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How To Get More Cash - Our Receivable Loan Company Can Give
Your Trucking Company The Money You Need

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Medium-Size freight businesses, specifically those who have not been in existence for really long, will commonly discover it challenging to secure a loan. Banks are typically hesitant to provide cash to businesses that do not have a great deal of earnings and properties. They also desire proof of the viability of a business and thus need that the majority of operations, particularly little ones, be in company for a certain amount of time prior to they want to hand over any money. Because of this, a medium-size company typically has a couple of cash generating options when needs develop. One alternative readily available, however commonly overlooked, is invoice factoring. This is an exceptional means for a small business to acquire cash.

 

 

 

 

 

 

 

Advice to Companies Whose Cash Flow is Troubling - Pick A Freight�Factoring Company  Instead Of A Regular Bank Financing

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

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

Cash flow does not have to be a problem any more. Do not be fooled -- banks are not the only places you can get financing. Other options are offered and you do not have to borrow. What is trucking factoring ? One solution is called truck factoring. Trucking Factoring is the procedure of offering invoices to a financier instead of waiting to gather the money from the client. Oh, the Irony- Trucking factoring has an ironic difference: It is the financial foundation of numerous of America's most effective companies. Why is this ironic ? Since receivable funding is not taught in business colleges, is rarely mentioned in business plans and is relatively unidentified to bulk of most of American company individuals.

Yet it is a financial procedure that frees billions of dollars every year, allowing countless companies to grow and prosper. Receivable Financing has been around for countless years. Truck Factoring Businesses are investors who pay cash for the right to get the future payments on your invoices. An unpaid receivable or invoice has value. It is a financial obligation your customer has agreed 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 utilize a type of factoring in their retail deals. Using the purest meaning of the word, these large customer finance business are truly simply large Receivable Loan Funding Businesses of customer paper. Think about it: You make a purchase at Sears and charge it to your MasterCard. The shop gets paid practically immediately, although you do not make payment until you are ready.

For this service, the credit card company charges Sears a charge (typical common normal fees range from 2 to four percent of the sale). The Advantages Receivable Funding can offer many advantages to cash-hungry companies. Instead of waiting 30, 60, 90 days or longer for payment on a product that has actually currently been provided, a company can factor (sell) its receivables for cash at a little discount off the dollar value of the invoice. Payroll, advertising efforts, and working capital are just a few of the company needs that can be satisfied with instant  cash.

Receivable Loan Funding offers the ways for a manufacturer to replenish stock and make even more products to sell: There is no longer a need to wait for earlier sales to be paid. Receivable Loan Financing is not just a cash management tool for manufacturers: Almost any kind business can benefit from FACTORING. Typically, a business that extends credit will have 10 to 20 percent of its yearly sales tied up in invoices 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 bill or today s payroll with a client s invoice, however you can offer that invoice for the money to satisfy those responsibilities. Using trucking factoring companies is a fast and simple procedure. The factor buys the invoice at a discount, typically a couple of percentage points less than the stated value of the invoice.

 

 

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pittsburgh-factoring-companies

 

The American Truck Organization
specifies that there are about
200,000 truck drivers with transportation
firms and
250,000 private service providers trucking
firms certified to
run in the United States that transferred,
according to their newest listings of millions of
products, supplies and
fundamental materials .
There are a number of typical
providers either going solo or in
teams on our nation
roads transporting these
important products to our
stores, manufacturingplants and shipping ports.

Also freight invoice factoring
companies help
countless of them and offer their
factoring facilities
nationwidecounting
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

 

"

