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Receivables Mysteriously Disappear from the Books - Our Receivable Factoring Company Can Give Your Truck Company The Money You Need


at accountreceivablefactor.com

 

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Medium-Size freight brokerage companies, specifically those who have not been around for really long, will typically discover it challenging to secure a loan. Banks are typically hesitant to provide cash to businesses that don't have a great deal of income and properties. They likewise desire proof of the practicality of a company and thus need that many operations, especially small ones, been around for a certain quantity of time before they are willing to turn over any money. Due to the fact that of this, a medium-size company frequently has few money creating options when requires emerge. One alternative readily available, however frequently ignored, is invoice factoring. This is an exceptional method for a small company to get cash.

 

How to Get Cash And Grow Your Company - Select A Factoring Company Instead Of A Typical Bank Financing

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

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

Cash flow does not have to be an issue any ever more. Do not be deceived -- banks are not the only places you can get financing. Other solutions are offered and you do not have to borrow money. Exactly what is trucking factoring ? One option is called truck factoring. Trucking Factoring is the procedure of offering invoices to an investor rather than waiting to gather the cash from the client. Oh, the Irony- Trucking factoring has an ironic difference: It is the monetary foundation of numerous of America's most effective businesses. Why is this ironic ? Since staffing factoring is not instructed in business colleges, is seldom mentioned in company plans and is relatively unknown to the majority of most of American company individuals.

Yet it is a monetary procedure that releases up billions of dollars every year, allowing countless companies to grow and succeed. Truck Factoring has been around for thousands of years. Receivable Financing Companies are investors who pay cash for the right to receive the future payments on your invoices. An unpaid receivable or invoice has value. It is a financial obligation your client has to pay in the near future. Factoring Principals--Although factoring offers solely with business-to-business deals, a big percentage of the retail company uses a factoring principal. MasterCard, Visa, and American Express all use a type of factoring in their retail deals. Utilizing the purest definition of the word, these big consumer finance companies are really simply large Receivable Loan Funding Companies of customer paper. Consider it: You purchase at Sears and charge it to your MasterCard. The shop gets paid practically instantly, even though you do not make payment up until you are prepared.

For this service, the credit card business charges Sears a charge (typical common normal fees vary from two to 4 percent of the sale). The Advantages Receivable Financing can offer many benefits to cash-hungry companies. Instead of waiting 30, 60, 90 days or longer for payment on a product that has already been provided, a business can factor (sell) its receivables for cash at a little price cut off the amount of the invoice. Payroll, marketing efforts, and working capital are simply a few of the business needs that can be satisfied with instant  cash.

Accounts Receivable Factoring provides the means for a manufacturer to replenish inventory and make more products to sell: There is no longer a requirement to await for earlier sales to be paid. FACTORING is not just a money management device for manufacturers: Practically any kind business can benefit from Accounts Receivable Factoring. Typically, a business that extends credit will have 10 to 20 percent of its yearly 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 today s payroll with a client s invoice, but you can offer that invoice for the money to meet those obligations. Using truck factoring companies is a quick and easy process. The factor purchases the invoice at a discount, usually a few percentage points less than the face value of the invoice.

 

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The United states Transportation Organization mentions that there are about 205,000  truck drivers with transportation businesses and 250,000 personal providers trucking firms certified to run in the States that  transferred, according to their latest listings of millions of  items, supplies and standard materials . There are numerous  typical carriers either going solo or in groups on our nation highways carrying these vital items to our stores, manufacturing facilities and shipping ports.

And freight factoring corporations service countless of them and offer their receivables financing services nationwide counting 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

 

 

Watch Our Truck Factoring Companies YouTube Videos For More Information

 

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

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

 

The largest trucking companies in the U.S. set a revenue record in 2013, but revenuegrowth slowed for the second year in a row.

The combined revenue of the 50 largest motor carriers rose to $106.6 billion last year, according to The JOC Top 50 Trucking Companies list, based on data prepared by SJ Consulting Group in Pittsburgh.

