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I gave away my receivables - and made more money too - Our Receivable Factoring Company Can Provide
Your Truck Company The Cash Your Company Needs

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factoring for trucking companies

Medium-Size trucking businesses, especially those who have actually not been in existence for very long, will typically find it tough to secure a loan. Banks are often reluctant to lend cash to companies that do not have a great deal of income and assets. They also want proof of the practicality of a business and therefore need that the majority of operations, particularly little ones, been around for a specific amount of time prior to they are ready to hand over any cash. Due to the fact that of this, a medium-size company typically has few money producing choices when requires arise. One alternative available, however often neglected, is factoring. This is an outstanding way for a small company to acquire cash.

 

 

 

 

 

 

 

This is Marie Antoinette - Escaping - Pick A Freight Bill�Factoring Company  Instead Of A Traditional Bank Financing

Exactly how to Increase Money Flow Without Borrowing -Cash Money flow is among the main reasons businesses fail.

At one time or another, every company, even successful ones, have actually experienced bad 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 funding. Other solutions are available and you do not have to borrow. Exactly what is trucking factoring ? One option is called truck factoring. Truck Factoring is the procedure of selling accounts receivable to an investor instead of waiting to collect the cash from the customer. Oh, the Irony- Truck factoring has an ironic distinction: It is the monetary foundation of numerous of America's most effective companies. Why is this paradoxical ? Since trucking factoring is not instructed in business colleges, is rarely mentioned in company strategies and is fairly unidentified to bulk of most of American business individuals.

Yet it is a monetary procedure that releases up billions of dollars every year, allowing thousands of companies to grow and prosper. Receivable Funding has been around for thousands of years. Invoice Factoring 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 customer has to pay in the near future. Factoring Principals--Although factoring offers exclusively with business-to-business deals, a big portion of the retail company utilizes a factoring principal. MasterCard, Visa, and American Express all use a form of factoring in their retail transactions. Utilizing the purest meaning of the word, these large customer finance companies are really simply big Receivable Financing Companies of consumer paper. Consider it: You make a purchase at Sears and charge it to your MasterCard. The shop makes money practically instantly, even though you do not pay until you are ready.

For this service, the credit card company charges Sears a charge (typical common normal fees vary from 2 to four percent of the sale). The Advantages Staffing Factoring can offer numerous benefits to cash-hungry companies. Rather than wait 30, 60, 90 days or longer for payment on an item that has actually already been provided, a business can factor (sell) its receivables for cash at a little discount off the amount of the invoice. Payroll, marketing efforts, and working capital are simply a few of the company needs that can be satisfied with instant  cash.

Invoice Factoring provides the means for a manufacturer to renew stock and make more items to offer: There is no longer a need to await for earlier sales to be paid. FACTORING is not just a money management tool for manufacturers: Practically any kind business can take advantage of FACTORING. Generally, a company that extends credit will have 10 to 20 percent of its annual sales bound in invoices at any given time. Think for a moment about how much is bound in 60 days' worth of invoices: You can not pay the power bill or this week s payroll with a client s invoice, but you can offer that invoice for the money to satisfy those obligations. Using truck factoring companies is a fast and simple procedure. The factoring company purchases the invoice at a discount, typically a few percentage points less than the face value of the invoice.

 

 

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oakland-factoring-companies

 

The United states Transportation Association
specifies that there around
195,000 truck drivers with transportation
firms and
276,000 private providers trucking
firms accredited to
operate in the States that transferred,
according to their latest listings of millions of
items, supplies and
standard materials .
There are several usual
carriers either going solo or in
teams on our nation
highways carrying these
crucial items to our
shops, manufacturing facilities and ports.

