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



trucking factoring companies reviews

factoring trucking receivables

trucking invoice factoring

trucking and factoring

Trucking Factoring is advantageous for a number of reasons. It enables a trucking business to raise cash without obtaining brand-new debt. While debt is in some cases essential, a lot of freight brokerage would choose to raise money without borrowing cash. Financial obligation is high-risk, and when it can't be repaid, possessions can be repossessed. If the financial obligation is large enough, it could even force a truck businesses out of business.

Cash For Companies. Tell Us What You Want - Select 

A Freight�Factoring Company  Instead Of A Typical Bank Funding

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

At one time or another, every business, even effective ones, have actually 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 places you can get funding. Other options are offered and you do not have to borrow. What is trucking factoring ? One solution is called accounts receivable financing companies. Trucking Factoring is the procedure of offering accounts receivable to a financier rather than waiting to collect the money from the customer. Oh, the Irony- Truck factoring has a paradoxical distinction: It is the financial foundation of many of America's most successful businesses. Why is this paradoxical ? Since truck factoring is not taught in business colleges, is seldom discussed in business strategies and is relatively unidentified to bulk of most of American business individuals.

Yet it is a financial process that releases up billions of dollars every year, enabling countless companies to grow and succeed. Receivable Loan Financing has actually been around for thousands of years. Trucking Factoring Businesses are investors who pay cash for the right to get the future payments on your invoices. An unpaid receivable or invoice has value. It is a debt your customer has actually agreed pay in the near future. Factoring Principals--Although factoring offers solely with business-to-business transactions, a big percentage of the retail business utilizes a factoring principal. MasterCard, Visa, and American Express all use a type of factoring in their retail transactions. Utilizing the purest meaning of the word, these large customer finance companies are truly just big Commercial Factoring Businesses of customer paper. Think about it: You purchase at Sears and charge it to your MasterCard. The shop makes money almost immediately, although you do not pay until you are ready.

For this service, the credit card business charges Sears a fee (typical common normal fees range from 2 to four percent of the sale). The Benefits Receivable Funding can provide many benefits to cash-hungry companies. Instead of waiting 30, 60, 90 days or longer for payment on an item that has actually already been delivered, a business can factor (sell) its receivables for cash at a little price cut off the amount of the invoice. Payroll, marketing efforts, and working capital are simply a few of the company requirements that can be satisfied with instant  money.

Accounts Receivable Financing Companies provides the means for a producer to renew inventory and make even more items to offer: There is no longer a requirement to await for earlier sales to be paid. Receivable Loan Financing is not just a cash management tool for manufacturers: Practically any kind business can benefit from Truck Factoring. Typically, a company that extends credit will have 10 to 20 percent of its yearly sales bound in invoices at any given time. Think for a minute about exactly how much is bound in 60 days' worth of invoices: You can not pay the power expense or this week s payroll with a client s invoice, but you can sell that invoice for the money to meet those obligations. Using truck factoring companies is a quick and easy process. The factoring company purchases the invoice at a price cut, typically a few portion points less than the face value of the invoice.



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The U.s. Truck Organization
states that there are about
200,000 truck drivers with freight trucking
businesses and
300,000 private companies trucking
firms licensed to
run in the United States that carried,
according to their most current searchings for billions of
items, materials and
fundamental products .
There are several common
providers either going solo or in
teams on our nation
roadways transporting these
vital items to our
shops, manufacturing facilities and shipping ports.

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

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. 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 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


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.


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.


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.




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


. Worse still, it was noticed by Johnson 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 Johnson, John Cooper, was beginning to feel very uncomfortable indeed whenever he looked at their weekly Accounts Receivable reports. The number of clients who were late in their payments was continuing to grow.He had gone to his administrators and asked them what the problem had been. Were they doing something wrong or different when it came to reaching out to delinquent accounts? When checking his bookkeeper's records this was definitely not the case. He thought perhaps that he was losing clients to a competitor who offered rock-bottom prices with little to no guarantee of quality performance, and that the folks who owed Johnson money had jumped ship and decided to leave him holding the bag.


