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New Factoring Program Leaves Your Company Rolling in Profits - Our Truck Factoring Companies Can Give
Your Trucking Company The Cash You Want

workingcapitalfactoring.org

freight factoring definition

trucking factoring company

factoring trucking receivables

trucking invoice factoring companies

Truck Factoring is helpful for several factors. It allows a truck company to raise cash without getting brand-new financial obligation. While financial obligation is sometimes needed, most freight brokerage would choose to raise cash without borrowing money. Debt is risky, and when it cannot be paid back, assets can be repossessed. If the debt is large enough, it could even force a truck companies out of business.

 

 

 

 

 

 

 

Receivables Mysteriously Disappear from the Books - Choose A Factoring Company Instead Of A Regular Bank Financing

How to Increase Money Flow Without Loaning -Cash Money flow is one of the main reasons companies fail.

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

Money flow does not have to be a problem any ever more. Do not be fooled -- banks are not the only places you can get financing. Other solutions are available and you do not have to borrow. What is trucking factoring ? One solution is called trucking factoring. Truck Factoring is the procedure of offering invoices to a financier rather than waiting to gather the money from the client. Oh, the Irony- Truck factoring has an ironic difference: It is the financial foundation of numerous of America's most successful businesses. Why is this paradoxical ? Since accounts receivable factoring is not instructed in business colleges, is rarely discussed in company plans and is relatively unknown to the majority of most of American business individuals.

Yet it is a financial procedure that frees billions of dollars every year, enabling thousands of companies to grow and prosper. Invoice Factoring has actually been around for countless years. Receivable Financing Businesses are investors who pay money for the right to receive the future payments on your invoices. An unpaid receivable or invoice has value. It is a debt your customer has actually to pay in the near future. Factoring Principals--Although factoring deals exclusively with business-to-business deals, a big portion of the retail company uses a factoring principal. MasterCard, Visa, and American Express all utilize a form of factoring in their retail transactions. Using the purest definition of the word, these large consumer finance companies are truly just big Receivable Funding Companies of consumer paper. Consider it: You make a purchase at Sears and charge it to your MasterCard. The store gets paid almost immediately, although you do not pay up until you are ready.

For this service, the credit card business charges Sears a fee (typical common normal charges vary from 2 to 4 percent of the sale). The Benefits Receivable Financing can provide many benefits to cash-hungry companies. Instead of waiting 30, 60, 90 days or longer for payment on a product that has actually already been delivered, a company can factor (sell) its receivables for money at a small 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 met with instant  money.

Trucking Factoring provides the means for a producer to replenish stock and make more items to sell: There is no longer a requirement to await for earlier sales to be paid. Receivable Loan Financing is not just a cash management device for producers: Practically any type company can take advantage of Factoring. Generally, a business that extends credit will have 10 to 20 percent of its yearly sales bound in invoices at any given time. Think for a moment about exactly how much is bound in 60 days' worth of invoices: You can not pay the power expense or this week s payroll with a customer s invoice, but you can offer that invoice for the money to satisfy those obligations. Using truck factoring companies is a quick and simple process. The factoring company purchases the invoice at a price cut, typically a few portion points less than the face value of the invoice.

 

 

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cincinnati-factoring-companies

 

The U.s. Truck Association
mentions that there are about
205,000 work with truck
businesses and
250,000 personal providers trucking
companies accredited to
run in the States that transferred,
according to their latest data of millions
products, supplies and
basic materials .
There are several common
carriers either going solo or in
groups on our nation
highways transporting these
vital products to our
stores, manufacturingplants and harbors.

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

 

"

 

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

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

 

EveryJob 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 andenefits 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. 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

 

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

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

 

EveryJob 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 andenefits offered. Search current driving jobs and fill out the EZ truck driver application customized for cdl trucking jobs

 

 

"

Since the mid 1980s Ruiz Truck & Haul have been successfully running their freight business. They've delivered goods for nearly every major industry in the nation and for 20 plus years, business was booming as they've traversed the country in all weather for all clients. During the boom times from 2002 to 2007 Ruiz Truck & Haul was the mastermind of a top-rated accounts receivable in the trucking industry. Few customers were ever late on bills and those clients who were, were sure to turn in their late payments within a reasonable amount of time. 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 to a crawl

 

. Worse still, it was noticed by Ruiz in early 2008 that even though most of their loyal customers were on time with their payments, there were a few late bloomers who were starting to spread the disease. Spring changed to summer, summer changed to fall, and the CEO of Ruiz, Maurice Watts, was beginning to feel very uncomfortable indeed whenever he looked at their weekly Accounts Receivable reports. There was a growing list of clients who now owed them back debt.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 Ruiz money had jumped ship and decided to leave him holding the bag.