Plus freight invoice factoring
corporations aid
numerous of them and offer their
factoring facilities
countrywidecomprising
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

 

Oakland is located in the west-central part of California on the east side of San Francisco Bay. It is the seat of Alameda County.Don Luis Peralta first settled the site of Oakland in 1820 when he established the Rancho San Antonio. The gold rush of 1849 attracted more people to the area, and the city's population continued to grow after a ferry service to San Francisco was started in 1851. Oakland was incorporated as a town in 1852 and as a city in 1854. It was named after the numerous oak trees found in the area. Oakland became the western terminus of the Central Pacific Railroad in 1869 and the seat of Alameda County in 1873.In the latter part of the 19th century and also in 1910, additional territory was annexed to Oakland and the city assumed its present size. In 1906, thousands of people fled to Oakland in the aftermath of the San Francisco earthquake and settled there permanently, furthering the city's growth. Oakland's economic development continued to rise with the opening of the San Francisco�Oakland Bay Bridge in 1936.Oakland is a major center of culture and commerce. It is an important container shipping port and the terminus of three transcontinental railroads. Oakland's industries include food processing, transportation, software, telecommunications, pharmaceuticals, and electrical and high technology manufacturing. The city is the headquarters of many national and international corporations.Oakland is a major West Coast port, and the fifth busiest in the United States by cargo volume. The Port of Oakland handles 99% of all containerized goods moving through Northern California, representing $41 billion worth of international trade. There are nearly 200,000 jobs related to marine cargo transport in the Oakland area. These jobs range from minimum wage hourly positions to Transportation Storage and Distribution Managers who earn an annual average salary of $91,520. The Port of Oakland was an early innovator/pioneer in the technologies of Intermodal Containerized Shipping. The city is also home to several major corporations including Kaiser Permanente and Clorox, as well as the corporate headquarters for national brands and in recent years many start-up high tech and green energy companies have found a home in the downtown neighborhoods of Uptown, City Center, Jack London Square and Lake Merritt Financial District. In 2014, Oakland was the fifth ranked city for tech entrepreneurs by total venture capital investment.As of 2013, the San Francisco-Oakland-Hayward has a GDP (Gross Domestic Product) of $360.4 billion, ranking eighth among metropolitan areas in the United States. In 2014, Oakland was amongst the best cities to start a career, the highest ranked city in California after San Francisco. Additionally, Oakland ranked fourth in cities with professional opportunities. Numerous companies in San Francisco continue to expand in or migrate over to Oakland.Oakland experienced an increase of both its population and of land values in the early-to-mid first decade of the 21st century. The 10k Plan, which began during former mayor administration, and intensified during former mayor Jerry Brown's administration resulted in several thousand units of new multi-family housing and development.

 

 

Watch Our Freight Factoring YouTube Videos For More Information

 

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

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

List of Trucking Companies for Owner/Operators and Company Drivers

 

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

 

Click below to find Trucking Companies in the United States:

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

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.

 

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

 

 

"

Since the mid 1980s Sullivan Truck & Haul have been successfully running their freight business. 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 Sullivan 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 to a crawl

 

. And worse yet, Sullivan 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. And as spring turmed to summer and summer into the early days of fall, Mike White, CEO of Sullivan felt a chill go down his spine whenever he would look at the weekly A/R reports. The number of clients who were late in their payments was continuing to grow.He had already been to the administrators to ask what the actual problem was. Were they doing things different, or wrong, when it came to collecting overdue accounts? By his bookkeepers records, this wasn't the case. Perhaps he was losing his customers to his competitor, who seemed to offer very low prices with no guarantee of quality or performance, and these clients who were in debt to his company had possibly disappeared leaving him stranded. Perhaps they were unable to pay their debt to him, but were able to meet the costs of a lesser service. So he did the necessary research and, after discussions with friends in the same field, he realised that no, his customers hadn't gone anywhere else. The had just gone!.The situation looked dire to Mike White. 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, Dawn, and still find no relief from the worry and frustration.

 

""Lin, I have a really bad feeling,"" he would say with deep woe.""Well, what do you think it is?"" she would ask.Mike 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. Why couldn�t he work out how to resolve this financial problem with his business?""I think I know what it could be,"" said Mike. ""I've relied too long on the profits I receive from invoices alone. For too long I've been allowing our clients to let their accounts become overdue."" Linda could only grab her husband's hand and look at him lovingly, ""it is a hard economy. It might be awhile until things get settled up.

 

""Mike 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 following day Mike walked into his office with a spring in his step, determined to call each and every client who owed money to Sullivan Truck & Haul. This wasn't really a very efficient way for a Chief Executive to spend his day, and Mike 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, Mike 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 Rubyerley knocked at his door.

