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How to Swim with The Banks without Being Eaten Alive - Our Receivable Factoring Company Can Provide Your Freight Company The Money Your Company Needs


at accountreceivablefactor.com

 

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Medium-Size freight brokerage companies, specifically those who have actually not been around for extremely long, will typically discover it hard to protect a loan. Banks are commonly hesitant to provide cash to businesses that do not have a lot of income and assets. They also desire proof of the practicality of a business and therefore need that the majority of operations, particularly small ones, been around for a particular quantity of time before they are prepared to turn over any money. Since of this, a small company typically has a couple of money producing options when requires arise. One alternative offered, but commonly ignored, is receivable Financing. This is an outstanding way for a small business to acquire money.

 

Is The Life of a Receivable Worth $1 to You - Select A Truck�Factoring Company  Instead Of A Traditional Bank Financing

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

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

Money flow does not have to be an issue any more. Do not be deceived -- banks are not the only places you can get financing. Other solutions are offered and you do not have to borrow. What is truck factoring ? One solution is called truck factoring. Truck Factoring is the procedure of offering accounts receivable to a financier rather than waiting to collect the cash from the customer. Oh, the Irony- Truck factoring has a paradoxical distinction: It is the financial backbone of many of America's most successful companies. Why is this ironic ? Since truck factoring is not instructed in business colleges, is seldom mentioned in company plans and is fairly unknown to bulk of most of American company people.

Yet it is a financial procedure that frees billions of dollars every year, allowing thousands of businesses to grow and prosper. FACTORING has actually been around for thousands of years. Receivable Funding Businesses are financiers who pay cash for the right to receive the future payments on your invoices. An overdue receivable or invoice has value. It is a financial obligation your customer has agreed pay in the near future. Factoring Principals--Although factoring offers exclusively with business-to-business deals, a large percentage of the retail company utilizes a factoring principal. MasterCard, Visa, and American Express all use a form of factoring in their retail deals. Utilizing the purest definition of the word, these large customer finance business are truly simply big Receivable Loan Financing Businesses of consumer paper. Consider it: You make a purchase at Sears and charge it to your MasterCard. The shop gets paid almost instantly, although you do not make payment up until you are prepared.

For this service, the charge card business charges Sears a charge (typical common normal charges range from two to 4 percent of the sale). The Benefits Factoring can provide numerous advantages to cash-hungry business. Rather than wait 30, 60, 90 days or longer for payment on a product that has currently been delivered, a business can factor (sell) its receivables for money at a small discount off the amount of the invoice. Payroll, marketing efforts, and working capital are simply a few of the company needs that can be satisfied with instant  money.

Invoice Factoring offers the ways for a producer to replenish stock and make even more items to sell: There is no longer a requirement to await for earlier sales to be paid. FACTORING is not just a money management tool for manufacturers: Practically any type business can benefit from Commercial Factoring. Typically, a business that extends credit will have 10 to 20 percent of its annual sales tied up in invoices at any given time. Think for a minute about how much is tied up in 60 days' worth of invoices: You can not pay the power expense or this week s payroll with a customer s invoice, however you can offer that invoice for the cash to satisfy those obligations. Using truck factoring companies is a quick and easy process. The factoring company purchases the invoice at a price cut, typically a few portion points less than the face value of the invoice.

 

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The United states Transportation Association mentions that there are about 205,000  work with truck firms and 300,000 private companies trucking companies certified to operate in America that  transported, according to their latest listings of millions of  items, supplies and standard materials . There are a number of  common providers either going solo or in teams on our nation roadways carrying these important items to our stores, factories and shipping ports.

Plus freight bill factoring corporations service several of them and offer their receivable loan services nationwide comprising including the following states.

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

 

 

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Invoice factoring company Calculator
This calculator will show you how much you will make by using our invoice factoring company . But, as your about to discover, you will certainly notice the increased cash flow that will occur when you use our invoice factoring company
Enter the principal balance of your invoice factoring company
(call your invoice factoring company lender and ask for the current payoff amount):
Enter the amount of your monthly invoice factoring company payment:
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Searching for the right trucking companies to move your freight can be tough, with the large amount of local, regional, and national truck carriers out there. FreightCenter helps make freight shipping simple, finding you the safest, reliable trucking companies every time you ship. Our trucking companies are licensed and insured to carry freight safely and efficiently across the country, no matter the size or type of freight you need to ship.Plus, with the high volume of freight we move, we will work to get you the best freight rates possible. Simply enter in a few details below and you�ll see instant freight rates from all the top trucking companies in one easy screen

 

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

 

United States Trucking Companies

Click below to find Trucking Companies in the United States:

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

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

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

 

EveryTruckJob.com is a free service dedicated to helping professional truck drivers find new truck driving jobs with the best trucking companies hiring today!