. 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 Johnson hadn't gone elsewhere. They had just gone home.This current state-of-affairs was causing John Cooper to have some very restless nights. There were goods to ship, employees to pay, trucks to repair and maintain, and continuous overheads that were very extensive when compared to the funds (or lack of) that were incoming. After work he would confide in his wife, Mary, and neither were unable to stop the constant worry over the lack of funds.""Lin, I have a really bad feeling,"" he would say with deep woe.""Well, what do you think it is?"" she would say.John 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 traveling, bringing goods to all of his clients. But then a haze would cover his trucks and his vast fleet would vanish to leave just a few. Why couldn�t he work out how to resolve this financial problem with his business?""I know what it is,"" John said. ""I've relied too long on the profits I receive from invoices alone. I've let too many of our customers go too long without paying on their bills."" Linda could only grab her husband's hand and look at him lovingly, ""It's a hard economy. It might be awhile until things get settled up.


""John 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 following day John walked into his office with a spring in his step, determined to call each and every client who owed money to Johnson Truck & Haul. Now, it wasn't the most efficient way to spend a day as a chief executive, what he really needed to be doing was to be overseeing all of the other intricacies of shipment and delivery and reaching out to prospective clients or retraining his sales team to do the same. Even though he was doing something to help his company, he knew he had folks on salary to do just this thing. Wasting money, wasting time - even with the best of intentions, John knew that he was in trouble.


After a half day of contacting debtors in vain - they dodged his calls or promised to call back at worst or made minimal interest-only payments at best - he was about to throw in the towel when his secretary Lynnerley knocked at his door.


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


""Of course Lynn, please come in."" John leaned back in his chair and looked expectantly at Lynnerely.""Well John, this afternoon I did some research, trying to work out how we're going to get out of this mess."" She pulled a small stack of papers from a folder and set them on the desk before him.""Have you ever heard of factoring?"" Lynnerley asked.""It does sound vaguely familiar. What is it?"" he said.""Well,"" she began, ""It�s actually quite simple really.


So basically, factoring invoices would enable us to get paid on the nose for loads that we haul.""John interrupted ""Immediately?"".""Yes, immediately,"" she continued, ""In a nutshell, it's pretty easy. We can have an expert account manager review our numbers and help us complete a company profile. Included in the profile would be the investigation of our accounts receivable aging reports, our current customers' credit limits etc.. Additionally, the factoring will help to determine the creditworthiness of our customers independent of their credit history with our business. It provides a very broad view.��I see,� John said. �And then what?��Well, after their review, and we�re approved for a factoring contract, we can negotiate terms and conditions. You'll be surprised at the amount of flexibility, all dependent upon the credit histories and business volume.


The company will advise us the cost to purchase factoring for our company's accounts receivable. The funding commences once we�ve arrived at an agreement.�John leaned forward and reviewed the paperwork closely.""It sounds too good to be true, Lynn,"" he said.""Yes, I know; that's exactly what I thought at the beginning. But think about it, John: they've guaranteed that experts will do all the paperwork, and that will free us up to do what we should be doing - focusing on our customers in good standing, and that kind of stuff. They appear to be very flexible, John,"" she underlined a paragraph on the paper before him.""How flexible?"" he asked.""They personalize the factoring rates so that the amount they are willing to take on is commensurate with our needs and our client�s debt. It only takes 2 to 4 days for this to be figured out. """"That sounds pretty good, seeing as we tapped ourselves out with bank loans last year to repair the fleet and money sure is tight. We need to keep business rolling as normal and every day we�re going unpaid, we�re closer to facing some serious problems in both the short and long term,"" John said.John took in a long slow breath, then looked at his secretary with something like hope in his eyes.""Precisely�. This could very well be the answer to resolving the problems we're having with these clients who still owe us money.""John thought about this and agreed with Lynnerley. The clients who owed them money were long standing friends and professional resources of Johnson. John wasn't prepared to lose these relationships just because they were having financial issues at the moment. John knew only too well that the whole economy was floundering, and that it was not going to change overnight. 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 Lynn, and thankyou."" Lynn nodded, satisfied with her work, and she left the office feeling quite content in the knowledge that she had helped John keep the shirt on his back, and possibly hers too.John sat behind his desk and looked over the details Lynn had not mentioned in their meeting. He wondered if there might be other problems freight factoring could help Johnson Truck & Haul with? Running his pencil down the sheet, he noted that the freight factoring company could assist with fuel costs, fuel advances, and fuel discount cards. In fact, Johnson could receive up to fifty-percent cash advances upon load pick-ups. John 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 Eugene the good news,"" John muttered to himself.Eugene is John's son-in-law, and he really admired the ideas behind Johnson, so much so that only two years before he had started his own transportation service business. At that time John knew the struggles Eugene would face, but he still encouraged him to follow his dream. With the economy the way it was, if an established company such as Johnson was struggling then the little guys, like Eugene, were going to be in even more trouble.


