are about
195,000 truck drivers with transportation
companies and
300,000 personal companies trucking
companies certified to
run in the U.S. that carried,
according to their latest listings of millions of
items, materials and
fundamental materials .
There are several usual
carriers either going solo or in
teams on our country
roadways transporting these
important products to our
shops, manufacturingplants and harbors.

Andtrucking factoring
corporations aid
many of them and offer their
receivables financing facilities
nationwide comprising
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

factoring-financing

 

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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:

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 JOC Top 50 Trucking Companies list, based on data prepared by SJ Consulting Group in Pittsburgh.

 

EveryTruckJob.com 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 andbenefits offered. Search current driving jobs and fill out the EZ truck driver application customized for cdl trucking jobs

 

Click below to find Trucking Companies in the United States:

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

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 JOC Top 50 Trucking Companies list, based on data prepared by SJ Consulting Group in Pittsburgh.

 

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.

 

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.

 

 

"

Gray Truck & Haul have been operating their business since the mid 1980s. For more than twenty years they've been delivering goods for most major industries in the nation, with business booming as they traversed the country, in all kinds of weather, for all kinds of clients. During the boom times from 2002 to 2007 Gray 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. Worse still, it was noticed by Gray in early 2008 that even though most of their loyal customers were on time with their payments, there were a few late bloomers who were starting to spread the disease. Spring changed to summer, summer changed to fall, and the CEO of Gray, Adam Gregory, was beginning to feel very uncomfortable indeed whenever he looked at their weekly Accounts Receivable reports. The number of clients who were late in their payments was continuing to grow.He had already been to the administrators to ask what the actual problem was. 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 Gray hadn't gone elsewhere. They had just gone home.To Adam Gregory 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, Judy, and still find no relief from the worry and frustration.

 

""Lin, I have a really bad feeling,"" he'd sadly say to his wife.""Well, what do you think it is?"" she would ask.Adam 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 somewhere, a haze would form over his fleet and the vast number of vehicles would disappear to but a few. Why couldn�t he work out how to resolve this financial problem with his business?""I think I know what it could be,"" said Adam. ""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."" All Judy could do was hold his hand and look at him tenderly. 'We know it's a difficult economy at the moment - perhaps it will take a while for people to get on top of their bills'.""Judy was trying so hard to support her husband in these worrying times, while Adam was weighed down with the worry of how he was going to handle this situation he found himself in.The next day Adam strolled into his office and was determined to sit down and make every phone call to every client who had owed Gray 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. Wasting money, wasting time - even with the best of intentions, Adam knew that he was in trouble.

 

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

 

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

 

""Of course Mattie, please come in."" Adam leaned back in his chair and looked expectantly at Mattieerely.""Well Adam, this afternoon I did some research, trying to work out how we're 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 does sound 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.""""Immediately?"" Adam interrupted.""Immediately, yes"" she added, ""In a nutshell, it's 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. In addition, factoring will assist in determining our customers' creditworthiness, independent from their credit relationship with our company. It provides a very broad view.��Adam replied cautiously ""I see - and what happens then?��Well, after their review, and we�re approved for a factoring contract, we can negotiate terms and conditions. There�s a lot of flexibility depending on the business volume and credit histories. The company will advise us the cost to purchase factoring for our company's accounts receivable. Once we arrive at a mutual agreement, the funding begins.�Leaning forward, Adam studied the documents very closely.""I don't know, Mattie - it just sounds too good to be true"", Adam said quietly.""Yes, I know; that's exactly what I thought at the beginning. But really, they have guaranteed us experts that do all the legwork, which would free us up here to focus on our clients in good standing and marketing, all that good stuff. They appear to be very flexible, Adam,"" she drew a circle around a paragraph on the document before him.""How flexible?"" asked Adam.""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. 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 Adam.Adam took in a long slow breath, then looked at his secretary with something like hope in his eyes.""Precisely�. This could very well be the answer to resolving the problems we're having with these clients who still owe us money.""Adam thought about this and agreed with Mattieerley. The clients who owed them money were long standing friends and professional resources of Gray. They didn't want to throw away these relationships because they were having trouble paying their bills now. Adam 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. If he didn't handle these debtors in the right way, that unknown amount of time could spell disaster for all of them. He didn't want to lose business but he also didn't want to lose any more money.""Well, let me think about this tonight Mattie, thank you."" Mattie nodded, stood up and left the office feeling that she had helped her employer keep on his shirt and hers too.Adam sat behind his desk and looked over the details Mattie had not mentioned in their meeting. What other issues could freight factoring help Gray with? Running his pencil down the sheet, he noted that the freight factoring company could assist with fuel costs, fuel advances, and fuel discount cards. In fact, Gray 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 Robert about this,"" muttered Adam to himself.His son-in-law Robert had liked the idea of Gray so much and revered his father in law for having such business acumen that only two years before, he had gathered the venture capital to begin his own transportation service company. At that time Adam knew the struggles Robert would face, but he still encouraged him to follow his dream. With the economy the way it was, if an established company such as Gray was struggling then the little guys, like Robert, were going to be in even more trouble.

