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Great New Discovery Kills Cash Flow Problems Quick! - Our Freight Invoice Factoring Companies Can Give
Your Truck Company The Cash You Want

factorinvoices.org

trucking factoring service

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Medium-Size trucking businesses, especially those who have not been in existence for very long, will often discover it hard to secure a loan. Banks are often reluctant to lend money to businesses that do not have a great deal of earnings and assets. They likewise want proof of the viability of a business and hence require that many operations, especially little ones, be in business for a certain amount of time before they are prepared to turn over any money. Due to the fact that of this, a medium-size business commonly has a couple of cash creating alternatives when needs arise. One choice available, however commonly overlooked, is receivable Financing. This is an outstanding way for a small business to acquire money.

 

 

 

 

 

 

 

The Company Who Won the Prize For - Choose A Freight�Factoring Company  Instead Of A Traditional Bank Funding

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

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

Money flow does not have to be an issue any ever more. Do not be deceived -- banks are not the only places you can get funding. Other options are offered and you do not have to borrow money. What is truck factoring ? One option is called truck factoring. Trucking Factoring is the process of selling accounts receivable to a financier instead of waiting to collect the money from the customer. Oh, the Irony- Trucking factoring has a paradoxical difference: It is the financial foundation of numerous of America's most effective companies. Why is this ironic ? Because accounts receivable factoring is not taught in business colleges, is seldom mentioned in company plans and is fairly unknown to the majority of most of American company individuals.

Yet it is a financial procedure that releases up billions of dollars every year, allowing thousands of businesses to grow and succeed. Invoice Factoring has been around for thousands of years. Receivable Loan Financing Businesses are investors who pay cash for the right to receive the future payments on your invoices. An overdue receivable or invoice has value. It is a debt your customer has actually to pay in the near future. Factoring Principals--Although factoring deals solely with business-to-business deals, a large percentage of the retail company utilizes a factoring principal. MasterCard, Visa, and American Express all use a type of factoring in their retail deals. Utilizing the purest meaning of the word, these big customer finance companies are truly simply large Accounts Receivable Factoring Businesses of consumer paper. Think about it: You purchase at Sears and charge it to your MasterCard. The store gets paid almost instantly, although you do not pay up until you are prepared.

For this service, the charge card business charges Sears a charge (typical common normal charges range from 2 to 4 percent of the sale). The Advantages Factoring can offer many advantages to cash-hungry business. Rather than wait 30, 60, 90 days or longer for payment on a product that has currently been provided, a business can factor (sell) its receivables for cash at a little price cut off the dollar value of the invoice. Payroll, advertising efforts, and working capital are simply a few of the business needs that can be satisfied with instant  money.

Truck Factoring offers the ways for a manufacturer to renew inventory and make even more items to offer: There is no longer a need to await for earlier sales to be paid. FACTORING is not just a cash management tool for producers: Almost any kind business can benefit from Receivable Financing. Typically, 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 minute about exactly how much is tied up in 60 days' worth of invoices: You can not pay the power expense or this week s payroll with a client s invoice, but you can sell that invoice for the money to meet those responsibilities. Using trucking factoring companies is a fast and easy procedure. The factor purchases the invoice at a price cut, typically a couple of portion points less than the face value of the invoice.

 

 

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cincinnati-factoring-companies

 

The American Truck Association
states that there are about
195,000 employees with freight trucking
firms and
276,000 personal providers trucking
firms certified to
operate in the U.S. that transferred,
according to their latest data of millions
items, materials and
fundamental materials .
There are several usual
providers either going solo or in
groups on our country
roads transporting these
important items to our
shops, manufacturingplants and harbors.

