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They Grinned When the Banker Spoke to Me in French - Our Accounts Receivable Factoring Company Can Give
Your Trucking Company The Money Your Company Needs

workingcapitalfactoring.org

factoring companies for trucking industry

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trucking factoring company

factoring trucking receivables

Small freight businesses, especially those who have not been in existence for really long, will typically discover it tough to secure a loan. Banks are typically reluctant to lend money to businesses that do not have a lot of earnings and properties. They also want evidence of the practicality of a business and thus need that most operations, specifically little ones, be in business for a specific amount of time before they are prepared to hand over any cash. Since of this, a medium-size company frequently has a couple of money generating alternatives when requires develop. One alternative available, but typically ignored, is invoice factoring. This is an outstanding means for a medium-size company to obtain cash.

 

 

 

 

 

 

 

Do You Do Any Of These Embarrassing Things? - Pick A Receivable Loan C0mpany Instead Of A Regular Bank Financing

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

At one time or another, every company, even effective ones, have experienced bad money flow.

Money flow does not have to be a problem any ever more. Do not be deceived -- banks are not the only places you can get funding. Other solutions are available and you do not have to borrow money. What is trucking factoring ? One solution is called truck factoring. Trucking Factoring is the procedure of selling accounts receivable to a financier rather than waiting to collect the cash from the client. Oh, the Irony- Truck factoring has an ironic distinction: It is the monetary backbone of many of America's most successful businesses. Why is this paradoxical ? Since invoice factoring is not instructed in business colleges, is rarely mentioned in business plans and is relatively unidentified to bulk of most of American business people.

Yet it is a financial procedure that releases up billions of dollars every year, enabling thousands of companies to grow and prosper. Receivable Financing has actually been around for thousands of years. Invoice Factoring Businesses are investors who pay cash for the right to get the future payments on your invoices. An overdue receivable or invoice has value. It is a financial obligation your customer has to pay in the near future. Factoring Principals--Although factoring deals solely with business-to-business transactions, a big portion of the retail company uses a factoring principal. MasterCard, Visa, and American Express all utilize a type of factoring in their retail deals. Using the purest meaning of the word, these large customer finance companies are truly just big Receivable Loan Financing Businesses of consumer paper. Consider it: You make a purchase at Sears and charge it to your MasterCard. The store makes money practically instantly, even though you do not pay up until you are prepared.

For this service, the credit card company charges Sears a charge (typical common normal charges vary from two to 4 percent of the sale). The Advantages Trucking Factoring can offer many advantages to cash-hungry companies. Instead of waiting 30, 60, 90 days or longer for payment on an item that has actually currently been provided, a company can factor (sell) its receivables for cash at a little discount off the dollar value of the invoice. Payroll, advertising efforts, and working capital are simply a few of the business requirements that can be satisfied with instant  money.

Receivable Loan Financing offers the ways for a manufacturer to renew stock and make more items to sell: There is no longer a requirement to wait for earlier sales to be paid. FACTORING is not simply a money management tool for producers: Almost any type company can benefit from Truck Factoring. Generally, a company that extends credit will have 10 to 20 percent of its annual sales tied up 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 cash to meet those obligations. Using truck factoring companies is a fast and simple process. The factoring company buys the invoice at a discount, usually a few percentage points less than the face value of the invoice.

 

 

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winston-salem-factoring-companies

 

The United states Transportation Association
mentions that there are about
200,000 employees with freight trucking
firms and
276,000 personal providers trucking
firms accredited to
operate in the United States that carried,
according to their latest listings of millions of
items, supplies and
fundamental materials .
There are numerous usual
carriers either going solo or in
groups on our country
roads carrying these
crucial items to our
shops, factories and harbors.

Also trucking factoring
firms aid
numerous of them and offer their
receivable loan services
countrywidecomprising
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

 

"