 

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

 

""Sure thing Ruby, come on in."" Mike relaxed back into his chair and looked up at Rubyerley.""Well, I did a little searching this afternoon and tried to figure out a way out of this mess Mike."" 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 of factoring?"" Rubyerley asked.""It does sound vaguely familiar. What is factoring""? he asked.She began, ""Well, it is really very simple. Basically, factoring invoices means that we would get paid immediately for the loads we haul.""Immediately?"" Mike interrupted.""Yes, immediately,"" she continued, ""it is actually very simple. We can have an expert account manager review our numbers and help us complete a company profile. That profile will also include investigating our accounts receivable aging reports, our existing customer credit limits and so on. Additionally, the factoring will help to determine the creditworthiness of our customers independent of their credit history with our business. It provides a very broad view.""I see,� Mike said. �And then what?""Well, after their review, and we�re approved for a factoring contract, we can negotiate terms and conditions. You'll be surprised at the amount of flexibility, all dependent upon the credit histories and business volume.

 

This company tells us what the cost will be to purchase factoring for our accounts receivable. Once we arrive at a mutual agreement, the funding begins.�Leaning forward, Mike studied the documents very closely.""I do not know, Ruby - it just sounds too good to be true"", Mike 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 Mike,"" she drew a circle around a paragraph on the document before him.""Just how flexible?"" asked Mike.""It seems that they personalize their factoring charges so that the amount they're prepared to work with is commensurate with our client's debt and our needs. It only takes 2 to 4 days for this to be figured out. ""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,"" Mike said.He took a deep breath and looked at his secretary with something she recognized as hope.""Exactly�. This could be the answer to our prayers: it will solve many problems we are facing due to these unpaid debts.""Mike thought about this and agreed with Rubyerley. The clients who owed them money were long standing friends and professional resources of Sullivan. They did not want to throw away these relationships because they were having trouble paying their bills now. Mike knew only too well that the whole economy was floundering, and that it was not going to change overnight. If he did not handle these debtors in the right way, that unknown amount of time could spell disaster for all of them. Of course he did not want to lose any more money, but he did not want to lose business either.""Let me go over this tonight Ruby, and thankyou."" Ruby nodded, stood up and left the office feeling that she had helped her employer keep on his shirt and hers too.Mike sat behind his desk and looked over the details Ruby had not mentioned in their meeting. He wondered if there might be other problems freight factoring could help Sullivan 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, Sullivan could receive up to fifty-percent cash advances upon load pick-ups. Mike 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 Ronald about this,"" Mike muttered to himself.Mike's son-in-law, Ronald, loved the idea behind Sullivan 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. Mike knew then what struggles Ronald would face but he encouraged him nonetheless. With the economy the way it was, if an established company such as Sullivan was struggling then the little guys, like Ronald, were going to be in even more trouble.

 

But, maybe the answer for both of them was in freight factoring, and Mike was going to find out very soon.Some months later, having successfully gone through the entire process of the application, having experts study his credit history and statements and review his accounts receivable, Mike found that he was starting his journey out of the despair which had been created for him by his delinquent account holders.They took on reasonable factoring purchase contracts and stopped spending their precious man hours scrambling to collect debt. They took that time and refocused effort to offering competitive prices in new territories. Mike recalled those dismal months when he wasn't aware of freight factoring, and he shuddered at those memories. He probably wouldn't be in business today had he not learned just in time about freight factoring.

 

"

 

