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How to Swim with The Banks without Being Eaten Alive - Our Trucking Factoring Companies Can Give
Your Truck Company The Money You Want

accountreceivablesfunding.org

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trucking invoice factoring companies

Trucking Factoring is useful for a number of reasons. It allows a truck company to raise cash without getting brand-new financial obligation. While debt is in some cases required, most trucking firms would prefer to raise cash without borrowing money. Debt is dangerous, and when it can't be paid back, assets can be repossessed. If the financial obligation is big enough, it may even force a truck businesses out of business.

 

 

 

 

 

 

 

How Much is Your Cash Flow "Tension" Costing Your Company - Pick A Freight�Brokerage Factoring Company  Instead Of A Traditional Bank Financing

Exactly how to Increase Cash Flow Without Loaning -Cash Money flow is among the main reasons businesses fail.

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

Cash flow does not have to be a problem any ever more. Do not be fooled -- banks are not the only places you can get funding. Other solutions are available and you do not have to borrow. Exactly what is trucking factoring ? One solution is called trucking factoring. Trucking Factoring is the process of selling accounts receivable to an investor rather than waiting to gather the money from the customer. Oh, the Irony- Trucking factoring has a paradoxical distinction: It is the monetary foundation of many of America's most effective businesses. Why is this paradoxical ? Because trucking factoring is not taught in business colleges, is seldom mentioned in business plans and is relatively unknown to the majority of most of American company individuals.

Yet it is a financial process that releases up billions of dollars every year, allowing thousands of companies to grow and succeed. FACTORING has been around for thousands of years. Invoice Factoring Businesses are financiers who pay cash for the right to get the future payments on your invoices. An unpaid receivable or invoice has value. It is a debt your client has agreed pay in the near future. Factoring Principals--Although factoring deals exclusively with business-to-business deals, a large percentage of the retail business utilizes a factoring principal. MasterCard, Visa, and American Express all utilize a type of factoring in their retail transactions. Using the purest definition of the word, these big consumer finance business are truly just large Receivable Financing Companies of customer paper. Think about it: You make a purchase at Sears and charge it to your MasterCard. The store makes money practically immediately, although you do not pay up until you are prepared.

For this service, the charge card company charges Sears a fee (typical common normal charges vary from 2 to 4 percent of the sale). The Benefits Receivable Loan Funding can provide many benefits to cash-hungry companies. Rather than wait 30, 60, 90 days or longer for payment on a product that has currently been provided, a business can factor (sell) its receivables for cash at a small discount off the dollar value of the invoice. Payroll, marketing efforts, and working capital are simply a few of the business requirements that can be satisfied with instant  money.

Receivable Loan Financing provides the means for a producer to replenish inventory and make even more products to sell: There is no longer a need to await for earlier sales to be paid. FACTORING is not simply a cash management device for producers: Almost any kind company can benefit from Invoice 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 minute about exactly how much is tied up in 60 days' worth of invoices: You can not pay the power bill or today s payroll with a customer s invoice, but you can offer that invoice for the money to satisfy those responsibilities. Using truck factoring companies is a quick and simple procedure. The factor buys the invoice at a price cut, usually a couple of percentage points less than the stated value of the invoice.

 

 

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Account Receivables Funding

 

The U.s. Trucking Organization
specifies that there around
205,000 work with transportation
businesses and
300,000 personal service providers trucking
firms licensed to
operate in the U.S. that transferred,
according to their latest listings of millions of
products, supplies and
basic products .
There are several common
carriers either going solo or in
teams on our nation
roads transferring these
important items to our
stores, manufacturing facilities and harbors.

Plus freight invoice factoring
firms support
several of them and offer their
receivables financing facilities
nationwideincluding
including the following states.

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

 

 

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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:

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.

 

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

 

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.

 

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.

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

 

 

"

Silver Truck and Haul has been in business since the mid 1980s. They've delivered goods for nearly every major industry in the nation and for 20 plus years, business was booming as they've traversed the country in all weather for all clients. During the boom times from 2002 to 2007 Silver Truck & Haul was the mastermind of a top-rated accounts receivable in the trucking industry. Very few customers were behind on their bills, and those customers who were late turned in their overdue payments within an acceptable time frame. The money was flowing, and times were great.