Moreover freight invoice factoring
corporations support
countless of them and offer their
factoring services
nationwideincluding
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

 

"

Many major and diverse corporations have their head offices in Cincinnati, .The Cincinnati area is also home to .Altogether, nine Fortune 500 companies and fifteen Fortune 1000 companies have headquarters in the Cincinnati area. With nine Fortune 500 company headquarters in Cincinnati, the region ranks in the United States Top 10 markets for number of Fortune 500 headquarters per million residents, higher than New York, Boston, Chicago or Los Angeles. In addition to Fortune 500 headquarters, 400 Fortune 500 companies have a presence in Cincinnati. Cincinnati has three Fortune Global 500 companies; three of the five Global 500 companies in the state of Ohio.The largest employer in Cincinnati, Kroger, has 17,000 employees. The University of Cincinnati is the second largest, with 15,162 employees.Cincinnati (sins?nat'e, �nat'?) [key], city (1990 pop. 364,040), seat of Hamilton co., extreme SW Ohio, on the Ohio River opposite Newport and Covington, Ky.; inc. as a city 1819. The third largest city in the state, Cincinnati is the industrial, commercial, and cultural center for an extensive area including numerous suburbs in Ohio, Kentucky, and Indiana. It is also a port with a large riverfront and good transportation facilities. Machinery; consumer goods; transportation, electric, and electronic equipment; musical instruments; metal goods; and packaged meats are among its manufactures; banking and finance also are important. Cincinnati was founded in 1788 as Losantiville; in 1790 Arthur St. Clair, the first governor of the Northwest Territory, renamed it for the Society of Cincinnati, a group of Revolutionary War officers. It was the first seat of the legislature of the Northwest Territory. After the opening of the Ohio and Erie Canal (c.1832), the city developed as a shipper of farm products and meat. Built on and below ""seven hills,"" it became known for its German-iuenced cultural life. Corruption, crime, and unrest plagued late-19th-century Cincinnati; a reform movement culminated in the establishment (1924) of the city-manager type of government (notable managers were Clarence A. Dykstra and Clarence O. Sherrill). Disastrous flooding struck the city in 1884 and again in 1937, after which major flood-control projects were undertaken. In the 21st cent. the city's downtown and riverfront has undergone a revitalization, with the construction of new business and residential buildings and park facilities.William Howard Taft and his son Robert A. Taft were born here. Cincinnati's landmarks include the Taft Museum; Eden Park, with the Cincinnati Art Museum; the Cincinnati Museum Center in the former Union Terminal; and the Rosenthal Center for Contemporary Art. The Univ. of Cincinnati, Edgecliff College, Xavier Univ., and several other educational institutions are in Cincinnati. The city is home to the Cincinnati Reds, the nation's oldest professional baseball team, and the Bengals football team.

 

"

 

View Our Truck Factoring Companies YouTube Videos For More Information

 

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

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

 

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

 

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.

 

"

Hart Truck & Haul have been operating their 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, Hart 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. The money was flowing, and times were great.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

 

. Worse still, it was noticed by Hart in early 2008 that even though most of their loyal customers were on time with their payments, there were a few late bloomers who were starting to spread the disease. Spring changed to summer, summer changed to fall, and the CEO of Hart, Dan Patterson, was beginning to feel very uncomfortable indeed whenever he looked at their weekly Accounts Receivable reports. The numbers of clients who owed him back debt were growing.He had already been to the administrators to ask what the actual problem was. Were they doing something wrong or different when it came to reaching out to delinquent 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 Hart money had jumped ship and decided to leave him holding the bag.

 

. They could not afford to pay him their debt, but they could afford a lesser service, maybe. But after doing the cursory research for this and talking to friends in the field, he found that alas, no, customers of Hart hadn't gone elsewhere. The had just gone!.The situation looked dire to Dan Patterson. There were goods to ship, employees to pay, trucks to repair and maintain, and continuous overheads that were very extensive when compared to the funds (or lack of) that were incoming. In the evenings he would discuss his concerns with his wife, Dana, and still find no relief from the worry and frustration.

 

""I have a bad feeling, Lin,"" he would say with deep woe.""What could you do differently?"" she would ask.Dan would stare off for a moment and then close eyes. He could see the fleet of trucks he had purchased over the years. He could see them traveling, bringing goods to all of his clients. But somewhere, a haze would form over his fleet and the vast number of vehicles would disappear to but a few. Why couldn�t he work out how to resolve this financial problem with his business?""I think I know what it could be,"" Dan 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."" 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.

 

""Dana was trying so hard to support her husband in these worrying times, while Dan was weighed down with the worry of how he was going to handle this situation he found himself in.The next day Dan strolled into his office and was determined to sit down and make every phone call to every client who had owed Hart money. This wasn't really a very efficient way for a Chief Executive to spend his day, and Dan 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. But, he felt like he was doing something proactive to help his business, even though he had staff on salary to do just that thing. A waste of time - a waste of money - he had the best intentions, but all the while Dan was realising just how much trouble he was in.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 Carlaerley knocked at his door.

