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The Company Who Won the Prize For -
Our Factoring Receivables Companies
Can Give
Your Truck Company
The Cash You Need



best trucking factoring company

trucking invoice factoring companies

best trucking factoring company

best trucking factoring

Truck Factoring is advantageous for numerous reasons. It permits a trucking business to raise cash without acquiring new financial obligation. While financial obligation is sometimes essential, many trucking companies would choose to raise cash without borrowing money. Debt is risky, and when it can not be paid back, assets can be repossessed. If the debt is large enough, it might even force a freight brokerage out of business.

How to Get Cash And Grow Your Company - Select 

A Freight�Factoring Company  Instead Of A Regular Bank Financing

How to Enhance Cash Flow Without Loaning -Cash Money flow is among the primary reasons businesses fail.

At one time or another, every company, even successful ones, have experienced poor cash flow.

Money flow does not have to be a problem any more. Do not be deceived -- banks are not the only locations you can get funding. Other solutions are offered and you do not have to borrow. What is truck factoring ? One option is called factoring receivables companies. Trucking Factoring is the procedure of offering invoices to a financier instead of waiting to collect the money from the client. Oh, the Irony- Truck factoring has a paradoxical distinction: It is the financial foundation of many of America's most effective companies. Why is this ironic ? Since receivable funding is not taught in business colleges, is rarely discussed in business plans and is fairly unknown to the majority of most of American company people.

Yet it is a financial process that frees billions of dollars every year, enabling countless businesses to grow and prosper. Invoice Factoring has actually been around for thousands of years. FACTORING Companies are investors who pay cash for the right to receive the future payments on your invoices. An overdue receivable or invoice has value. It is a debt your client has agreed pay in the near future. Factoring Principals--Although factoring offers exclusively with business-to-business deals, a big percentage of the retail business utilizes a factoring principal. MasterCard, Visa, and American Express all utilize a form of factoring in their retail deals. Utilizing the purest meaning of the word, these large customer finance companies are truly simply big Receivable Loan Financing Businesses of customer paper. Think about it: You make a purchase at Sears and charge it to your MasterCard. The store gets paid almost immediately, even though you do not pay up until you are ready.

For this service, the credit card company charges Sears a charge (typical common normal fees vary from 2 to 4 percent of the sale). The Benefits Staffing Factoring can provide many benefits to cash-hungry business. Rather than wait 30, 60, 90 days or longer for payment on a product that has actually currently been delivered, a company can factor (sell) its receivables for money at a little price cut off the amount of the invoice. Payroll, marketing efforts, and working capital are just a few of the company needs that can be met with instant  money.

Factoring Receivables Companies offers the ways for a producer to renew stock and make even more products to sell: There is no longer a need to wait for earlier sales to be paid. Receivable Loan Financing is not just a cash management tool for manufacturers: Almost any type business can take advantage of Receivable Loan Financing. Typically, a company that extends credit will have 10 to 20 percent of its yearly sales tied up in invoices at any given time. Think for a minute about how much is bound in 60 days' worth of invoices: You can not pay the power bill or this week s payroll with a customer s invoice, however you can offer that invoice for the money to meet those obligations. Using truck factoring companies is a fast and easy procedure. The factoring company buys the invoice at a discount, usually a couple of portion points less than the face value of the invoice.



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The American Transportation Organization
states that there are about
200,000 work with transportation
firms and
250,000 personal service providers trucking
companies accredited to
operate in America that transported,
according to their newest data of millions
products, supplies and
basic materials .
There are numerous common
providers either going solo or in
teams on our country
highways transferring these
vital items to our
stores, manufacturing facilities and harbors.

Andfreight factoring
firms benefit
many of them and offer their
accounts receivablesfinancing facilities
countrywide including
including the following states.

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



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

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

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


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.


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


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


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.