 

But a short year later, in the fall of 2008, when the United States economy took a nosedive and businesses both small and large began to feel the pinch on their pocketbooks, those that used to make their demands had suddenly and largely gone silent. Business slowed to a crawl. Worse still, it was noticed by Silver 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 Silver, Owen Champs, 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 things different, or wrong, when it came to collecting overdue accounts? When checking his bookkeeper's records this was definitely not the case. He thought perhaps that he was losing clients to a competitor who offered rock-bottom prices with little to no guarantee of quality performance, and that the folks who owed Silver money had jumped ship and decided to leave him holding the bag. They couldn't afford to pay him their debt, but they could afford a lesser service, maybe. So he did the necessary research and, after discussions with friends in the same field, he realised that no, his customers hadn't gone anywhere else. They had just gone home.

 

To Owen Champs the situation looked desperate. Hudson 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 Serena and shake his head in frustration.

 

""I have a bad feeling, Lin,"" he'd sadly say to his wife.""Well, what do you think it is?"" she would say.Hudson 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 then a haze would cover his trucks and his vast fleet would vanish to leave just a few. What on earth was happening to create the death of his business?""I know what it is,"" Hudson said. ""I've relied too long on the profits I receive from invoices alone. I've let too many of our customers go too long without paying on their bills.""

 

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.""

 

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

 

The following day Hudson walked into his office with a spring in his step, determined to call each and every client who owed money to Silver Truck & Haul. This wasn't really a very efficient way for a Chief Executive to spend his day, and Hudson knew he should be overseeing all the other sides of the business, such as shipments and deliveries, approaching prospective customers, or working with his sales team. But, he felt like he was doing something proactive to help his business, even though he had staff on salary to do just that thing. A waste of time - a waste of money - he had the best intentions, but all the while Hudson was realising just how much trouble he was in.

 

Poor Hudson 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.

 

""Hudson, can I have a word?"" she queried, standing in the doorway.""Sure thing Bev, come on in."" Hudson relaxed back into his chair and looked up at Beverley.""Well Hudson, this afternoon I did some research, trying to work out how we're 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?"" she asked.""It sounds vaguely familiar. What is it?"" he said.She began, ""Well, it's really very simple. Basically, factoring invoices means that we would get paid immediately for the loads we haul.""""Immediately?"" Hudson interrupted.

 

""Immediately, yes"" she added, ""It's actually very simple. 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 provides a very broad view.��I see,� Hudson said. �And then what?��Following the completion of their review and once we've been approved for a contract with the factoring company, then we sit down to negotiate conditions and terms. There�s a lot of flexibility depending on the business volume and credit histories. This company tells us what the cost will be to purchase factoring for our accounts receivable. We come to an agreement and the funding starts pouring out.�

 

Leaning forward, Hudson studied the documents very closely.""I don't know, Bev - it just sounds too good to be true"", Hudson said quietly.""Now, now, I know, I thought the same thing. But think about it, Hudson: 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. And they're flexible Hudson,"" she drew a circle around a paragraph on the document before him.""How flexible?"" asked Hudson.""They personalize the factoring rates so that the amount they are willing to take on is commensurate with our needs and our client�s debt. Apparently they can figure this all out in two to four days. ""

 

""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. It's imperative that we keep the business rolling as usual, and every day we go unpaid we're getting closer and closer to dealing with some serious issues in both the short term and the long term,"" said Hudson.He took a deep breath and looked at his secretary with something she recognized as hope.""Precisely�. This could very well be the answer to resolving the problems we're having with these clients who still owe us money.""

 

Hudson took a moment to think about this solution, and agreed with his secretary. The customers who were in debt to Silver Truck & Haul were professional resources of the company, but they were also long-standing friends. Hudson wasn't prepared to lose these relationships just because they were having financial issues at the moment. He was well aware that the economy was in a bad way and that it might be quite a while before things started picking up. That unknown amount of time could create a disaster situation for both of them if he wasn't careful in how these debtors were handled. He didn't want to lose business but he also didn't want to lose any more money.

