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How to Get Cash And Grow Your Company - Our Receivable Loan Company Can Give
Your Trucking Company The Money You Want

workingcapitalfactoring.org

best trucking factoring company

best trucking factoring company

best trucking factoring company

best trucking factoring company

Using a Truck Factoring Company is advantageous for a number of factors. It permits a trucking company to raise cash without obtaining new financial obligation. While debt is often needed, most truck businesses would choose to raise money without obtaining money. Financial obligation is dangerous, and when it cannot be paid back, assets can be repossessed. If the debt is big enough, it could even compel a truck companies out of business.

 

 

 

 

 

 

 

Check the Kind of Bank Account You Want - Choose An Accounts Receivable Factoring Company Instead Of A Traditional Bank Funding

Exactly how to Enhance Money Flow Without Loaning -Cash Money flow is among the primary reasons companies fail.

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

Money flow does not have to be a problem any more. Do not be deceived -- banks are not the only places you can get funding. Other solutions are offered and you do not have to borrow. Exactly what is trucking factoring ? One solution is called truck factoring. Trucking Factoring is the process of offering invoices to a financier rather than waiting to collect the cash from the client. Oh, the Irony- Truck factoring has a paradoxical distinction: It is the financial foundation of numerous of America's most effective businesses. Why is this paradoxical ? Since trucking factoring is not taught in business colleges, is seldom mentioned in company plans and is relatively unidentified to bulk of most of American company individuals.

Yet it is a financial process that frees billions of dollars every year, enabling thousands of companies to grow and succeed. Truck Factoring has actually been around for thousands of years. Receivable Loan Funding Businesses are financiers who pay money for the right to get the future payments on your invoices. An unpaid receivable or invoice has value. It is a financial obligation your customer has to pay in the near future. Factoring Principals--Although factoring deals solely with business-to-business transactions, a large percentage of the retail company uses a factoring principal. MasterCard, Visa, and American Express all use a form of factoring in their retail deals. Utilizing the purest definition of the word, these big consumer finance companies are truly simply big Receivable Funding Companies of customer paper. Consider it: You make a purchase at Sears and charge it to your MasterCard. The store gets paid almost immediately, even though you do not make payment up until you are ready.

For this service, the credit card business charges Sears a charge (typical common normal fees range from 2 to four percent of the sale). The Benefits Accounts Receivable Factoring can offer numerous advantages to cash-hungry business. Instead of waiting 30, 60, 90 days or longer for payment on an item that has actually already been provided, a company can factor (sell) its receivables for money at a small price cut off the dollar value of the invoice. Payroll, marketing efforts, and working capital are just a few of the company needs that can be met with instant  money.

Account Receivable Financing offers the ways for a manufacturer to renew inventory and make more products to offer: There is no longer a requirement to await for earlier sales to be paid. Receivable Loan Financing is not simply a cash management tool for manufacturers: Practically any kind business can benefit from Receivable Financing. Typically, a company that extends credit will have 10 to 20 percent of its annual sales tied up in accounts receivable at any given time. Think for a minute about exactly 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 sell that invoice for the money to meet those responsibilities. Using trucking factoring companies is a quick and simple process. The factoring company purchases the invoice at a price cut, usually a few portion points less than the stated value of the invoice.

 

 

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The American Trucking Organization
specifies that there are about
205,000 work with truck
businesses and
250,000 private providers trucking
firms certified to
operate in the States that transported,
according to their most current data of millions
products, supplies and
basic products .
There are a number of typical
carriers either going solo or in
teams on our nation
roads transferring these
vital items to our
stores, manufacturingplants and ports.

Moreover freight bill factoring
businesses support
several of them and offer their
accounts receivablesfinancing facilities
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

 