 

EveryTruckJob.com 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

 

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. FreightCenter helps make freight shipping simple, finding you the safest, reliable trucking companies every time you ship. Our 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

 

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

List of Trucking Companies for Owner/Operators and Company Drivers

 

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.

 

 

 

 

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Kansas City is one of ten regional office cities for the United States Government. The U.S. Government is the largest employer in the Kansas City metro area, with more than 146 federal agencies maintaining a presence.[32] The Internal Revenue Service maintains a large service center in Kansas City that is nearly 1,400,000 square feet (130,000 m2).[33] The IRS facility is one of only two facilities in the nation to process paper returns.[34] The IRS has approximately 2,700 full-time employees in Kansas City and upwards of 4,000 employees during peak tax season with the addition of temporary employees. The General Services Administration has more than 800 employees in Kansas City, with most located at the Bannister Federal Complex in South Kansas City. The Bannister Complex is also home to the Kansas City Plant, which is a National Nuclear Security Administration facility operated by Honeywell. Honeywell employs nearly 2,700 at the Kansas City Plant, which produces and assembles 85 percent of the non-nuclear components of the United States nuclear bomb arsenal.[35] The Social Security Administration has more than 1,700 employees in the Kansas City area, with more than 1,200 located at its Mid-America Program Service Center (MAMPSC) in downtown Kansas City.[36]Ford Motor Company operates a large manufacturing facility just outside of Kansas City in Claycomo at the Ford Kansas City Assembly Plant, which currently builds the Ford F-150. It has previously assembled the Ford Escape, Mazda Tribute, and Mercury Mariner vehicle family. The General Motors Fairfax Assembly Plant s located in adjacent Kansas City, Kansas. Smith Electric Vehicles builds electric vehicles in the former TWA/American Airlines overhaul facility at Kansas City International Airport.One of the largest drug manufacturing plants in the United States is the Sanofi-Aventis plant located in south Kansas City on the campus developed by Ewing Kauffman's Marion Laboratories.[37] Of late, it has been developing some academic and economic institutions related to animal health sciences, an effort most recently bolstered by the selection of Manhattan, Kansas, at one end of the[38] Kansas City Animal Health Corridor, as the site for the National Bio and Agro-Defense Facility, which is tasked, among other things, to research animal-related diseases.Numerous agriculture companies operate out of the city. Dairy Farmers of America, the largest Dairy Co-op in the United States is located here. Kansas City Board of Trade is the principal trading Exchange for hard red winter wheat � the principal ingredient of bread.The National Association of Intercollegiate Athletics and The National Association of Basketball Coaches are based in Kansas City. H&R Block's new oblong headquarters in downtown Kansas CityThe business community is serviced by two major business magazines, the Kansas City Business Journal (published weekly) and Ingram's Magazine (published monthly), as well as numerous other smaller publications, including a local society journal, the Independent (published weekly). Kansas City is literally ""on the money."" Bills issued by the Federal Reserve Bank of Kansas City are marked the letter ""J"" and/or number ""10."" The single dollar bills have Kansas City's name on them. The Kansas City Federal Reserve built a new bank building that opened in 2008 and relocated near Union Station. Missouri is the only state to have two of the 12 Federal Reserve Bank headquarters (St. Louis also has a headquarters). Kansas City's effort to get the bank was helped by former Kansas City mayor James A. Reed who as senator broke a tie to get the Federal Reserve Act passed.[39]The national headquarters for the Veterans of Foreign Wars is headquartered just south of Downtown Kansas City.With a Gross Metropolitan Product of $41.68 billion in 2004, Kansas City's (Missouri side only) economy makes up 20.5% of the Gross State Product of Missouri.[40] In 2014. Kansas City was ranked as the number six city for real estate investment.[41]

 

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Traditional Bank Loans

 

Finance through a bank loan is the normal, or traditional, way of financing your business. 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'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. Plus, the amount you apply for through the bank is the actual amount that you are going to receive. Once the loan is paid off, you can then apply for another loan if the need arises.