 

. They could not afford to pay him their debt, but they could afford a lesser service, maybe. But after doing the cursory research for this and talking to friends in the field, he found that alas, no, customers of Ruiz hadn't gone elsewhere. The had just gone!.The situation looked dire to Maurice Watts. Maurice 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. At night he would speak to his wife Vivian and shake his head in frustration.

 

""Lin, I have a really bad feeling,"" he'd sadly say to his wife.""What could you do differently?"" she would say.Maurice would stare off into the distance, and then slowly close his eyes. He could see the fleet of trucks he had purchased over the years. He could see them traveling, bringing goods to all of his clients. But somewhere, a haze would form over his fleet and the vast number of vehicles would disappear to but a few. Why couldn�t he work out how to resolve this financial problem with his business?""I think I know what it could be,"" Maurice said. ""For way too long I've been relying solely on profits received from invoices. I've let too many of our customers go too long without paying on their bills."" Linda could only grab her husband's hand and look at him lovingly, ""it is a hard economy. It might be awhile until things get settled up.

 

""Maurice knew his wife meant well, but he knew that he was responsible for too many people to sit idly by, waiting for the sun to peak over the clouds.The next day Maurice strolled into his office and was determined to sit down and make every phone call to every client who had owed Ruiz money. This wasn't really a very efficient way for a Chief Executive to spend his day, and Maurice knew he should be overseeing all the other sides of the business, such as shipments and deliveries, approaching prospective customers, or working with his sales team. Even though he was doing something to help his company, he knew he had folks on salary to do just this thing. A waste of time - a waste of money - he had the best intentions, but all the while Maurice was realising just how much trouble he was in.Poor Maurice spent the whole morning trying in vain to contact his debtors: they promised to call back, dodged his calls, or made small interest-only payments. He was beginning to feel quite despaired when his secretary knocked on his door.

 

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

 

""Sure thing Regina, come on in."" Maurice relaxed back into his chair and looked up at Reginaerley.""Well Maurice, this afternoon I did some research, trying to work out how we are going to get out of this mess."" She pulled a small stack of papers from a folder and set them on the desk before him.""Have you ever heard of factoring?"" Reginaerley asked.""It does sound vaguely familiar. What is it?"" he said.""Well,"" she began, ""It�s actually quite simple really.

 

So basically, factoring invoices would enable us to get paid on the nose for loads that we haul.""Maurice 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. That profile will also include investigating our accounts receivable aging reports, our existing customer credit limits and so on. In addition, factoring will assist in determining our customers' creditworthiness, independent from their credit relationship with our company. It�s a broad view.""I see,� Maurice said. �And then what?""Well, after their review, and we�re approved for a factoring contract, we can negotiate terms and conditions. There�s a lot of flexibility depending on the business volume and credit histories. 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.�Maurice was still a little concerned. He leaned forward in his chair and studied the paperwork very closely.""It sounds too good to be true, Regina,"" 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, Maurice,"" she underlined a paragraph on the paper before him.""How flexible?"" he asked.""It seems that they personalize their factoring charges so that the amount they're prepared to work with is commensurate with our client's debt and our needs. It only takes 2 to 4 days for this to be figured out. ""It does all sound pretty good, remembering that we are all tapped out now with loans from the bank last year to repair vehicles, and we all know just how tight money is. it is imperative that we keep the business rolling as usual, and every day we go unpaid we are getting closer and closer to dealing with some serious issues in both the short term and the long term,"" said Maurice.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.""Maurice took a moment to think about this solution, and agreed with his secretary. The customers who were in debt to Ruiz Truck & Haul were professional resources of the company, but they were also long-standing friends. Maurice wasn't prepared to lose these relationships just because they were having financial issues at the moment. Maurice 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 Regina, thank you."" Regina stood up and left Maurice's office, with the nice feeling of knowing that she may just have solved a very serious problem.Maurice sat behind his desk and looked over the details Regina had not mentioned in their meeting. What other issues could freight factoring help Ruiz 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, Ruiz could receive up to fifty-percent cash advances upon load pick-ups. Maurice 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.""I must tell Chester the good news,"" muttered Maurice to himself.Maurice's son-in-law, Chester, loved the idea behind Ruiz and highly respected his father-in-law for having such great business sense, that two years ago he got his capital together and started his own transportation company. Maurice knew then what struggles Chester would face but he encouraged him nonetheless. With the economy the way it was, if an established company such as Ruiz was struggling then the little guys, like Chester, were going to be in even more trouble. But, maybe the answer for both of them was in freight factoring, and Maurice 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 Maurice was beginning to find his way out of the hole his debtors had created for him.They took on reasonable factoring purchase contracts and stopped spending their precious man hours scrambling to collect debt. They took that time and refocused effort to offering competitive prices in new territories. Maurice recalled those dismal months when he wasn't aware of freight factoring, and he shuddered at those memories. If Maurice hadn't discovered freight factoring at just the right time, his business may not be operating today.