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Birmingham is the largest city in Alabama. The city is the county seat of Jefferson County. The city's population was 212,237 according to the 2010 United States Census. The Birmingham-Hoover Metropolitan Statistical Area had a population of about 1,128,047 according to the 2010 Census, which is approximately one quarter of Alabama's population.Birmingham was founded in 1871, during the post-Civil War Reconstruction period, through the merger of three pre-existing farm towns, notably, former Elyton. It grew from there, annexing many more of its smaller neighbors, into an industrial and railroad transportation center with a focus on mining, the iron and steel industry, and railroading. Birmingham was named for Birmingham, England, United Kingdom; one of the UK's major industrial cities. Many, if not most, of the original settlers who founded Birmingham were of English ancestry. In one writer's view, the city was planned as a place where cheap, non-unionized, and African-American labor from rural Alabama could be employed in the city's steel mills and blast furnaces, giving it a competitive advantage over industrial cities in the Midwest and Northeast.From its founding through the end of the 1960s, Birmingham was a primary industrial center of the South. The pace of Birmingham's growth during the period from 1881 through 1920 earned its nicknames The Magic City and The Pittsburgh of the South. Much like Pittsburgh, Birmingham's major industries were iron and steel production, plus a major component of the railroading industry, where rails and railroad cars were both manufactured in Birmingham. In the field of railroading, the two primary hubs of railroading in the Deep South were nearby Atlanta and Birmingham, beginning in the 1860s and continuing through to the present day. The economy diversified during the later half of the twentieth century. Though the manufacturing industry maintains a strong presence in Birmingham, other businesses and industries such as banking, telecommunications, transportation, electrical power transmission, medical care, college education, and insurance have risen in stature. Mining in the Birmingham area is no longer a major industry with the exception of coal mining. Birmingham ranks as one of the most important business centers in the Southeastern United States and is also one of the largest banking centers in the United States. In addition, the Birmingham area serves as headquarters to one Fortune 500 company: Regions Financial, along with five other Fortune 1000 companies.In higher education, Birmingham has been the location of the University of Alabama School of Medicine (formerly the Medical College of Alabama) and the University of Alabama School of Dentistry since 1947. Since that time it has also obtained a campus of the University of Alabama, University of Alabama at Birmingham (founded circa 1969), one of three main campuses of the University of Alabama System. It is also home of the private Birmingham-Southern College. Between these two universities and Sam University, the Birmingham area has major colleges of medicine, dentistry, optometry, pharmacy, law, engineering, and nursing. Birmingham is home to three of the state's five law schools: Cumberland School of Law, Birmingham School of Law, and Miles Law School. Birmingham is also the headquarters of the Conference, one of the major U.S. collegiate athletic conferencesFrom Birmingham's early days onward, the steel industry has always played a crucial role in the local economy. Though the steel industry no longer has the same prominence it once held in Birmingham, steel production and processing continue to play a key role in the economy. Steel products manufacturers . In recent years, local steel companies have announced about $100 million worth of investment in expansions and new plants in and around the city. Vulcan Company, a major provider of crushed stone, sand, and gravel used in construction, is also based in Birmingham.In the 1970s and 1980s, Birmingham's economy was transformed by investments in bio-technology and medical research at the University of Alabama at Birmingham (UAB) and its adjacent hospital. The UAB Hospital is a Level I trauma center providing health care and breakthrough medical research. UAB is now the area's largest employer and the second largest in Alabama with a workforce of about 18,750 as of 2011. . As of 2009, the finance & banking sector in Birmingham employed 1,870 financial managers, 1,530 loan officers, 680 securities commodities and financial services sales agents, 380 financial analysts, 310 financial examiners, 220 credit analysts, and 130 loan counselors. City Center in downtownThe telephone company that is now owned by ., which was formerly and before that , which had its headquarters in Birmingham, has a major nexus in Birmingham, supported by a skyscraper downtown as well as several large operational center buildings and a data center.The insurance companieshave their headquarters in Birmingham, and these employ a large number of people in Greater Birmingham.Birmingham is also a powerhouse of construction and engineering companies,each with more than $500 million in sales per year, are located in Birmingham. The Birmingham metropolitan area has consistently been rated as one of America's best places to work and earn a living based on the area's competitive salary rates and relatively low living expenses. One study published in 2006 by Salary.com determined that Birmingham was second in the nation for building personal net worth, based on local salary rates, living expenses, and unemployment rates.A 2006 study by web site bizjournals.com calculated Birmingham's ""combined personal income"" (the sum of all money earned by all residents of an area in a year) at $48.1 billion.Birmingham's sales tax, which also applies fully to groceries, stands at 10 percent and is the highest tax rate of the nation's 100 largest cities.Although Jefferson County's bankruptcy filing was the largest government bankruptcy in United States history, Birmingham remains solvent

 

"

 

Watch Our Trucking Factoring Companies YouTube Videos For More Information

 

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

Searching for the right trucking companies to move your freight can be tough, with the large amount of local, regional, and national truck carriers out there. Center helps make freight shipping simple, finding you the safest, reliable trucking companies every time you ship. Trucking companies are licensed and insured to carry freight safely and efficiently across the country, no matter the size or type of freight you need to ship.Plus, with the high volume of freight we move, we will work to get you the best freight rates possible. Simply enter in a few details below and you�ll see instant freight rates from all the top trucking companies in one easy screen

 

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.