Pittsburgh has adapted since the collapse of its century long steel and electronics industries. The region has shifted to high technology, robotics, health care, nuclear engineering, tourism, biomedical technology, finance, education and services. Total annual payroll of the region's technology industries, when taken in aggregate, exceeded $10.8 billion in 2007, and in 2010 there were 1,600 technology companies. A National Bureau of Economic Research 2014 report named Pittsburgh the second best U.S. city for intergenerational economic mobility or the American Dream. Reflecting the citywide shift from industry to technology, former factories have been directly renovated into modern office space. has research and technology offices in a refurbished 1918-1998 Nabisco factory, a complex known as Bakery Square. Some of the factory's original equipment, such as a large dough mixer, were left standing in homage to the site's industrial roots. Pittsburgh's transition from its industrial heritage has earned it praise as ""the poster child for managing industrial transition"". Other major cities in the northeast and mid-west have increasingly borrowed from Pittsburgh's model in order to renew their industries and economic base.Pittsburgh is the poster child for managing industrial transition.��The largest employer in the city is the University of Pittsburgh Medical Center, with 48,000 employees. All hospitals, outpatient clinics, and doctor's office positions combine for 116,000 jobs, approximately 10% of the jobs in the region. An analyst recently observed of the city's medical sector: ""That's both more jobs and a higher share of the region's total employment than the steel industry represented in the 1970s.""Top publicly traded companies in the Pittsburgh region for 2012 (ranked by revenues)with Metropolitan and U.S. ranks Metro corporation Area retail is anchored by over 35 shopping malls and a healthy downtown retail sector as well as boutique shops along Walnut Street, in Squirrel Hill and Station Square.Education is another major industry in the region. The largest single employer in that industry is the University of Pittsburgh, with 10,700 employees.Nine Fortune 500 companies calling the area home ranks Pittsburgh for eighth most Fortune 500 headquarters in the nation. In 2006, Expansion Magazine ranked Pittsburgh among the top 10 metropolitan areas in the nation for climates favorable to business expansion. are major non-public companies headquartered in the region. The global impact of Pittsburgh technology and business was recently demonstrated in several key components of the Boeing 787 Dreamliner being manufactured and supplied by area companies.The nonprofit arts and cultural industry in Allegheny County generates $341 million in economic activity that supports over 10,000 full-time equivalent jobs with nearly $34 million in local and state taxes raised.The region is a hub for both Leadership in Energy and Environmental Design and Marcellus Shale energy extraction.Pittsburgh has hosted , the world's largest invention trade show annually since 1984, Tekko since 2003, Anthrocon since 2006 and DUG East energy trade show since 2009.Pittsburgh , city (1990 pop. 369,879), seat of Allegheny co., SW Pa., at the couence of the Allegheny and the Monongahela rivers, which there form the Ohio River; inc. 1816. A major inland port of entry, it is located at the junction of east-west transportation arteries.

 

"

 

Watch Our Trucking Factoring Companies YouTube Videos For More Information

 

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

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

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

 

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.

 

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

List of Trucking Companies for Owner/Operators and Company Drivers

 

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

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

 

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

 

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.

 

 

"

Mendoza Truck and Haul has been in business since the mid 1980s. They've delivered goods for nearly every major industry in the nation and for 20 plus years, business was booming as they've traversed the country in all weather for all clients. During the heady times from 2002 to 2007, Mendoza was a top rated accounts receivable mastermind of the trucking industry. Few customers were ever late on bills and those clients who were, were sure to turn in their late payments within a reasonable amount of time. Times were great for everyone, and the cash was flowing.But a short year later, in the fall of 2008, when the United States economy took a nosedive and businesses both small and large began to feel the pinch on their pocketbooks, those that used to make their demands had suddenly and largely gone silent. Business slowed to a crawl

 

. And worse yet, Mendoza 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 Mendoza, Cody Carpenter, was beginning to feel very uncomfortable indeed whenever he looked at their weekly Accounts Receivable reports. There was a growing list of clients who now owed them back debt.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. He thought perhaps that he was losing clients to a competitor who offered rock-bottom prices with little to no guarantee of quality performance, and that the folks who owed Mendoza money had jumped ship and decided to leave him holding the bag.

 

. 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 Mendoza hadn't gone elsewhere. They had just gone home.This current state-of-affairs was causing Cody Carpenter to have some very restless nights. 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. At night he would speak to his wife Marian and shake his head in frustration.

 

""Lin, I have a really bad feeling,"" he'd sadly say to his wife.""What could you do differently?"" she would ask.Cody 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 traveling, bringing goods to all of his clients. 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 know what it is,"" Cody said. ""I've relied too long on the profits I receive from invoices alone. I've let too many of our customers go too long without paying on their bills."" All Marian 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'.""Marian was trying so hard to support her husband in these worrying times, while Cody was weighed down with the worry of how he was going to handle this situation he found himself in.The next day Cody strolled into his office and was determined to sit down and make every phone call to every client who had owed Mendoza 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, Cody 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 Beatriceerley knocked at his door.