Winston-Salem is a city in and the county seat of Forsyth County, North Carolina, United States. With a 2013 estimated population of 236,441, it is the second largest municipality in the Piedmont Triad region and the fourth largest city in the state. Winston-Salem is home to the tallest office building in the region, 100 North Main Street, formerly the Wachovia Building and now known locally as the Center.Winston-Salem is called the ""Twin City"" for its dual heritage and ""City of the Arts and Innovation"" for its dedication to fine arts and theater and technological research. ""Camel City"" is a reference to the city's historic involvement in the tobacco industry related to locally based R. J. Reynolds Tobacco Company's popular Camel cigarettes. Winston-Salem is also known for its traditional furniture company. Many locals refer to the city as ""Winston"" in informal speech. ""The Dash"" is referenced from the hyphen between Winston and Salem and was popularized by the nickname of the local minor league baseball team, the Winston-Salem Dash.In 2012, the city was listed among the 10 best places to retire in the U.S. by CBS MoneyWatch, is also headquartered in Winston-Salem. Wachovia Corporation was based in Winston-Salem until it merged with First Union Corporation in September 2001; the corporate headquarters of the combined company was located in Charlotte, until it was purchased by in December 2008. PepsiCo has its Customer Service Center located in Winston-Salem.Although traditionally associated with the textile and tobacco industries, Winston-Salem is transforming itself to be a leader in the nanotech, high-tech and bio-tech fields. Medical research is a fast-growing local industry, and Wake Forest University Baptist Medical Center is the largest employer in Winston-Salem. In December 2004, the city landed a deal with Dell, Inc. providing millions of dollars in incentives to build a computer assembly plant nearby in southeastern Forsyth County. However Dell closed its Winston-Salem facility in January 2010 due to the poor economy. A portion of downtown Winston-Salem has been designated as the Piedmont Triad Research Park for biomedical and information technology research and development

 

"

 

View Our Freight Factoring Companies YouTube Videos For More Information

 

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:

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

 

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.

 

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

 

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

 

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

 

 

"

Since the mid 1980s Wright Truck & Haul have been successfully running their freight business. For more than twenty years they've been delivering goods for most major industries in the nation, with business booming as they traversed the country, in all kinds of weather, for all kinds of clients. During the heady times from 2002 to 2007, Wright was a top rated accounts receivable mastermind of the trucking industry. Very few customers were behind on their bills, and those customers who were late turned in their overdue payments within an acceptable time frame. 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 to a crawl

 

. And worse yet, Wright had noticed during the early part of 2008 that though the bulk of their clients were always on time with payments, the few late-bloomers there were, had seemingly started to spread this illness. And as spring turmed to summer and summer into the early days of fall, Frank Cunningham, CEO of Wright felt a chill go down his spine whenever he would look at the weekly A/R reports. The numbers of clients who owed him back debt were growing.He had gone to his administrators and asked them what the problem had been. Were they doing something wrong or different when it came to reaching out to delinquent accounts? By his bookkeepers records, this wasn't the case. 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 Wright 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 Wright hadn't gone elsewhere. The had just gone!.This current state-of-affairs was causing Frank Cunningham to have some very restless nights. Frank 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 Brenda and shake his head in frustration.

 

""I have a bad feeling, Lin,"" he'd sadly say to his wife.""What could you do differently?"" she would ask.Frank 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 on the road, delivering good to all his loyal customers. But somewhere, a haze would form over his fleet and the vast number of vehicles would disappear to but a few. What could cause this ultimate death spiral of business?""I know what it is,"" said Frank. ""I've relied too long on the profits I receive from invoices alone. For too long I've been allowing our clients to let their accounts become overdue."" All Brenda could do was hold his hand and look at him tenderly. 'We know it is a difficult economy at the moment - perhaps it will take a while for people to get on top of their bills'.""Brenda was trying so hard to support her husband in these worrying times, while Frank was weighed down with the worry of how he was going to handle this situation he found himself in.The following day Frank walked into his office with a spring in his step, determined to call each and every client who owed money to Wright Truck & Haul. Now, it wasn't the most efficient way to spend a day as a chief executive, what he really needed to be doing was to be overseeing all of the other intricacies of shipment and delivery and reaching out to prospective clients or retraining his sales team to do the same. 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 Frank was realising just how much trouble he was in.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 Ethelerley knocked at his door.

 

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

 

""Of course Ethel, please come in."" Frank relaxed back into his chair and looked up at Ethelerley.""Well Frank, 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 the word factoring?"" she asked.""It does sound vaguely familiar. What is it?"" he said.""Well,"" she began, ""It�s actually quite simple really.