 

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

 

""Sure thing Carla, come on in."" Dan leaned back in his chair and looked expectantly at Carlaerely.""Well Dan, this afternoon I did some research, trying to work out how we are going to get out of this mess."" She pulled a small stack of papers from a folder and set them on the desk before him.""Have you ever heard the word factoring?"" she asked.""It sounds 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.""Dan interrupted ""Immediately?"".""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. 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.""Dan replied cautiously ""I see - and what happens then?""Well, after their review, and we�re approved for a factoring contract, we can negotiate terms and conditions. You'll be surprised at the amount of flexibility, all dependent upon the credit histories and business volume.

 

The company will advise us the cost to purchase factoring for our company's accounts receivable. We come to an agreement and the funding starts pouring out.�Dan was still a little concerned. He leaned forward in his chair and studied the paperwork very closely.""It sounds too good to be true, Carla,"" he said.""Now, now, I know, I thought the same thing. But think about it, Dan: they've guaranteed that experts will do all the paperwork, and that will free us up to do what we should be doing - focusing on our customers in good standing, and that kind of stuff. They appear to be very flexible, Dan,"" she underlined a paragraph on the paper before him.""How flexible?"" he asked.""They personalize the factoring rates so that the amount they are willing to take on is commensurate with our needs and our client�s debt. It only takes 2 to 4 days for this to be figured out. ""That sounds pretty good, seeing as we tapped ourselves out with bank loans last year to repair the fleet and money sure is tight. it is imperative that we keep the business rolling as usual, and every day we go unpaid we are getting closer and closer to dealing with some serious issues in both the short term and the long term,"" said Dan.Dan 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.""Dan took a moment to think about this solution, and agreed with his secretary. The customers who were in debt to Hart 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. Dan knew that the economy had taken a hit and he knew that it would probably be a long time before things started to look up again. If he did not handle these debtors in the right way, that unknown amount of time could spell disaster for all of them. He did not want to lose business but he also did not want to lose any more money.""Well, let me think about this tonight Carla, thank you."" Carla stood up and left Dan's office, with the nice feeling of knowing that she may just have solved a very serious problem.Dan stayed at his desk for a long time, looking over the details they hadn't discussed during their meeting. He wondered if there might be other problems freight factoring could help Hart Truck & Haul with? With his pencil gliding down the sheet he noticed that the factoring company could help fray the cost of fuel with fuel discount cards and fuel advances. Dan was surprised: it said that his company could get up to fifty percent cash advances on load pickups. As a man who hated binding contracts with no room to breathe, he was pleased to see that this factoring company would not make him sign a long term contract, would not make him pay any sign up fees and there was no minimum volume required.""I must tell Reginald the good news,"" muttered Dan to himself.His son-in-law Reginald had liked the idea of Hart so much and revered his father in law for having such business acumen that only two years before, he had gathered the venture capital to begin his own transportation service company. At that time Dan knew the struggles Reginald would face, but he still encouraged him to follow his dream. With the faltering economy, if a big fish like Hart was hurting, a little guy like Reginald was about to catch his death. Perhaps the antidote to these problems was in freight factoring, and they were about to find out.A few short months later, after completing the application process, having the legal experts review his credit history, accounts receivable, and statements, finally Dan was beginning to find his way out of the hole his debtors had created for him.They took on reasonable factoring purchase contracts and stopped spending their precious man hours scrambling to collect debt. They took that time and refocused effort to offering competitive prices in new territories. Dan 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.