 

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 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.

 

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

 

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

 

1. You Won't Incur 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 benefit of using a Trucking Factoring company instead of a traditional loan is that you aren't required to provide collateral to the Trucking Factoring company in order to secure financing, because the company �buys� the accounts receivables; not loans you money based on them. Plus, the state of your credit rating is not an issue; however the Trucking Factoring company will run a credit check on your clients whose accounts receivable are being offered for financing. This means that it's easier for new businesses to access the finance they need through a Trucking Factoring company, providing their accounts receivable are in good order. A bank may believe you haven't been in business long enough to be able to cover this risk.

 

3. You'll receive the money faster. With a Trucking Factoring company you can actually get the money you need faster. 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. With a bank, there are vast amounts of paperwork, then the loan has to be underwritten, which can take months before you actually see the loan if it is approved.

 

4.You receive interest up-front. 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 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 most important benefits is that once you sell your accounts receivable to the factory company, you don't have to take time away from running your business to collect the money owed from reluctant to pay customers. Since these accounts belong to the Trucking Factoring company, this is now their job. Trucking Factoring companies are very efficient at debt collecting, and this frees up your valuable time to devote to running your company.

 

Another bonus is that, because the Trucking Factoring company has evaluated the quality of your customers' credit before buying the accounts receivable, you learn valuable information regarding your customers, like which ones are likely to pay, and which ones are less 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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More Trucking Factoring Companies Story Articles

The key reasons why Trucking Agencies Work with Factoring Firms

 

As the manager of your own business enterprise, you may be much more than perceptive already of the difficulty in making certain that cash flow concerns do not become a dilemma down the line. Anyway, the most awful thing that can quite possibly transpire for your establishment is to find yourself involved in a long and complicated condition that leaves you forever looking for the finances you really need on an continual basis.

 

For any kind of enterprise in this condition, the dilemma can come for waiting for work to clear up and actually be paid into your account. Invoices, checks, and the like can take a long time to actually to beprocessed which can certainly leave you with momentary available resources dilemmas. Fortunately, there are options out there for companies to delve into-- and just one of these is factoring providers.

 

Factoring providers will, in substitution for your invoices, supply you with the cash money asap in order that you don't need to stress over the delaying phase that could make paying off the expenses and getting toolsmore tough. With this style of arrangement, invoice factoring can become remarkably practical for lots of businesses who need to get out of a money lure which they have found themselves in.

 

Because, basing on the volume of the project, it can take up to 60 days for some establishments to get paid out then it's vital to cover up your own back and not leave yourself money short to settle the bills. After all, how many firms have two months profits just lying there to pay for all their costs until they get paid?

 

This is most especially correct of truck firms. They tend to manage tons of invoices which means a huge amount of collection time entails company owner themselves. Striving to get paid off promptly can eventually become an incredible inconvenience and this is precisely why you use trucking factoring providers who are delighted to help out truckers specifically.

 

As all of us determine, trucking is an remarkably enormous industry with many firms out there working with hundreds of vehicle drivers. Regrettably, quite a few of these drivers wind up in money troubles considering that they are still awaiting work from six weeks ago to actually compensate them. When this is the circumstance for a truck business, turning to factoring firms for solutions might be the ideal choice left.

 

This indicates that a truck company can provide the wages of the people, keep all the cars topped off with gas and continue to go up, progress and expand without always waiting for the finances which is taking too prolonged to come in. Trucking Establishments operating without a factoring system put in place are leaving themselves at substantial hazard, as competitors cash out fast and go on to expand.

 

There's honestly nothing to be stressed about when it comes to using a Factoring agency-- they typically aren't like a financial institution or any individual who is going to leave you with a huge mass of financial debt to repay. You give them authentic invoices from work you have already completed , you are merely facilitating the repayment process.

 

In the Usa, where trucking firms do well, factoring providers are not considered borrowing in any capacity. This confidential deal then permits both groups to make money and indulge in a good future-- it provides the factoring firm a warranted asset of money to put into the list and it gives the trucking company the required cash that they worked hard to get.