 

Basically, factoring invoices means that we would get paid immediately for the loads we haul.""Immediately?"" Frank interrupted.""Immediately, yes"" she added, ""In a nutshell, it is pretty easy. We can have an expert account manager review our numbers and help us complete a company profile. Included in the profile would be the investigation of our accounts receivable aging reports, our current customers' credit limits etc.. 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.""Frank replied cautiously ""I see - and what happens then?""Well, after their review, and we�re approved for a factoring contract, we can negotiate terms and conditions. There�s a lot of flexibility depending on the business volume and credit histories. This company tells us what the cost will be to purchase factoring for our accounts receivable. The funding commences once we�ve arrived at an agreement.�Frank leaned forward and reviewed the paperwork closely.""It sounds too good to be true, Ethel,"" 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. And they're flexible Frank,"" she drew a circle around a paragraph on the document before him.""Just 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. Apparently they can figure this all out in two to four days.

 

""That sounds pretty good, seeing as we tapped ourselves out with bank loans last year to repair the fleet and money sure is tight. 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 Frank.He took a deep breath and looked at his secretary with something she recognized as hope.""Exactly�. I think this might just be a way out of the trouble we are in with these folks who owe us money.""Frank thought about this and agreed with Ethelerley. The customers who were in debt to Wright Truck & Haul were professional resources of the company, but they were also long-standing friends. They did not want to throw away these relationships because they were having trouble paying their bills now. Frank knew that the economy had taken a hit and he knew that it would probably be a long time before things started to look up again. If he did not handle these debtors in the right way, that unknown amount of time could spell disaster for all 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 Ethel, thank you."" Ethel nodded, satisfied with her work, and she left the office feeling quite content in the knowledge that she had helped Frank keep the shirt on his back, and possibly hers too.Frank stayed at his desk for a long time, looking over the details they hadn't discussed during their meeting. What other issues could freight factoring help Wright with? Running his pencil down the sheet, he noted that the freight factoring company could assist with fuel costs, fuel advances, and fuel discount cards. In fact, Wright could receive up to fifty-percent cash advances upon load pick-ups. Frank 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 Keith the good news,"" muttered Frank to himself.His son-in-law Keith had liked the idea of Wright so much and revered his father in law for having such business acumen that only two years before, he had gathered the venture capital to begin his own transportation service company. Frank knew then what struggles Keith would face but he encouraged him nonetheless. With the economy the way it was, if an established company such as Wright was struggling then the little guys, like Keith, were going to be in even more trouble. Perhaps the antidote to these problems was in freight factoring, and they were about to find out.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, Frank 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 used that time to refocus their efforts in being competitive in new territories. Frank looked back on the dismal months of life before freight factoring and almost shuddered at the thought. If Frank hadn't discovered freight factoring at just the right time, his business may not be operating today.

 

"

 

"

Winston-Salem is a city in and the county seat of Forsyth County, North Carolina, United States. With a 2013 estimated population of 236,441, it is the second largest municipality in the Piedmont Triad region and the fourth largest city in the state. Winston-Salem is home to the tallest office building in the region, 100 North Main Street, formerly the Wachovia Building and now known locally as the Center.Winston-Salem is called the ""Twin City"" for its dual heritage and ""City of the Arts and Innovation"" for its dedication to fine arts and theater and technological research. ""Camel City"" is a reference to the city's historic involvement in the tobacco industry related to locally based R. J. Reynolds Tobacco Company's popular Camel cigarettes. Winston-Salem is also known for its traditional furniture company. Many locals refer to the city as ""Winston"" in informal speech. ""The Dash"" is referenced from the hyphen between Winston and Salem and was popularized by the nickname of the local minor league baseball team, the Winston-Salem Dash.In 2012, the city was listed among the 10 best places to retire in the U.S. by CBS MoneyWatch, is also headquartered in Winston-Salem. Wachovia Corporation was based in Winston-Salem until it merged with First Union Corporation in September 2001; the corporate headquarters of the combined company was located in Charlotte, until it was purchased by in December 2008. PepsiCo has its Customer Service Center located in Winston-Salem.Although traditionally associated with the textile and tobacco industries, Winston-Salem is transforming itself to be a leader in the nanotech, high-tech and bio-tech fields. Medical research is a fast-growing local industry, and Wake Forest University Baptist Medical Center is the largest employer in Winston-Salem. In December 2004, the city landed a deal with Dell, Inc. providing millions of dollars in incentives to build a computer assembly plant nearby in southeastern Forsyth County. However Dell closed its Winston-Salem facility in January 2010 due to the poor economy. A portion of downtown Winston-Salem has been designated as the Piedmont Triad Research Park for biomedical and information technology research and development

 

"

 

More Trucking Factoring Companies Story Articles

Factoring in the Future of a Trucking Business: A Story The phone was ringing on his desk, and John Johnson just sat there letting it ring. His morning coffee cooled and his cigarette smoked away in the tray: John is thinking, and pondering the biggest decision he's ever had to make for his trucking business. Johnson Trucking Company had reached a turning point and he now had to make a decision as to whether he should sign up with a factoring company, and indeed if this would be a good or regrettable decision for his business.