Locate truck driving jobs by city, state, position andbenefits offered. Search current driving jobs and fill out the EZ truck driver application customized for cdl trucking jobs

 

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

List of Trucking Companies for Owner/Operators and Company Drivers

 

 

 

 

 

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Louisville's early economy first developed through the shipping and cargo industries. Its strategic location at the Falls of the Ohio, as well as its unique position in the central United States (within one day's road travel to 60% of the cities in the continental U.S.) make it an ideal location for the transfer of cargo along its route to other destinations.[51] The Louisville and Portland Canal and the Louisville and Nashville Railroad were important links in water and rail transportation. Louisville's importance to the shipping industry continues today with the presence of the Worldport global air-freight hub for UPS at Louisville International Airport. Louisville's location at the crossroads of three major Interstate highways (I-64, I-65 and I-71) also contributes to its modern-day strategic importance to the shipping and cargo industry. As of 2003, Louisville ranks as the 7th largest inland port in the United States.[52]Recently, Louisville has emerged as a major center for the health care and medical sciences industries. Louisville has been central to advancements in heart and hand surgery as well as cancer treatment. Some of the earliest artificial heart transplants were conducted in Louisville. Louisville's thriving downtown medical research campus includes a new $88 million rehabilitation center and a health sciences research and commercialization park, that in partnership with the University of Louisville, has lured nearly 70 top scientists and researchers. Louisville is also home to Humana, one of the nation's largest health insurance companies.Louisville is home to nearly two dozen major corporations and organizations:Atria Senior LivingBrown-Forman (Fortune 1000)CafePressHillerich & Bradsby (manufacturer of Louisville Slugger baseball bats)Hilliard Lyons (investment firm)Humana (Fortune 500)Kindred Healthcare (Fortune 500)Long John Silver'sNorton HealthcarePapa John's PizzaPharMerica (Fortune 1000)Presbyterian Church (U.S.A.)Republic Bank & Trust CompanySHPS (healthcare and human resources services company)Signature HealthCARES.Y. Bancorp (holding company for Stock Yards Bank & Trust)Texas RoadhouseThorntonsTumbleweed Tex Mex Grill & Margarita BarUPS Airlines[53]Yum! Brands (owners of KFC, Pizza Hut and Taco Bell) (Fortune 500)ZirMed (health care technology company) Humana headquarters in Downtown LouisvilleLouisville for a long time was also home to Brown & Williamson, the third largest company in the tobacco industry before merging with R. J. Reynolds in 2004 to form the Reynolds American Company. Brown & Williamson, one of the subjects of the tobacco industry scandals of the 1990s, was the focus of The Insider, a 1999 film shot around the Louisville area. Also located in Louisville are two major Ford plants, the headquarters of GE Consumer & Industrial (a subsidiary of General Electric) and a major General Electric appliance factory.Additionally, Louisville is a major center of the American whiskey industry�approximately one-third of all bourbon comes from Louisville.[citation needed] Brown-Forman, one of the major makers of American whiskey, is headquartered in Louisville and operates a distillery in the Louisville suburb of Shively. The current primary distillery site operated by Heaven Hill, called the Bernheim distillery, is also located in Louisville near Brown-Forman's distillery. Other distilleries and related businesses can also be found in neighboring cities in Kentucky, such as Bardstown, Clermont, Lawrenceburg and Loretto.Louisville also prides itself in its large assortment of small, independent businesses and restaurants, some of which have become known for their ingenuity and creativity. In 1926 the Brown Hotel became the home of the Hot Brown ""sandwich"". A few blocks away, the Seelbach Hotel, which F. Scott Fitzgerald references in The Great Gatsby, is also famous for a secret back room where Al Capone would regularly meet with associates during the Prohibition era. The drink the Old Fashioned was invented in Louisville's Pendennis Club.Several major motion pictures have also been filmed in or near Louisville, including The Insider, Goldfinger, Stripes, Lawn Dogs, Elizabethtown and Secretariat.