Turner Truck and Haul has been in business since the mid 1980s. They've delivered goods for nearly every major industry in the nation and for 20 plus years, business was booming as they've traversed the country in all weather for all clients. During the heady times from 2002 to 2007, Turner was a top rated accounts receivable mastermind of the trucking industry. Few customers were ever late on bills and those clients who were, were sure to turn in their late payments within a reasonable amount of time. Times were great for everyone, and the cash was flowing.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


. And worse yet, Turner 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 Turner, Harold Alvarez, 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. Perhaps he was losing his customers to his competitor, who seemed to offer very low prices with no guarantee of quality or performance, and these clients who were in debt to his company had possibly disappeared leaving him stranded. Perhaps they were unable to pay their debt to him, but were able to meet the costs of a lesser service. But after doing the cursory research for this and talking to friends in the field, he found that alas, no, customers of Turner hadn't gone elsewhere. The had just gone!.This current state-of-affairs was causing Harold Alvarez to have some very restless nights. Harold was very concerned, because there were constant overheads, goods to ship, employees to pay, and trucks which needed to be maintained, but there just wasn't the money coming back into the business. In the evenings he would discuss his concerns with his wife, Marie, and still find no relief from the worry and frustration.


""Lin, I have a really bad feeling,"" he would say with deep woe.""Well, what do you think it is?"" she would say.Harold would stare off for a moment and then close eyes. He could see the fleet of trucks he had purchased over the years. He could see them on the road, delivering good to all his loyal customers. But then a haze would cover his trucks and his vast fleet would vanish to leave just a few. Why couldn�t he work out how to resolve this financial problem with his business?""I think I know what it could be,"" Harold 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."" Linda could only grab her husband's hand and look at him lovingly, ""It's a hard economy. It might be awhile until things get settled up.


""Harold knew his wife meant well, but he knew that he was responsible for too many people to sit idly by, waiting for the sun to peak over the clouds.The next day Harold strolled into his office and was determined to sit down and make every phone call to every client who had owed Turner money. This wasn't really a very efficient way for a Chief Executive to spend his day, and Harold knew he should be overseeing all the other sides of the business, such as shipments and deliveries, approaching prospective customers, or working with his sales team. But, he felt like he was doing something proactive to help his business, even though he had staff on salary to do just that thing. Wasting money, wasting time - even with the best of intentions, Harold knew that he was in trouble.


Poor Harold 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.


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


""Sure thing Tina, come on in."" Harold relaxed back into his chair and looked up at Tinaerley.""Well, I did a little searching this afternoon and tried to figure out a way out of this mess Harold."" 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 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.""""Immediately?"" Harold interrupted.""Yes, immediately,"" she continued, ""It's actually very simple. We start by having a professional account manager review our figures and help us set up a company profile. Included in the profile would be the investigation of our accounts receivable aging reports, our current customers' credit limits etc.. In addition, factoring will assist in determining our customers' creditworthiness, independent from their credit relationship with our company. It�s a broad view.��I see,� Harold said. �And then what?��Following the completion of their review and once we've been approved for a contract with the factoring company, then we sit down to negotiate conditions and terms. There�s a lot of flexibility depending on the business volume and credit histories. This company tells us what the cost will be to purchase factoring for our accounts receivable. The funding commences once we�ve arrived at an agreement.�Harold was still a little concerned. He leaned forward in his chair and studied the paperwork very closely.""It sounds too good to be true, Tina,"" he said.""Yes, I know; that's exactly what I thought at the beginning. But really, they have guaranteed us experts that do all the legwork, which would free us up here to focus on our clients in good standing and marketing, all that good stuff. They appear to be very flexible, Harold,"" she underlined a paragraph on the paper 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. It's imperative that we keep the business rolling as usual, and every day we go unpaid we're getting closer and closer to dealing with some serious issues in both the short term and the long term,"" said Harold.Harold took in a long slow breath, then looked at his secretary with something like hope in his eyes.""Exactly�. I think this might just be a way out of the trouble we're in with these folks who owe us money.""Harold 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 Turner. They didn't want to throw away these relationships because they were having trouble paying their bills now. He was well aware that the economy was in a bad way and that it might be quite a while before things started picking up. That unknown amount of time could create a disaster situation for both of them if he wasn't careful in how these debtors were handled. He didn't want to lose business but he also didn't want to lose any more money.""Let me go over this tonight Tina, and thankyou."" Tina nodded, satisfied with her work, and she left the office feeling quite content in the knowledge that she had helped Harold keep the shirt on his back, and possibly hers too.Harold sat behind his desk and looked over the details Tina had not mentioned in their meeting. He wondered if there might be other problems freight factoring could help Turner 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. Harold was surprised: it said that his company could get up to fifty percent cash advances on load pickups. Harold 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 Jerome the good news,"" Harold muttered to himself.Harold's son-in-law, Jerome, loved the idea behind Turner and highly respected his father-in-law for having such great business sense, that two years ago he got his capital together and started his own transportation company. At that time Harold knew the struggles Jerome would face, but he still encouraged him to follow his dream. With the faltering economy, if a big fish like Turner was hurting, a little guy like Jerome was about to catch his death. Perhaps the antidote to these problems was in freight factoring, and they were about 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, Harold 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. Harold recalled those dismal months when he wasn't aware of freight factoring, and he shuddered at those memories. If Harold hadn't discovered freight factoring at just the right time, his business may not be operating today.