 

"

 

"

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

 

"

 

More Trucking Factoring Companies Story Articles

"

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

 

Walter�s father had started as an owner-operator and had grown Mitchell 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 Walter�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. Now the company was solely in Walter�s hands and he wanted to live to see it in better shape for his sons.

 

To move Mitchell Trucking Company ahead into the future, he needed a steady cash flow but there was just not enough money to go around. He had employees to pay. They had families and household bills too. Some of the refrigerated trailers were in need of repairs and he felt to stay competitive it was also a good idea to invest in specialized haulers to be ready for the constant requests he was getting for loads of new energy and agriculture equipment. He knew that turning down these requests made Mitchell 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. Walter chuckled, thinking about his father. He remembered when his father was totally against installing GPS units in the cabs. His Dad would say ""Why on earth do you need some stranger telling you to get off the exit that everyone knows has been there for years?� Also his father had the habit of teasing all the drivers he caught switching into automatic even though driving in automatic was much more efficient though not manly in his father�s eyes. His father days were long gone and technology was actually an important improvement for the business such as having Qualcomm to cut down on fruitless time communicating on the phone for bills of lading.

 

Walter knew he was right in his forward thinking. What would be the next step for Mitchell Trucking? More importantly, how could he 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? There was a lot he didn�t understand about the process. It sounded like a ninth grade math problem and he wondered how this would fit into the trucking business. Factoring companies buy your invoices and manage your accounts receivable for a certain percentage of the invoiced amount. The factoring company gives the trucking business its payment right away which allows the business to have continuous cash flow so it can pay employees, buy fuel, and make repairs for upcoming hauls. Without this assistance, you're placed in the position of waiting for payment from your customers, and this can often be thirty days, or more. In those 30 days, a trucking company can�t pay its bills and employees in invoices.

 

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

 

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. Customer service appeared to understand their company and explained in clear, concise English exactly how it all worked. He didn�t mind signing 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. Nobody charged him for credit checks and they offered him a fuel advance on the pick-up of the load. Many companies offered a non-recourse factoring program that suited him just fine. Also he was happy to hear how much he was offered in terms of percentages on the freight bills. It sounded like a great scheme to him.

 

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

 

Feeling happier now, Walter stepped out of his office to advise his secretary to expect to receive the contract very shortly from the factoring company. He felt exhilarated by the new possibilities that would make the future of the company fun again and put the stress of the difficult times behind him. With the capabilities of this new cash flow, Walter could actually expand Mitchell Trucking Company further across the country and perhaps even go international into Canada. He was a happy man again knowing that he had just made a decision which would guarantee the success of his business and his sons would not be inheriting a financial mess.