Oakland is located in the west-central part of California on the east side of San Francisco Bay. It is the seat of Alameda County.Don Luis Peralta first settled the site of Oakland in 1820 when he established the Rancho San Antonio. The gold rush of 1849 attracted more people to the area, and the city's population continued to grow after a ferry service to San Francisco was started in 1851. Oakland was incorporated as a town in 1852 and as a city in 1854. It was named after the numerous oak trees found in the area. Oakland became the western terminus of the Central Pacific Railroad in 1869 and the seat of Alameda County in 1873.In the latter part of the 19th century and also in 1910, additional territory was annexed to Oakland and the city assumed its present size. In 1906, thousands of people fled to Oakland in the aftermath of the San Francisco earthquake and settled there permanently, furthering the city's growth. Oakland's economic development continued to rise with the opening of the San Francisco�Oakland Bay Bridge in 1936.Oakland is a major center of culture and commerce. It is an important container shipping port and the terminus of three transcontinental railroads. Oakland's industries include food processing, transportation, software, telecommunications, pharmaceuticals, and electrical and high technology manufacturing. The city is the headquarters of many national and international corporations.Oakland is a major West Coast port, and the fifth busiest in the United States by cargo volume. The Port of Oakland handles 99% of all containerized goods moving through Northern California, representing $41 billion worth of international trade. There are nearly 200,000 jobs related to marine cargo transport in the Oakland area. These jobs range from minimum wage hourly positions to Transportation Storage and Distribution Managers who earn an annual average salary of $91,520. The Port of Oakland was an early innovator/pioneer in the technologies of Intermodal Containerized Shipping. The city is also home to several major corporations including Kaiser Permanente and Clorox, as well as the corporate headquarters for national brands and in recent years many start-up high tech and green energy companies have found a home in the downtown neighborhoods of Uptown, City Center, Jack London Square and Lake Merritt Financial District. In 2014, Oakland was the fifth ranked city for tech entrepreneurs by total venture capital investment.As of 2013, the San Francisco-Oakland-Hayward has a GDP (Gross Domestic Product) of $360.4 billion, ranking eighth among metropolitan areas in the United States. In 2014, Oakland was amongst the best cities to start a career, the highest ranked city in California after San Francisco. Additionally, Oakland ranked fourth in cities with professional opportunities. Numerous companies in San Francisco continue to expand in or migrate over to Oakland.Oakland experienced an increase of both its population and of land values in the early-to-mid first decade of the 21st century. The 10k Plan, which began during former mayor administration, and intensified during former mayor Jerry Brown's administration resulted in several thousand units of new multi-family housing and development.

 

 

More Trucking Factoring Companies Story Articles

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

 

More than forty years ago Tim's father had started this business working as an owner-operator and eventually growing Arnold 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 Tim'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 Tim's hands and he needed to ensure that this business would be left in great shape for his sons.

 

There just never seemed to be enough money to go around, and certainly no spare cash, but to move his company successfully into the future he needed a steady and reliable cash flow. He had employees to pay. 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 Arnold 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'. Tim chuckled, thinking about his father. 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). 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.

 

Tim knew he was right in his forward thinking. How would he take Arnold Trucking to the next level? 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? There was a lot he didn�t understand about the process. It sounded a lot like ninth grade algebra which just didn�t feel like it belonged as part of 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. During those thirty days the trucking company cannot pay its employees and bills with invoices.

 

Now it was time for Tim to do his homework. Tim had heard that there were companies that charged for same day money transfers and would only advance a percentage of the money owed to your company while holding the rest in a private account if they didn�t get their bill payment within 60 or so days. Worse still, if the customer defaulted on payment, the factoring company takes it out of the money supposedly coming to you! Through the grapevine, he�d also heard about how some companies suddenly slipped you onto a sliding scale of percentages even if you had already signed a lengthy contract for maybe 3% or 7% so there you are with 10% coming as a cost to you out of the freight bill. His friend Ronnie who had a trucking business in Missouri, was run nearly into the ground by a factoring company that charged him the full freight bill on top of the factoring fees. He knew he would have to be very careful if he was to avoid any of these shady companies?

 

However, it all turned out to be very simple. All the factoring companies he researched were open about their business practices and very friendly on the phone when he called. Their customer service actually knew things about their company and spoke in nice clear English so he could understand what was being explained. He 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. Also he was happy to hear how much he was offered in terms of percentages on the freight bills. It sounded like a great scheme to him.