 

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

 

""Sure thing Beatrice, come on in."" Cody leaned back in his chair and looked expectantly at Beatriceerely.""Well, I did a little searching this afternoon and tried to figure out a way out of this mess Cody."" 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?"" Beatriceerley asked.""It does sound vaguely familiar. What is factoring""? he asked.""Well,"" she began, ""It�s actually quite simple really.

 

Basically, factoring invoices means that we would get paid immediately for the loads we haul.""Immediately?"" Cody interrupted.""Yes, immediately,"" she continued, ""In a nutshell, it is pretty easy. We can have an expert account manager review our numbers and help us complete a company profile. Included in the profile would be the investigation of our accounts receivable aging reports, our current customers' credit limits etc.. 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.""I see,� Cody said. �And then what?""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.

 

This company tells us what the cost will be to purchase factoring for our accounts receivable. The funding commences once we�ve arrived at an agreement.�Cody leaned forward and reviewed the paperwork closely.""I do not know, Beatrice - it just sounds too good to be true"", Cody said quietly.""Now, now, I know, I thought the same thing. But really, they have guaranteed us experts that do all the legwork, which would free us up here to focus on our clients in good standing and marketing, all that good stuff. And they're flexible Cody,"" she drew a circle around a paragraph on the document before him.""Just how flexible?"" asked Cody.""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,"" Cody said.Cody took in a long slow breath, then looked at his secretary with something like hope in his eyes.""Precisely�. This could be the answer to our prayers: it will solve many problems we are facing due to these unpaid debts.""Cody took a moment to think about this solution, and agreed with his secretary. The customers who were in debt to Mendoza 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. Cody 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, if he handled these debtors incorrectly, could spell disaster for both of them. Of course he did not want to lose any more money, but he did not want to lose business either.""Well, let me think about this tonight Beatrice, thank you."" Beatrice stood up and left Cody's office, with the nice feeling of knowing that she may just have solved a very serious problem.Cody sat behind his desk and looked over the details Beatrice had not mentioned in their meeting. He wondered if there might be other problems freight factoring could help Mendoza Truck & Haul 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, Mendoza 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.""I must tell Juan the good news,"" Cody muttered to himself.Juan is Cody's son-in-law, and he really admired the ideas behind Mendoza, so much so that only two years before he had started his own transportation service business. At that time Cody knew the struggles Juan would face, but he still encouraged him to follow his dream. With the faltering economy, if a big fish like Mendoza was hurting, a little guy like Juan was about to catch his death. But, an antidote may have been found in freight factoring and Cody was soon to find out.A few months later after going through the entire application process and having the experts review his accounts receivable, credit history and statements, Cody 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 used that time to refocus their efforts in being competitive in new territories. Cody looked back on the dismal months of life before freight factoring and almost shuddered at the thought. Had he missed the boat on this one, he probably wouldn't be in business today.

 

"

 

"

