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Get Rid of Those Receivables! - Our Truck Factoring Companies Can Give
Your Freight Company The Cash Your Company Needs

businessfinanceresource.org

best trucking factoring company

trucking invoice factoring companies

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best trucking factoring company

Small freight businesses, particularly those who have actually not been around for really long, will typically find it difficult to secure a loan. Banks are typically hesitant to provide money to businesses that do not have a lot of income and assets. They also desire evidence of the viability of a company and thus require that most operations, specifically small ones, be in company for a particular quantity of time before they want to turn over any money. Since of this, a medium-size business typically has a couple of cash creating choices when needs occur. One option available, however often overlooked, is receivable Financing. This is an exceptional means for a medium-size company to get cash.

 

 

 

 

 

 

 

How You can Get a Quick Loan of $50,000 - Select An Accounts Receivable Factoring Company Instead Of A Traditional Bank Funding

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

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

Money flow does not have to be a problem any ever more. Do not be fooled -- banks are not the only places you can get funding. Other solutions are available and you do not have to borrow. Exactly what is truck factoring ? One solution is called trucking factoring. Truck Factoring is the procedure of offering accounts receivable to a financier rather than waiting to collect the money from the customer. Oh, the Irony- Trucking factoring has a paradoxical difference: It is the monetary foundation of many of America's most effective businesses. Why is this paradoxical ? Since receivable financing is not instructed in business colleges, is seldom discussed in company strategies and is fairly unknown to the majority of most of American company people.

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

For this service, the charge card company charges Sears a charge (typical common normal fees vary from 2 to 4 percent of the sale). The Benefits Commercial Factoring can provide many advantages to cash-hungry business. Rather than wait 30, 60, 90 days or longer for payment on an item that has already been delivered, a company can factor (sell) its receivables for cash at a small price cut off the dollar value of the invoice. Payroll, marketing efforts, and working capital are simply a few of the business needs that can be satisfied with instant  money.

Receivable Loan Financing offers the ways for a producer to renew inventory and make more products to offer: There is no longer a requirement to wait for earlier sales to be paid. FACTORING is not just a cash management tool for manufacturers: Almost any kind company can benefit from Receivable Loan Financing. Generally, a company that extends credit will have 10 to 20 percent of its yearly sales bound in accounts receivable 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 bill or this week s payroll with a client s invoice, however you can offer that invoice for the money to meet those responsibilities. Using truck factoring companies is a fast and easy procedure. The factor buys the invoice at a discount, usually a couple of portion points less than the face value of the invoice.

 

 

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bakersfield-factoring-companies

 

The U.s. Trucking Organization
mentions that there around
205,000 truck drivers with transportation
companies and
276,000 private companies trucking
firms licensed to
operate in the States that carried,
according to their most current data of millions
products, materials and
standard products .
There are a number of usual
carriers either going solo or in
groups on our country
roads transporting these
crucial items to our
stores, manufacturingplants and shipping ports.

Moreover freight bill factoring
businesses benefit
numerous of them and offer their
receivables financing services
nationallycomprising
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

 

Bakersfield�s historic and primary industries have related to Kern County�s two main industries, oil and agriculture. Kern County is the most oil productive county in America, with around 10% of the nation�s domestic production. Kern County is a part of the highly productive San Joaquin Valley, and ranks in the top five most productive agricultural counties in the nation. Major crops for Kern County include: grapes, citrus, almonds, carrots, alfalfa, cotton, and roses. The city serves as the home for both corporate and regional headquarters of companies engaged in these industries.Bakersfield also has a growing manufacturing and distribution sector. Several companies have moved to Bakersfield because of its inexpensive land and access to the rest of America, as well as international ports in both Los Angeles and Oakland. Other companies have opened regional offices and non-oil/agricultural businesses because of Bakersfield�s and Kern County�s business friendly policies, such as having no local utility or inventory taxes. Products manufactured in the city include: ice cream (world�s largest ice cream plant), central vacuums, highway paint, and stock racing cars.Bakersfield is the largest city with the lowest sales tax in California at the state minimum of 7.25%Bakersfield, city (1990 pop. 174,820), seat of Kern co., S central Calif., at the southern end of the San Joaquin valley; inc. 1898. It is an oil, mining, and agricultural center and one of the fastest-growing U.S. cities. Since the Kern River oil fields were discovered in 1899, almost all of the major oil companies have established refineries in Bakersfield. Gold was discovered in the region in 1855 and silver, borax, gypsum, and tungsten are now mined. Manufactures include chemicals, apparel, food and beverages, construction materials, fabricated metal products, paper and rubber goods, and computers. Cotton, citrus fruits, potatoes, nuts, and roses are grown in the area and there is dairying. California State Univ. Bakersfield is there, and there are major aerospace facilities, including Edwards Air Force Base. Sequoia National Forest is nearby.