 

Searching for the right trucking companies to move your freight can be tough, with the large amount of local, regional, and national truck carriers out there. Center helps make freight shipping simple, finding you the safest, reliable trucking companies every time you ship. Trucking companies are licensed and insured to carry freight safely and efficiently across the country, no matter the size or type of freight you need to ship.Plus, with the high volume of freight we move, we will work to get you the best freight rates possible. Simply enter in a few details below and you�ll see instant freight rates from all the top trucking companies in one easy screen

 

Searching for the right trucking companies to move your freight can be tough, with the large amount of local, regional, and national truck carriers out there. Center helps make freight shipping simple, finding you the safest, reliable trucking companies every time you ship. Trucking companies are licensed and insured to carry freight safely and efficiently across the country, no matter the size or type of freight you need to ship.Plus, with the high volume of freight we move, we will work to get you the best freight rates possible. Simply enter in a few details below and you�ll see instant freight rates from all the top trucking companies in one easy screen

 

 

"

Since the mid 1980s Mccoy 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 Mccoy 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.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 down. Worse still, it was noticed by Mccoy 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. And as spring turmed to summer and summer into the early days of fall, Elmer Gutierrez, CEO of Mccoy 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 gone to his administrators and asked them what the problem had been. Were they doing something wrong or different when it came to reaching out to delinquent accounts? By his bookkeepers records, this wasn't the case. Perhaps he was losing his customers to his competitor, who seemed to offer very low prices with no guarantee of quality or performance, and these clients who were in debt to his company had possibly disappeared leaving him stranded. They could not 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. The had just gone!.This current state-of-affairs was causing Elmer Gutierrez to have some very restless nights. Elmer 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, Vera, and neither were unable to stop the constant worry over the lack of funds.""I have a bad feeling, Lin,"" he would say with deep woe.""Well, what do you think it is?"" she would say.Elmer would stare off for a moment and then close eyes. In his mind he could clearly see the fleet of trucks purchased over the many years. He could see them on the road, delivering good to all his loyal customers. But 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 know what it is,"" Elmer 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 is a hard economy. It might be awhile until things get settled up.

 

""Vera was trying so hard to support her husband in these worrying times, while Elmer was weighed down with the worry of how he was going to handle this situation he found himself in.The following day Elmer walked into his office with a spring in his step, determined to call each and every client who owed money to Mccoy Truck & Haul. Now, it wasn't the most efficient way to spend a day as a chief executive, what he really needed to be doing was to be overseeing all of the other intricacies of shipment and delivery and reaching out to prospective clients or retraining his sales team to do the same. 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, Elmer 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 Terryerley knocked at his door.

 

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

 

""Of course Terry, please come in."" Elmer relaxed back into his chair and looked up at Terryerley.""Well, I did a little searching this afternoon and tried to figure out a way out of this mess Elmer."" 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 it?"" he said.""Well,"" she began, ""It�s actually quite simple really.

 

Basically, factoring invoices means that we would get paid immediately for the loads we haul.""Elmer interrupted ""Immediately?"".""Yes, immediately,"" she continued, ""In a nutshell, it is pretty easy. We start by having a professional account manager review our figures and help us set up 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.""Elmer replied cautiously ""I see - and what happens then?""Following the completion of their review and once we have been approved for a contract with the factoring company, then we sit down to negotiate conditions and terms. You'll be surprised at the amount of flexibility, all dependent upon the credit histories and business volume.

 

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.�Leaning forward, Elmer studied the documents very closely.""It sounds too good to be true, Terry,"" 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. They appear to be very flexible, Elmer,"" she underlined a paragraph on the paper before him.""Just how flexible?"" asked Elmer.""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. Apparently they can figure this all out in two to four days.

