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Invoice Factoring is beneficial for a number of reasons. It permits a trucking business to raise money without getting new financial obligation. While debt is occasionally essential, the majority of freight brokerage would like to raise cash without obtaining cash. Financial obligation is risky, and when it cannot be repaid, assets can be repossessed. If the debt is huge enough, it could even force a truck companies out of business.

How To Get More Cash - Pick 

A Trucking�Factoring Company  Instead Of A Traditional Bank Funding

How to Enhance Cash Flow Without Loaning -Cash Money flow is among the main reasons companies fail.

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

Money flow does not have to be an issue any ever more. Do not be fooled -- banks are not the only places you can get financing. Other solutions are offered and you do not have to borrow. What is trucking factoring ? One solution is called sale of accounts receivable. Trucking Factoring is the procedure of selling accounts receivable to a financier rather than waiting to gather the money from the customer. Oh, the Irony- Truck factoring has an ironic distinction: It is the financial backbone of numerous of America's most effective businesses. Why is this ironic ? Since commercial factoring is not taught in business colleges, is seldom discussed in business plans and is fairly unknown to the majority of most of American business individuals.

Yet it is a monetary procedure that releases up billions of dollars every year, enabling countless companies to grow and succeed. Truck Factoring has actually been around for thousands of years. Accounts Receivable Factoring Businesses 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 actually agreed pay in the near future. Factoring Principals--Although factoring deals solely with business-to-business transactions, a big percentage of the retail business uses 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 truly just large Invoice Factoring Businesses of customer paper. Think about it: You purchase at Sears and charge it to your MasterCard. The store gets paid almost immediately, although you do not pay up until you are prepared.

For this service, the credit card company charges Sears a charge (typical common normal charges vary from two to 4 percent of the sale). The Advantages Receivable Funding can provide numerous benefits to cash-hungry business. Rather than wait 30, 60, 90 days or longer for payment on a product that has currently been provided, a company can factor (sell) its receivables for cash at a little discount off the dollar value of the invoice. Payroll, advertising efforts, and working capital are just a few of the business needs that can be satisfied with instant  cash.

Sale Of Accounts Receivable offers the ways for a manufacturer to replenish inventory and make even more products 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: Almost any kind business can take advantage of Receivable Loan Financing. Typically, a company that extends credit will have 10 to 20 percent of its yearly sales bound in accounts receivable at any given time. Think for a moment about exactly how much is tied up in 60 days' worth of invoices: You can not pay the power bill or this week s payroll with a customer s invoice, but you can offer that invoice for the cash to satisfy those obligations. Using truck factoring companies is a quick and easy procedure. The factoring company purchases the invoice at a discount, usually a couple of percentage points less than the face value of the invoice.



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The American Transportation Organization
states that there are about
195,000 work with truck
businesses and
276,000 private providers trucking
companies certified to
operate in the United States that carried,
according to their latest searchings for billions of
items, supplies and
standard materials .
There are numerous typical
providers either going solo or in
teams on our nation
roadways transporting these
crucial products to our
shops, factories and harbors.

Plustrucking factoring
firms service
many of them and offer their
receivable loan facilities
nationally comprising
including the following states.

: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware,Florida,
Georgia, Hawaii, Idaho State,Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine,
Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska,
Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina,
North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina,
South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia,
Wisconsin, and Wyoming



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Life of a Truck driver, like many other professionals can be very challenging, rewarding, and frustrating at the same time. �The Truckers� 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 Truckers� 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


United States Trucking Companies

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

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


Life of a Truck driver, like many other professionals can be very challenging, rewarding, and frustrating at the same time. �The Truckers� 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 Stewart 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 heady times from 2002 to 2007, Stewart was a top rated accounts receivable mastermind of 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. Cash was flowing and times were good for all.But a short year later, in the fall of 2008, when the United States economy took a nosedive and businesses both small and large began to feel the pinch on their pocketbooks, those that used to make their demands had suddenly and largely gone silent. Business slowed to a crawl


. Worse still, it was noticed by Stewart 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 Stewart, Joe Obrien, was beginning to feel very uncomfortable indeed whenever he looked at their weekly Accounts Receivable reports. The number of clients who were late in their payments was continuing to grow.He had already been to the administrators to ask what the actual problem was. Were they doing things different, or wrong, when it came to collecting overdue accounts? When checking his bookkeeper's records this was definitely not 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 Stewart money had jumped ship and decided to leave him holding the bag.