 

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Since the mid 1980s Young Truck & Haul have been successfully running their freight business. They've delivered goods for nearly every major industry in the nation and for 20 plus years, business was booming as they've traversed the country in all weather for all clients. During the heady times from 2002 to 2007, Young 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. The money was flowing, and times were great.

 

But a short year later, in the fall of 2008, when the United States economy took a nosedive and businesses both small and large began to feel the pinch on their pocketbooks, those that used to make their demands had suddenly and largely gone silent. Business slowed down. And worse yet, Young had noticed during the early part of 2008 that though the bulk of their clients were always on time with payments, the few late-bloomers there were, had seemingly started to spread this illness. Spring changed to summer, summer changed to fall, and the CEO of Young, Scott Allen, was beginning to feel very uncomfortable indeed whenever he looked at their weekly Accounts Receivable reports. There was a growing list of clients who now owed them back debt.

 

He had 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. 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 Young money had jumped ship and decided to leave him holding the bag. They couldn't afford to pay him their debt, but they could afford a lesser service, maybe. So he did the necessary research and, after discussions with friends in the same field, he realised that no, his customers hadn't gone anywhere else. They had just gone home.

 

This current state-of-affairs was causing Scott Allen to have some very restless nights. He had employees to pay, goods to ship, trucks to maintain and overhead that was almost unbearable when compared against the lack of funds that were coming in. At night he would speak to his wife Amy and shake his head in frustration.

 

""Lin, I have a really bad feeling,"" he'd sadly say to his wife.""What could you do differently?"" she would ask.Eric 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 traveling, bringing goods to all of his clients. But then a haze would cover his trucks and his vast fleet would vanish to leave just a few. What could cause this ultimate death spiral of business?""I think I know what it could be,"" Eric said. ""For way too long I've been relying solely on profits received from invoices. I've let too many of our customers go too long without paying on their bills.""

 

All Amy could do was hold his hand and look at him tenderly. 'We know it's a difficult economy at the moment - perhaps it will take a while for people to get on top of their bills'.""

 

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

 

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

 

Poor Eric 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.

 

""Eric, can I have a word?"" she asked standing in the doorway.""Sure thing Ann, come on in."" Eric relaxed back into his chair and looked up at Anna.""Well, I did a little searching this afternoon and tried to figure out a way out of this mess Eric."" She opened up a folder she had been carrying and pulled out a small wad of papers, placing them on the desk in front of him.""Have you ever heard of factoring?"" Anna asked.""It does sound vaguely familiar. What is factoring""? he asked.""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.""Eric interrupted ""Immediately?"".

 

""Immediately, yes"" she added, ""In a nutshell, it's 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�s a broad view.��I see,� Eric said. �And then what?��Following the completion of their review and once we've been approved for a contract with the factoring company, then we sit down to negotiate conditions and terms. There�s a lot of flexibility depending on the business volume and credit histories. The company will advise us the cost to purchase factoring for our company's accounts receivable. The funding commences once we�ve arrived at an agreement.�

 

Leaning forward, Eric studied the documents very closely.""I don't know, Ann - it just sounds too good to be true"", Eric said quietly.""Now, now, I know, I thought the same thing. But think about it, Eric: they've guaranteed that experts will do all the paperwork, and that will free us up to do what we should be doing - focusing on our customers in good standing, and that kind of stuff. And they're flexible Eric,"" she drew a circle around a paragraph on the document before him.""How flexible?"" he asked.""It seems that they personalize their factoring charges so that the amount they're prepared to work with is commensurate with our client's debt and our needs. Apparently they can figure this all out in two to four days. ""

 

""It does all sound pretty good, remembering that we're all tapped out now with loans from the bank last year to repair vehicles, and we all know just how tight money is. We need to keep business rolling as normal and every day we�re going unpaid, we�re closer to facing some serious problems in both the short and long term,"" said Eric.He took a deep breath and looked at his secretary with something she recognized as hope.""Precisely�. This could be the answer to our prayers: it will solve many problems we're facing due to these unpaid debts.""

 

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

 

""Well, let me think about this tonight Ann, thank you."" Ann stood up and left Eric's office, with the nice feeling of knowing that she may just have solved a very serious problem.Eric 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 Young 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, Young could receive up to fifty-percent cash advances upon load pick-ups. Eric was a typical business man: he despised binding contracts that didn't allow room to breathe, so he was pleasantly surprised to see that the factoring company didn't require a long term contract, that there was no minimum volume required, and that there were no sign-up fees.