 

"

 

"

Many major and diverse corporations have their head offices in Cincinnati, .The Cincinnati area is also home to .Altogether, nine Fortune 500 companies and fifteen Fortune 1000 companies have headquarters in the Cincinnati area. With nine Fortune 500 company headquarters in Cincinnati, the region ranks in the United States Top 10 markets for number of Fortune 500 headquarters per million residents, higher than New York, Boston, Chicago or Los Angeles. In addition to Fortune 500 headquarters, 400 Fortune 500 companies have a presence in Cincinnati. Cincinnati has three Fortune Global 500 companies; three of the five Global 500 companies in the state of Ohio.The largest employer in Cincinnati, Kroger, has 17,000 employees. The University of Cincinnati is the second largest, with 15,162 employees.Cincinnati (sins?nat'e, �nat'?) [key], city (1990 pop. 364,040), seat of Hamilton co., extreme SW Ohio, on the Ohio River opposite Newport and Covington, Ky.; inc. as a city 1819. The third largest city in the state, Cincinnati is the industrial, commercial, and cultural center for an extensive area including numerous suburbs in Ohio, Kentucky, and Indiana. It is also a port with a large riverfront and good transportation facilities. Machinery; consumer goods; transportation, electric, and electronic equipment; musical instruments; metal goods; and packaged meats are among its manufactures; banking and finance also are important. Cincinnati was founded in 1788 as Losantiville; in 1790 Arthur St. Clair, the first governor of the Northwest Territory, renamed it for the Society of Cincinnati, a group of Revolutionary War officers. It was the first seat of the legislature of the Northwest Territory. After the opening of the Ohio and Erie Canal (c.1832), the city developed as a shipper of farm products and meat. Built on and below ""seven hills,"" it became known for its German-iuenced cultural life. Corruption, crime, and unrest plagued late-19th-century Cincinnati; a reform movement culminated in the establishment (1924) of the city-manager type of government (notable managers were Clarence A. Dykstra and Clarence O. Sherrill). Disastrous flooding struck the city in 1884 and again in 1937, after which major flood-control projects were undertaken. In the 21st cent. the city's downtown and riverfront has undergone a revitalization, with the construction of new business and residential buildings and park facilities.William Howard Taft and his son Robert A. Taft were born here. Cincinnati's landmarks include the Taft Museum; Eden Park, with the Cincinnati Art Museum; the Cincinnati Museum Center in the former Union Terminal; and the Rosenthal Center for Contemporary Art. The Univ. of Cincinnati, Edgecliff College, Xavier Univ., and several other educational institutions are in Cincinnati. The city is home to the Cincinnati Reds, the nation's oldest professional baseball team, and the Bengals football team.

 

"

 

More Trucking Factoring Companies Story Articles

"

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

 

More than forty years ago Lester's father had started this business working as an owner-operator and eventually growing Chavez Trucking Company into a fifteen trailer fleet. There had been some hard times when it seemed everything was going to go under and even Lester�s mother strapped herself into a cab to make hauls. His father had lived long enough to witness the price of hires drop during the recession and watch the eruption of fuel prices afterwards. But now things were different: the company was in Lester's hands and he needed to ensure that this business would be left in great shape for his sons.

 

There just never seemed to be enough money to go around, and certainly no spare cash, but to move his company successfully into the future he needed a steady and reliable cash flow. His employees needed to be paid. They had families and household bills too. Some of the refrigerated trailers were in need of repairs and he felt to stay competitive it was also a good idea to invest in specialized haulers to be ready for the constant requests he was getting for loads of new energy and agriculture equipment. Every time he had to turn down a request, Chavez Trucking looked weak in a very strong market.

 

He knew what his father would have said - 'wait, take your time before adding new technology'. Lester chuckled, thinking about his father. His father had been against placing GPS units in the cabs. His Dad would say ""Why on earth do you need some stranger telling you to get off the exit that everyone knows has been there for years?� Also his father had the habit of teasing all the drivers he caught switching into automatic even though driving in automatic was much more efficient though not manly in his father�s eyes. His father days were long gone and technology was actually an important improvement for the business such as having Qualcomm to cut down on fruitless time communicating on the phone for bills of lading.

 

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

 

He wondered about factoring - was this the answer for him? There was a lot he didn�t understand about the process. It sounded like a ninth grade math problem and he wondered how this would fit into the trucking business. Factoring companies buy your invoices and manage your accounts receivable for a certain percentage of the invoiced amount. The factoring company gives the trucking business its payment right away which allows the business to have continuous cash flow so it can pay employees, buy fuel, and make repairs for upcoming hauls. Without this assistance, you're placed in the position of waiting for payment from your customers, and this can often be thirty days, or more. During those thirty days the trucking company cannot pay its employees and bills with invoices.