Pittsburgh has adapted since the collapse of its century long steel and electronics industries. The region has shifted to high technology, robotics, health care, nuclear engineering, tourism, biomedical technology, finance, education and services. Total annual payroll of the region's technology industries, when taken in aggregate, exceeded $10.8 billion in 2007, and in 2010 there were 1,600 technology companies. A National Bureau of Economic Research 2014 report named Pittsburgh the second best U.S. city for intergenerational economic mobility or the American Dream. Reflecting the citywide shift from industry to technology, former factories have been directly renovated into modern office space. has research and technology offices in a refurbished 1918-1998 Nabisco factory, a complex known as Bakery Square. Some of the factory's original equipment, such as a large dough mixer, were left standing in homage to the site's industrial roots. Pittsburgh's transition from its industrial heritage has earned it praise as ""the poster child for managing industrial transition"". Other major cities in the northeast and mid-west have increasingly borrowed from Pittsburgh's model in order to renew their industries and economic base.Pittsburgh is the poster child for managing industrial transition.��The largest employer in the city is the University of Pittsburgh Medical Center, with 48,000 employees. All hospitals, outpatient clinics, and doctor's office positions combine for 116,000 jobs, approximately 10% of the jobs in the region. An analyst recently observed of the city's medical sector: ""That's both more jobs and a higher share of the region's total employment than the steel industry represented in the 1970s.""Top publicly traded companies in the Pittsburgh region for 2012 (ranked by revenues)with Metropolitan and U.S. ranks Metro corporation Area retail is anchored by over 35 shopping malls and a healthy downtown retail sector as well as boutique shops along Walnut Street, in Squirrel Hill and Station Square.Education is another major industry in the region. The largest single employer in that industry is the University of Pittsburgh, with 10,700 employees.Nine Fortune 500 companies calling the area home ranks Pittsburgh for eighth most Fortune 500 headquarters in the nation. In 2006, Expansion Magazine ranked Pittsburgh among the top 10 metropolitan areas in the nation for climates favorable to business expansion. are major non-public companies headquartered in the region. The global impact of Pittsburgh technology and business was recently demonstrated in several key components of the Boeing 787 Dreamliner being manufactured and supplied by area companies.The nonprofit arts and cultural industry in Allegheny County generates $341 million in economic activity that supports over 10,000 full-time equivalent jobs with nearly $34 million in local and state taxes raised.The region is a hub for both Leadership in Energy and Environmental Design and Marcellus Shale energy extraction.Pittsburgh has hosted , the world's largest invention trade show annually since 1984, Tekko since 2003, Anthrocon since 2006 and DUG East energy trade show since 2009.Pittsburgh , city (1990 pop. 369,879), seat of Allegheny co., SW Pa., at the couence of the Allegheny and the Monongahela rivers, which there form the Ohio River; inc. 1816. A major inland port of entry, it is located at the junction of east-west transportation arteries.

 

"

 

More Trucking Factoring Companies Story Articles

Factoring in the Future of a Trucking Business: A Story Ronald Clark let the phone ring on his desk. His morning coffee cooled and his cigarette smoked away in the tray: Ronald is thinking, and pondering the biggest decision he's ever had to make for his trucking business. Clark 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.

 

Ronald�s father had started as an owner-operator and had grown Clark 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 Ronald's mother had jumped into the cab at times to make hauls. His father had worked long enough to see the price of hires drop dramatically during the recession and to see the explosion of fuel prices afterwards. But now things were different: the company was in Ronald's hands and he needed to ensure that this business would be left in great shape for his sons.

 

To move Clark Trucking Company ahead into the future, he needed a steady cash flow but there was just not enough money to go around. He had employees to pay. They all have families and the usual household bills. A few of the refrigerated trailers really needed some maintenance, and in order to stay competitive he really wanted to invest in specialized haulers to meet the increasing requests for loads of agricultural and energy equipment. Every time he had to turn down a request, Clark Trucking looked weak in a very strong market.

 

He knew what his father would have said - 'wait, take your time before adding new technology'. Ronald allowed himself a good hard chuckle. He remembered when his father was totally against installing 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?� He smiled to himself as he remembered his father poking fun at the other drivers who switched to automatic, even though automatic was quite obviously more efficient (though less manly). His father days were long gone and technology was actually an important improvement for the business such as having Qualcomm to cut down on fruitless time communicating on the phone for bills of lading.

 

Ronald believed a successful man is always thinking of his next step. What would be the next step for Clark Trucking? More importantly, how could he afford it? Business funding was tied up in fuel bills and the mortgage for the garage and office. He just finished paying off the small bank loan for installing satellite radio in the trucks for the guys.

 

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. 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. During those thirty days the trucking company cannot pay its employees and bills with invoices.

 

Ronald had to really consider what his next step was going to be. Ronald had heard that there were companies that charged for same day money transfers and would only advance a percentage of the money owed to your company while holding the rest in a private account if they didn�t get their bill payment within 60 or so days. Plus it was worse still if the customer didn�t pay up at all because then the factoring company would take it right out of the money supposed to be coming to you! Through the grapevine, he�d also heard about how some companies suddenly slipped you onto a sliding scale of percentages even if you had already signed a lengthy contract for maybe 3% or 7% so there you are with 10% coming as a cost to you out of the freight bill. His friend Ronnie who had a trucking business in Missouri, was run nearly into the ground by a factoring company that charged him the full freight bill on top of the factoring fees. 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. When he called the factoring companies he discovered they were very open about their business practices, and very friendly and helpful. Customer service appeared to understand their company and explained in clear, concise English exactly how it all worked. He was quite happy to sign 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. 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.