 

""I must tell Billy the good news,"" muttered Eric to himself.Eric's son-in-law, Billy, loved the idea behind Young and highly respected his father-in-law for having such great business sense, that two years ago he got his capital together and started his own transportation company. Eric knew then what struggles Billy would face but he encouraged him nonetheless. With the faltering economy, if a big fish like Young was hurting, a little guy like Billy was about to catch his death. 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, Eric found that he was starting his journey out of the despair which had been created for him by his delinquent account holders.

 

They adopted reasonable factoring purchase contracts and stopped wasting their own precious time trying to collect debts. They took that time and refocused effort to offering competitive prices in new territories. Eric looked back on the dismal months of life before freight factoring and almost shuddered at the thought. He probably wouldn't be in business today had he not learned just in time about freight factoring.

 

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More Trucking Factoring Companies Story Articles

Reasons why Trucking Corporations Employ Factoring Firms

 

As the manager of your own business enterprise, you may well be much more than mindful already of the hardship in making certain that capital concerns do not become a dilemma down the line. Anyway, the most awful thing that can quite possibly happen for your establishment is to find yourself embroiled in a long and troublesome condition that leaves you forever trying to find the money you need on an continuous basis.

 

For any establishment in this scenario, the complication can come for waiting for work to lapse and actually be compensated into your bank account. Statements, checks, and the like can take a while to actually to be taken care of which may leave you with short-term capital dilemmas. The good news is, there are options out there for firms to check out-- and just one of these is factoring companies.

 

Factoring firms will, in substitution for your bill of sales, give you with the resources now in order that you don't have to stress over the delaying duration which could make paying off the bills and purchasing materialsmore difficult. With this kind of setup, invoice factoring can end up being extremely useful for lots of companies who need to get out of a money trap which they have found themselves in.

 

Given that, basing on the volume of the work, it can take up to 60 days for several companies to get compensated then it's critical to cover up your own back and definitely not leave yourself cash short to settle the costs. After all, how many business enterprises have two months revenue just lying there to handle all their spendings till they make money?

 

This is most notably correct of truck firms. They often tend to handle good deals of statements which means a notable quantity of collection period involves business owner themselves. Trying to get paid off in time can develop into an extraordinary difficulty and this is the key reasons why you use trucking factoring organizations who are happy to help out truckers exclusively.

 

As we all recognize, trucking is an exceptionally large industry with countless agencies out there working with hundreds of drivers. However, numerous of these drivers end up in income issues due to the fact that they are still waiting on work from six weeks ago to actually compensate them. When this is the circumstance for a trucking agency, resorting to factoring firms for support maybe the most ideal option left.

 

This indicates that a truck corporation can pay the salaries of the work force, keep all the cars refilled with fuel and continue to go up, evolve and expand without constantly waiting for the funds which is taking too long to come in. Trucking Companies running without a factoring system established are leaving themselves at significant hazard, as contenders cash out promptly and carry on to expand.

 

There's honestly not much to be stressed about when it comes to making use of a Factoring company-- they typically aren't like a bank or someone who is going to leave you with a massive mass of financial obligation to repay. You give them legitimate invoices from job you have already finished , you are only just speeding up the repayment system.

 

In the Usa, where truck enterprises do well, factoring providers are not considered borrowing in any capacity. This private agreement then permits both groups to profit and enjoy a convenient future-- it provides the factoring firm a guaranteed asset of money to include in the list and it supplies the trucking business the required finances that they worked hard to get.

 

The trucking enterprise provides their accounts to the factoring enterprise. The trucking factoring agency then take the payments from the trucking company's clients. Factoring has been in existence for hundreds of years and has been utilized for decades by many varying fields-- but none much more so than truckers. While you could lose out on a small part of the money, something like 1-3 % depending upon who you partner with, it indicates that you are getting the money today and can actually begin setting the money to perform.

 

After all, an IOU or an invoice is absolutely not going to pay for bills, is it? For trucking firms when the income can be very good one day and gone the next, it's up to the vehicle drivers to work prudently and to make sure that they are leaving themselves with a substantial measure of time and finance to get through the week till they are compensated once more.

 

So the next instance your trucking establishment is having some momentary cash flow challenges and you are putting in a lot of time chasing sluggish paying clients, why not start looking at using a factoring companies as a method to get your money and give yourself a more at ease future in the eyes of your trucking personnel and your bank difference?