. They couldn't afford to pay him their debt, but they could afford a lesser service, maybe. 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. They had just gone home.This current state-of-affairs was causing Joe Obrien to have some very restless nights. Joe was very concerned, because there were constant overheads, goods to ship, employees to pay, and trucks which needed to be maintained, but there just wasn't the money coming back into the business. After work he would confide in his wife, Alice, and neither were unable to stop the constant worry over the lack of funds.""Lin, I have a really bad feeling,"" he would say with deep woe.""What could you do differently?"" she would ask.Joe would stare off into the distance, and then slowly close his 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 then a haze would cover his trucks and his vast fleet would vanish to leave just a few. What on earth was happening to create the death of his business?""I think I know what it could be,"" Joe said. ""For way too long I've been relying solely on profits received from invoices. For too long I've been allowing our clients to let their accounts become overdue."" Linda could only grab her husband's hand and look at him lovingly, ""It's a hard economy. It might be awhile until things get settled up.


""Alice was trying so hard to support her husband in these worrying times, while Joe was weighed down with the worry of how he was going to handle this situation he found himself in.The next day Joe strolled into his office and was determined to sit down and make every phone call to every client who had owed Stewart money. This wasn't really a very efficient way for a Chief Executive to spend his day, and Joe 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. Wasting money, wasting time - even with the best of intentions, Joe 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 Jackieerley knocked at his door.


""Joe, can I have a word?"" she asked standing in the doorway.


""Sure thing Jackie, come on in."" Joe leaned back in his chair and looked expectantly at Jackieerely.""Well Joe, this afternoon I did some research, trying to work out how we're going to get out of this mess."" 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?"" Jackieerley asked.""It sounds vaguely familiar. What is factoring""? he asked.""Well,"" she began, ""It�s actually quite simple really.


So basically, factoring invoices would enable us to get paid on the nose for loads that we haul.""Joe interrupted ""Immediately?"".""Immediately, yes"" she added, ""It's actually very simple. We can have an expert account manager review our numbers and help us complete a company profile. Included in the profile would be the investigation of our accounts receivable aging reports, our current customers' credit limits etc.. In addition, factoring will assist in determining our customers' creditworthiness, independent from their credit relationship with our company. It�s a broad view.��I see,� Joe said. �And then what?��Well, after their review, and we�re approved for a factoring contract, we can negotiate terms and conditions. There�s a lot of flexibility depending on the business volume and credit histories. This company tells us what the cost will be to purchase factoring for our accounts receivable. We come to an agreement and the funding starts pouring out.�Leaning forward, Joe studied the documents very closely.""It sounds too good to be true, Jackie,"" he said.""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 Joe,"" she drew a circle around a paragraph on the document before him.""How flexible?"" asked Joe.""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. """"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's imperative that we keep the business rolling as usual, and every day we go unpaid we're getting closer and closer to dealing with some serious issues in both the short term and the long term,"" said Joe.He took a deep breath and looked at his secretary with something she recognized as hope.""Precisely�. This could be the answer to our prayers: it will solve many problems we're facing due to these unpaid debts.""Joe thought about this and agreed with Jackieerley. The clients who owed them money were long standing friends and professional resources of Stewart. Just because they were experiencing difficulties paying their own bills now, Joe was very concerned about losing these relationships. Joe knew only too well that the whole economy was floundering, and that it was not going to change overnight. If he didn't handle these debtors in the right way, that unknown amount of time could spell disaster for all of them. Of course he didn't want to lose any more money, but he didn't want to lose business either.""Well, let me think about this tonight Jackie, thank you."" Jackie nodded, stood up and left the office feeling that she had helped her employer keep on his shirt and hers too.Joe sat behind his desk and looked over the details Jackie had not mentioned in their meeting. He wondered if there might be other problems freight factoring could help Stewart 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, Stewart could receive up to fifty-percent cash advances upon load pick-ups. As a man who hated binding contracts with no room to breathe, he was pleased to see that this factoring company would not make him sign a long term contract, would not make him pay any sign up fees and there was no minimum volume required.""Well, I'll have to tell Russell about this,"" Joe muttered to himself.Joe's son-in-law, Russell, loved the idea behind Stewart 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. Joe knew then what struggles Russell would face but he encouraged him nonetheless. With the economy the way it was, if an established company such as Stewart was struggling then the little guys, like Russell, were going to be in even more trouble.