More Trucking Factoring Companies Story Articles


The Future of a Trucking Company, and Factoring The phone was ringing on his desk, and Dan Hart 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. Hart Trucking Company had reached a turning point and he now had to make a decision as to whether he should sign up with a factoring company, and indeed if this would be a good or regrettable decision for his business.


More than forty years ago Dan's father had started this business working as an owner-operator and eventually growing Hart Trucking Company into a fifteen trailer fleet. There had been some hard times when it seemed everything was going to go under and even Dan�s mother strapped herself into a cab to make hauls. His father had lived long enough to witness the price of hires drop during the recession and watch the eruption of fuel prices afterwards. Now the company was solely in Dan�s hands and he wanted to live to see it in better shape for his sons.


To move Hart Trucking Company ahead into the future, he needed a steady cash flow but there was just not enough money to go around. His employees needed to be paid. They had families and household bills too. 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, Hart Trucking looked weak in a very strong market.


He knew what his father would have said - 'wait, take your time before adding new technology'. Dan chuckled, thinking about his father. He remembered when his father was totally against installing GPS units in the cabs. His Dad would say ""Why on earth do you need some stranger telling you to get off the exit that everyone knows has been there for years?� He smiled to himself as he remembered his father poking fun at the other drivers who switched to automatic, even though automatic was quite obviously more efficient (though less manly). He knew his father's days were long gone and new technology was very important for the business, like having Qualcomm to reduce communication time for bills of lading.


Dan knew he was right in his forward thinking. What would be the next step for Hart Trucking? More importantly, how could he afford it? Funding was all tied up in the mortgage for the office and garage and in the fuel bills. He just finished paying off the small bank loan for installing satellite radio in the trucks for the guys.


But was factoring the answer? There was a lot he didn�t understand about the process. It sounded a lot like ninth grade algebra which just didn�t feel like it belonged as part of the trucking business. A factoring company actually purchases your invoices and takes control of your accounts receivable, payment being a certain percentage of the amount invoiced. The factoring company gives the trucking business its payment right away which allows the business to have continuous cash flow so it can pay employees, buy fuel, and make repairs for upcoming hauls. Without 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 can't pay its employees and bills with invoices.


Dan had to really consider what his next step was going to be. Dan 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! Through the grapevine, he�d also heard about how some companies suddenly slipped you onto a sliding scale of percentages even if you had already signed a lengthy contract for maybe 3% or 7% so there you are with 10% coming as a cost to you out of the freight bill. His colleague, Ronnie, who owned a trucking company in Missouri, was nearly destroyed by a factoring company who charged him the full freight bill on top of the fees for factoring. 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 sounded like a great scheme to him.


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


Feeling happier now, Dan stepped out of his office to advise his secretary to expect to receive the contract very shortly from the factoring company. There was a new bounce is his step now: he knew instinctively that this new step would raise the future of his company to a new and higher level, and that all the stress from the past could now be put behind him. With the capabilities of this new cash flow, Dan could actually expand Hart Trucking Company further across the country and perhaps even go international into Canada. His heart felt full knowing his sons wouldn�t have to worry about money because of the right decisions he had made for their trucking business.





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Trucking Factoring  Articles

�So It is not a loan?� asked Mario Perry, reclining back into his chair and crossing his legs. The woman sitting across the desk from Mario smiled at him, shaking her head.�No, not exactly,� she stated.Mario was the owner of a small trucking company which had fallen on some hard times recently. Trucking could be a profitable business, and for a little under a decade, it had been for Philip. He named his business Matthews Trucking, named after Jeffery and Byron, his two grandfathers. Both of these men had been very hardworking and had set a great example for Philip.Disaster had struck half a year ago, when two trucks in Philip�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. The financial security of Philip's company relied on his full fleet on fifteen being on the road, and missing two trucks was just devastating . Furthermore, buying a whole new truck and fixing the other simply took more cash than Mario had on hand.Paying of bills in the trucking industry is always a major cause for concern for businesses.