 

But, an antidote may have been found in freight factoring and Adam was soon 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 Adam 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 used that time to refocus their efforts in being competitive in new territories. Adam looked back on the dismal months of life before freight factoring and almost shuddered at the thought. If Adam hadn't discovered freight factoring at just the right time, his business may not be operating today.

 

"

 

 

More Trucking Factoring Companies Story Articles

Factoring in the Future of a Trucking Business: A Story Julio Moreno 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. Moreno Trucking Company had reached a turning point and he now had to make a decision as to whether he should sign up with a factoring company, and indeed if this would be a good or regrettable decision for his business.

 

Julio�s father had started as an owner-operator and had grown Moreno Trucking Company into a fifteen trailer fleet over forty years. Yes, they had survived some very difficult times when it appeared like they might go under, and even Julio'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. Now the company was solely in Julio�s hands and he wanted to live to see it in better shape for his sons.

 

To move Moreno 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 Moreno Trucking look inefficient and weak in what was currently a strong market.

 

He knew what his father would have said - 'wait, take your time before adding new technology'. Julio allowed himself a good hard chuckle. His father had been against placing GPS units in the cabs. He would say, �Why do you need the voice of some woman to tell you to get off at an exit that has been the same exit that 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.

 

Julio knew he was right in his forward thinking. What would be the next step for Moreno Trucking? More importantly, how could he 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 didn't 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. In return, the factoring company pays the trucking business straight away, providing immediate cash flow for the business to pay staff, purchase fuel, and do any repairs or maintenance. Without this assistance, you're placed in the position of waiting for payment from your customers, and this can often be thirty days, or more. In those 30 days, a trucking company can�t pay its bills and employees in invoices.

 

Now it was time for Julio 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. Plus it was worse still if the customer didn�t pay up at all because then the factoring company would take it right out of the money supposed to be coming to you! 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. Well, what was the point of going to a factoring company if there was shady business like that going on?

 

But it turned out to be quite easy. 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 didn�t mind signing an exclusive contract. He liked the idea of a long term commitment so he knew he wouldn�t have to bother going back and forth to different companies and wasting time filing more forms. Nobody charged him for credit checks and they offered him a fuel advance on the pick-up of the load. Many companies offered a non-recourse factoring program that suited him just fine. He was more than happy with the figures he was offered in percentage terms on the freight bills. It sounded like a great scheme to him.

 

It was really refreshing dealing with the factoring people. They were extremely helpful and more personable than the bank staff. 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 didn�t worry over his credit and the debt troubles his father had had in the past of the company. All the factoring company was interest in was the credit of his customers and on their reliability: this worked great for Julio 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 wouldn�t think poorly of Moreno 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.

 

Feeling happier now, Julio 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 Moreno 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.

 

 

 

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Trucking Factoring  Articles

�So It is not a loan?� Alexander Bell 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.Alexander 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 Armando. His company was called May Trucking, named after both of his grandfathers, Alan and Stephen. They had both been hardworking men, and had done a lot to make Alexander the same.Six months ago disaster struck Armando's business when two out of his fleet of fifteen trucks were taken off the road.

 

One was involved in a very costly accident, and the other simply rolled over, and headed to the trucking graveyard. Alexander depended on his full fleet, and missing two trucks was devastating . In addition, he just didn't 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.Alexander was an excellent business man, and he certainly hadn't done anything wrong. Things had happened that he couldn't have predicted, and he had to figure out a way to keep his business from hurting, or even going under.That�s where the woman across the desk came in. Alexander knew she was employed by a Factoring company and that her name was Alicia. Alexander 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.Alicia explained. �It�s not a loan, we purchase 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. This is a win-win situation: we're 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.Alexander agreed. It sounded good to him, almost too good.The woman laughed. �I'm not sure that you believe me,� she said.�Oh no, I do: it just sounds too good to be true. I actually thought I might end up losing my business.�Alicia nodded. �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.��Well, I'm very grateful that you came to see me today.��No problem - I'm just down the road. We normally do it all online but I was happy to come and visit you today,� said Alicia with a smile. �Let�s see what we can do to help you.�And right there and then they created a business profile. Alexander completed the form, with Alicia offering advice as needed.

 

The profile filled Alicia and her company in on Armando�s company, and would help them determine if he was suitable for factoring. Unfortunately, not all companies are. Some businesses are beyond the help of a Factoring company, while other businesses weren't in enough financial stress to warrant it. Listening as Alexander filled out his form, Alicia was pretty sure he was a perfect candidate for factoring.Alicia took the completed form and placed it in her briefcase. She then stood, reached across the desk and shook Armando�s hand. He stood before they shook as well, and then smiled. They said their goodbyes and Alexander walked her to the door, and then returned to his office.All his staff members were there, all seven who worked in his office. Sitting behind his desk once more he could hear the familiar sounds of his office workers going about their daily business.He leaned back and closed his eyes. He 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 Alicia 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.All those long, sleepless nights. The sudden panic attacks, not matter 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 there, he was on the right path, and he was working to make things right.His mind wandered back to the very beginning, when he first started his business. He had opened a restaurant at age twenty two when he was fresh out of school. 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 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 May Trucking. So he did it. For the second time in his short life he created 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 about to turn fifty. He didn�t think he had it in him, to save this company. But he couldn�t give up. 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. Alexander opened his eyes, sat forward, turned his computer on. He had lots to do. There would be plenty of time later to be thankful, but for now it was time to get back to work.