 

The trucking establishment gives their statements to the factoring enterprise. The trucking factoring company then receive the payments from the trucking company's customers. Factoring has beenaround for centuries and has been used for several years by lots of varying fields-- but none more so than truckers. While you may lose out on a small part of the money, something like 1-3 % depending upon who you work with, it means that you are getting the resources today and can actually begin putting the cash to operate.

 

Anyway, an IOU or an invoice is not actually going to finance overheads, is it? For trucking establishments when the hard earned cash can be good one day and gone the next, it's up to the drivers to work prudently and to make certain they are leaving themselves with a significant quantity of time and finance to get through the week till they are paid for again.

 

So the next instance your trucking business is enduring some short-term cash flow problems and you are spending way too much time chasing slowly paying customers, why not start off looking at utilizing a factoring companies as a way to get your cash and give yourself a more worry-free future in the eyes of your trucking workers and your bank balance?

 

 

 

 

View Our Freight Factoring Companies Videos For More Information

 

 

 

 

 

 

Trucking Factoring  Articles

�So it�s not a loan?� asked Stephen Wright, reclining back into his chair and crossing his legs. The woman sitting across the desk from Stephen smiled at him, shaking her head.�No, not exactly,� she stated.Stephen 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 Stephen. He named his business H&S Trucking, named after Hank and Sam, his two grandfathers. They had both been hardworking men, and had done a lot to make Stephen the same.Six months ago disaster struck Stephen'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. Stephen 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.Paying of bills in the trucking industry is always a major cause for concern for businesses. You could go a month or more before bills were completely paid off. In the long run, this wasn�t an issue, but if problems arose, you could find yourself in trouble.Stephen wasn�t a bad owner, and he hadn�t messed up. Certain events had occurred that he couldn't 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. Her name was Rebecca and she worked for a factoring company. He had accidentally come across her company one night when he was working late, searching the internet to see if there was some solution to his financial dilemma.She sat there now, and 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. That way we�re protected from a complete loss, but you�re protected from the outrageous fees you would find in a loan from the bank.Stephen agreed. It sounded perfect - perhaps too good?.Rebecca laughed. �I'm not sure that you 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.�Rebecca nodded. �Yes, we get a lot of that. Listen, I�d hate to see you lose your company. You work hard, you�ve put everything you can into it. We all need help sometimes. That's why we do what we do.��Well, I'm very grateful that you came to see me today.��No problem - I'm just down the road. We normally do it all online but I was happy to come and visit you today,� said Rebecca with a smile. �Let's work out a solution to your problem.�And with that they set about making a profile. Stephen completed the form, with Rebecca offering advice as needed. The profile filled Rebecca and her company in on Stephen�s company, and would help them determine if he was suitable for factoring. Unfortunately, not all companies are. Some were beyond factoring special brand of help, and sometimes things weren�t even dire enough for it. As Stephen completed his form, Rebecca listened to his story and she felt quite sure he would be the ideal candidate for Factoring.When the form was done Rebecca took it and slid it into her briefcase. Standing up, she reached over the desk and shook Stephen's hand. He also stood up, and they smiled at each other. They said their goodbyes and Stephen walked her to the door, and then returned to his office.His employees were there, seven who worked in the office, and as he sat behind his desk once more he heard the familiar clack of fingers on keyboards, the electronic whine of the copy machine.He 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 Rebecca though, learning about factoring, it felt like a weight had been lifted from his shoulders. He sat back in his chair and ran a hand through his graying but still thick black hair.The long nights, where he couldn�t sleep. The sudden panic attacks, not matter where he was. He could feel it all fading away. He wasn�t out of the woods yet, there was still a lot of work to be done, but he could feel it. He was there, he was on the right path, and he was working to make things right.Stephen couldn�t help but think back to when he had first started the business. He had opened a restaurant at age twenty two when he was fresh out of school. It had been really successful. Home cooking in his hometown, and he had done very well.But he had gotten bored. His passion didn�t lie with the food industry. He thought long and hard, and then he decided to sell the restaurant. He took half a year off, and in that time he thought to start B and C 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 giving up wasn't part of his personality either. Just the thought of shutting down, cutting his losses, laying off his workers - the whole thing made him physically sick some nights. He didn't want to quit - both for himself and for his staff members.And now, because of factoring, he was sure he wouldn�t have to. Stephen 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.