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 Joe was beginning to find his way out of the hole his debtors had created for him.They adopted reasonable factoring purchase contracts and stopped wasting their own precious time trying to collect debts. They used that time to refocus their efforts in being competitive in new territories. Joe 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.





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


Marvin�s father had started as an owner-operator and had grown Harrison Trucking Company into a fifteen trailer fleet over forty years. Yes, they had survived some very difficult times when it appeared like they might go under, and even Marvin's mother had jumped into the cab at times to make hauls. His father had lived long enough to witness the price of hires drop during the recession and watch the eruption of fuel prices afterwards. Now the company was solely in Marvin�s hands and he wanted to live to see it in better shape for his sons.


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


His father would have told him to wait and to take his time adding on new technology. Marvin chuckled, thinking about his father. He remembered when his father was totally against installing 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?� 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.


Marvin knew he was right in his forward thinking. How would he take Harrison 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.


He wondered about factoring - was this the answer for him? 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. A factoring company actually purchases your invoices and takes control of your accounts receivable, payment being a certain percentage of the amount invoiced. In return, the factoring company pays the trucking business straight away, providing immediate cash flow for the business to pay staff, purchase fuel, and do any repairs or maintenance. Without this assistance, you're placed in the position of waiting for payment from your customers, and this can often be thirty days, or more. In those 30 days, a trucking company can�t pay its bills and employees in invoices.


Now it was time for Marvin to do his homework. He had heard of companies charging for same day money transfers, advancing a percentage of the money owed to your business, while the rest is held in a private account if the bill wasn't paid within sixty or more days. Plus it was worse still if the customer didn�t pay up at all because then the factoring company would take it right out of the money supposed to be coming to you! Through the grapevine, he�d also heard about how some companies suddenly slipped you onto a sliding scale of percentages even if you had already signed a lengthy contract for maybe 3% or 7% so there you are with 10% coming as a cost to you out of the freight bill. His friend Ronnie who had a trucking business in Missouri, was run nearly into the ground by a factoring company that charged him the full freight bill on top of the factoring fees. Well, what was the point of going to a factoring company if there was shady business like that going on?


But it turned out to be quite easy. 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 wouldn't 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. 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 was good money.


It was really refreshing dealing with the factoring people. They were extremely helpful and more personable than the bank staff. He was relieved to note that the factoring companies understood the trucking business and discussed business with him like a respected client, not like someone looking for a handout. The factoring companies didn�t worry over his credit and the debt troubles his father had had in the past of the company. All the factoring company was interest in was the credit of his customers and on their reliability: this worked great for Marvin because he and his father had created a very strong and loyal list of clientele over the years. He knew immediately that there would not be any problems when they were contacted by the factoring company regarding their invoices. His clients wouldn't have any problems, nor would they think poorly of Harrison 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.


Marvin stepped out of his office to let his secretary know to expect the arrival of the factoring contract shortly. 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. With the capabilities of this new cash flow, Marvin could actually expand Harrison Trucking Company further across the country and perhaps even go international into Canada. His heart felt full knowing his sons wouldn�t have to worry about money because of the right decisions he had made for their trucking business.





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Trucking Factoring  Articles

�So, this is not a loan?� Herbert Gardner 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 stated.Herbert Gardner 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 Jared. His company was called Smith Trucking, named after both of his grandfathers, Everett and Rafael. They had both been hardworking men, and had done a lot to make Herbert the same.Six months ago disaster struck Jared's business when two out of his fleet of fifteen trucks were taken off the road.