 

"

 

 

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Trucking Factoring  Articles

"

�So, this is not a loan?� Gilbert Armstrong asked as he leaned back in his chair, crossing his legs. The woman sitting across the desk from Gilbert smiled at him, shaking her head.�Not quite,� she stated.Gilbert was the owner of a small trucking company which had fallen on some hard times recently. Trucking could be a profitable business, and for a little under a decade, it had been for Randall. His company was called Frazier Trucking, named after both of his grandfathers, Arthur and Willie. They had both been hardworking men, and had done a lot to make Gilbert the same.Six months ago disaster struck Randall'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. The financial security of Randall's company relied on his full fleet on fifteen being on the road, and missing two trucks was just devastating . Furthermore, buying a whole new truck and fixing the other simply took more cash than Gilbert had on hand.A big problem a lot of trucking companies came across was how bills were paid in the industry. You could go a month or more before bills were completely paid off. In the long run, this wasn�t an issue, but if problems arose, you could find yourself in trouble.Gilbert was an excellent business man, and he certainly hadn't done anything wrong. 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. Gilbert knew she was employed by a Factoring company and that her name was Sheila. 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 are not giving you finance to be repaid later: we are purchasing something from you, and when you can you can buy it back. That way we�re protected from a complete loss, but you�re protected from the outrageous fees you would find in a loan from the bank.Gilbert agreed. It sounded good to him, almost too good.Sheila laughed. �You look like you don�t believe me,� she chuckled.�No, I do, I just think it sounds a bit too good to be true. I thought I was going to lose my company.�Sheila nodded. �We get that a lot. There's no way we want to see you lose your business. You work hard, you�ve put everything you can into it. We all need help sometimes. That's why we do what we do.""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 Sheila with a smile. �Let�s see what we can do to help you.�And right there and then they created a business profile. Gilbert completed the form, with Sheila offering advice as needed.

 

The completed profile gave Sheila and her company all the information they needed on Randall's business, and with this information they would determine if this business would in fact be suitable for Factoring. Unfortunately, not all companies are. Some were beyond factoring special brand of help, and sometimes things weren�t even dire enough for it. As Gilbert completed his form, Sheila listened to his story and she felt quite sure he would be the ideal candidate for Factoring.When the form was done Sheila took it and slid it into her briefcase. She then stood, reached across the desk and shook Randall�s hand. He also stood up, and they smiled at each other. They said their goodbyes and Gilbert 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. But now, after speaking to Sheila and learning all about Factoring, he felt such a huge relief, like someone had just lifted a huge weight off 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. Already he could feel all the stress start to drain away. He knew it wasn't over yet and that there was still a way to go, but he could just feel everything start to change for him. He was still here; he knew this was the right path for him, and he felt proud that he had taken the appropriate steps to sort out his problems.Gilbert couldn�t help but think back to when he had first started the business. At twenty-two and straight out of school he had opened a restaurant. It had been really successful. Offering home cooking in his own hometown, his business had really prospered.But it wasn't what he really wanted to do. His passion didn�t lie with the food industry. He thought about it for a long time, then decided it was time to sell his restaurant. He took six months off, and during that time he decided to create Frazier 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 didn�t think he had it in him, to save this company. But giving up wasn't part of his personality either.

 

The idea of cutting his losses, shutting down, laying off his workers, it actually made him sick some nights. He didn�t know how to say quit.And now, because of factoring, he was sure he wouldn�t have to. Gilbert opened his eyes, sat forward, turned his computer on. He had things to do. He could be thankful later, for now, it was time to work.

 

"

 

 

 

More Trucking Factoring Company Story Articles

The reason why Trucking Agencies Utilize Factoring Companies.

 

As the manager of your own company, you may perhaps be much more than aware already of the difficulty in making sure that cash flow issues do not become a difficulty down the line. Anyway, the most horrible thing that can in all probability develop for your establishment is to find yourself swept up in a long and perplexing predicament that leaves you forever searching for the resources you necessitate on an ongoing basis.

 

For pretty much any establishment in this condition, the complication can come for waiting for work to clear up and actually be brought in into your account. Statements, checks, and the like could take a while to actually to be taken care of which could leave you with short-term available resources problems. Fortunately, there are options out there for firms to check out-- and among these is factoring providers.

 

Factoring firms will, in exchange for your invoices, supply you with the resources asap in order that you do not have to fret about the delaying duration which could make paying off the bills and purchasing toolsmore hard. With this sort of arrangement, invoice factoring can end up being exceptionally helpful for numerous firms who ought to get out of a money ploy which they have found themselves in.