 

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

 

However, it all turned out to be very simple. All the factoring companies he researched were open about their business practices and very friendly on the phone when he called. Their customer service actually knew things about their company and spoke in nice clear English so he could understand what was being explained. He was quite happy to sign an exclusive contract. In fact, he was quite pleased with the idea of a long-term contract because he knew this was a one-off and he would not have to keep going back and forth to different companies. He was not charged for a credit check, and in addition he was offered a fuel advance on the pick-up of a load. In fact there were a few companies who offered him a non-recourse factoring program, and this was exactly what he had been hoping for. Also he was happy to hear how much he was offered in terms of percentages on the freight bills. It was good money.

 

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

 

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

 

"

 

 

View Our Trucking Factoring Videos For More Information

 

 

 

 

 

 

 

Trucking Factoring  Articles

"

�So It is not a loan?� Reginald Hart asked as he leaned back in his chair, crossing his legs. The woman who sat across the desk smiled and shook her head.�Not quite,� she said.Reginald was the owner of a small trucking company which had fallen on some hard times recently. Certainly the trucking business can be an extremely profitable venture, and for many years it had been that way for Clifton. His company was called Patterson Trucking, named after both of his grandfathers, Francisco and Roy. They had both been hardworking men, and had done a lot to make Reginald the same.Six months ago disaster struck Clifton'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. Reginald depended on his full fleet, and missing two trucks was devastating . Furthermore, buying a whole new truck and fixing the other simply took more cash than Reginald had on hand.A big problem a lot of trucking companies came across was how bills were paid in the industry. Waiting a month or longer for bills to be paid was quite normal. In the long run, this wasn�t an issue, but if problems arose, you could find yourself in trouble.Reginald 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 Sherry 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.Sherry explained. �it is really not a loan at all: we actually buy your accounts receivable. we are not giving you finance to be repaid later: we are purchasing something from you, and when you can you can buy it back. This is a win-win situation: we are protected from a total loss, and you're protected from the ridiculous fees and charges you'd have to pay if you borrowed from a bank.Reginald agreed. It sounded good to him, almost too good.Sherry laughed. �I'm not sure that you believe me,� she chuckled.�Oh no, I do: it just sounds too good to be true. I actually thought I might end up losing my business.�Sherry smiled, agreeing. �Yes, we get a lot of that. Listen, I�d hate to see you lose your company. We know how hard you work, and that you've invested everything in your business. We all need help sometimes. That�s what we�re here for.""In any case, thank you for coming to see me.""It�s right down the road, usually we do it all online, but I didn�t mind swinging on by today,� Sherry said with a smile. �Let's work out a solution to your problem.�And with that they set about making a profile.

 

Reginald filled the form out, with Sherry available to help him if he needed it. The completed profile gave Sherry and her company all the information they needed on Clifton'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. Listening as Reginald filled out his form, Sherry was pretty sure he was a perfect candidate for factoring.Sherry took the completed form and placed it in her briefcase. She then stood, reached across the desk and shook Clifton�s hand. He stood before they shook as well, and then smiled. They said their goodbyes and Reginald 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 felt so drained: he had been flailing helplessly for so long, he just knew his business was going to collapse and probably take him with it. Talking to Sherry though, learning about factoring, it felt like a weight had been lifted from his shoulders. He sat back in his chair and ran a hand through his graying but still thick black hair.The long nights, where he couldn�t sleep. The 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 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 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 Patterson Trucking. And that's exactly what he did. Once again he built a company from the ground up. The business had been an instant success.And then the trucks went down, and his success looked to be in flux. 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 didn�t know how to say quit.And now, because of factoring, he was sure he wouldn�t have to. Clifton's eyes opened, he sat forward in his chair and turned on his computer. He had lots to do. He could be thankful later, for now, it was time to work.

 

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More Trucking Factoring Company Story Articles

Why Trucking Establishments Use Factoring Companies.

 

As the operator of your own business enterprise, you may be more than aware already of the challenge in making sure that capital concerns do not become a difficulty down the line. Anyway, the most unfortunate thing that can possibly take place for your establishment is to find yourself swept up in a long and difficult situation that leaves you forever searching for the money you really need on an recurring basis.