 

John�s father had started as an owner-operator and had grown Johnson Trucking Company into a fifteen trailer fleet over forty years. Yes, they had survived some very difficult times when it appeared like they might go under, and even John's mother had jumped into the cab at times to make hauls. His father had lived long enough to witness the price of hires drop during the recession and watch the eruption of fuel prices afterwards. But now things were different: the company was in John's hands and he needed to ensure that this business would be left in great shape for his sons.

 

There just never seemed to be enough money to go around, and certainly no spare cash, but to move his company successfully into the future he needed a steady and reliable cash flow. His employees needed to be paid. They had families and household bills too. A few of the refrigerated trailers really needed some maintenance, and in order to stay competitive he really wanted to invest in specialized haulers to meet the increasing requests for loads of agricultural and energy equipment. He knew that turning down these requests made Johnson 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. John chuckled, thinking about his father. His father had been against placing GPS units in the cabs. He would say, �Why do you need the voice of some woman to tell you to get off at an exit that has been the same exit that has been there for years?� Also his father had the habit of teasing all the drivers he caught switching into automatic even though driving in automatic was much more efficient though not manly in his father�s eyes. He knew his father's days were long gone and new technology was very important for the business, like having Qualcomm to reduce communication time for bills of lading.

 

John believed a successful man is always thinking of his next step. How would he take Johnson Trucking to the next level? More importantly, how could he afford it? Business funding was tied up in fuel bills and the mortgage for the garage and office. He just finished paying off the small bank loan for installing satellite radio in the trucks for the guys.

 

But was factoring the answer? If he was being honest, he did not really understand how it all worked. It sounded like a ninth grade math problem and he wondered how this would fit into the trucking business. A factoring company actually purchases your invoices and takes control of your accounts receivable, payment being a certain percentage of the amount invoiced. 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. During those thirty days the trucking company cannot pay its employees and bills with invoices.

 

Now it was time for John to do his homework. John had heard that there were companies that charged for same day money transfers and would only advance a percentage of the money owed to your company while holding the rest in a private account if they didn�t get their bill payment within 60 or so days. 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! He'd even heard about some companies putting you onto a sliding percentage scale regardless of any previously signed contracts for possibly 3% or 7%, and there you are now with 10% coming as a charge to you out of the freight bill. His friend Ronnie who had a trucking business in Missouri, was run nearly into the ground by a factoring company that charged him the full freight bill on top of the factoring fees. He knew he would have to be very careful if he was to avoid any of these shady companies?

 

But it turned out to be quite easy. 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. He liked the idea of a long term commitment so he knew he wouldn�t have to bother going back and forth to different companies and wasting time filing more forms. He was not charged for a credit check, and in addition he was offered a fuel advance on the pick-up of a load. Many companies offered a non-recourse factoring program that suited him just fine. He was more than happy with the figures he was offered in percentage terms on the freight bills. It was good money.

 

For John it was quite a relief to be dealing with the factoring company. They were extremely helpful and more personable than the bank staff. 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. All the factoring company was interest in was the credit of his customers and on their reliability: this worked great for John because he and his father had created a very strong and loyal list of clientele over the years. So he knew they would understand when the factoring company contacted them for the invoices. His clients wouldn�t think poorly of Johnson Trucking and the factoring companies appeared capable of handling the accounts receivable in the same polite manner that his father had used over the years.

 

John stepped out of his office to let his secretary know to expect the arrival of the factoring contract shortly. There was a new bounce is his step now: he knew instinctively that this new step would raise the future of his company to a new and higher level, and that all the stress from the past could now be put behind him. He suddenly realized that, with this new cash flow, he could actually expand Johnson Trucking Company and who knows, move into Canada, which had always been his dream. 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.

