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How To Get More Cash - Our Receivable Factoring Company Can Give
Your Truck Company The Money You Need

accountreceivableloan.co.uk

trucking invoice factoring companies

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Invoice Factoring is beneficial for numerous factors. It allows a trucking business to raise cash without acquiring brand-new financial obligation. While financial obligation is occasionally necessary, the majority of truck businesses would prefer to raise money without obtaining cash. Financial obligation is risky, and when it can not be repaid, possessions can be repossessed. If the financial obligation is large enough, it might even compel a freight broker firm out of business.

 

 

 

 

 

 

 

Little Cash Flow Leaks That Keep Companies Poor - Pick A Freight�Factoring Company  Instead Of A Regular Bank Funding

How to Enhance Money Flow Without Borrowing -Cash Money flow is one of the main reasons businesses fail.

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

Cash flow does not have to be a problem any ever more. Do not be fooled -- banks are not the only locations you can get funding. Other options are available and you do not have to borrow. Exactly what is trucking factoring ? One solution is called truck factoring. Trucking Factoring is the procedure of offering accounts receivable to an investor rather than waiting to gather the money from the client. Oh, the Irony- Trucking factoring has an ironic distinction: It is the monetary foundation of numerous of America's most successful companies. Why is this ironic ? Since factoring is not taught in business colleges, is seldom mentioned in company plans and is fairly unidentified to bulk of most of American business people.

Yet it is a monetary procedure that frees billions of dollars every year, enabling countless companies to grow and succeed. Receivable Funding has actually been around for countless years. Receivable Financing Businesses are financiers who pay money 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 actually to pay in the near future. Factoring Principals--Although factoring offers exclusively with business-to-business transactions, a large percentage of the retail company uses a factoring principal. MasterCard, Visa, and American Express all utilize a type of factoring in their retail transactions. Using the purest definition of the word, these big customer finance business are really just big Truck Factoring Companies of customer paper. Think about it: You purchase at Sears and charge it to your MasterCard. The store makes money almost instantly, even though you do not make payment until you are prepared.

For this service, the charge card business charges XYZ Store a charge (typical common normal fees range from 2 to four percent of the sale). The Advantages Receivable Loan Funding can offer many advantages to cash-hungry companies. Rather than wait 30, 60, 90 days or longer for payment on a product that has currently been provided, a business can factor (sell) its receivables for cash at a small discount off the dollar value of the invoice. Payroll, marketing efforts, and working capital are simply a few of the company needs that can be met with instant  money.

Account Receivable Financing provides the means for a producer to renew stock and make more items to offer: There is no longer a requirement to await for earlier sales to be paid. FACTORING is not simply a cash management tool for manufacturers: Almost any type company can benefit from Truck 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 moment about how much is bound in 60 days' worth of invoices: You can not pay the power expense or this week s payroll with a client s invoice, however you can sell that invoice for the money to satisfy those responsibilities. Using truck factoring companies is a quick and easy procedure. The factor buys the invoice at a price cut, usually a few portion points less than the stated value of the invoice.

 

 

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"

Burlington is the largest city in the State of Vermont and the shire town (county seat) of Chittenden County. It lies 45 miles (72 km) south of the U.S.-Canadian (Vermont-Quebec) border and 94 miles (151 km) south of Montreal.Burlington had a population of 42,417 at the 2010 census. The city is the hub of the Burlington-South Burlington metropolitan area, consisting of the three northwestern Vermont counties of Chittenden, Franklin and Grand Isle and encompassing the cities of Burlington, South Burlington, and Winooski; the towns of Colchester, Essex, and Williston; and the village of Essex Junction. According to the 2012 U.S. Census estimates, the metro area had an estimated population of 213,701, approximately one third of Vermont's total population.Burlington's economy centers on education, health services, trade, transportation and utilities. There is also some manufacturing. The city has the 6th lowest unemployment rate of all metro areas (2011) at just 4.8%. Real wages were $39,980 in 2006 constant dollars and remained there to 2010; the state was $33,385; the nation, $36,871.