 

 

 

More Trucking Factoring Company Story Articles

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Since the mid 1980s Hill 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, Hill 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.

 

It was just one year later, in 2008, when the economy in the United States took a sharp decline, and both large and small businesses started to notice the squeeze on their pocketbooks: everyone had suddenly gone silent. Business slowed down. And worse yet, Hill had noticed during the early part of 2008 that though the bulk of their clients were always on time with payments, the few late-bloomers there were, had seemingly started to spread this illness. Spring changed to summer, summer changed to fall, and the CEO of Hill, Jim Hill, was beginning to feel very uncomfortable indeed whenever he looked at their weekly Accounts Receivable reports. The numbers of clients who owed him back debt were growing.

 

He had already been to the administrators to ask what the actual problem was. Were they doing something wrong or different when it came to reaching out to delinquent accounts? 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 Hill money had jumped ship and decided to leave him holding the bag. Perhaps they were unable to pay their debt to him, but were able to meet the costs of a lesser service. 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.

 

To Jim Hill the situation looked desperate. Jim 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. In the evenings he would discuss his concerns with his wife, Sue, and still find no relief from the worry and frustration.

 

""I have a bad feeling, Lin,"" he'd sadly say to his wife.""What could you do differently?"" she would ask.Jim would stare off for a moment and then close eyes. He could see the fleet of trucks he had purchased over the years. He could see them on the road, delivering good to all his loyal customers. But somewhere, a haze would form over his fleet and the vast number of vehicles would disappear to but a few. Why couldn�t he work out how to resolve this financial problem with his business?""I know what it is,"" Jim 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.""

 

Lin?da 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.""

 

Sue was trying so hard to support her husband in these worrying times, while Jim was weighed down with the worry of how he was going to handle this situation he found himself in.

 

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

 

""Jim, can I have a word?"" she asked standing in the doorway.""Of course Bev, please come in."" Jim relaxed back into his chair and looked up at Beverley.""Well, I did a little searching this afternoon and tried to figure out a way out of this mess Jim."" She opened up a folder she had been carrying and pulled out a small wad of papers, placing them on the desk in front of him.""Have you ever heard the word factoring?"" Beverley asked.""It does sound vaguely familiar. What is it?"" he said.She began, ""Well, it's really very simple. So basically, factoring invoices would enable us to get paid on the nose for loads that we haul.""Jim interrupted ""Immediately?"".

 

""Yes, immediately,"" she continued, ""In a nutshell, it's pretty easy. We start by having a professional account manager review our figures and help us set up a company profile. That profile will also include investigating our accounts receivable aging reports, our existing customer credit limits and so on. Additionally, the factoring will help to determine the creditworthiness of our customers independent of their credit history with our business. It�s a broad view.��I see,� Jim said. �And then what?��Well, after their review, and we�re approved for a factoring contract, we can negotiate terms and conditions. You'll be surprised at the amount of flexibility, all dependent upon the credit histories and business volume. The company will advise us the cost to purchase factoring for our company's accounts receivable. The funding commences once we�ve arrived at an agreement.�

 

Jim was still a little concerned. He leaned forward in his chair and studied the paperwork very closely.""I don't know, Bev - it just sounds too good to be true"", Jim said quietly.""Now, now, I know, I thought the same thing. But think about it, Jim: they've guaranteed that experts will do all the paperwork, and that will free us up to do what we should be doing - focusing on our customers in good standing, and that kind of stuff. They appear to be very flexible, Jim,"" she drew a circle around a paragraph on the document before him.""How flexible?"" asked Jim.""They personalize the factoring rates so that the amount they are willing to take on is commensurate with our needs and our client�s debt. It only takes 2 to 4 days for this to be figured out. ""

 

""It does all sound pretty good, remembering that we're all tapped out now with loans from the bank last year to repair vehicles, and we all know just how tight money is. 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 Jim.Jim took in a long slow breath, then looked at his secretary with something like hope in his eyes.""Exactly�. This could very well be the answer to resolving the problems we're having with these clients who still owe us money.""