 

""Let me go over this tonight Bev, and thankyou."" Bev nodded, stood up and left the office feeling that she had helped her employer keep on his shirt and hers too.Hudson 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 Silver Truck & Haul with? Running his pencil down the sheet, he noted that the freight factoring company could assist with fuel costs, fuel advances, and fuel discount cards. Hudson was surprised: it said that his company could get up to fifty percent cash advances on load pickups. Hudson was a typical business man: he despised binding contracts that didn't allow room to breathe, so he was pleasantly surprised to see that the factoring company didn't require a long term contract, that there was no minimum volume required, and that there were no sign-up fees.

 

""I must tell Billy the good news,"" muttered Hudson to himself.Hudson's son-in-law, Billy, loved the idea behind Silver 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. At that time Hudson 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 Silver was struggling then the little guys, like Billy, were going to be in even more trouble. But, an antidote may have been found in freight factoring and Hudson was soon to find out.

 

Some months later, having successfully gone through the entire process of the application, having experts study his credit history and statements and review his accounts receivable, Hudson found that he was starting his journey out of the despair which had been created for him by his delinquent account holders.

 

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. Hudson looked back on the dismal months of life before freight factoring and almost shuddered at the thought. If Hudson hadn't discovered freight factoring at just the right time, his business may not be operating today.

 

"

 

The City of Chicago covers an area of 60,000 hectares and sits 176 meters (578 feet) above sea level on the southwestern shore of Lake Michigan. At 190 km wide and 495 km long, its the 5th largest body of fresh water in the world. The city is traversed by the Chicago and Calumet rivers. Chicago's extensive parklands, including 3,000 hectares of city parks attract an estimated 86 million visitors annually.As a multicultural city that thrives on the harmony and diversity of its neighborhoods, Chicago today embodies the values of America's heartland-integrity, hard work and community and reflects the ideals in the social fabric of its 77 distinct neighborhoods.Chicago is recognized across the United States as a very passionate sports town.Chicago is a leader in reforming public schools, enhancing public safety and security initiatives, providing affordable housing in attractive and economically sound communities, ensuring accessibility for all and fostering, social, economic and environmental sustainability.Chicago is the largest city in Illinois and the seat of Cook County. It stretches for 22 mi along the southwest shore of Lake Michigan in the northeast part of the state.The first white men known to have visited the region were Louis Joliet and Jacques Marquette in 1673. The first permanent white settler was John Kinzie, who is sometimes called the Father of Chicago. He took over a trading post in 1796 that had been established in 1791 by Jean-Baptiste Point du Sable, a black fur trapper. Fort Dearborn, a blockhouse and stockade, was built in 1804 but was evacuated in 1812, at which time more than half of its garrison was massacred by Potawatomi and Ottawa Indians loyal to the British. The name Chicago is thought to come from an Algonquian word meaning �onion� or �skunk.�Laid out in 1830, Chicago was incorporated as a village in 1833 and as a city in 1837. In the Great Chicago Fire of 1871, an area of the city about 4 mi long and nearly a mile wide�more than two thousand acres�was totally destroyed. However, much of the city, including the railroads and stockyards, survived intact, and from the ashes of the old wooden structures there arose more modern constructions in steel and stone.Today, Chicago is a major Great Lakes port and the commercial, financial, industrial, and cultural center of the Midwest. The manufacturing industries dominate the wholesale and retail trade, and trade in agricultural commodities is important to the economy. The Chicago Board of Trade is the largest agricultural futures market in the world.Among Chicago's many attractions are the Art Institute of Chicago, the Field Museum of Natural History, the Jane Addams�Hull House Museum, Navy Pier, and numerous architectural landmarks such as the Sears Tower and Frank Lloyd Wright's Robie House.

 

 

More Trucking Factoring Companies Story Articles

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The Advantages of Trucking Factoring for Trucking Companies

 

It's the same story right around the country: small trucking companies are trying to expand their businesses but running into the same problems. While the trucking business can be quite lucrative, it can take many weeks or even months to finally get paid on hauling invoices. This puts trucking companies in a real bind by having to play catch-up while trying to pay Charlies and salaries of their drivers.