 

South Burlington is a city in Chittenden County, Vermont, in the United States. As of the 2010 census, the city population was 17,904. It is one of the anchors of the Burlington metropolitan area and is the second largest city in Vermont.It is composed of multiple sets of suburban neighborhoods and a commercial center, which is in the process of being converted to a downtown. It is also home to the state's largest mall, the University Mall. The city borders Lake Champlain and has a public park and beach, ""Red Rocks.""Healthcare employed 780 people as of 2008. The headquarters of Homemade, Inc. are located in South Burlington.

 

Rutland is a city in and the shire town (county seat) of Rutland County, Vermont, United States. As of the 2010 census, the city had a total population of 16,495. Rutland is located approximately 65 miles (105 km) north of Massachusetts and 20 miles (32 km) east of New York state. Rutland is the third largest city in Vermont. It is surrounded by the town of Rutland, which is a separate municipality. The downtown area of the city is listed as a historic district on the National Register of Historic Places.Major area employers are Rutland Regional Medical Center, Electric , OMYA Central Vermont Public Service (now Green Mountain Power) and Reels. E employed 975 workers in 2010. Waste Systems is the second largest private employer (behindAircraft), employing 583 employees at their headquarters on Green Hill Lane.

 

Barre /'b�ri/ is a city in Washington County, Vermont, in the United States. As of the 2010 census, the city population was 9,052. Barre City is almost completely surrounded by Barre (town), Vermont, which is incorporated separately from the City of Barre.Barre is often twinned with nearby Montpelier in local media and businesses. It is the main city in the Barre Micropolitan area which, at 59,564 residents, is the 3rd largest in Vermont (after Burlington and Rutland). Barre itself is the largest city in Washington County, and is the 4th largest city and the 10th largest municipality in Vermont.Alfred Hitchcock's movie The Trouble With Harry was premiered at the Paramount Theater in Barre on September 27, 1955.

 

Montpelier /m?nt'pi?li?r/ is a city in the U.S. state of Vermont that serves as the state capital and the shire town (county seat) of Washington County. As the capital of Vermont, Montpelier is the site of the Vermont State House, seat of the legislative branch of Vermont government. The population was 7,855 at the 2010 census. By population, it is the smallest state capital in the United States. The Vermont College of Fine Arts, and New England Culinary Institute are located in Montpelier.Since the city's establishment as capital in 1805 the primary business in Montpelier has been government, and by the mid-19th century government and life and fire insurance. Companies based in Montpelier include the Group.

 

Winooski /w?'nu?ski/ is a city in Chittenden County, Vermont, in the United States. Located at the mouth of the Winooski River, as of the 2010 census the city population was 7,267. It is part of the Burlington-South Burlington, VT Metropolitan Statistical Area.Winooski hosts the headquarters of VSAC, the Vermont Student Assistance Corporation. Their new headquarters is a large part of the city's downtown redevelopment project.[]

 

St. Albans City (county seat) Franklin County, Vermont, in the United States. At the 2010 census, the city population was 6,918. St Albans City is surrounded by St. Albans town, which is incorporated separately from the city of St. Albans. The city and area are part of the Burlington-South Burlington, VT Metropolitan Statistical Area.The USCIS has a service center in St. Albans.

 

Newport is a city in and the shire town (county seat) of Orleans County, Vermont, United States. As of the 2010 Census, the city population was 4,589. The city contains the largest population of any municipality in the county, yet encompasses the smallest area.Poulin Grain ships its farm feed products to customers in New England and tate New York. It employs about 50 workers. The plant is producing feed 24 hours a day, seven days a week.