 

 

 

 

Watch Our Freight Factoring Videos For More Information

 

 

 

 

 

 

Trucking Factoring  Articles

�So it�s not a loan?� Stephen Wright asked as he leaned back in his chair, crossing his legs. The woman who sat across the desk smiled and shook her head.�No, not exactly,� she said.Stephen Wright owned a small trucking company, and his business had recently fallen on difficult times. Certainly the trucking business can be an extremely profitable venture, and for many years it had been that way for Stephen. He named his business H&S Trucking, named after Hank and Sam, his two grandfathers. Both of these men had been very hardworking and had set a great example for Stephen.Disaster had struck half a year ago, when two trucks in Stephen�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. Stephen depended on his full fleet, and missing two trucks was devastating . Furthermore, buying a whole new truck and fixing the other simply took more cash than Stephen had on hand.Paying of bills in the trucking industry is always a major cause for concern for businesses. You could go a month or more before bills were completely paid off. In the long run, this wasn�t an issue, but if problems arose, you could find yourself in trouble.Stephen wasn�t a bad owner, and he hadn�t messed up. Certain events had occurred that he couldn't possibly have predicted, and now he had to find a way to protect his business and prevent it from ultimate devastation.That�s where the woman across the desk came in. Her name was Rebecca and she worked for a factoring company. Stephen had come across her company as he sat in his office late one night, pouring over the internet for some solution to his problem long after his employees had gone home.Rebecca explained. �It�s not a loan, we purchase your accounts receivable. We're not giving you finance to be repaid later: we're purchasing something from you, and when you can you can buy it back. This is a win-win situation: we're 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.Stephen agreed. It sounded perfect - perhaps too good?.The woman laughed. �You look like you don�t believe me,� she said.�No, I do, I just think it sounds a bit too good to be true. I actually thought I might end up losing my business.�Rebecca 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 why we do what we do.��Well, I'm very grateful that you came to see me today.��No problem - I'm just down the road. We normally do it all online but I was happy to come and visit you today,� said Rebecca with a smile. �Let�s see what we can do to help you.�And right there and then they created a business profile. Stephen completed the form, with Rebecca offering advice as needed. The completed profile gave Rebecca and her company all the information they needed on Stephen's business, and with this information they would determine if this business would in fact be suitable for Factoring. In truth, not all companies were. Some businesses are beyond the help of a Factoring company, while other businesses weren't in enough financial stress to warrant it. As Stephen completed his form, Rebecca listened to his story and she felt quite sure he would be the ideal candidate for Factoring.When the form was done Rebecca took it and slid it into her briefcase. She then stood, reached across the desk and shook Stephen�s hand. He also stood up, and they smiled at each other. Stephen walked Rebecca to the door where they said 'Goodbye', then he went back into his office.All his staff members were there, all seven who worked in his office. Sitting behind his desk once more he could hear the familiar sounds of his office workers going about their daily business.He leaned back and closed his eyes. He had felt so helpless lately, was sure the whole thing was collapsing, and would take him with it. But now, after speaking to Rebecca and learning all about Factoring, he felt such a huge relief, like someone had just lifted a huge weight off his shoulders. He sat back in his chair and ran a hand through his graying but still thick black hair.The long nights, where he couldn�t sleep. The sudden panic attacks, not matter where he was. Already he could feel all the stress start to drain 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 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.Stephen couldn�t help but think back to when he had first started the business. He had opened a restaurant at age twenty two when he was fresh out of school. It had been really successful. Home cooking in his hometown, and he had done very well.But it wasn't what he really wanted to do. His passion didn�t lie with the food industry. He thought long and hard, and then he decided to sell the restaurant. He took six months off, and during that time he decided to create H&S 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 didn't have the energy left to try and save the business. But he couldn�t give up. The idea of cutting his losses, shutting down, laying off his workers, it actually made him sick some nights. He didn't want to quit - both for himself and for his staff members.And now, because of factoring, he was sure he wouldn�t have to. Stephen's eyes opened, he sat forward in his chair and turned on his computer. He had things to do. He could be thankful later, for now, it was time to work.

 

 

 

More Trucking Factoring Company Story Articles

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Hill 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 boom times from 2002 to 2007 Hill Truck & Haul was the mastermind of a top-rated accounts receivable in the trucking industry. Very few customers were behind on their bills, and those customers who were late turned in their overdue payments within an acceptable time frame. Cash was flowing and times were good for all.