 

 

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

 

Click below to find Trucking Companies in the United States:

Trucking Companies serving to/from points within the United States,
categorized by services offered. United States Trucking
Companies will be listed under all categories in which they provide specified Trucking Services.
To find companies offering specific Trucking Services in the United States, click on the list of services below.

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

 

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.

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

 

 

"

Jordan Truck & Haul have been operating their 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 heady times from 2002 to 2007, Jordan was a top rated accounts receivable mastermind of 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 Jordan in early 2008 that even though most of their loyal customers were on time with their payments, there were a few late bloomers who were starting to spread the disease. And as spring turmed to summer and summer into the early days of fall, Manuel Burns, CEO of Jordan felt a chill go down his spine whenever he would look at the weekly A/R reports. The number of clients who were late in their payments was continuing to grow.He had gone to his administrators and asked them what the problem had been. Were they doing things different, or wrong, when it came to collecting overdue accounts? By his bookkeepers records, this wasn't the case. Perhaps he was losing his customers to his competitor, who seemed to offer very low prices with no guarantee of quality or performance, and these clients who were in debt to his company had possibly disappeared leaving him stranded. Perhaps they were unable to pay their debt to him, but were able to meet the costs of a lesser service. But after doing the cursory research for this and talking to friends in the field, he found that alas, no, customers of Jordan hadn't gone elsewhere. They had just gone home.This current state-of-affairs was causing Manuel Burns to have some very restless nights. Manuel was very concerned, because there were constant overheads, goods to ship, employees to pay, and trucks which needed to be maintained, but there just wasn't the money coming back into the business. After work he would confide in his wife, Tiffany, and neither were unable to stop the constant worry over the lack of funds.""Lin, I have a really bad feeling,"" he would say with deep woe.""Well, what do you think it is?"" she would ask.Manuel would stare off for a moment and then close eyes. He could see the fleet of trucks he had purchased over the years. He could see them on the road, delivering good to all his loyal customers. But somewhere, a haze would form over his fleet and the vast number of vehicles would disappear to but a few. What on earth was happening to create the death of his business?""I know what it is,"" Manuel 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."" Linda could only grab her husband's hand and look at him lovingly, ""it is a hard economy. It might be awhile until things get settled up.

 

""Manuel knew his wife meant well, but he knew that he was responsible for too many people to sit idly by, waiting for the sun to peak over the clouds.The next day Manuel strolled into his office and was determined to sit down and make every phone call to every client who had owed Jordan money. This wasn't really a very efficient way for a Chief Executive to spend his day, and Manuel 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 Manuel was realising just how much trouble he was in.Poor Manuel 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.

 

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

 

""Sure thing Annie, come on in."" Manuel leaned back in his chair and looked expectantly at Annieerely.""Well, I did a little searching this afternoon and tried to figure out a way out of this mess Manuel."" She pulled a small stack of papers from a folder and set them on the desk before him.""Have you ever heard the word factoring?"" she asked.""It sounds vaguely familiar. What is it?"" he said.""Well,"" she began, ""It�s actually quite simple really.

 

So basically, factoring invoices would enable us to get paid on the nose for loads that we haul.""Immediately?"" Manuel interrupted.""Immediately, yes"" she added, ""it is actually very simple. We start by having a professional account manager review our figures and help us set up a company profile. Included in the profile would be the investigation of our accounts receivable aging reports, our current customers' credit limits etc.. In addition, factoring will assist in determining our customers' creditworthiness, independent from their credit relationship with our company. It provides a very broad view.""Manuel replied cautiously ""I see - and what happens then?""Following the completion of their review and once we have been approved for a contract with the factoring company, then we sit down to negotiate conditions and terms. You'll be surprised at the amount of flexibility, all dependent upon the credit histories and business volume.