 

Vergennes /v?r'd??nz/ is a city located in the northwest quadrant of Addison County, Vermont, in the United States. Bordered by the towns of Ferrisburgh, Panton and Waltham, as of the 2010 census the city population was 2,588, the smallest of Vermont's nine cities in terms of population (though the city of Winooski covers a smaller area). It was the first city chartered in the state.The median income for a household in the city was $37,763, and the median income for a family was $48,155. Males had a median income of $33,669 versus $20,527 for females. The per capita income for the city was $15,465. About 8.1% of families and 17.0% of the population were below the poverty line, including 8.5% of those under age 18 and 16.0% of those age 65 or over.

 

76000145 Added to NRHP December 22, 1976 Brandon is an unincorporated village and census-designated place (CDP) in the town of Brandon, Rutland County, Vermont, United States. The population of the CDP was 1,648 at the 2010 census.It includes part or all of Brandon Village Historic District.

 

Bristol is a town in Addison County, Vermont, United States. The town was founded June 26, 1762. The population was 3,894 at the 2010 census. Main Street is home to most of the businesses of the town. The town is also home to the Lord's Prayer Rock.

 

Castleton is a town in Rutland County, Vermont, United States. Castleton is about 15 miles (24 km) to the west of Rutland, and about 7 miles (11 km) east of the New York/Vermont state border. The town had a population of 4,717 at the 2010 census. Castleton State College is located there, with roots dating to 1787. Fort Warren was located in Castleton.

 

Hardwick is a town in Caledonia County, Vermont, United States. The population was 3,010 at the 2010 census. It contains the incorporated village of Hardwick and the unincorporated villages of East Hardwick and Mackville. The town is a commercial center for the region's farming population.The main settlement of Hardwick in the center of the town is a census-designated place (CDP), with a population of 1,345 at the 2010 census.The median income for a household in the town was $33,636, and the median income for a family was $39,278. Males had a median income of $27,188 versus $21,732 for females. The per capita income for the town was $14,813. About 10.5% of families and 14.0% of the population were below the poverty line, including 16.3% of those under age 18 and 14.2% of those age 65 or over.

 

Middlebury is the main settlement in the town of Middlebury in Addison County, Vermont, United States, and a census-designated place (CDP). The population was 6,588 at the 2010 census, out of a total population of 8,496 in the town of Middlebury.

 

Randolph is a town in Orange County, Vermont, United States. The population was 4,853 at the 2000 census, making Randolph the largest town in Orange County. The town is a commercial center for many of the smaller, rural farming communities that surround it.When the area was originally settled there were three villages�Randolph Center, East Randolph and West Randolph. What is now the central village of the current town had previously been the village of West Randolph.

 

Richford is a town in Franklin County, Vermont, United States. The population was 2,321 at the 2000 census.Richford is the birthplace of R.G. LeTourneau, American industrialist who founded LeTourneau University in Longview, Texas.Richford is the eastern terminus of the Missisquoi Valley Rail-Trail.

 

St. Johnsbury (sometimes locally known as ""St. Jay"") is the shire town (county seat) of Caledonia County, Vermont, United States. The population was 7,603 at the 2010 census. St. Johnsbury is located approximately 10 miles (16 km) northwest of the Connecticut River and 48 miles (77 km) south of the Canadian border.St. Johnsbury is the largest town by population in the Northeast Kingdom and serves as a commercial center for the area. In 2006, the town was named ""Best Small Town"" in National Geographic Adventure's ""Where to live and play"" feature. The more densely settled southern half of the town is defined by the U.S. Census Bureau as a census-designated place (CDP), where over 81% of the population resides.Green Mountain Mall is a shopping mall north of downtown St. Johnsbury on U.S. Route 5.[28]

 

South Barre is a census-designated place (CDP) in the town of Barre in Washington County, Vermont, United States. The population was 1,242 at the 2000 census.

 

Wilder is an unincorporated village and census-designated place (CDP) within the town of Hartford in Windsor County, Vermont. It is the location of the Wilder Dam on the Connecticut River. The population of the CDP was 1,690 at the 2010 census.