 

Considering that, relying on the size of the work, it can take up to 60 days for several companies to get paid then it is necessary to cover up your own back and certainly not leave yourself funds short to pay off the costs. After all, how many businesses possess two months cash flow just occupying there to handle all their bills until they get paid?

 

This is most notably correct of truck enterprises. They have the tendency to take care of tons of statements which means a considerable quantity of collection period entails company owner themselves. Making an effort to get paid out in time can become an extraordinary hassle and this is the key reasons why you work with trucking factoring agencies who are delighted to help out truckers mainly.

 

As most of us know, trucking is an astonishingly massive market with lots of agencies out there handling hundreds of drivers. Unfortunately, many of these drivers wind up in income issues since they are still expecting work from six weeks earlier to actually pay them. When this is the circumstance for a truck firm, choosing factoring firms for reinforcement could be the best option left.

 

This signifies that a trucking business can compensate the paychecks of the personnel, keep all the cars topped off with fuel and continue to scale, develop and expand without constantly waiting for the cash which is taking too long to come in. Trucking Firms working without a factoring system put in place are leaving themselves at notable danger, as competitions cash out fast and carry on to develop.

 

There's honestly almost nothing to be troubled about when it comes to utilizing a Factoring business-- they usually are not like a financial institution or an individual who is going to leave you with a big pile of liability to repay. You give them legitimate invoices from job you have already finalized , you are merely speeding the repayment system.

 

In the Usa, where trucking enterprises grow, factoring agencies are not considered accepting loan of in any capacity. This confidential deal then lets both groups to profit and take joy in a convenient future-- it provides the factoring provider a guaranteed resource of profit to include in the list and it supplies the trucking company the required cash that they sweated to earn.

 

The trucking business bestows their accounts to the factoring company. The trucking factoring firm then receive the installment payments from the trucking company's customers. Factoring has been in existence for centuries and has been utilized for long times by a lot of different fields-- but none exceeding so than truckers. While you may well miss out on a small part of the money, something like 1-3 % depending upon who you collaborate with, it indicates that you are receiving the resources today and can actually start off setting the cash to function.

 

After all, an IOU or an invoice is not going to finance overheads, is it? For trucking firms when the funds can be very good one day and gone the next, it is up to the drivers to work prudently and to ascertain they are leaving themselves with a significant volume of time and money to get through the week up until they are handed over again.

 

So the next period your trucking business is having some temporary capital dilemmas and you are spending a lot of time chasing slowly paying customers, why not start looking at using a factoring businesses as a manner to get your cash and give yourself a more at ease future in the eyes of your trucking team and your bank balance?

 

 

 

 

 

 

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Bank Loans

 

Bank loans are an extremely traditional way for a business to get financing. These loans can be a life-saver, but they're not always available to every business. For example, a fairly newly established business simply may not have the assets to readily get a loan from a bank, even if they do, the standard collateral for a business loan is the business itself, which means that if you cannot make your loan payment, you risk losing your entire business. 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. The finance you receive from the Trucking Factoring company is determined by money already earned by your business, but not yet received. Trucking Factoring companies actually purchase your accounts receivable or at least part of them for a percentage of their total worth, Normally around 80%-95%. The amount of finance you can receive will be based on the amount you have earned and the accounts receivable you are prepared to sell. Once a Trucking Factoring account has been created for you, it will continue for as long as you need it, with the money available continuing to grow as your business grows, and providing cash as you require it.

 

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

 

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

 

1. You will not Incur Debt. You do not incur debt as you do with a bank loan because the Trucking Factoring company actually purchases your accounts receivable. This has many benefits including the fact, that this type of financing will not affect either your business credit rating or your personal credit rating. In the event that your business fails, you would not have to be concerned about someone coming after your personal or your business assets in order to pay off a loan. With a bank loan, the debt goes onto your credit report, and even one late payment can adversely affect your businesses credit, and even the ability to get insurance and may even reflect upon your personal credit rating.

 

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

 

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

 

4.Interest is Paid Up Front. 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 you do not have to worry about monthly loan repayments, and you do not have to worry about the amount of interest payable, because all the money in the account is yours to spend.

 

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 do not have to take time away from running your business to collect the money owed from reluctant to pay customers. Since these accounts belong to the Trucking Factoring company, this is now their job. Trucking Factoring companies are very 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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