 

For Tim it was quite a relief to be dealing with the factoring company. 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. Factoring was based on the credit of his customers and on their reliability which worked well for Tim because he and his father had built up good strong relationships over decades with their list of clients. He knew immediately that there would not be any problems when they were contacted by the factoring company regarding their invoices. His clients wouldn�t think poorly of Arnold 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, Tim stepped out of his office to advise his secretary to expect to receive the contract very shortly from the factoring company. There was a new bounce is his step now: he knew instinctively that this new step would raise the future of his company to a new and higher level, and that all the stress from the past could now be put behind him. He suddenly realized that, with this new cash flow, he could actually expand Arnold Trucking Company and who knows, move into Canada, which had always been his dream. He was a happy man again knowing that he had just made a decision which would guarantee the success of his business and his sons would not be inheriting a financial mess.

 

 

 

View Our Factoring Videos For More Information

 

 

 

 

 

 

 

Trucking Factoring  Articles

"

�So, this is not a loan?� Angel Anderson asked as he leaned back in his chair, crossing his legs. The woman sitting across the desk from Angel smiled at him, shaking her head.�Not quite,� she stated.Angel Anderson owned a small trucking company, and his business had recently fallen on difficult times. Certainly the trucking business can be an extremely profitable venture, and for many years it had been that way for Calvin. His company was called Willis Trucking, named after both of his grandfathers, Terry and Wesley. Both of these men had been very hardworking and had set a great example for Calvin.Six months ago disaster struck Calvin's business when two out of his fleet of fifteen trucks were taken off the road.

 

One was a roll-over and ended up in the trucking graveyard: the other was involved in a serious and costly accident. The financial security of Calvin's company relied on his full fleet on fifteen being on the road, and missing two trucks was just devastating . Furthermore, buying a whole new truck and fixing the other simply took more cash than Angel had on hand.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.Angel 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 Myrtle 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.Myrtle 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. That way we�re protected from a complete loss, but you�re protected from the outrageous fees you would find in a loan from the bank.Angel nodded. It sounded perfect - perhaps too good?.Myrtle 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.�Myrtle smiled, agreeing. �Yes, we get a lot of that. There's no way we want to see you lose your business. You work hard, you�ve put everything you can into it. We all need help sometimes. That's why we do what we do.""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,� said Myrtle with a smile. �Let�s see what we can do to help you.�And right there and then they created a business profile. Angel completed the form, with Myrtle offering advice as needed.

 

The profile filled Myrtle and her company in on Calvin�s company, and would help them determine if he was suitable for factoring. In truth, not all companies were. Some businesses are beyond the help of a Factoring company, while other businesses weren't in enough financial stress to warrant it. As Angel completed his form, Myrtle listened to his story and she felt quite sure he would be the ideal candidate for Factoring.When the form was done Myrtle took it and slid it into her briefcase. She then stood, reached across the desk and shook Calvin�s hand. He also stood up, and they smiled at each other. Angel walked Myrtle to the door where they said 'Goodbye', then he went back into 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. Talking to Myrtle 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. Already he could feel all the stress start to drain 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.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 really successful. Home cooking in his hometown, and he had done very well.But he had gotten bored. He wasn't passionate about the food industry. He thought long and hard, and then he decided to sell the restaurant. He took six months off, and during that time he decided to create Willis Trucking. And that's exactly what he did. For the second time in his short life he created a company from the ground up. He had been successful.Then disaster! The two trucks went down and suddenly his success wasn't looking so guaranteed. He was about to turn fifty. He was concerned that he just did not have the energy left to try and save the business. But giving up wasn't part of his personality either.

 

The idea of cutting his losses, shutting down, laying off his workers, it actually made him sick some nights. He did not want to quit - both for himself and for his staff members.And now, because of factoring, he was sure he wouldn�t have to. Angel 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.

 

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More Trucking Factoring Company Story Articles

Reasons why Trucking Corporations Make use of Factoring Companies.

 

As the operator of your own firm, you may be more than knowledgeable already of the hardship in making certain that capital issues do not become a predicament down the line. After all, the most disappointing thing that can quite possibly happen for your establishment is to find yourself embroiled in a long and troublesome situation that leaves you forever looking for the cash you are in need of on an continuing basis.

 

For any company in this condition, the trouble can come for waiting for work to lapse and actually be settled into your balance. Statements, checks, and the like can take some time to actually to beprocessed which can easily leave you with short-term cash flow issues. Thankfully, there are options out there for industries to check out-- and just one of these is factoring providers.