 

Jim thought about this and agreed with Beverley. The customers who were in debt to Hill Truck & Haul were professional resources of the company, but they were also long-standing friends. Jim wasn't prepared to lose these relationships just because they were having financial issues at the moment. Jim knew that the economy had taken a hit and he knew that it would probably be a long time before things started to look up again. If he 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.

 

""Let me go over this tonight Bev, and thankyou."" Bev nodded, satisfied with her work, and she left the office feeling quite content in the knowledge that she had helped Jim keep the shirt on his back, and possibly hers too.Jim stayed at his desk for a long time, looking over the details they hadn't discussed during their meeting. He wondered if there might be other problems freight factoring could help Hill Truck & Haul with? With his pencil gliding down the sheet he noticed that the factoring company could help fray the cost of fuel with fuel discount cards and fuel advances. In fact, Hill could receive up to fifty-percent cash advances upon load pick-ups. As a man who hated binding contracts with no room to breathe, he was pleased to see that this factoring company would not make him sign a long term contract, would not make him pay any sign up fees and there was no minimum volume required.

 

""I must tell Billy the good news,"" muttered Jim to himself.His son-in-law Billy had liked the idea of Hill 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 Jim knew the struggles Billy would face, but he still encouraged him to follow his dream. With the economy the way it was, if an established company such as Hill was struggling then the little guys, like Billy, were going to be in even more trouble. But, maybe the answer for both of them was in freight factoring, and Jim was going to find out very soon.

 

A few short months later, after completing the application process, having the legal experts review his credit history, accounts receivable, and statements, finally Jim 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. Jim looked back on the dismal months of life before freight factoring and almost shuddered at the thought. He probably wouldn't be in business today had he not learned just in time about freight factoring.

 

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Traditional Bank Loans

 

Finance through a bank loan is the normal, or traditional, way of financing your business. While these loans are handy they are not available to every business. As an example, a newly formed business may not have the required assets to qualify for a bank loan, and even if they did, it'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.

 

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. The Trucking Factoring company purchases your accounts receivable, or part of them, for a certain percentage of their value - this is normally about 80-95%. The amount of money you can receive is based on the amount of money you have earned and the accounts receivable you are willing 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.

 

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

 

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

 

1. There is no debt. You don't 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 won't be affected. Should the unforeseeable happen and your business fails, you won't 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. 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 from the above, there are some great benefits to financing through a Trucking Factoring company, and not through a traditional bank loan. 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 don't 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 good at collecting these debts, saving you the time and effort that you need to devote to your growing company.

 

Another bonus is that, because the Trucking Factoring company has evaluated the quality of your customers' credit before buying the accounts receivable, you learn valuable information regarding your customers, like which ones are likely to pay, and which ones are less 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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Factoring Companies by City

New York City
Los Angeles
Chicago
Houston
Philadelphia
Phoenix
San Antonio
San Diego
Dallas
San Jose

Austin
Jacksonville
Indianapolis
San Francisco
Columbus
Fort Worth
Charlotte
Detroit
El Paso
Memphis

Boston
Seattle
Denver
Washington DC
Nashville-Davidson
Baltimore
Louisville/Jefferson
Portland
Oklahoma City
Milwaukee

Las Vegas
Albuquerque
Tucson
Fresno
Sacramento
Long Beach
Kansas City
Mesa
Virginia Beach
Atlanta

Colorado Springs
Raleigh
Omaha
Miami
Oakland
Tulsa
Minneapolis
Cleveland
Wichita
Arlington