 

It was just one year later, in 2008, when the economy in the United States took a sharp decline, and both large and small businesses started to notice the squeeze on their pocketbooks: everyone had suddenly gone silent. Business slowed to a crawl. And worse yet, Hill had noticed during the early part of 2008 that though the bulk of their clients were always on time with payments, the few late-bloomers there were, had seemingly started to spread this illness. And as spring turmed to summer and summer into the early days of fall, Jim Hill, CEO of Hill 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 Hill money had jumped ship and decided to leave him holding the bag. They couldn't afford to pay him their debt, but they could afford a lesser service, maybe. But after doing the cursory research for this and talking to friends in the field, he found that alas, no, customers of Hill hadn't gone elsewhere. They had just gone home.

 

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

 

""Lin, I have a really bad feeling,"" he'd sadly say to his wife.""Well, what do you think it is?"" she would say.Jim would stare off for a moment and then close eyes. In his mind he could clearly see the fleet of trucks purchased over the many years. He could see them on the road, delivering good to all his loyal customers. But then a haze would cover his trucks and his vast fleet would vanish to leave just a few. Why couldn�t he work out how to resolve this financial problem with his business?""I think I know what it could be,"" Jim 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.""

 

All Sue could do was hold his hand and look at him tenderly. 'We know it's a difficult economy at the moment - perhaps it will take a while for people to get on top of their bills'.""

 

Jim knew very well that Sue was only trying to help, but his responsibilities weighed heavily on his shoulders and he knew he had better do something soon to resolve this situation.

 

The next day Jim strolled into his office and was determined to sit down and make every phone call to every client who had owed Hill money. This wasn't really a very efficient way for a Chief Executive to spend his day, and Jim knew he should be overseeing all the other sides of the business, such as shipments and deliveries, approaching prospective customers, or working with his sales team. Even though he was doing something to help his company, he knew he had folks on salary to do just this thing. Wasting money, wasting time - even with the best of intentions, Jim knew that he was in trouble.

 

Poor Jim 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.

 

""Can I have a word with you Jim?"" she queried, standing in the doorway.""Of course Bev, please come in."" Jim relaxed back into his chair and looked up at Beverley.""Well, I did a little searching this afternoon and tried to figure out a way out of this mess Jim."" She 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. Basically, factoring invoices means that we would get paid immediately for the loads we haul.""""Immediately?"" Jim interrupted.

 

""Immediately, yes"" she added, ""In a nutshell, it's 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.. In addition, factoring will assist in determining our customers' creditworthiness, independent from their credit relationship with our company. It provides a very broad view.��I see,� Jim said. �And then what?��Well, after their review, and we�re approved for a factoring contract, we can negotiate terms and conditions. You'll be surprised at the amount of flexibility, all dependent upon the credit histories and business volume. The company will advise us the cost to purchase factoring for our company's accounts receivable. Once we arrive at a mutual agreement, the funding begins.�

 

Jim was still a little concerned. He leaned forward in his chair and studied the paperwork very closely.""It sounds too good to be true, Bev,"" he said.""Now, now, I know, I thought the same thing. But really, they have guaranteed us experts that do all the legwork, which would free us up here to focus on our clients in good standing and marketing, all that good stuff. They appear to be very flexible, Jim,"" she underlined a paragraph on the paper before him.""Just how flexible?"" asked Jim.""It seems that they personalize their factoring charges so that the amount they're prepared to work with is commensurate with our client's debt and our needs. It only takes 2 to 4 days for this to be figured out. ""

 

""That sounds pretty good, seeing as we tapped ourselves out with bank loans last year to repair the fleet and money sure is tight. We need to keep business rolling as normal and every day we�re going unpaid, we�re closer to facing some serious problems in both the short and long term,"" said Jim.He took a deep breath and looked at his secretary with something she recognized as hope.""Precisely�. This could very well be the answer to resolving the problems we're having with these clients who still owe us money.""

 

Jim thought about this and agreed with Beverley. The clients who owed them money were long standing friends and professional resources of Hill. They didn't want to throw away these relationships because they were having trouble paying their bills now. Jim knew only too well that the whole economy was floundering, and that it was not going to change overnight. That unknown amount of time, if he handled these debtors incorrectly, could spell disaster for both of them. He didn't want to lose business but he also didn't want to lose any more money.