 

For just about any business enterprise in this scenario, the complication can come for waiting for work to clear up and actually be brought in into your bank account. Statements, checks, and the like can take a long time to actually to be taken care of which can certainly leave you with temporary cash flow dilemmas. Luckily, there are solutions out there for companies to consider-- and among these is factoring providers.

 

Factoring firms will, in exchange for your bill of sales, offer you with the funds right away so you do not have to worry about the delaying phase which could make paying the bills and obtaining materialsmore tough. With this type of setup, invoice factoring can come to be tremendously practical for numerous businesses who have to get out of a money ploy which they have found themselves in.

 

Considering that, depending on the size of the work, it can take up to 60 days for a number of business enterprises to get compensated then it is vital to cover your own back and not leave yourself resources short to pay the bills. After all, how many enterprises possess two months profits just lying there to pay for all their bills till they get paid?

 

This is most notably correct of trucking enterprises. They usually handle numbers of accounts which means a serious volume of collection period demands business owner themselves. Making an effort to get paid promptly can develop into an incredible inconvenience and this is the reason why you make use of trucking factoring organizations who are glad to help out truckers mainly.

 

As most of us realize, trucking is an incredibly huge industry with countless firms out there handling hundreds of drivers. Regretfully, several of these drivers wind up in finances issues given that they are still anticipating work from six weeks earlier to actually compensate them. When this is the scenario for a trucking organization, consulting factoring companies for help maybe the very best choice left.

 

This means that a trucking business can pay off the wages of the work force, keep all the trucks refilled with gas and continue to escalate, thrive and expand without always waiting for the funds which is taking too long to come in. Trucking Enterprises running without a factoring system established are leaving themselves at critical danger, as competitors cash out promptly and go on to broaden.

 

There's absolutely nothing to be troubled about when it comes to utilizing a Factoring company-- they are not like a financial institution or any individual who is going to leave you with a huge pile of financial obligation to repay. You give them authentic invoices from output you have already completed , you are only hastening the payment system.

 

In the Usa, where trucking companies prosper, factoring companies are not considered taking on loan in any capacity. This confidential settlement then allows both parties to make money and take joy in a comfortable future-- it gives the factoring company a secured resource of money to put into the list and it offers the trucking business the needed cash that they worked hard to acquire.

 

The trucking company gives their accounts to the factoring enterprise. The trucking factoring agency then acquire the installment payments from the trucking company's customers. Factoring has been all around for hundreds of years and has been adopted for decades by many varying business sectors-- but none more so than truckers. While you may miss out on a small part of the money, something like 1-3 % depending upon who you collaborate with, it signifies that you are receiving the finances today and can actually start putting the resources to function.

 

Anyway, an IOU or an invoice is certainly not going to finance overheads, is it? For trucking companies when the finances can be fantastic one day and gone the next, it is up to the vehicle drivers to work prudently and to guarantee they are leaving themselves with a significant volume of time and finance to get through the week up until they are handed over again.

 

So the next occasion your trucking enterprise is having some temporary capital problems and you are spending a lot of time chasing slow paying customers, why not start thinking about utilizing a factoring businesses as a means to get your money and give yourself a more pleasant future in the eyes of your trucking workers and your bank balance?

 

 

 

 

 

 

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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. 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.

 

Trucking Factoring Companies

 

Trucking Factoring companies do not offer loans, and you do not go into debt when you get money from a Trucking Factoring company. The finance you receive from the Trucking Factoring company is determined by money already earned by your business, but not yet received. The Trucking Factoring company purchases your accounts receivable, or part of them, for a certain percentage of their value - this is normally about 80-95%. The amount of finance you can receive will be based on the amount you have earned and the accounts receivable you are prepared to sell. Once 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?

 

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

 

1. There is no debt. 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. 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. With a Trucking Factoring company you can actually get the money you need faster. 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. However, there are also a couple of other benefits that a factory company can offer your business is far beyond the scope of the bank. The main benefit is that once you've sold your accounts receivable to the Trucking Factoring company, you are free from having to collect money owed by your customers. The Trucking Factoring company takes over that chore, since it is now their money to collect. Trucking Factoring companies are very efficient at debt collecting, and this frees up your valuable time to devote to running your company.

 

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

 

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