 

"

 

Vermont

 

Vermont Cities

 

The United states Trucking Association
mentions that there around
200,000 truck drivers with transportation
firms and
276,000 personal service providers trucking
firms licensed to
run in the States that transferred,
according to their most current listings of millions of
items, supplies and
fundamental materials .
There are numerous common
carriers either going solo or in
groups on our nation
highways carrying these
vital products to our
stores, manufacturingplants and shipping ports.

Moreover freight bill factoring
companies help
several of them and offer their
receivables financing services
nationallyincluding
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

 

Dairy farming has long been dominant in Vermont agriculture, although it has declined somewhat. Apples, cheese, maple syrup, and greenhouse and nursery products are important. The state's most valuable mineral resources are stone, asbestos, sand and gravel, and talc. In the areas around Rutland and Proctor is a noted marble industry, and at Barre the famous Vermont granite is quarried and processed. The manufacture of nonelectric machinery, machine tools, and precision instruments is important. The textile industry, once dominant in Burlington, has declined, but the manufacture of computer components, food products, pulp and paper, and plastics has helped to compensate for this loss. Cottage industries have long thrived in Vermont, making a variety of products from knitwear to ice cream, while captive insurance companies (insurance companies owned by the companies they insure) are more recent and growing industry. Tourism is also vitally important to the state economy.

 

 

 

View Our Trucking Factoring YouTube Videos For More Information

 

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

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

List of Trucking Companies for Owner/Operators and Company Drivers

 

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

 

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.

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.

 

 

"

Hawkins 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, Hawkins 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 to a crawl

 

. Worse still, it was noticed by Hawkins in early 2008 that even though most of their loyal customers were on time with their payments, there were a few late bloomers who were starting to spread the disease. Spring changed to summer, summer changed to fall, and the CEO of Hawkins, Bill Peters, was beginning to feel very uncomfortable indeed whenever he looked at their weekly Accounts Receivable reports. There was a growing list of clients who now owed them back debt.He had already been to the administrators to ask what the actual problem was. Were they doing things different, or wrong, when it came to collecting overdue accounts? When checking his bookkeeper's records this was definitely not the case. 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. They could not 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. The had just gone!.To Bill Peters the situation looked desperate. 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. At night he would speak to his wife Jill and shake his head in frustration.

 

""Lin, I have a really bad feeling,"" he would say with deep woe.""Well, what do you think it is?"" she would say.Bill would stare off into the distance, and then slowly close his eyes. In his mind he could clearly see the fleet of trucks purchased over the many years. He could see them on the road, delivering good to all his loyal customers. But then a haze would cover his trucks and his vast fleet would vanish to leave just a few. What could cause this ultimate death spiral of business?""I think I know what it could be,"" Bill said. ""I've relied too long on the profits I receive from invoices alone. For too long I've been allowing our clients to let their accounts become overdue."" Jill would look at her husband lovingly, and holding his hand would say 'it is such a harsh economy these days and our clients must be having difficulty meeting their responsibilities'.""Jill was trying so hard to support her husband in these worrying times, while Bill was weighed down with the worry of how he was going to handle this situation he found himself in.The next day Bill strolled into his office and was determined to sit down and make every phone call to every client who had owed Hawkins money. Now, it wasn't the most efficient way to spend a day as a chief executive, what he really needed to be doing was to be overseeing all of the other intricacies of shipment and delivery and reaching out to prospective clients or retraining his sales team to do the same. 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 Bill was realising just how much trouble he was in.Poor Bill 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.