 

 

 

 

More Trucking Factoring Company Story Articles

Reasons why Truck Companies Use Factoring Companies.

 

As the owner of your own business enterprise, you may likely be much more than knowledgeable already of the challenge in making certain that cash flow concerns do not become a difficulty down the line. After all, the most horrible thing that can in all probability occur for your establishment is to find yourself swept up in a long and challenging predicament that leaves you forever trying to find the finances you need to have on an recurring basis.

 

For any sort of company in this position, the dilemma can come for waiting for work to lapse and actually be settled into your bank account. Bill of sales, checks, and the like can take a long time to actually to beprocessed which can easily leave you with temporary cash flow difficulties. Thankfully, there are approaches out there for industries to check out-- and one of these is factoring agencies.

 

Factoring agencies will, in substitution for your accounts, give you with the money immediately so you don't need to worry about the waiting time span that could make paying the expenses and purchasing materialsmore challenging. With this type of system, invoice factoring can end up being incredibly beneficial for countless businesses who have to get out of a cash lure which they have found themselves in.

 

Since, depending on the scale of the project, it can take up to 60 days for several companies to get compensated then it's vital to cover your own back and not leave yourself resources short to pay the bills. After all, how many establishments possess two months income just lying there to handle all their overheads until they earn?

 

This is most notably correct of trucking firms. They often handle lots of accounts which means a serious quantity of collection period entails company owner themselves. Attempting to get compensated promptly can develop into an extraordinary inconvenience and this is exactly why you make use of trucking factoring companies who are pleased to help out truckers particularly.

 

As all of us know, trucking is an astonishingly large industry with a lot of organizations out there hiring hundreds of operators. Unfortunately, many of these drivers wind up in money dilemmas considering that they are still expecting work from six weeks in the past to actually pay them. When this is the situation for a truck company, consulting factoring firms for support might be the best option left.

 

This means that a trucking corporation can compensate the paychecks of the staff, keep all the trucks loaded with fuel and continue to escalate, rise and expand without continually waiting for the resources which is taking too long to come in. Trucking Companies running without a factoring program applied are leaving themselves at significant danger, as contenders cash out promptly and continue to grow.

 

There's honestly nothing at all to be worried about when it comes to using a Factoring establishment-- they typically aren't like a bank or someone who is going to leave you with a large stockpile of personal debt to repay. You give them genuine invoices from output you have already accomplished , you are only just speeding up the payment process.

 

In the United States, where trucking companies thrive, factoring companies are not considered getting a loan in any capacity. This private settlement then makes it possible for both parties to benefit and indulge in a comfortable future-- it gives the factoring company a guaranteed asset of revenue to include in the list and it supplies the trucking firm the required finances that they sweated to generate.

 

The trucking enterprise presents their statements to the factoring enterprise. The trucking factoring business then receive the payments from the trucking company's customers. Factoring has been in existence for hundreds of years and has been employed for long times by numerous varied markets-- but none more so than truckers. While you might lose out on a small part of the money, something like 1-3 % depending upon who you team up with, it implies that you are acquiring the money today and can actually start putting the funds to work.

 

After all, an IOU or an invoice is not actually going to pay for costs, is it? For trucking establishments when the funds can be excellent one day and gone the next, it's up to the drivers to work smartly and to ascertain they are leaving themselves with a substantial measure of time and finance to get through the week up until they are paid once more.

 

So the next instance your trucking business is bearing some short-term capital challenges and you are devoting excessive time chasing sluggish paying customers, why not begin looking at using a factoring businesses as a manner to get your money and give yourself a more comfortable future in the eyes of your trucking personnel and your bank dividend?

 

 

 

 

 

 

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Traditional 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. For example, a fairly newly established business simply may not have the assets to readily get a loan from a bank, even if they do, the standard collateral for a business loan is the business itself, which means that if you cannot make your loan payment, you risk losing your entire business. Plus, the amount you apply for through the bank is the actual amount that you are going to receive. 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. The finance you receive from the Trucking Factoring company is determined by money already earned by your business, but 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

 

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 Won't Incur Debt. You don't 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 won't be affected. In the event that your business fails, you wouldn't 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 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 makes it easier for fledgling businesses to get the financing they need through a Trucking Factoring company (as long as their accounts receivables are in good order) then from a bank, who may not feel that you have been in business long enough to be worth the risk of issuing you a loan.

 

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. 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 don't have to continue to pay interest as they take it right off the top, deducting it from the total amount of accounts receivable. So not only are you relieved of those monthly loan payments, but you also don't 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 from the above, there are some great benefits to financing through a Trucking Factoring company, and not through a traditional bank loan. In addition, there are other benefits that a Trucking Factoring company can offer you, outside the scope of a bank. The 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.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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