 

We just caught up with Gary Lee, owner of a small trucking company that he built only a few years back. Like many trucking owners, Gary was trying to expand his company to meet the needs of his clients, but was running into money issues that were holding him back. We asked him about his situation, the challenges he faced and how Trucking factoring played a real role in helping his company to expand without being burdened by paying back high interest loans.Hi Gary, it's nice to have you here.Gary: ""Thanks very much, I'm glad to be here.�

 

Can we begin by talking about your trucking company and how it all began for you.GL: �I had been driving trucks for years when in 2011 I decided to start my own trucking business. I went through the loan process, purchased a couple of trucks and got started. In the beginning it was fantastic, and I was pretty excited: I'd made some connections when driving previously so was lucky to pick up some great business straight away. It seemed like everything was starting to snowball as I was getting requests from other businesses, but I was running into a cash problem.�

 

It seems strange that your business success was creating these cash problems for you?GL: �I know. You see in the trucking business we charge invoices which means that it could take weeks or even months before the cash would roll in. A typical invoice takes anywhere from 45 to 60 days before the payment comes through. Here I was getting offers from other businesses and I didn�t have the cash on hand to buy trucks and hire drivers.�So, how did you handle it?

 

GL: I admit that I was getting pretty stressed, because I knew that by the time the cash was available, the business opportunities wouldn't be there. I didn�t want to take out another loan because I would just be putting off that debt until later and I had nothing to sell or any additional way to make more money. It was around that time when I heard from one of my friends in the trucking business about Trucking factoring.�What exactly is Trucking factoring?

 

GL: �Well, Trucking factoring is a way for trucking companies like mine to get paid quickly for the loads we are hauling. With factoring, we don't have to wait to get paid for hauling; the Trucking factoring pays us straight away for the work we've completed.�

 

So how does that work?

 

GL: Well, thankfully there are companies who purchase the invoices from companies like mine, once we've completed a job. I was very fortunate in that I found a reputable company that purchases my invoices after we've completed the job, plus other Charlies associated with our business. In return, they pay us cash that I not only use to cover my payroll, fuel costs and expenses, but I was able to put back enough money to purchase another truck a lot more quickly than if I had simply waited for the invoices to be paid.�

 

It seems like you stumbled on a pretty good deal when it comes to Trucking factoring. Are there other benefits to you in using this Lee of service?

 

GL: Absolutely! The invoices are the means to pay the factoring company. It is not a loan where I have to pay back any money. The Trucking factoring company simply takes a very small percentage off each invoice or Charlie as their fee and I get the rest in cash right away. This has been an absolute blessing for me, because I was able to get the cash I desperately needed to expand my business, and (this is the best bit) I've also paid off my original loan.

 

In fact, I was able to leap onto new business offers more quickly because the Trucking factoring allowed me to start purchasing new trucks and hire drivers months before I could even consider doing that simply waiting on the invoices.Gary, this Trucking factoring almost sounds too good - are there any catches at all?

 

GL: I wondered the same thing at the beginning: I was pretty sceptical, but it's all been very straightforward. The Trucking factoring company I use didn�t even charge me a sign-up fee nor did they sign me to any long term contract. It only took a few minutes with them to get everything started, and now when I pass on an invoice I get paid straight away.

 

You said you didn�t have to sign any long term contracts. Are there a minimum number of invoices or amounts that you have to turn in each month?

 

GL: Actually, no. When I first started with them I was turning in practically all of my invoices so I could generate some cash up front. Now, when I need some cash to pay off Charlies or make quick purchases, I go to the company with my invoices. Some months I�ve turned in quite a few invoices, other months not so much.

 

You sound very happy with the deal you have with your Trucking factoring company?GL: You bet. I have even used their fuel advances and discount cards to help me save money which really helped out in the first year of my business. I�ve had other trucking owners call me up and ask me how I was able to expand my company as fast as I did. I'm happy to tell anyone who asks: if you have invoices, then Trucking factoring is the only way to get cash fast, without all the stress of having to take out loans and getting even deeper into debt.

 

Gary's business continues to flourish, and it's all thanks to Trucking factoring. Without their help his business would not have been able to expand so quickly. If your trucking business is short of needed cash with invoices that have yet to be paid, then you should consider Trucking factoring as a way to put money into your hands right away.