 

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

 

""Of course Ramona, please come in."" Bill relaxed back into his chair and looked up at Ramonaerley.""Well, I did a little searching this afternoon and tried to figure out a way out of this mess Bill."" 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?"" Ramonaerley asked.""It sounds vaguely familiar. What is factoring""? he asked.She began, ""Well, it is really very simple. Basically, factoring invoices means that we would get paid immediately for the loads we haul.""Immediately?"" Bill interrupted.""Yes, immediately,"" she continued, ""In a nutshell, it is pretty easy. We can have an expert account manager review our numbers and help us complete a company profile. Included in the profile would be the investigation of our accounts receivable aging reports, our current customers' credit limits etc.. Additionally, the factoring will help to determine the creditworthiness of our customers independent of their credit history with our business. It�s a broad view.""I see,� Bill said. �And then what?""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. We come to an agreement and the funding starts pouring out.�Bill leaned forward and reviewed the paperwork closely.""It sounds too good to be true, Ramona,"" 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, Bill,"" she drew a circle around a paragraph on the document before him.""Just how flexible?"" asked Bill.""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 are 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 Bill.He took a deep breath and looked at his secretary with something she recognized as hope.""Exactly�. I think this might just be a way out of the trouble we are in with these folks who owe us money.""Bill took a moment to think about this solution, and agreed with his secretary. The clients who owed them money were long standing friends and professional resources of Hawkins. Just because they were experiencing difficulties paying their own bills now, Bill was very concerned about losing these relationships. He was well aware that the economy was in a bad way and that it might be quite a while before things started picking up. That unknown amount of time, if he handled these debtors incorrectly, could spell disaster for both of them. Of course he did not want to lose any more money, but he did not want to lose business either.""Well, let me think about this tonight Ramona, thank you."" Ramona stood up and left Bill's office, with the nice feeling of knowing that she may just have solved a very serious problem.Bill sat behind his desk and looked over the details Ramona had not mentioned in their meeting. He wondered if there might be other problems freight factoring could help Hawkins 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. Bill was surprised: it said that his company could get up to fifty percent cash advances on load pickups. Bill was a typical business man: he despised binding contracts that did not allow room to breathe, so he was pleasantly surprised to see that the factoring company did not require a long term contract, that there was no minimum volume required, and that there were no sign-up fees.""Well, I'll have to tell Tony about this,"" muttered Bill to himself.Tony is Bill's son-in-law, and he really admired the ideas behind Hawkins, so much so that only two years before he had started his own transportation service business. Bill knew then what struggles Tony would face but he encouraged him nonetheless. With the economy the way it was, if an established company such as Hawkins was struggling then the little guys, like Tony, were going to be in even more trouble. But, an antidote may have been found in freight factoring and Bill was soon to find out.Some months later, having successfully gone through the entire process of the application, having experts study his credit history and statements and review his accounts receivable, Bill found that he was starting his journey out of the despair which had been created for him by his delinquent account holders.They took on reasonable factoring purchase contracts and stopped spending their precious man hours scrambling to collect debt. They took that time and refocused effort to offering competitive prices in new territories. Bill looked back on the dismal months of life before freight factoring and almost shuddered at the thought. Had he missed the boat on this one, he probably wouldn't be in business today.

 

"

 

 

 

More Trucking Factoring Companies Story Articles

Factoring in the Future of a Trucking Business: A Story The phone was ringing on his desk, and Benjamin Ward just sat there letting it ring. He let his morning coffee cool and left his cigarette to ash itself in the tray, because he is trying to make the biggest decision ever for his trucking company. Ward Trucking Company was at a turning point of growth and Benjamin had to decide if signing with a factoring company was the right way forward.

 

Benjamin�s father had started as an owner-operator and had grown Ward Trucking Company into a fifteen trailer fleet over forty years. There had been some hard times when it seemed everything was going to go under and even Benjamin�s mother strapped herself into a cab to make hauls. His father had worked long enough to see the price of hires drop dramatically during the recession and to see the explosion of fuel prices afterwards. Now the company was solely in Benjamin�s hands and he wanted to live to see it in better shape for his sons.