 

""That sounds pretty good, seeing as we tapped ourselves out with bank loans last year to repair the fleet and money sure is tight. We need to keep business rolling as normal and every day we�re going unpaid, we�re closer to facing some serious problems in both the short and long term,"" said Elmer.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.""Elmer thought about this and agreed with Terryerley. The customers who were in debt to Mccoy 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. Elmer knew that the economy had taken a hit and he knew that it would probably be a long time before things started to look up again. That unknown amount of time, if he handled these debtors incorrectly, could spell disaster for both of them. Of course he did not want to lose any more money, but he did not want to lose business either.""Well, let me think about this tonight Terry, thank you."" Terry nodded, satisfied with her work, and she left the office feeling quite content in the knowledge that she had helped Elmer keep the shirt on his back, and possibly hers too.Elmer stayed at his desk for a long time, looking over the details they hadn't discussed during their meeting. What other issues could freight factoring help Mccoy 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, Mccoy could receive up to fifty-percent cash advances upon load pick-ups. Elmer 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 Scott about this,"" muttered Elmer to himself.His son-in-law Scott had liked the idea of Mccoy 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 Elmer knew the struggles Scott would face, but he still encouraged him to follow his dream. With the economy the way it was, if an established company such as Mccoy was struggling then the little guys, like Scott, were going to be in even more trouble.

 

But, an antidote may have been found in freight factoring and Elmer was soon to find out.A few short months later, after completing the application process, having the legal experts review his credit history, accounts receivable, and statements, finally Elmer 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. Elmer 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.

 

"

 

"

Birmingham is the largest city in Alabama. The city is the county seat of Jefferson County. The city's population was 212,237 according to the 2010 United States Census. The Birmingham-Hoover Metropolitan Statistical Area had a population of about 1,128,047 according to the 2010 Census, which is approximately one quarter of Alabama's population.Birmingham was founded in 1871, during the post-Civil War Reconstruction period, through the merger of three pre-existing farm towns, notably, former Elyton. It grew from there, annexing many more of its smaller neighbors, into an industrial and railroad transportation center with a focus on mining, the iron and steel industry, and railroading. Birmingham was named for Birmingham, England, United Kingdom; one of the UK's major industrial cities. Many, if not most, of the original settlers who founded Birmingham were of English ancestry. In one writer's view, the city was planned as a place where cheap, non-unionized, and African-American labor from rural Alabama could be employed in the city's steel mills and blast furnaces, giving it a competitive advantage over industrial cities in the Midwest and Northeast.From its founding through the end of the 1960s, Birmingham was a primary industrial center of the South. The pace of Birmingham's growth during the period from 1881 through 1920 earned its nicknames The Magic City and The Pittsburgh of the South. Much like Pittsburgh, Birmingham's major industries were iron and steel production, plus a major component of the railroading industry, where rails and railroad cars were both manufactured in Birmingham. In the field of railroading, the two primary hubs of railroading in the Deep South were nearby Atlanta and Birmingham, beginning in the 1860s and continuing through to the present day. The economy diversified during the later half of the twentieth century. Though the manufacturing industry maintains a strong presence in Birmingham, other businesses and industries such as banking, telecommunications, transportation, electrical power transmission, medical care, college education, and insurance have risen in stature. Mining in the Birmingham area is no longer a major industry with the exception of coal mining. Birmingham ranks as one of the most important business centers in the Southeastern United States and is also one of the largest banking centers in the United States. In addition, the Birmingham area serves as headquarters to one Fortune 500 company: Regions Financial, along with five other Fortune 1000 companies.In higher education, Birmingham has been the location of the University of Alabama School of Medicine (formerly the Medical College of Alabama) and the University of Alabama School of Dentistry since 1947. Since that time it has also obtained a campus of the University of Alabama, University of Alabama at Birmingham (founded circa 1969), one of three main campuses of the University of Alabama System. It is also home of the private Birmingham-Southern College. Between these two universities and Sam University, the Birmingham area has major colleges of medicine, dentistry, optometry, pharmacy, law, engineering, and nursing. Birmingham is home to three of the state's five law schools: Cumberland School of Law, Birmingham School of Law, and Miles Law School. Birmingham is also the headquarters of the Conference, one of the major U.S. collegiate athletic conferencesFrom Birmingham's early days onward, the steel industry has always played a crucial role in the local economy. Though the steel industry no longer has the same prominence it once held in Birmingham, steel production and processing continue to play a key role in the economy. Steel products manufacturers . In recent years, local steel companies have announced about $100 million worth of investment in expansions and new plants in and around the city. Vulcan Company, a major provider of crushed stone, sand, and gravel used in construction, is also based in Birmingham.In the 1970s and 1980s, Birmingham's economy was transformed by investments in bio-technology and medical research at the University of Alabama at Birmingham (UAB) and its adjacent hospital. The UAB Hospital is a Level I trauma center providing health care and breakthrough medical research. UAB is now the area's largest employer and the second largest in Alabama with a workforce of about 18,750 as of 2011. . As of 2009, the finance & banking sector in Birmingham employed 1,870 financial managers, 1,530 loan officers, 680 securities commodities and financial services sales agents, 380 financial analysts, 310 financial examiners, 220 credit analysts, and 130 loan counselors. City Center in downtownThe telephone company that is now owned by ., which was formerly and before that , which had its headquarters in Birmingham, has a major nexus in Birmingham, supported by a skyscraper downtown as well as several large operational center buildings and a data center.The insurance companieshave their headquarters in Birmingham, and these employ a large number of people in Greater Birmingham.Birmingham is also a powerhouse of construction and engineering companies,each with more than $500 million in sales per year, are located in Birmingham. The Birmingham metropolitan area has consistently been rated as one of America's best places to work and earn a living based on the area's competitive salary rates and relatively low living expenses. One study published in 2006 by Salary.com determined that Birmingham was second in the nation for building personal net worth, based on local salary rates, living expenses, and unemployment rates.A 2006 study by web site bizjournals.com calculated Birmingham's ""combined personal income"" (the sum of all money earned by all residents of an area in a year) at $48.1 billion.Birmingham's sales tax, which also applies fully to groceries, stands at 10 percent and is the highest tax rate of the nation's 100 largest cities.Although Jefferson County's bankruptcy filing was the largest government bankruptcy in United States history, Birmingham remains solvent