 

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 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 Ronald because he and his father had created a very strong and loyal list of clientele over the years. He knew immediately that there would not be any problems when they were contacted by the factoring company regarding their invoices. His clients would not have any problems, nor would they think poorly of Clark 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, Ronald 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 Clark 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.

 

 

 

Watch Our Factoring Video For More Information

 

 

 

 

 

 

 

Trucking Factoring  Articles

"

�So, this is not a loan?� Mark Brown 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 said.Mark Brown owned a small trucking company, and his business had recently fallen on difficult times. Trucking could be a profitable business, and for a little under a decade, it had been for Chris. His company was called Martin Trucking, named after both of his grandfathers, Patrick and Marion. Both of these men had been very hardworking and had set a great example for Chris.Six months ago disaster struck Chris'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. Mark 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.A big problem a lot of trucking companies came across was how bills were paid in the industry. 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.Mark was an excellent business man, and he certainly hadn't done anything wrong. Certain events had occurred that he could not possibly have predicted, and now he had to find a way to protect his business and prevent it from ultimate devastation.And that's why he found himself across the desk from this woman. Mark knew she was employed by a Factoring company and that her name was Sylvia. Mark 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.Sylvia 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. 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.Mark nodded. It sounded perfect - perhaps too good?.The woman 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 thought I was going to lose my company.�Sylvia nodded. �Yes, we get a lot of that. Listen, I�d hate to see you lose your company. You work hard, you�ve put everything you can into it. We all need help sometimes. That�s what we�re here for.""In any case, thank you for coming to see me.""No problem - I'm just down the road. We normally do it all online but I was happy to come and visit you today,� Sylvia said with a smile. �Let's work out a solution to your problem.�And right there and then they created a business profile. Mark filled the form out, with Sylvia available to help him if he needed it. The completed profile gave Sylvia and her company all the information they needed on Chris's business, and with this information they would determine if this business would in fact be suitable for Factoring. Unfortunately, not all companies are. Some were beyond factoring special brand of help, and sometimes things weren�t even dire enough for it. As Mark completed his form, Sylvia listened to his story and she felt quite sure he would be the ideal candidate for Factoring.When the form was done Sylvia took it and slid it into her briefcase. She then stood, reached across the desk and shook Chris�s hand. He stood before they shook as well, and then smiled. They said their goodbyes and Mark walked her to the door, and then returned to his office.His employees were there, seven who worked in the office, and as he sat behind his desk once more he heard the familiar clack of fingers on keyboards, the electronic whine of the copy machine.He shut his eyes. He had felt so helpless lately, was sure the whole thing was collapsing, and would take him with it. But now, after speaking to Sylvia and learning all about Factoring, he felt such a huge relief, like someone had just lifted a huge weight off his shoulders. He relaxed into his chair, running his hand through his thick black hair with its telling streaks of grey.All those long, sleepless nights. The terrifying panic attacks that occurred regardless of where he was. Already he could feel all the stress start to drain away. He wasn�t out of the woods yet, there was still a lot of work to be done, but he could feel it. He was 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. At twenty-two and straight out of school he had opened a restaurant. It had been successful. Offering home cooking in his own hometown, his business had really prospered.But 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 Martin Trucking. And that's exactly what he did. For the second time in his short life he created a company from the ground up. The business had been an instant success.And then the trucks went down, and his success looked to be in flux. He was nearing fifty. He was concerned that he just did not have the energy left to try and save the business. 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 it seemed as though he would not have to - all because of Factoring. Chris's eyes opened, he sat forward in his chair and turned on his computer. 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.

 

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More Trucking Factoring Company Story Articles

Why Trucking Agencies Use Factoring Companies.

 

As the operator of your own business, you may well be more than conscious already of the difficulty in making sure that capital matters do not become a predicament down the line. Anyway, the worst thing that can potentially happen for your firm is to find yourself dragged in a long and complicated situation that leaves you forever trying to find the cash you need on an ongoing basis.