 

To move Ward Trucking Company ahead into the future, he needed a steady cash flow but there was just not enough money to go around. He had employees to pay. They had families and household bills too. Some of the refrigerated trailers were in need of repairs and he felt to stay competitive it was also a good idea to invest in specialized haulers to be ready for the constant requests he was getting for loads of new energy and agriculture equipment. Every time he had to turn down a request, Ward Trucking looked weak in a very strong market.

 

He knew what his father would have said - 'wait, take your time before adding new technology'. Benjamin chuckled, thinking about his father. He remembered when his father was totally against installing GPS units in the cabs. He would say, �Why do you need the voice of some woman to tell you to get off at an exit that has been the same exit that has been there for years?� 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.

 

Benjamin knew he was right in his forward thinking. What would be the next step for Ward Trucking? And how would he be able to afford it? Funding was all tied up in the mortgage for the office and garage and in the fuel bills. Thankfully he'd just finished paying off the bank loan for the installation of satellite radio in the trucks.

 

He wondered about factoring - was this the answer for him? There was a lot he didn�t understand about the process. It sounded like a ninth grade math problem and he wondered how this would fit into the trucking business. Factoring companies buy your invoices and manage your accounts receivable for a certain percentage of the invoiced amount. The factoring company gives the trucking business its payment right away which allows the business to have continuous cash flow so it can pay employees, buy fuel, and make repairs for upcoming hauls. Without the assistance of factoring, you have to wait for customers to send you the payment which is often 30 days late. During those thirty days the trucking company cannot pay its employees and bills with invoices.

 

Now it was time for Benjamin to do his homework. Benjamin had heard that there were companies that charged for same day money transfers and would only advance a percentage of the money owed to your company while holding the rest in a private account if they didn�t get their bill payment within 60 or so days. Plus it was worse still if the customer didn�t pay up at all because then the factoring company would take it right out of the money supposed to be coming to you! He'd even heard about some companies putting you onto a sliding percentage scale regardless of any previously signed contracts for possibly 3% or 7%, and there you are now with 10% coming as a charge to you out of the freight bill. His friend Ronnie who had a trucking business in Missouri, was run nearly into the ground by a factoring company that charged him the full freight bill on top of the factoring fees. Well, what was the point of going to a factoring company if there was shady business like that going on?

 

However, it all turned out to be very simple. 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. Nobody charged him for credit checks and they offered him a fuel advance on the pick-up of the 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 Benjamin it was quite a relief to be dealing with the factoring company. They were extremely helpful and more personable than the bank staff. It seemed as though those bank people spoke another language, but these factoring guys knew the trucking business and spoke to him like a client, not like a beggar for a handout. The factoring companies were not interested in his credit nor the financial problems his father had experienced in the past. All the factoring company was interest in was the credit of his customers and on their reliability: this worked great for Benjamin because he and his father had created a very strong and loyal list of clientele over the years. He knew immediately that there would not be any problems when they were contacted by the factoring company regarding their invoices. His clients wouldn�t think poorly of Ward Trucking and the factoring companies appeared capable of handling the accounts receivable in the same polite manner that his father had used over the years.

 

Benjamin 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. With the capabilities of this new cash flow, Benjamin could actually expand Ward Trucking Company further across the country and perhaps even go international into Canada. He was a happy man again knowing that he had just made a decision which would guarantee the success of his business and his sons would not be inheriting a financial mess.