 

 

 

Watch Our Factoring Videos For More Information

 

 

 

 

 

 

 

Trucking Factoring  Articles

"

�So, this is not a loan?� Clinton Thomas asked as he leaned back in his chair, crossing his legs. The woman sitting across the desk from Clinton smiled at him, shaking her head.�Not quite,� she stated.Clinton 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 Wade. He named his business Baker Trucking, named after Oscar and Dave, his two grandfathers. Both of these men had been very hardworking and had set a great example for Wade.Disaster had struck half a year ago, when two trucks in Wade�s fifteen truck fleet went down. One was a roll-over and ended up in the trucking graveyard: the other was involved in a serious and costly accident. Clinton depended on his full fleet, and missing two trucks was devastating . In addition, he just did not have the available cash to buy a new truck, plus repair the other one.Paying of bills in the trucking industry is always a major cause for concern for businesses.

 

You could go a month or more before bills were completely paid off. In the long run, this wasn�t an issue, but if problems arose, you could find yourself in trouble.Clinton wasn�t a bad owner, and he hadn�t messed up. Things had happened that he could not have predicted, and he had to figure out a way to keep his business from hurting, or even going under.And that's why he found himself across the desk from this woman. Her name was Brenda and she worked for a factoring company. He had accidentally come across her company one night when he was working late, searching the internet to see if there was some solution to his financial dilemma.Brenda explained. �it is really not a loan at all: we actually buy your accounts receivable. we are not giving you finance to be repaid later: we are purchasing something from you, and when you can you can buy it back. This is a win-win situation: we are protected from a total loss, and you're protected from the ridiculous fees and charges you'd have to pay if you borrowed from a bank.Clinton nodded. It sounded good to him, almost too good.Brenda 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.�Brenda nodded. �We get that a lot. Listen, I�d hate to see you lose your company. We know how hard you work, and that you've invested everything in your business. Sometimes you need help. That�s what we�re here for.""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,� Brenda said with a smile. �Let's work out a solution to your problem.�And with that they set about making a profile.

 

Clinton completed the form, with Brenda offering advice as needed.

 

The profile filled Brenda and her company in on Wade�s company, and would help them determine if he was suitable for factoring. In truth, not all companies were. Some were beyond factoring special brand of help, and sometimes things weren�t even dire enough for it. Listening as Clinton filled out his form, Brenda was pretty sure he was a perfect candidate for factoring.Brenda took the completed form and placed it in her briefcase. Standing up, she reached over the desk and shook Wade's hand. He stood before they shook as well, and then smiled. They said their goodbyes and Clinton 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 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 Brenda though, learning about factoring, it felt like a weight had been lifted from his shoulders. He relaxed into his chair, running his hand through his thick black hair with its telling streaks of grey.All those long, sleepless nights. The terrifying panic attacks that occurred regardless of where he was. He could feel it all fading away. He knew it wasn't over yet and that there was still a way to go, but he could just feel everything start to change for him. He was 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.Clinton 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. He wasn't passionate about the food industry. He thought long and hard, and then he decided to sell the restaurant. He took half a year off, and in that time he thought to start Baker Trucking. And that's exactly what he did. Once again he built a company from the ground up. He had been successful.And then the trucks went down, and his success looked to be in flux. He was nearing fifty. He was concerned that he just did not have the energy left to try and save the business. 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 it seemed as though he would not have to - all because of Factoring. Clinton opened his eyes, sat forward, turned his computer on. He had things to do. There would be plenty of time later to be thankful, but for now it was time to get back to work.

 

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More Trucking Factoring Company Story Articles

Why Trucking Companies Employ Factoring Companies.

 

As the operator of your own company, you may likely be more than aware already of the difficulty in making sure that capital concerns do not become a predicament down the line. Anyway, the most unfortunate thing that can quite possibly develop for your firm is to find yourself embroiled in a long and problematic condition that leaves you forever trying to find the resources you really need on an continuous basis.

 

For virtually any company in this predicament, the problem can come for waiting for work to clear up and actually be paid into your statement. Bill of sales, checks, and the like could take a while to actually to beprocessed which could leave you with short-term available resources difficulties. Gratefully, there are solutions out there for enterprises to look into-- and one of these is factoring companies.

 

Factoring providers will, in trade for your invoices, give you with the money asap to ensure that you do not need to worry about the delaying phase that could make paying out the bills and acquiring toolsmore tough. With this sort of system, invoice factoring can end up being tremendously useful for several firms who need to avoid a cash trap which they have discovered themselves in.

 

Because, depending on the volume of the job, it can take up to 60 days for some enterprises to get paid then it is very important to cover your own back and certainly not leave yourself money short to settle the expenses. After all, how many firms possess two months cash flow just occupying there to handle all their expenses till they make money?