 

""Well, let me think about this tonight Bev, thank you."" Bev nodded, satisfied with her work, and she left the office feeling quite content in the knowledge that she had helped Jim keep the shirt on his back, and possibly hers too.Jim stayed at his desk for a long time, looking over the details they hadn't discussed during their meeting. What other issues could freight factoring help Hill 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. Jim was surprised: it said that his company could get up to fifty percent cash advances on load pickups. As a man who hated binding contracts with no room to breathe, he was pleased to see that this factoring company would not make him sign a long term contract, would not make him pay any sign up fees and there was no minimum volume required.

 

""I must tell Billy the good news,"" Jim muttered to himself.His son-in-law Billy had liked the idea of Hill so much and revered his father in law for having such business acumen that only two years before, he had gathered the venture capital to begin his own transportation service company. At that time Jim knew the struggles Billy would face, but he still encouraged him to follow his dream. With the faltering economy, if a big fish like Hill was hurting, a little guy like Billy was about to catch his death. But, an antidote may have been found in freight factoring and Jim was soon to find out.

 

A few months later after going through the entire application process and having the experts review his accounts receivable, credit history and statements, Jim found himself beginning to dig his way out of the hole his delinquent account holders had created for him.

 

They took on reasonable factoring purchase contracts and stopped spending their precious man hours scrambling to collect debt. They took that time and refocused effort to offering competitive prices in new territories. Jim looked back on the dismal months of life before freight factoring and almost shuddered at the thought. He probably wouldn't be in business today had he not learned just in time about freight factoring.

 

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Traditional Bank Loans

 

Bank loans are an extremely traditional way for a business to get financing. These loans can be a life-saver, but they're not always available to every business. As an example, a newly formed business may not have the required assets to qualify for a bank loan, and even if they did, it's usual practise for a bank to use the business itself as collateral. This means that if you default on your loan payment you could lose your entire business. Plus, the amount you apply for through the bank is the actual amount that you are going to receive. Of course, once that loan has been re-paid, you can always re-apply for another loan.

 

Trucking Factoring Companies

 

Trucking Factoring companies don't offer loans, and you don't go into debt when you get money from a Trucking Factoring company. 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 you have set up Trucking Factoring account it continues as long as you wish it too and the amount of money available to you even can grow as your business grows, giving you the ready cash you need to meet your own obligations.

 

Benefits of a Trucking Factoring Company Vs. A Bank Loan

 

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

 

1. You Won't Incur Debt. You don't incur debt as you do with a bank loan because the Trucking Factoring company actually purchases your accounts receivable. One of the main benefits of this kind of financing is that your business credit rating and your personal credit rating won't be affected. In the event that your business fails, you wouldn't have to be concerned about someone coming after your personal or your business assets in order to pay off a loan. The debt goes onto your credit report with a bank loan, with only one missed payment adversely affecting your business credit: it would also affect your ability to secure insurance, and may reflect on your personal credit rating as well.

 

2. There's no collateral required. Another benefit of using a Trucking Factoring company instead of a traditional loan is that you aren't required to provide collateral to the Trucking Factoring company in order to secure financing, because the company �buys� the accounts receivables; not loans you money based on them. In addition, while the Trucking Factoring company does run a credit check on your customers whose accounts receivables are offered for financing, the state of your credit is not an issue. This means that it's easier for new businesses to access the finance they need through a Trucking Factoring company, providing their accounts receivable are in good order. A bank may believe you haven't been in business long enough to be able to cover this risk.

 

3. You'll receive the money faster. With a Trucking Factoring company you can actually get the money you need faster. The money will normally be in your account within 24 hours, once the Trucking Factoring company is confident that your customers� accounts are likely to be paid. With a bank, there are vast amounts of paperwork, then the loan has to be underwritten, which can take months before you actually see the loan if it is approved.

 

4.You receive interest up-front. With a bank loan interest continues to build, and this has to be paid the whole time you have a business loan; however with a Trucking Factoring company there is no interest - they take it right off the top by deducting it from the total amount of receivable accounts. So not only are you relieved of those monthly loan payments, but you also don't have to worry about the building up of interest, as every penny in the account is yours to spend on the business.

 

As you can see, there are several benefits that makes considering financing through a Trucking Factoring company over a traditional bank worthwhile. 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.While a Trucking Factoring company is not the only way for your business to obtain the money it needs to keep growing, it does offer a type of financing well worth considering.

 

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Factoring Companies by City

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

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

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

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

Colorado Springs
Raleigh
Omaha
Miami
Oakland
Tulsa
Minneapolis
Cleveland
Wichita
Arlington