 

 

 

 

 

Receivables Factoring Rates

 

Funding A Small Business

 

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Trucking Factoring  Articles

"

�So It is not a loan?� asked Max Stephens, 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 said.Max 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 Darrell. He named his business Wood Trucking, named after Andre and Johnny, his two grandfathers. They had both been hardworking men, and had done a lot to make Max the same.Disaster had struck half a year ago, when two trucks in Darrell�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. Max 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.A big problem a lot of trucking companies came across was how bills were paid in the industry. Waiting a month or longer for bills to be paid was quite normal. In the long run, this wasn�t an issue, but if problems arose, you could find yourself in trouble.Max wasn�t a bad owner, and he hadn�t messed up. Certain events had occurred that he could not possibly have predicted, and now he had to find a way to protect his business and prevent it from ultimate devastation.And that's why he found himself across the desk from this woman. Max knew she was employed by a Factoring company and that her name was Marian. He had accidentally come across her company one night when he was working late, searching the internet to see if there was some solution to his financial dilemma.She sat there now, and explained. �It�s not a loan, we purchase your accounts receivable. We 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.Max agreed. It sounded perfect - perhaps too good?.Marian laughed. �I'm not sure that you believe me,� she said.�Oh no, I do: it just sounds too good to be true. I thought I was going to lose my company.�Marian smiled, agreeing. �Yes, we get a lot of that. Listen, I�d hate to see you lose your company. You work hard, you�ve put everything you can into it. Sometimes you need help. That�s 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 Marian with a smile. �Let�s see what we can do to help you.�And right there and then they created a business profile. Max completed the form, with Marian offering advice as needed.

 

The completed profile gave Marian and her company all the information they needed on Darrell's business, and with this information they would determine if this business would in fact be suitable for Factoring. Unfortunately, not all companies are. Some businesses are beyond the help of a Factoring company, while other businesses weren't in enough financial stress to warrant it. Listening as Max filled out his form, Marian was pretty sure he was a perfect candidate for factoring.When the form was done Marian took it and slid it into her briefcase. She then stood, reached across the desk and shook Darrell�s hand. He stood before they shook as well, and then smiled. They said their goodbyes and Max walked her to the door, and then returned to 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. Talking to Marian though, learning about factoring, it felt like a weight had been lifted from his shoulders. He relaxed into his chair, running his hand through his thick black hair with its telling streaks of grey.All those long, sleepless nights. The 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.His mind wandered back to the very beginning, when he first started his business. He had opened a restaurant at age twenty two when he was fresh out of school. It had been really successful. Offering home cooking in his own hometown, his business had really prospered.But he had gotten bored. 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 Wood Trucking. And that's exactly what he did. For the second time in his short life he created 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 about to turn fifty. He didn�t think he had it in him, to save this company. But he couldn�t give up. Just the thought of shutting down, cutting his losses, laying off his workers - the whole thing made him physically sick some nights. He didn�t know how to say quit.And now, because of factoring, he was sure he wouldn�t have to. Darrell'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.

 

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More Trucking Factoring Company Story Articles

Reasons why Trucking Agencies Use Factoring Companies.

 

As the operator of your own company, you may well be much more than aware already of the challenge in making certain that capital issues do not become a problem down the line. Anyway, the worst thing that can in all probability transpire for your enterprise is to find yourself swept up in a long and problematic situation that leaves you forever looking for the money you necessitate on an continuing basis.

 

For any company in this condition, the issue can come for waiting for work to clear up and actually be provided into your balance. Bill of sales, checks, and the like can take some time to actually to beprocessed which can certainly leave you with temporary cash flow problems. Gratefully, there are solutions out there for businesses to look into-- and just one of these is factoring companies.

 

Factoring firms will, in substitution for your bill of sales, grant you with the resources asap so you do not need to stress over the lingering time frame that could make paying off the expenses and getting materialsmore challenging. With this type of system, invoice factoring can end up being exceptionally useful for various establishments who ought to avoid a money pitfall which they have found themselves in.

 

Since, basing on the scale of the work, it can take up to 60 days for many establishments to get paid out then it is very important to blanket your own back and definitely not leave yourself funds short to pay off the costs. After all, how many establishments possess two months profits just lying there to cover all their spendings until they get paid?

 

This is particularly true of trucking establishments. They often handle good deals of invoices which means a notable quantity of collection time entails company owner themselves. Attempting to get paid off in time can turn into an extraordinary headache and this is the reason why you make use of truck factoring companies who are happy to help out truckers mainly.