 

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More Trucking Factoring Companies Story Articles

The Future of a Trucking Company, and Factoring Marc Fields 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. Fields Trucking Company had reached a turning point and he now had to make a decision as to whether he should sign up with a factoring company, and indeed if this would be a good or regrettable decision for his business.

 

Marc�s father had started as an owner-operator and had grown Fields Trucking Company into a fifteen trailer fleet over forty years. There had been some hard times when it seemed everything was going to go under and even Marc�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 Marc'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 all have families and the usual household bills. 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 Fields Trucking look inefficient and weak in what was currently a strong market.

 

His father would have told him to wait and to take his time adding on new technology. Marc 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?� Also his father had the habit of teasing all the drivers he caught switching into automatic even though driving in automatic was much more efficient though not manly in his father�s eyes. He knew his father's days were long gone and new technology was very important for the business, like having Qualcomm to reduce communication time for bills of lading.

 

Marc knew he was right in his forward thinking. What would be the next step for Fields 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. He just finished paying off the small bank loan for installing satellite radio in the trucks for the guys.

 

He wondered about factoring - was this the answer for him? If he was being honest, he did not really understand how it all worked. 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. 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. In those 30 days, a trucking company can�t pay its bills and employees in invoices.

 

Now it was time for Marc to do his homework. Marc 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! He'd even heard about some companies putting you onto a sliding percentage scale regardless of any previously signed contracts for possibly 3% or 7%, and there you are now with 10% coming as a charge to you out of the freight bill. His 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. When he called the factoring companies he discovered they were very open about their business practices, and very friendly and helpful. 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 Marc it was quite a relief to be dealing with the factoring company. They were extremely helpful and more personable than the bank staff. He was relieved to note that the factoring companies understood the trucking business and discussed business with him like a respected client, not like someone looking for a handout. The factoring companies were not interested in his credit nor the financial problems his father had experienced in the past. All the factoring company was interest in was the credit of his customers and on their reliability: this worked great for Marc because he and his father had created a very strong and loyal list of clientele over the years. He knew immediately that there would not be any problems when they were contacted by the factoring company regarding their invoices. His clients would not have any problems, nor would they think poorly of Fields 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.