 

"

 

 

Watch Our Freight Factoring Companies Videos For More Information

 

 

 

 

 

 

 

Trucking Factoring  Articles

�So, this isn't a loan?� asked Garret Burnes, reclining back into his chair and crossing his legs. The woman who sat across the desk smiled and shook her head.�Not quite,� she said.Garret Burnes owned a small trucking company, and his business had recently fallen on difficult times. Certainly the trucking business can be an extremely profitable venture, and for many years it had been that way for Josh. His company was called B and C Trucking, named after both of his grandfathers, Bob and Chuck. Both of these men had been very hardworking and had set a great example for Josh.Six months ago disaster struck Josh'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 Josh'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 Garret had on hand.Paying of bills in the trucking industry is always a major cause for concern for businesses. Waiting a month or longer for bills to be paid was quite normal. This system works okay as long as no problems arise, but if they do, then things can get quite sticky.Garret was an excellent business man, and he certainly hadn't done anything wrong. Things had happened that he couldn't have predicted, and he had to figure out a way to keep his business from hurting, or even going under.And that's why he found himself across the desk from this woman. Garret knew she was employed by a Factoring company and that her name was Louise. 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're not giving you finance to be repaid later: we're 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.Garret agreed. It sounded perfect - perhaps too good?.Louise 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.�Louise smiled, agreeing. �Yes, we get a lot of that. Listen, I�d hate to see you lose your company. You work hard, you�ve put everything you can into it. Sometimes you need help. That's why we do what we do.��In any case, thank you for coming to see me.��It�s right down the road, usually we do it all online, but I didn�t mind swinging on by today,� Louise said with a smile. �Let�s see what we can do to help you.�And right there and then they created a business profile. Garret completed the form, with Louise offering advice as needed. The completed profile gave Louise and her company all the information they needed on Josh's business, and with this information they would determine if this business would in fact be suitable for Factoring. Unfortunately, not all companies are. Some businesses are beyond the help of a Factoring company, while other businesses weren't in enough financial stress to warrant it. Listening as Garret filled out his form, Louise was pretty sure he was a perfect candidate for factoring.Louise took the completed form and placed it in her briefcase. Standing up, she reached over the desk and shook Josh's hand. He stood before they shook as well, and then smiled. They said their goodbyes and Garret walked her to the door, and then returned to his office.His employees were there, seven who worked in the office, and as he sat behind his desk once more he heard the familiar clack of fingers on keyboards, the electronic whine of the copy machine.He shut his eyes. He felt so drained: he had been flailing helplessly for so long, he just knew his business was going to collapse and probably take him with it. Talking to Louise though, learning about factoring, it felt like a weight had been lifted from his shoulders. He sat back in his chair and ran a hand through his graying but still thick black hair.The long nights, where he couldn�t sleep. The terrifying panic attacks that occurred regardless of where he was. 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.His mind wandered back to the very beginning, when he first started his business. He had opened a restaurant at age twenty two when he was fresh out of school. It had been really successful. Home cooking in his hometown, and he had done very well.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 half a year off, and in that time he thought to start B and C Trucking. And that's exactly what he did. Once again he built a company from the ground up. He had been successful.Then disaster! The two trucks went down and suddenly his success wasn't looking so guaranteed. He was about to turn fifty. He didn�t think he had it in him, to save this company. But he couldn�t give up. The idea of cutting his losses, shutting down, laying off his workers, it actually made him sick some nights. He didn�t know how to say quit.And now it seemed as though he wouldn't have to - all because of Factoring. Josh's eyes opened, he sat forward in his chair and turned on his computer. He had lots to do. There would be plenty of time later to be thankful, but for now it was time to get back to work.

 

 

 

 

More Trucking Factoring Company Story Articles

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Since the mid 1980s Moran 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 Moran 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. Times were great for everyone, and the cash was flowing.

 

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. Worse still, it was noticed by Moran 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 Moran, Paul Moran, was beginning to feel very uncomfortable indeed whenever he looked at their weekly Accounts Receivable reports. The number of clients who were late in their payments was continuing to grow.

 

He had gone to his administrators and asked them what the problem had been. Were they doing something wrong or different when it came to reaching out to delinquent accounts? 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 Moran 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. The had just gone!.

 

This current state-of-affairs was causing Paul Moran to have some very restless nights. There were goods to ship, employees to pay, trucks to repair and maintain, and continuous overheads that were very extensive when compared to the funds (or lack of) that were incoming. In the evenings he would discuss his concerns with his wife, Linda, and still find no relief from the worry and frustration.