 

This is especially correct of truck firms. They tend to deal with good deals of statements which means a substantial volume of collection period concerns company owner themselves. Attempting to get compensated promptly can turn into an extraordinary trouble and this is the reason why you make use of trucking factoring providers who are pleased to help out truckers exclusively.

 

As all of us know, trucking is an extremely big industry with lots of organizations out there hiring hundreds of drivers. Sadly, numerous of these drivers wind up in income predicaments simply because they are still anticipating work from six weeks back to actually compensate them. When this is the case for a truck organization, consulting factoring firms for reinforcement could be the most recommended alternative left.

 

This implies that a truck firm can pay out the wages of the workers, keep all the cars refilled with fuel and continue to go up, evolve and expand without constantly waiting for the money which is taking too long to come in. Trucking Companies operating without a factoring program applied are leaving themselves at significant risk, as competitions cash out quickly and carry on to expand.

 

There's honestly almost nothing to be troubled about when it comes to employing a Factoring contractor-- they commonly are not like a financial institution or someone who is going to leave you with a large pile of liability to repay. You give them genuine invoices from work you have already completed , you are only just accelerating the repayment process.

 

In the Usa, where trucking companies survive, factoring firms are not considered getting a loan in any capacity. This confidential agreement then lets both groups to benefit and take joy in a convenient future-- it gives the factoring agency a secured asset of money to put into the list and it furnishes the trucking business the needed finances that they worked hard to generate.

 

The trucking establishment provides their invoices to the factoring company. The trucking factoring firm then obtain the payment amounts from the trucking company's customers. Factoring has been all around for hundreds of years and has been utilized for long times by lots of various business-- but none more so than truckers. While you could miss out on a small part of the money, something like 1-3 % depending on who you deal with, it indicates that you are obtaining the funds today and can actually begin setting the money to function.

 

Once and for all, an IOU or an invoice is not going to finance bills, is it? For trucking enterprises when the funds can be very good one day and gone the next, it is up to the vehicle drivers to work smartly and to ascertain they are leaving themselves with a significant measure of time and finance to get through the week up until they are paid once more.

 

So the next occasion your trucking establishment is having some short-term capital challenges and you are putting in too much time chasing sluggish paying clients, why not begin thinking about employing a factoring companies as a way to get your finances and give yourself a more comfortable future in the eyes of your trucking team and your bank difference?

 

 

 

 

 

 

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Traditional Bank Loans

 

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

 

What Are Trucking Factoring Companies?

 

Trucking Factoring companies do not give loans, and the money you get from the Trucking Factoring company does not put you in debt. Rather the financing you receive from a Trucking Factoring company is based on money your business has already earned, but have not yet received. Trucking Factoring companies actually purchase your accounts receivable or at least part of them for a percentage of their total worth, Normally around 80%-95%. The amount of money you can receive is based on the amount of money you have earned and the accounts receivable you are willing to �sell.� Once a Trucking Factoring account has been created for you, it will continue for as long as you need it, with the money available continuing to grow as your business grows, and providing cash as you require it.

 

Benefits of a Trucking Factoring Company Vs. A Bank Loan

 

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

 

1. There is no debt. Since the Trucking Factoring company actually buys your accounts receivable you do not actually incur debt like you do with a bank loan. 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. Plus, the state of your credit rating is not an issue; however the Trucking Factoring company will run a credit check on your clients whose accounts receivable are being offered for financing. This means that it is easier for new businesses to access the finance they need through a Trucking Factoring company, providing their accounts receivable are in good order. A bank may believe you haven't been in business long enough to be able to cover this risk.

 

3. Receive Your Money Faster. With a Trucking Factoring company you can actually get the money you need faster. The money will normally be in your account within 24 hours, once the Trucking Factoring company is confident that your customers� accounts are likely to be paid. 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.You receive interest 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 do not have to continue to pay interest as they take it right off the top, deducting it from the total amount of accounts receivable. 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 from the above, there are some great benefits to financing through a Trucking Factoring company, and not through a traditional bank loan. In addition, there are other benefits that a Trucking Factoring company can offer you, outside the scope of a bank. The most important benefits is that once you sell your accounts receivable to the factory company, you do not have to take time away from running your business to collect the money owed from reluctant to pay customers. The Trucking Factoring company takes over that chore, since it is now their money to collect. Trucking Factoring companies are very 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.While a Trucking Factoring company is not the only way for your business to obtain the money it needs to keep growing, it does offer a type of financing well worth considering.

 

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