 

This company tells us what the cost will be to purchase factoring for our accounts receivable. Once we arrive at a mutual agreement, the funding begins.�Manuel was still a little concerned. He leaned forward in his chair and studied the paperwork very closely.""It sounds too good to be true, Annie,"" he said.""Now, now, I know, I thought the same thing. But think about it, Manuel: they've guaranteed that experts will do all the paperwork, and that will free us up to do what we should be doing - focusing on our customers in good standing, and that kind of stuff. They appear to be very flexible, Manuel,"" she drew a circle around a paragraph on the document before him.""Just how flexible?"" asked Manuel.""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 are all tapped out now with loans from the bank last year to repair vehicles, and we all know just how tight money is. it is imperative that we keep the business rolling as usual, and every day we go unpaid we are getting closer and closer to dealing with some serious issues in both the short term and the long term,"" said Manuel.Manuel took in a long slow breath, then looked at his secretary with something like hope in his eyes.""Precisely�. This could be the answer to our prayers: it will solve many problems we are facing due to these unpaid debts.""Manuel thought about this and agreed with Annieerley. The customers who were in debt to Jordan Truck & Haul were professional resources of the company, but they were also long-standing friends. Manuel wasn't prepared to lose these relationships just because they were having financial issues at the moment. Manuel knew that the economy had taken a hit and he knew that it would probably be a long time before things started to look up again. That unknown amount of time could create a disaster situation for both of them if he wasn't careful in how these debtors were handled. Of course he did not want to lose any more money, but he did not want to lose business either.""Let me go over this tonight Annie, and thankyou."" Annie nodded, satisfied with her work, and she left the office feeling quite content in the knowledge that she had helped Manuel keep the shirt on his back, and possibly hers too.Manuel 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 Jordan Truck & Haul with? With his pencil gliding down the sheet he noticed that the factoring company could help fray the cost of fuel with fuel discount cards and fuel advances. In fact, Jordan could receive up to fifty-percent cash advances upon load pick-ups. As a man who hated binding contracts with no room to breathe, he was pleased to see that this factoring company would not make him sign a long term contract, would not make him pay any sign up fees and there was no minimum volume required.""Well, I'll have to tell Walter about this,"" Manuel muttered to himself.His son-in-law Walter had liked the idea of Jordan 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. Manuel knew then what struggles Walter would face but he encouraged him nonetheless. With the economy the way it was, if an established company such as Jordan was struggling then the little guys, like Walter, were going to be in even more trouble. But, maybe the answer for both of them was in freight factoring, and Manuel was going to find out very soon.A few months later after going through the entire application process and having the experts review his accounts receivable, credit history and statements, Manuel found himself beginning to dig his way out of the hole his delinquent account holders had created for him.They adopted reasonable factoring purchase contracts and stopped wasting their own precious time trying to collect debts. They used that time to refocus their efforts in being competitive in new territories. Manuel looked back on the dismal months of life before freight factoring and almost shuddered at the thought. He probably wouldn't be in business today had he not learned just in time about freight factoring.

 

"

 

Bakersfield�s historic and primary industries have related to Kern County�s two main industries, oil and agriculture. Kern County is the most oil productive county in America, with around 10% of the nation�s domestic production. Kern County is a part of the highly productive San Joaquin Valley, and ranks in the top five most productive agricultural counties in the nation. Major crops for Kern County include: grapes, citrus, almonds, carrots, alfalfa, cotton, and roses. The city serves as the home for both corporate and regional headquarters of companies engaged in these industries.Bakersfield also has a growing manufacturing and distribution sector. Several companies have moved to Bakersfield because of its inexpensive land and access to the rest of America, as well as international ports in both Los Angeles and Oakland. Other companies have opened regional offices and non-oil/agricultural businesses because of Bakersfield�s and Kern County�s business friendly policies, such as having no local utility or inventory taxes. Products manufactured in the city include: ice cream (world�s largest ice cream plant), central vacuums, highway paint, and stock racing cars.Bakersfield is the largest city with the lowest sales tax in California at the state minimum of 7.25%Bakersfield, city (1990 pop. 174,820), seat of Kern co., S central Calif., at the southern end of the San Joaquin valley; inc. 1898. It is an oil, mining, and agricultural center and one of the fastest-growing U.S. cities. Since the Kern River oil fields were discovered in 1899, almost all of the major oil companies have established refineries in Bakersfield. Gold was discovered in the region in 1855 and silver, borax, gypsum, and tungsten are now mined. Manufactures include chemicals, apparel, food and beverages, construction materials, fabricated metal products, paper and rubber goods, and computers. Cotton, citrus fruits, potatoes, nuts, and roses are grown in the area and there is dairying. California State Univ. Bakersfield is there, and there are major aerospace facilities, including Edwards Air Force Base. Sequoia National Forest is nearby.