 

""Lin, I have a really bad feeling,"" he'd sadly say to his wife.""What could you do differently?"" she would ask.Paul would stare off into the distance, and then slowly close his eyes. In his mind he could clearly see the fleet of trucks purchased over the many years. He could see them on the road, delivering good to all his loyal customers. But then a haze would cover his trucks and his vast fleet would vanish to leave just a few. What on earth was happening to create the death of his business?""I know what it is,"" Paul 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.""

 

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

 

""Paul, can I have a word?"" she queried, standing in the doorway.""Sure thing Bev, come on in."" Paul 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 Paul."" She pulled a small stack of papers from a folder and set them on the desk before him.""Have you ever heard of factoring?"" she asked.""It sounds vaguely familiar. What is factoring""? he asked.""Well,"" she began, ""It�s actually quite simple really. Basically, factoring invoices means that we would get paid immediately for the loads we haul.""Paul interrupted ""Immediately?"".

 

""Immediately, yes"" she added, ""It's actually very simple. We can have an expert account manager review our numbers and help us complete a company profile. 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 provides a very broad view.��Paul replied cautiously ""I see - and what happens then?��Following the completion of their review and once we've been approved for a contract with the factoring company, then we sit down to negotiate conditions and terms. You'll be surprised at the amount of flexibility, all dependent upon the credit histories and business volume. This company tells us what the cost will be to purchase factoring for our accounts receivable. We come to an agreement and the funding starts pouring out.�

 

Leaning forward, Paul studied the documents very closely.""It sounds too good to be true, Bev,"" he said.""Yes, I know; that's exactly what I thought at the beginning. 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, Paul,"" she underlined a paragraph on the paper before him.""Just how flexible?"" asked Paul.""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. It's imperative that we keep the business rolling as usual, and every day we go unpaid we're getting closer and closer to dealing with some serious issues in both the short term and the long term,"" said Paul.Paul took in a long slow breath, then looked at his secretary with something like hope in his eyes.""Exactly�. I think this might just be a way out of the trouble we're in with these folks who owe us money.""

 

Paul thought about this and agreed with Beverley. The clients who owed them money were long standing friends and professional resources of Moran. Paul wasn't prepared to lose these relationships just because they were having financial issues at the moment. He was well aware that the economy was in a bad way and that it might be quite a while before things started picking up. If he didn't handle these debtors in the right way, that unknown amount of time could spell disaster for all of them. He didn't want to lose business but he also didn't want to lose any more money.

 

""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 Paul keep the shirt on his back, and possibly hers too.Paul sat behind his desk and looked over the details Bev had not mentioned in their meeting. What other issues could freight factoring help Moran 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. Paul was surprised: it said that his company could get up to fifty percent cash advances on load pickups. Paul was a typical business man: he despised binding contracts that didn't allow room to breathe, so he was pleasantly surprised to see that the factoring company didn't require a long term contract, that there was no minimum volume required, and that there were no sign-up fees.

 

""Well, I'll have to tell Billy about this,"" Paul muttered to himself.Paul's son-in-law, Billy, loved the idea behind Moran 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. At that time Paul knew the struggles Billy would face, but he still encouraged him to follow his dream. With the faltering economy, if a big fish like Moran was hurting, a little guy like Billy was about to catch his death. But, an antidote may have been found in freight factoring and Paul was soon to find out.

 

A few short months later, after completing the application process, having the legal experts review his credit history, accounts receivable, and statements, finally Paul 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 took that time and refocused effort to offering competitive prices in new territories. Paul recalled those dismal months when he wasn't aware of freight factoring, and he shuddered at those memories. 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. 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. 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 finance you can receive will be based on the amount you have earned and the accounts receivable you are prepared to 'sell.' Once you have set up Trucking Factoring account it continues as long as you wish it too and the amount of money available to you even can grow as your business grows, giving you the ready cash you need to meet your own obligations.

 

Benefits of a Trucking Factoring Company Vs. A Bank Loan

 

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

 

3. You'll receive the money faster. Using a Trucking Factoring company means that you'll get the finance quicker. 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 main benefit is that once you've sold your accounts receivable to the Trucking Factoring company, you are free from having to collect money owed by your customers. Since these accounts belong to the Trucking Factoring company, this is now their job. 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.

 

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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