 

Factoring firms will, in trade for your statements, give you with the cash money right away so that you do not have to worry about the delaying phase that could make paying out the bills and obtaining toolsmore difficult. With this sort of arrangement, invoice factoring can come to be incredibly practical for countless establishments who ought to get out of a cash ploy which they have discovered themselves in.

 

Since, basing on the size of the work, it can take up to 60 days for some businesses to get paid then it is crucial to blanket your own back and certainly not leave yourself money short to settle the expenses. After all, how many firms possess two months earnings just lying there to deal with all their spendings till they earn?

 

This is most notably correct of truck companies. They often handle good deals of statements which means a serious quantity of collection period demands business owner themselves. Trying to get paid out promptly can turn into an unbelievable difficulty and this is the key reasons why you utilize truck factoring organizations who are pleased to help out truckers exclusively.

 

As all of us determine, trucking is an exceptionally enormous field with lots of firms out there utilizing hundreds of drivers. Unfortunately, numerous of these drivers wind up in cash troubles since they are still waiting for work from six weeks back to actually pay them. When this is the scenario for a truck agency, turning to factoring firms for support might be the finest choice left.

 

This implies that a truck firm can compensate the paychecks of the staff, keep all the trucks filled with fuel and continue to surmount, evolve and expand without consistently waiting for the resources which is taking too long to come in. Trucking Businesses running without a factoring system applied are leaving themselves at substantial danger, as contenders cash out rapidly and proceed to expand.

 

There's honestly very little to be worried about when it comes to utilizing a Factoring establishment-- they usually are not like a banking company or an individual who is going to leave you with a significant pile of financial debt to repay. You give them authentic invoices from job you have already accomplished , you are simply speeding up the repayment system.

 

In the United states of America, where truck establishments flourish, factoring establishments are not considered taking on loan in any capacity. This confidential agreement then permits both groups to benefit and indulge in a comfortable future-- it provides the factoring company a secured asset of profit to put into the list and it offers the trucking business the needed funds that they worked hard to generate.

 

The trucking establishment bestows their invoices to the factoring agency. The trucking factoring company then receive the payments from the trucking company's customers. Factoring has been all around for hundreds of years and has been used for many years by plenty of varied business sectors-- but none much more so than truckers. While you might possibly miss out on a small part of the money, something like 1-3 % depending upon who you team up with, it indicates that you are getting the resources today and can actually start setting the money to perform.

 

Anyway, an IOU or an invoice is certainly not going to pay for bills, is it? For trucking agencies when the finances can be really good one day and gone the next, it is up to the drivers to work sensibly and to make certain they are leaving themselves with a significant amount of time and finance to get through the week until they are paid for again.

 

So the next moment your trucking company is having some short-term cash flow challenges and you are investing excessive time chasing slow paying clients, why not start looking at making use of a factoring companies as a method to get your finances and give yourself a more pleasant future in the eyes of your trucking staff and your bank difference?

 

 

 

 

 

 

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Traditional Bank Loans

 

Bank loans are an extremely traditional way for a business to get financing. 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. In addition, while you apply for a certain loan amount, that is all the financing you are entitled to. Of course, once that loan has been re-paid, you can always re-apply for another loan.

 

What Are 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. 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 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 will not Incur Debt. Since the Trucking Factoring company actually buys your accounts receivable you do not actually incur debt like you do with a bank loan. One of the main benefits of this kind of financing is that your business credit rating and your personal credit rating will not be affected. In the event that your business fails, you would not have to be concerned about someone coming after your personal or your business assets in order to pay off a loan. With a bank loan, the debt goes onto your credit report, and even one late payment can adversely affect your businesses credit, and even the ability to get insurance and may even reflect upon your personal credit rating.

 

2. 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. 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. 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.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 from the above, there are some great benefits to financing through a Trucking Factoring company, and not through a traditional bank loan. However, there are also a couple of other benefits that a factory company can offer your business is far beyond the scope of the bank. The most important benefits is that once you sell your accounts receivable to the factory company, you do not have to take time away from running your business to collect the money owed from reluctant to pay customers. 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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