 

Marc stepped out of his office to let his secretary know to expect the arrival of the factoring contract shortly. 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. With the capabilities of this new cash flow, Marc could actually expand Fields 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 It is not a loan?� asked Jimmy Baker, reclining back into his chair and crossing his legs. The woman sitting across the desk from Jimmy smiled at him, shaking her head.�No, not exactly,� she stated.Jimmy 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 Mathew. He named his business George Trucking, named after William and Jerry, his two grandfathers. They had both been hardworking men, and had done a lot to make Jimmy the same.Disaster had struck half a year ago, when two trucks in Mathew�s fifteen truck fleet went down. One was involved in a very costly accident, and the other simply rolled over, and headed to the trucking graveyard. The financial security of Mathew's company relied on his full fleet on fifteen being on the road, and missing two trucks was just devastating . In addition, he just did not have the available cash to buy a new truck, plus repair the other one.A big problem a lot of trucking companies came across was how bills were paid in the industry. You could go a month or more before bills were completely paid off. This system works okay as long as no problems arise, but if they do, then things can get quite sticky.Jimmy wasn�t a bad owner, and he hadn�t messed up. Certain events had occurred that he could not possibly have predicted, and now he had to find a way to protect his business and prevent it from ultimate devastation.That�s where the woman across the desk came in. Jimmy knew she was employed by a Factoring company and that her name was Vicki. 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.Vicki explained. �It�s not a loan, we purchase 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.Jimmy agreed. It sounded good to him, almost too good.The woman laughed. �You look like you don�t believe me,� she chuckled.�Oh no, I do: it just sounds too good to be true. I thought I was going to lose my company.�Vicki nodded. �We get that a lot. 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. 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 Vicki with a smile. �Let�s see what we can do to help you.�And with that they set about making a profile.

 

Jimmy filled the form out, with Vicki available to help him if he needed it. The completed profile gave Vicki and her company all the information they needed on Mathew'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 businesses are beyond the help of a Factoring company, while other businesses weren't in enough financial stress to warrant it. Listening as Jimmy filled out his form, Vicki was pretty sure he was a perfect candidate for factoring.When the form was done Vicki took it and slid it into her briefcase. She then stood, reached across the desk and shook Mathew�s hand. He also stood up, and they smiled at each other. Jimmy walked Vicki to the door where they said 'Goodbye', then he went back into his office.All his staff members were there, all seven who worked in his office. Sitting behind his desk once more he could hear the familiar sounds of his office workers going about their daily business.He leaned back and closed his eyes. He felt so drained: he had been flailing helplessly for so long, he just knew his business was going to collapse and probably take him with it. Talking to Vicki 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.The long nights, where he couldn�t sleep. The sudden panic attacks, not matter 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. 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 it wasn't what he really wanted to do. He wasn't passionate about the food industry. He thought long and hard, and then he decided to sell the restaurant. He took six months off, and during that time he decided to create George 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 about to turn fifty. He was concerned that he just did not have the energy left to try and save the business. But he couldn�t give up. Just the thought of shutting down, cutting his losses, laying off his workers - the whole thing made him physically sick some nights. He did not want to quit - both for himself and for his staff members.And now it seemed as though he would not have to - all because of Factoring. Jimmy 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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More Trucking Factoring Company Story Articles

Reasons why Truck Agencies Use Factoring Firms.

 

As the operator of your own business, you may perhaps be much more than mindful already of the difficulty in making certain that cash flow issues do not become a predicament down the line. After all, the most unfortunate thing that can in all probability develop for your establishment is to find yourself dragged in a long and problematic circumstance that leaves you forever trying to find the money you need on an continual basis.

 

For any type of establishment in this condition, the complication can come for waiting for work to clear up and actually be paid out into your bank account. Bill of sales, checks, and the like can take a long time to actually to beprocessed which can easily leave you with momentary available resources difficulties. The good news is, there are options out there for industries to examine-- and among these is factoring firms.

 

Factoring agencies will, in substitution for your bill of sales, grant you with the resources today to ensure you do not have to worry about the lingering period which could make paying out the bills and obtaining toolsmore tough. With this kind of system, invoice factoring can come to be tremendously useful for countless companies who have to get out of a cash pitfall which they have found themselves in.