 

 

More Trucking Factoring Companies Story Articles

"

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

 

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

 

To move Webb Trucking Company ahead into the future, he needed a steady cash flow but there was just not enough money to go around. 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. Every time he had to turn down a request, Webb Trucking looked weak in a very strong market.

 

His father would have told him to wait and to take his time adding on new technology. Alfred allowed himself a good hard chuckle. He remembered when his father was totally against installing GPS units in the cabs. His Dad would say ""Why on earth do you need some stranger telling you to get off the exit that everyone knows has been there for years?� He smiled to himself as he remembered his father poking fun at the other drivers who switched to automatic, even though automatic was quite obviously more efficient (though less manly). 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.

 

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

 

He wondered about factoring - was this the answer for him? 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. In return, the factoring company pays the trucking business straight away, providing immediate cash flow for the business to pay staff, purchase fuel, and do any repairs or maintenance. 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.

 

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

 

But it turned out to be quite easy. All the factoring companies he researched were open about their business practices and very friendly on the phone when he called. Their customer service actually knew things about their company and spoke in nice clear English so he could understand what was being explained. He was quite happy to sign an exclusive contract. 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. In fact there were a few companies who offered him a non-recourse factoring program, and this was exactly what he had been hoping for. He was more than happy with the figures he was offered in percentage terms on the freight bills. It was good money.

 

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

 

Alfred stepped out of his office to let his secretary know to expect the arrival of the factoring contract shortly. He felt exhilarated by the new possibilities that would make the future of the company fun again and put the stress of the difficult times behind him. He suddenly realized that, with this new cash flow, he could actually expand Webb Trucking Company and who knows, move into Canada, which had always been his dream. His heart felt full knowing his sons wouldn�t have to worry about money because of the right decisions he had made for their trucking business.

 

"

 

 

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Trucking Factoring  Articles

"

�So It is not a loan?� asked Jon Martinez, reclining back into his chair and crossing his legs. The woman who sat across the desk smiled and shook her head.�No, not exactly,� she stated.Jon was the owner of a small trucking company which had fallen on some hard times recently. Certainly the trucking business can be an extremely profitable venture, and for many years it had been that way for Thomas. He named his business Byrd Trucking, named after Rafael and Sidney, his two grandfathers. Both of these men had been very hardworking and had set a great example for Thomas.Disaster had struck half a year ago, when two trucks in Thomas�s fifteen truck fleet went down. One was involved in a very costly accident, and the other simply rolled over, and headed to the trucking graveyard. Jon 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.Jon 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.That�s where the woman across the desk came in. Jon knew she was employed by a Factoring company and that her name was Yvonne. 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 is really not a loan at all: we actually buy your accounts receivable. We aren�t giving you money to be paid back later, we�re buying something from you, and you can buy it back when you can. That way we�re protected from a complete loss, but you�re protected from the outrageous fees you would find in a loan from the bank.Jon agreed. It sounded good to him, almost too good.The woman laughed. �You look like you don�t believe me,� she chuckled.�No, I do, I just think it sounds a bit too good to be true. I thought I was going to lose my company.�Yvonne smiled, agreeing. �Yes, we get a lot of that. 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. We all need help sometimes. That�s what we�re here for.""Well, I'm very grateful that you came to see me today.""It�s right down the road, usually we do it all online, but I didn�t mind swinging on by today,� said Yvonne with a smile. �Let's work out a solution to your problem.�And with that they set about making a profile.

 

Jon completed the form, with Yvonne offering advice as needed.