One was involved in a very costly accident, and the other simply rolled over, and headed to the trucking graveyard. Herbert depended on his full fleet, and missing two trucks was devastating . In addition, he just didn't have the available cash to buy a new truck, plus repair the other one.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.Herbert was an excellent business man, and he certainly hadn't done anything wrong. Things had happened that he couldn't have predicted, and he had to figure out a way to keep his business from hurting, or even going under.And that's why he found himself across the desk from this woman. Her name was Delores and she worked for a factoring company. Herbert had come across her company as he sat in his office late one night, pouring over the internet for some solution to his problem long after his employees had gone home.Delores explained. �It�s not a loan, we purchase your accounts receivable. We aren�t giving you money to be paid back later, we�re buying something from you, and you can buy it back when you can. This is a win-win situation: we're protected from a total loss, and you're protected from the ridiculous fees and charges you'd have to pay if you borrowed from a bank.Herbert agreed. It sounded perfect - perhaps too good?.Delores laughed. �I'm not sure that you 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.�Delores nodded. �Yes, we get a lot of that. Listen, I�d hate to see you lose your company. You work hard, you�ve put everything you can into it. Sometimes you need help. That�s what we�re here for.��Well, I'm very grateful that you came to see me today.��It�s right down the road, usually we do it all online, but I didn�t mind swinging on by today,� said Delores with a smile. �Let's work out a solution to your problem.�And with that they set about making a profile.


Herbert completed the form, with Delores offering advice as needed.


The completed profile gave Delores and her company all the information they needed on Jared's business, and with this information they would determine if this business would in fact be 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 Herbert completed his form, Delores listened to his story and she felt quite sure he would be the ideal candidate for Factoring.When the form was done Delores took it and slid it into her briefcase. Standing up, she reached over the desk and shook Jared's hand. He stood before they shook as well, and then smiled. They said their goodbyes and Herbert walked her to the door, and then returned to his office.All his staff members were there, all seven who worked in his office. Sitting behind his desk once more he could hear the familiar sounds of his office workers going about their daily business.He leaned back and closed his eyes. He had felt so helpless lately, was sure the whole thing was collapsing, and would take him with it. Talking to Delores though, learning about factoring, it felt like a weight had been lifted from his shoulders. He sat back in his chair and ran a hand through his graying but still thick black hair.All those long, sleepless nights. The terrifying panic attacks that occurred regardless of where he was. He could feel it all fading away. He knew it wasn't over yet and that there was still a way to go, but he could just feel everything start to change for him. He was there, he was on the right path, and he was working to make things right.His mind wandered back to the very beginning, when he first started his business. He had opened a restaurant at age twenty two when he was fresh out of school. It had been successful. Offering home cooking in his own hometown, his business had really prospered.But it wasn't what he really wanted to do. He wasn't passionate about the food industry. He thought about it for a long time, then decided it was time to sell his restaurant. He took six months off, and during that time he decided to create Smith Trucking. So he did it. For the second time in his short life he created a company from the ground up. He had been successful.And then the trucks went down, and his success looked to be in flux. He was nearing fifty. He was concerned that he just didn't have the energy left to try and save the business. But he couldn�t give up. The idea of cutting his losses, shutting down, laying off his workers, it actually made him sick some nights. He didn�t know how to say quit.And now it seemed as though he wouldn't have to - all because of Factoring. Herbert opened his eyes, sat forward, turned his computer on. He had lots to do. He could be thankful later, for now, it was time to work.





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The reason why Truck Corporations Make use of Factoring Firms.


As the operator of your own business, you may likely be more than perceptive already of the challenge in making certain that cash flow issues do not become a problem down the line. After all, the most horrible thing that can potentially come about for your business is to find yourself swept up in a long and difficult circumstance that leaves you forever searching for the funds you need to have on an ongoing basis.


For any firm in this scenario, the concern can come for waiting for work to clear up and actually be repaid into your statement. Bill of sales, checks, and the like could take a long time to actually to be taken care of which may leave you with momentary cash flow dilemmas. The good news is, there are options out there for businesses to check out-- and one of these is factoring agencies.


Factoring companies will, in trade for your statements, supply you with the cash right away so you don't have to fret about the lingering duration that could make paying out the bills and acquiring toolsmore challenging. With this kind of system, invoice factoring can become extraordinarily helpful for countless firms who need to get out of a money pitfall which they have discovered themselves in.


For the reason that, depending on the scale of the job, it can take up to 60 days for a number of firms to get compensated then it's essential to blanket your own back and not leave yourself resources short to pay off the expenses. After all, how many establishments have two months earnings just lying there to cover all their overheads until they get paid?


This is most notably true of trucking companies. They tend to deal with tons of accounts which means a notable amount of collection time demands business owner themselves. Making an effort to get paid out promptly can eventually become an extraordinary trouble and this is precisely why you utilize trucking factoring firms who are glad to help out truckers exclusively.