Waiting a month or longer for bills to be paid was quite normal. This system works okay as long as no problems arise, but if they do, then things can get quite sticky.Mario 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 Paula and she worked for a factoring company. He had accidentally come across her company one night when he was working late, searching the internet to see if there was some solution to his financial dilemma.She sat there now, and explained. �It�s not a loan, we purchase your accounts receivable. We're not giving you finance to be repaid later: we're purchasing something from you, and when you can you can buy it back. 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.Mario agreed. It sounded good to him, almost too good.Paula laughed. �You look like you don�t 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.�Paula smiled, agreeing. �We get that a lot. There's no way we want to see you lose your business. You work hard, you�ve put everything you can into it. Sometimes you need help. That�s what we�re here for.��In any case, thank you for coming to see me.��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 Paula with a smile. �Let's work out a solution to your problem.�And with that they set about making a profile.


Mario completed the form, with Paula offering advice as needed.


The completed profile gave Paula and her company all the information they needed on Philip'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 were beyond factoring special brand of help, and sometimes things weren�t even dire enough for it. As Mario completed his form, Paula listened to his story and she felt quite sure he would be the ideal candidate for Factoring.When the form was done Paula took it and slid it into her briefcase. She then stood, reached across the desk and shook Philip�s hand. He stood before they shook as well, and then smiled. Mario walked Paula to the door where they said 'Goodbye', then he went back into his office.His employees were there, seven who worked in the office, and as he sat behind his desk once more he heard the familiar clack of fingers on keyboards, the electronic whine of the copy machine.He shut his eyes. He felt so drained: he had been flailing helplessly for so long, he just knew his business was going to collapse and probably take him with it. Talking to Paula 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.The long nights, where he couldn�t sleep. The terrifying panic attacks that occurred regardless of where he was. He could feel it all fading away. He knew it wasn't over yet and that there was still a way to go, but he could just feel everything start to change for him. He was still here; he knew this was the right path for him, and he felt proud that he had taken the appropriate steps to sort out his problems.His mind wandered back to the very beginning, when he first started his business. He had opened a restaurant at age twenty two when he was fresh out of school. It had been really successful. Home cooking in his hometown, and he had done very well.But it wasn't what he really wanted to do. His passion didn�t lie with the food industry. He thought about it for a long time, then decided it was time to sell his restaurant. He took six months off, and during that time he decided to create Matthews Trucking. And that's exactly what he did. Once again he built a company from the ground up. The business had been an instant success.Then disaster! The two trucks went down and suddenly his success wasn't looking so guaranteed. He was about to turn fifty. He was concerned that he just didn't have the energy left to try and save the business. But giving up wasn't part of his personality either.


The idea of cutting his losses, shutting down, laying off his workers, it actually made him sick some nights. He didn�t know how to say quit.And now, because of factoring, he was sure he wouldn�t have to. Philip's eyes opened, he sat forward in his chair and turned on his computer. He had things to do. There would be plenty of time later to be thankful, but for now it was time to get back to work.





More Trucking Factoring Company Story Articles

Why Trucking Companies Work with Factoring Firms.


As the owner of your own company, you may likely be more than mindful already of the challenge in making sure that cash flow concerns do not become a dilemma down the line. After all, the most awful thing that can in all probability transpire for your business is to find yourself swept up in a long and hard condition that leaves you forever trying to find the funds you require on an continuing manner.


For virtually any firm in this scenario, the issue can come for waiting for work to lapse and actually be settled into your balance. Bill of sales, checks, and the like could take a while to actually to be taken care of which could leave you with momentary capital troubles. Gratefully, there are opportunities out there for establishments to explore-- and one of these is factoring companies.


Factoring providers will, in exchange for your bill of sales, provide you with the funds now in order that you don't need to worry about the delaying duration that could make paying out the bills and purchasing materialsmore hard. With this kind of system, invoice factoring can end up being extremely valuable for countless businesses who have to get out of a cash pitfall which they have found themselves in.


Given that, depending upon the size of the project, it can take up to 60 days for several enterprises to get paid then it's necessary to cover up your own back and definitely not leave yourself funds short to settle the bills. After all, how many businesses possess two months revenue just lying there to cover all their bills until they earn?