 

The profile filled Yvonne and her company in on Thomas�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. As Jon completed his form, Yvonne listened to his story and she felt quite sure he would be the ideal candidate for Factoring.When the form was done Yvonne took it and slid it into her briefcase. She then stood, reached across the desk and shook Thomas�s hand. He stood before they shook as well, and then smiled. They said their goodbyes and Jon 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. But now, after speaking to Yvonne and learning all about Factoring, he felt such a huge relief, like someone had just lifted a huge weight off his shoulders. He relaxed into his chair, running his hand through his thick black hair with its telling streaks of grey.The long nights, where he couldn�t sleep. The sudden panic attacks, not matter where he was. 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. At twenty-two and straight out of school he had opened a restaurant. It had been 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 six months off, and during that time he decided to create Byrd Trucking. So he did it. Once again he built a company from the ground up. The business had been an instant success.And then the trucks went down, and his success looked to be in flux. He was nearing fifty. He didn�t think he had it in him, to save this company. But giving up wasn't part of his personality either.

 

The idea of cutting his losses, shutting down, laying off his workers, it actually made him sick some nights. He did not want to quit - both for himself and for his staff members.And now, because of factoring, he was sure he wouldn�t have to. Jon opened his eyes, sat forward, turned his computer on. 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.

 

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More Trucking Factoring Company Story Articles

Precisely why Truck Companies Use Factoring Firms.

 

As the owner of your own company, you may likely be more than conscious already of the challenge in making sure that capital concerns do not become a dilemma down the line. Anyway, the most horrible thing that can possibly transpire for your establishment is to find yourself dragged in a long and challenging circumstance that leaves you forever searching for the resources you need on an continuing basis.

 

For any establishment in this circumstance, the concern can come for waiting for work to clear up and actually be brought in into your balance. Bill of sales, checks, and the like can take a while to actually to be taken care of which can easily leave you with short-term capital problems. Gratefully, there are solutions out there for businesses to examine-- and among these is factoring firms.

 

Factoring providers will, in trade for your invoices, offer you with the cash money right now in order that you do not need to stress over the lingering time frame which could make paying off the bills and getting materialsmore difficult. With this style of setup, invoice factoring can end up being remarkably useful for lots of companies who ought to get out of a cash ploy which they have found themselves in.

 

Since, relying on the size of the project, it can take up to 60 days for some companies to get paid then it is important to blanket your own back and certainly not leave yourself resources short to pay the monthly bills. After all, how many firms have two months profits just occupying there to address all their expenses till they make money?

 

This is primarily true of truck enterprises. They usually handle good deals of statements which means a notable amount of collection time involves business owner themselves. Making an effort to get paid out in time can eventually become an amazing inconvenience and this is exactly why you utilize trucking factoring providers who are happy to help out truckers primarily.

 

As most of us determine, trucking is an amazingly huge business with a lot of agencies out there utilizing hundreds of drivers. Unfortunately, many of these drivers wind up in money dilemmas due to the fact that they are still expecting work from six weeks ago to actually compensate them. When this is the case for a trucking company, choosing factoring providers for aid may be the most suitable option left.

 

This implies that a truck corporation can pay off the paychecks of the crew, keep all the cars loaded with gas and continue to escalate, flourish and expand without consistently waiting for the money which is taking too long to come in. Trucking Enterprises running without a factoring system used are leaving themselves at critical danger, as contenders cash out quickly and carry on to develop.

 

There's honestly nothing at all to be stressed about when it comes to working with a Factoring contractor-- they usually are not like a bank or somebody who is going to leave you with a considerable heap of financial obligation to repay. You give them genuine invoices from work you have already accomplished , you are only accelerating the repayment system.

 

In the United States, where trucking establishments flourish, factoring providers are not considered getting a loan in any capacity. This private settlement then lets both parties to benefit and enjoy a comfortable future-- it provides the factoring company a warranted resource of revenue to put into the list and it furnishes the trucking business the required finances that they sweated to generate.

 

The trucking enterprise presents their statements to the factoring company. The trucking factoring firm then take the installment payments from the trucking company's clients. Factoring has been in existence for hundreds of years and has been used for long times by lots of various industries-- but none much more so than truckers. While you could lose out on a small part of the money, something like 1-3 % depending on who you collaborate with, it indicates that you are acquiring the finances today and can actually start putting the money to do work.