As most of us understand, trucking is an astonishingly large field with a lot of agencies out there utilizing hundreds of operators. Regrettably, numerous of these drivers end up in money problems simply because they are still awaiting work from six weeks ago to actually pay them. When this is the circumstance for a truck agency, depending on factoring firms for assistance may be the finest option left.


This indicates that a truck company can pay out the paychecks of the personnel, keep all the cars filled with gas and continue to go up, thrive and expand without continually waiting for the funds which is taking too lengthy to come in. Trucking Establishments functioning without a factoring program applied are leaving themselves at substantial threat, as competitions cash out fast and carry on to expand.


There's genuinely not a thing to be distressed about when it comes to employing a Factoring company-- they usually are not like a bank or an individual who is going to leave you with a large mass of financial obligation to pay back. You give them authentic invoices from job you have already finished , you are only quickening the repayment system.


In the Usa, where trucking enterprises do well, factoring agencies are not considered borrowing in any capacity. This confidential agreement then makes it possible for both parties to make money and enjoy a convenient future-- it gives the factoring business a warranted resource of profit to add to the list and it supplies the trucking firm the needed funds that they worked hard to get.


The trucking company presents their invoices to the factoring firm. The trucking factoring provider then receive the payments from the trucking company's customers. Factoring has beenaround for hundreds of years and has been adopted for several years by a lot of various fields-- but none much more so than truckers. While you may lose out on a small part of the money, something like 1-3 % depending upon who you deal with, it implies that you are acquiring the cash today and can actually begin setting the funds to operate.


Anyway, an IOU or an invoice is not actually going to pay for spendings, is it? For trucking enterprises when the hard earned cash can be excellent one day and gone the next, it's up to the drivers to work sensibly and to make certain they are leaving themselves with a significant quantity of time and money to get through the week until they are paid for once again.


So the next period your trucking business is bearing some temporary cash flow problems and you are investing excessive time chasing sluggish paying clienteles, why not begin considering using a factoring companies as a means to get your cash and give yourself a more convenient future in the eyes of your trucking team and your bank balance?








Traditional Bank Loans


Finance through a bank loan is the normal, or traditional, way of financing your business. While these loans are handy they are not available to every business. As an example, a newly formed business may not have the required assets to qualify for a bank loan, and even if they did, it's usual practise for a bank to use the business itself as collateral. This means that if you default on your loan payment you could lose your entire business. In addition, while you apply for a certain loan amount, that is all the financing you are entitled to. Once the loan is paid off, you can then apply for another loan if the need arises.


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 money you can receive is based on the amount of money you have earned and the accounts receivable you are willing to �sell.� Once a Trucking Factoring account has been created for you, it will continue for as long as you need it, with the money available continuing to grow as your business grows, and providing cash as you require it.


Benefits of a Trucking Factoring Company Vs. A Bank Loan


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


1. There is no debt. Since the Trucking Factoring company actually buys your accounts receivable you don't actually incur debt like you do with a bank loan. This has many benefits including the fact, that this type of financing won't affect either your business credit rating or your personal credit rating. In the event that your business fails, you wouldn't have to be concerned about someone coming after your personal or your business assets in order to pay off a loan. The debt goes onto your credit report with a bank loan, with only one missed payment adversely affecting your business credit: it would also affect your ability to secure insurance, and may reflect on your personal credit rating as well.


2. There's no collateral required. Another great benefit of using the services of a Trucking Factoring company instead of a bank loan is that there is no collateral required for the Trucking Factoring company, because the Trucking Factoring company is 'buying' your accounts receivables. In addition, while the Trucking Factoring company does run a credit check on your customers whose accounts receivables are offered for financing, the state of your credit is not an issue. This makes it easier for fledgling businesses to get the financing they need through a Trucking Factoring company (as long as their accounts receivables are in good order) then from a bank, who may not feel that you have been in business long enough to be worth the risk of issuing you a loan.


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


4.Interest is Paid Up Front. Unlike a bank loan that continues to build interest that you have to pay the entire time you have your business loan with a Trucking Factoring company, you don't have to continue to pay interest as they take it right off the top, deducting it from the total amount of accounts receivable. So not only are you relieved of those monthly loan payments, but you also don't have to worry about the building up of interest, as every penny in the account is yours to spend on the business.


As you can see, 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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