This is especially correct of truck agencies. They tend to deal with tons of accounts which means a significant volume of collection period entails company owner themselves. Making an effort to get paid off promptly can turn into an unbelievable trouble and this is the reason why you use truck factoring providers who are happy to help out truckers specifically.


As all of us realize, trucking is an astonishingly large field with countless organizations out there handling hundreds of operators. The sad thing is, plenty of these drivers wind up in money troubles considering that they are still waiting on work from six weeks in the past to actually pay them. When this is the scenario for a trucking company, depending on factoring firms for aid may be the best alternative left.


This implies that a truck business can provide the paychecks of the workers, keep all the vehicles loaded with fuel and continue to go up, evolve and expand without constantly waiting for the finances which is taking too lengthy to come in. Trucking Enterprises working without a factoring program established are leaving themselves at critical hazard, as contenders cash out promptly and go on to grow.


There's absolutely nothing to be worried about when it comes to making use of a Factoring firm-- they typically aren't like a banking company or a person who is going to leave you with a big heap of financial obligation to repay. You give them legitimate invoices from output you have already completed , you are only just quickening the repayment process.


In the United States, where truck firms grow, factoring companies are not considered borrowing in any capacity. This private deal then permits both parties to make money and indulge in a comfortable future-- it provides the factoring provider a warranted resource of earnings to put into the list and it provides the trucking business the required finances that they worked hard to earn.


The trucking business gives their statements to the factoring firm. The trucking factoring business then acquire the payments from the trucking company's customers. Factoring has been all around for hundreds of years and has been utilized for many years by several different business sectors-- but none more so than truckers. While you might lose out on a small part of the money, something like 1-3 % depending upon who you collaborate with, it implies that you are receiving the cash today and can actually start setting the resources to function.


Once and for all, an IOU or an invoice is absolutely not going to finance costs, is it? For trucking establishments when the cash can be really good one day and gone the next, it's up to the drivers to work prudently and to ensure they are leaving themselves with a significant quantity of time and finance to get through the week up until they are paid for once more.


So the next time your trucking establishment is having some temporary cash flow dilemmas and you are devoting too much time chasing inactive paying clienteles, why not start off taking into consideration utilizing a factoring businesses as a way to get your finances and give yourself a more convenient future in the eyes of your trucking team and your bank balance?








Traditional Bank Loans


Finance through a bank loan is the normal, or traditional, way of financing your business. These loans can be a life-saver, but they're not always available to every business. As an example, a newly formed business may not have the required assets to qualify for a bank loan, and even if they did, it'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. Once the loan is paid off, you can then apply for another loan if the need arises.


Trucking Factoring Companies


Trucking Factoring companies do not give loans, and the money you get from the Trucking Factoring company does not put you in debt. The finance you receive from the Trucking Factoring company is determined by money already earned by your business, but not yet received. The Trucking Factoring company purchases your accounts receivable, or part of them, for a certain percentage of their value - this is normally about 80-95%. The amount of money you can receive is based on the amount of money you have earned and the accounts receivable you are willing to �sell.� Once a Trucking Factoring account has been created for you, it will continue for as long as you need it, with the money available continuing to grow as your business grows, and providing cash as you require it.


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. 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. Should the unforeseeable happen and your business fails, you won't have to worry about anyone coming after your personal as well as your business assets to pay off a loan. The debt goes onto your credit report with a bank loan, with only one missed payment adversely affecting your business credit: it would also affect your ability to secure insurance, and may reflect on your personal credit rating as well.


2. 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. Plus, the state of your credit rating is not an issue; however the Trucking Factoring company will run a credit check on your clients whose accounts receivable are being offered for financing. This means that it'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. Once the Trucking Factoring company assures itself that the customers in your accounts receivable are likely to pay their debt, the money is usually in the account within 24 hours. 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. 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 main benefit is that once you've sold your accounts receivable to the Trucking Factoring company, you are free from having to collect money owed by your customers. Since these accounts belong to the Trucking Factoring company, this is now their job. Trucking Factoring companies are very efficient at debt collecting, and this frees up your valuable time to devote to running your company.


In addition, since the Trucking Factoring company evaluates the credit quality of your customers prior to purchasing the accounts receivable you gain valuable information into which customers are likely to pay and which ones are not so likely to pay.While a Trucking Factoring company is not the only way for your business to obtain the money it needs to keep growing, it does offer a type of financing well worth considering.





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