 

After all, an IOU or an invoice is absolutely not going to fund expenditures, is it? For trucking enterprises when the income can be really good one day and gone the next, it is up to the drivers to work sensibly and to make sure they are leaving themselves with a considerable amount of time and money to get through the week until they are handed over once again.

 

So the next period your trucking company is having some temporary cash flow challenges and you are devoting too much time chasing slowly paying clienteles, why not start off thinking about using a factoring companies as a manner to get your cash and give yourself a more pleasant future in the eyes of your trucking personnel 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. These loans can be a life-saver, but they're not always available to every business. As an example, a newly formed business may not have the required assets to qualify for a bank loan, and even if they did, it is usual practise for a bank to use the business itself as collateral. This means that if you default on your loan payment you could lose your entire business. Plus, the amount you apply for through the bank is the actual amount that you are going to receive. Once the loan is paid off, you can then apply for another loan if the need arises.

 

Trucking Factoring Companies

 

Trucking Factoring companies do not give loans, and the money you get from the Trucking Factoring company does not put you in debt. The finance you receive from the Trucking Factoring company is determined by money already earned by your business, but not yet received. The Trucking Factoring company purchases your accounts receivable, or part of them, for a certain percentage of their value - this is normally about 80-95%. The amount of money you can receive is based on the amount of money you have earned and the accounts receivable you are willing to �sell.� Once 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. You do not incur debt as you do with a bank loan because the Trucking Factoring company actually purchases your accounts receivable. One of the main benefits of this kind of financing is that your business credit rating and your personal credit rating will not be affected. Should the unforeseeable happen and your business fails, you will not have to worry about anyone coming after your personal as well as your business assets to pay off a loan. The debt goes onto your credit report with a bank loan, with only one missed payment adversely affecting your business credit: it would also affect your ability to secure insurance, and may reflect on your personal credit rating as well.

 

2. No Collateral Required. Another 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 makes it easier for fledgling businesses to get the financing they need through a Trucking Factoring company (as long as their accounts receivables are in good order) then from a bank, who may not feel that you have been in business long enough to be worth the risk of issuing you a loan.

 

3. Receive Your Money Faster. 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.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 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, there are several benefits that makes considering financing through a Trucking Factoring company over a traditional bank worthwhile. In addition, there are other benefits that a Trucking Factoring company can offer you, outside the scope of a bank. The 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. The Trucking Factoring company takes over that chore, since it is now their money to collect. Trucking Factoring companies are very good at collecting these debts, saving you the time and effort that you need to devote to your growing company.

 

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

New York City

Los Angeles


Chicago


Houston


Philadelphia


Phoenix


San Antonio


San Diego


Dallas


San Jose

Austin


Jacksonville


Indianapolis


San Francisco


Columbus


Fort Worth


Charlotte


Detroit


El Paso


Memphis

 

 

Boston


Seattle


Denver


Washington DC


Nashville-Davidson


Baltimore


Louisville/Jefferson


Portland


Oklahoma City


Milwaukee


Las Vegas


Albuquerque


Tucson


Fresno


Sacramento


Long Beach


Kansas City


Mesa


Virginia Beach


Atlanta

 

Colorado Springs


Raleigh


Omaha


Miami


Oakland


Tulsa


Minneapolis


Cleveland


Wichita


Arlington

 

New Orleans

Bakersfield

Tampa

Honolulu

Anaheim

Aurora

Santa Ana

St. Louis

Riverside

Corpus Christi

Pittsburgh

Lexington Fayette

Anchorage

Stockton

Cincinnati

St. Paul

Toledo


Newark

Greensboro

Plano

Henderson

Lincoln

Buffalo

Fort Wayne

Jersey

Chula Vista

Orlando

St. Petersburg

Norfolk

Chandler

Laredo

Madison

Durham

Lubbock

Winston Salem

Garland

Glendale

Hialeah

Reno

Baton Rouge

Irvine

Chesapeake

Irving

Scottsdale

North Las Vegas

Fremont

Gilbert town

San Bernardino

Boise

Birmingham

Rochester

Richmond

Spokane

Des Moines

 

 

 

 

 

Philadelphia

 

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