 

For pretty much any firm in this instance, the issue can come for waiting for work to clear up and actually be settled into your account. Bill of sales, checks, and the like can take a long time to actually to beprocessed which may leave you with temporary capital dilemmas. Fortunately, there are alternatives out there for industries to explore-- and just one of these is factoring firms.

 

Factoring companies will, in trade for your statements, supply you with the money immediately to ensure you do not have to worry about the waiting phase that could make paying the expenses and acquiring toolsmore complicated. With this type of setup, invoice factoring can become extraordinarily practical for several businesses who need to get out of a cash pitfall which they have found themselves in.

 

Since, basing on the scale of the project, it can take up to 60 days for a number of business enterprises to get compensated then it is vital to take care of your own back and definitely not leave yourself money short to pay the costs. After all, how many companies have two months revenue just occupying there to address all their overheads till they earn?

 

This is particularly true of trucking firms. They have the tendency to manage great deals of accounts which means a significant volume of collection period entails business owner themselves. Trying to get paid promptly can eventually become an extraordinary inconvenience and this is exactly why you employ truck factoring agencies who are thrilled to help out truckers particularly.

 

As most of us know, trucking is an astonishingly massive industry with many firms out there working with hundreds of vehicle drivers. Sadly, numerous of these drivers land up in finances predicaments simply because they are still anticipating work from six weeks in the past to actually pay them. When this is the scenario for a trucking business, depending on factoring firms for support maybe the very best alternative left.

 

This indicates that a trucking corporation can pay out the paychecks of the people, keep all the vehicles filled with gas and continue to escalate, progress and expand without continually waiting for the resources which is taking too prolonged to come in. Trucking Enterprises running without a factoring program put in place are leaving themselves at considerable threat, as competitors cash out fast and proceed to expand.

 

There's honestly not a thing to be stressed about when it comes to employing a Factoring business-- they commonly are not like a bank or somebody who is going to leave you with a significant heap of debt to pay back. You give them legitimate invoices from work you have already wrapped up , you are simply facilitating the repayment system.

 

In the United States, where truck agencies succeed, factoring companies are not considered accepting loan of in any capacity. This private agreement then allows both groups to profit and take joy in a comfortable future-- it provides the factoring provider a guaranteed resource of profit to add to the list and it supplies the trucking company the required cash that they worked hard to acquire.

 

The trucking enterprise provides their invoices to the factoring firm. The trucking factoring company then obtain the payment amounts from the trucking company's clients. Factoring has beenaround for hundreds of years and has been utilized for long times by plenty of diverse business-- but none much more so than truckers. While you may well 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 receiving the money today and can actually start off setting the money to perform.

 

Anyway, an IOU or an invoice is definitely not going to cover spendings, is it? For trucking establishments when the funds can be very good one day and gone the next, it is up to the vehicle drivers to work sensibly and to make sure they are leaving themselves with a considerable amount of time and finance to get through the week till they are paid once again.

 

So the next moment your trucking enterprise is having some momentary capital troubles and you are putting in an excessive amount of time chasing inactive paying clients, why not start off thinking about making use of a factoring companies as a manner to get your money and give yourself a more at ease future in the eyes of your trucking crew 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. While these loans are handy they are not 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. Of course, once that loan has been re-paid, you can always re-apply for another loan.

 

Trucking Factoring Companies

 

Trucking Factoring companies do not give loans, and the money you get from the Trucking Factoring company does not put you in debt. Rather the financing you receive from a Trucking Factoring company is based on money your business has already earned, but have not yet received. 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.

 

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

 

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

 

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

 

4.You receive interest up-front. Unlike a bank loan that continues to build interest that you have to pay the entire time you have your business loan with a Trucking Factoring company, you do not have to continue to pay interest as they take it right off the top, deducting it from the total amount of accounts receivable. So 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. 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. The Trucking Factoring company takes over that chore, since it is now their money to collect. Trucking Factoring companies are very good at collecting these debts, saving you the time and effort that you need to devote to your growing company.

 

In addition, since the Trucking Factoring company evaluates the credit quality of your customers prior to purchasing the accounts receivable you gain valuable information into which customers are likely to pay and which ones are not so likely to pay.A Trucking Factoring company is not the only method of gaining access to finance for the running and growing of your business, however it does offer a financing option well worth considering.

 

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