 

Since, basing on the scale of the project, it can take up to 60 days for a number of business enterprises to get paid then it is critical to cover up your own back and definitely not leave yourself cash short to settle the expenses. After all, how many businesses possess two months earnings just occupying there to handle all their spendings till they make money?

 

This is most especially true of truck firms. They have the tendency to take care of tons of invoices which means a considerable amount of collection time involves company owner themselves. Seeking to get compensated promptly can eventually become an amazing trouble and this is precisely why you work with truck factoring companies who are happy to help out truckers particularly.

 

As most of us know, trucking is an exceptionally large business with countless firms out there hiring hundreds of vehicle drivers. Sadly, numerous of these drivers land up in finances predicaments due to the fact that they are still awaiting work from six weeks previously to actually pay them. When this is the case for a truck agency, resorting to factoring providers for aid might be the very best alternative left.

 

This indicates that a trucking organization can pay the salaries of the crew, keep all the cars loaded with fuel and continue to surmount, rise and expand without continually waiting for the finances which is taking too long to come in. Trucking Establishments functioning without a factoring program applied are leaving themselves at critical risk, as rivals cash out quickly and carry on to grow.

 

There's honestly not much to be troubled about when it comes to making use of a Factoring establishment-- they usually are not like a bank or somebody who is going to leave you with a big stack of debt to repay. You give them authentic invoices from work you have already finalized , you are just quickening the repayment system.

 

In the Usa, where truck agencies thrive, factoring companies are not considered getting a loan in any capacity. This private agreement then permits both groups to benefit and take joy in a convenient future-- it provides the factoring business a guaranteed resource of money to include in the list and it gives the trucking business the required funds that they worked hard to gain.

 

The trucking firm bestows their accounts to the factoring business. The trucking factoring business then acquire the installment payments from the trucking company's customers. Factoring has been all around for hundreds of years and has been used for several years by lots of different sectors-- but none 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 deal with, it signifies that you are acquiring the money today and can actually begin putting the money to work.

 

Anyway, an IOU or an invoice is not actually going to finance expenditures, is it? For trucking firms when the money can be excellent one day and gone the next, it is up to the vehicle drivers to work smartly and to make sure they are leaving themselves with a significant volume of time and finance to get through the week till they are compensated once more.

 

So the next instance your trucking enterprise is enduring some short-term capital concerns and you are investing too much time chasing inactive paying clienteles, why not start thinking of employing a factoring companies as a means to get your finances and give yourself a more comfortable 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. As an example, a newly formed business may not have the required assets to qualify for a bank loan, and even if they did, it is usual practise for a bank to use the business itself as collateral. This means that if you default on your loan payment you could lose your entire business. Plus, the amount you apply for through the bank is the actual amount that you are going to receive. Of course, once that loan has been re-paid, you can always re-apply for another loan.

 

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. Rather the financing you receive from a Trucking Factoring company is based on money your business has already earned, but have not yet received. Trucking Factoring companies actually purchase your accounts receivable or at least part of them for a percentage of their total worth, Normally around 80%-95%. The amount of 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

 

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. You do not incur debt as you do with a bank loan because the Trucking Factoring company actually purchases your accounts receivable. One of the main benefits of this kind of financing is that your business credit rating and your personal credit rating will not be affected. Should the unforeseeable happen and your business fails, you will not have to worry about anyone coming after your personal as well as your business assets to pay off a loan. 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. 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. Receive Your Money Faster. Using a Trucking Factoring company means that you'll get the finance quicker. The money will normally be in your account within 24 hours, once the Trucking Factoring company is confident that your customers� accounts are likely to be paid. Borrowing from a bank begins with vast amounts of paperwork, the loan must be underwritten, and this can take ages before you're notified if the loan has been approved.

 

4.Interest is Paid Up Front. With a bank loan interest continues to build, and this has to be paid the whole time you have a business loan; however with a Trucking Factoring company there is no interest - they take it right off the top by deducting it from the total amount of receivable accounts. So not only are you relieved of those monthly loan payments, but you also do not have to worry about the building up of interest, as every penny in the account is yours to spend on the business.

 

As you can see, there are several benefits that makes considering financing through a Trucking Factoring company over a traditional bank worthwhile. In addition, there are other benefits that a Trucking Factoring company can offer you, outside the scope of a bank. The 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. 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.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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