 

As we all know, trucking is an remarkably massive field with countless organizations out there handling hundreds of operators. Unfortunately, numerous of these drivers land up in money predicaments given that they are still awaiting work from six weeks back to actually pay them. When this is the scenario for a truck company, depending on factoring providers for help maybe the finest choice left.

 

This means that a trucking organization can provide the wages of the work force, keep all the vehicles loaded with fuel and continue to go up, rise and expand without always waiting for the income which is taking too lengthy to come in. Trucking Companies running without a factoring program used are leaving themselves at considerable hazard, as rivals cash out rapidly and carry on to grow.

 

There's absolutely very little to be distressed about when it comes to using a Factoring firm-- they commonly are not like a banking company or an individual who is going to leave you with a huge pile of financial obligation to repay. You give them authentic invoices from work you have already accomplished , you are only accelerating the repayment process.

 

In the Usa, where trucking firms develop, factoring establishments are not considered taking on loan in any capacity. This confidential deal then lets both parties to make money and indulge in a comfortable future-- it gives the factoring business a guaranteed resource of money to put into the list and it furnishes the trucking business the needed cash that they sweated to generate.

 

The trucking company gives their invoices to the factoring agency. The trucking factoring business then receive the payment amounts from the trucking company's customers. Factoring has been all around for centuries and has been utilized for many years by plenty of diverse markets-- but none much more so than truckers. While you might lose out on a small part of the money, something like 1-3 % depending on who you deal with, it signifies that you are acquiring the finances today and can actually start off setting the resources to do work.

 

Once and for all, an IOU or an invoice is absolutely not going to pay for spendings, is it? For trucking firms when the hard earned cash can be really good one day and gone the next, it is up to the drivers to work prudently and to make sure they are leaving themselves with a significant volume of time and money to get through the week up until they are paid for once more.

 

So the next instance your trucking company is enduring some temporary cash flow problems and you are putting in way too much time chasing inactive paying clienteles, why not begin considering employing a factoring companies as a method to get your cash and give yourself a more convenient future in the eyes of your trucking workers and your bank dividend?

 

 

 

 

 

 

"

Bank Loans

 

Bank loans are an extremely traditional way for a business to get financing. While these loans are handy they are not available to every business. For example, a fairly newly established business simply may not have the assets to readily get a loan from a bank, even if they do, the standard collateral for a business loan is the business itself, which means that if you cannot make your loan payment, you risk losing your entire business. Plus, the amount you apply for through the bank is the actual amount that you are going to receive. Of course, once that loan has been re-paid, you can always re-apply for another loan.

 

Trucking Factoring Companies

 

Trucking Factoring companies do not offer loans, and you do not go into debt when you get money from a Trucking Factoring company. The finance you receive from the Trucking Factoring company is determined by money already earned by your business, but not yet received. Trucking Factoring companies actually purchase your accounts receivable or at least part of them for a percentage of their total worth, Normally around 80%-95%. The amount of 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.

 

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

 

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

 

1. There is no debt. Since the Trucking Factoring company actually buys your accounts receivable you do not actually incur debt like you do with a bank loan. 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. With a bank loan, the debt goes onto your credit report, and even one late payment can adversely affect your businesses credit, and even the ability to get insurance and may even reflect upon your personal credit rating.

 

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

 

3. You'll receive the money faster. Using a Trucking Factoring company means that you'll get the finance quicker. 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 do not 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. However, there are also a couple of other benefits that a factory company can offer your business is far beyond the scope of the bank. The most important benefits is that once you sell your accounts receivable to the factory company, you do not have to take time away from running your business to collect the money owed from reluctant to pay customers. The Trucking Factoring company takes over that chore, since it is now their money to collect. Trucking Factoring companies are very efficient at debt collecting, and this frees up your valuable time to devote to running your 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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