But, an antidote may have been found in freight factoring and John was soon to find out.A few months later after going through the entire application process and having the experts review his accounts receivable, credit history and statements, John 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 used that time to refocus their efforts in being competitive in new territories. John 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.





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The Future of a Trucking Company, and Factoring The phone was ringing on his desk, and Steve Kelly 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. Kelly Trucking Company was at a turning point of growth and Steve had to decide if signing with a factoring company was the right way forward.


More than forty years ago Steve's father had started this business working as an owner-operator and eventually growing Kelly Trucking Company into a fifteen trailer fleet. There had been some hard times when it seemed everything was going to go under and even Steve�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 Steve�s hands and he wanted to live to see it in better shape for his sons.


There just never seemed to be enough money to go around, and certainly no spare cash, but to move his company successfully into the future he needed a steady and reliable cash flow. He had employees to pay. They all have families and the usual household bills. 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, Kelly Trucking looked weak in a very strong market.


His father would have told him to wait and to take his time adding on new technology. Steve allowed himself a good hard chuckle. His father had been against placing GPS units in the cabs. He would say, �Why do you need the voice of some woman to tell you to get off at an exit that has been the same exit that has been there for years?� Also his father had the habit of teasing all the drivers he caught switching into automatic even though driving in automatic was much more efficient though not manly in his father�s eyes. He knew his father's days were long gone and new technology was very important for the business, like having Qualcomm to reduce communication time for bills of lading.


Steve knew he was right in his forward thinking. How would he take Kelly Trucking to the next level? 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. He just finished paying off the small bank loan for installing satellite radio in the trucks for the guys.


But was factoring the answer? If he was being honest, he didn't really understand how it all worked. It sounded like a ninth grade math problem and he wondered how this would fit into the trucking business. A factoring company actually purchases your invoices and takes control of your accounts receivable, payment being a certain percentage of the amount invoiced. In return, the factoring company pays the trucking business straight away, providing immediate cash flow for the business to pay staff, purchase fuel, and do any repairs or maintenance. Without 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.


Steve had to really consider what his next step was going to be. He had heard of companies charging for same day money transfers, advancing a percentage of the money owed to your business, while the rest is held in a private account if the bill wasn't paid within sixty or more days. Plus it was worse still if the customer didn�t pay up at all because then the factoring company would take it right out of the money supposed to be coming to you! 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. Customer service appeared to understand their company and explained in clear, concise English exactly how it all worked. He was quite happy to sign an exclusive contract. In fact, he was quite pleased with the idea of a long-term contract because he knew this was a one-off and he wouldn't have to keep going back and forth to different companies. 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.


It was really refreshing dealing with the factoring people. They were extremely helpful and more personable than the bank staff. He was relieved to note that the factoring companies understood the trucking business and discussed business with him like a respected client, not like someone looking for a handout. The factoring companies didn�t worry over his credit and the debt troubles his father had had in the past of the company. All the factoring company was interest in was the credit of his customers and on their reliability: this worked great for Steve because he and his father had created a very strong and loyal list of clientele over the years. So he knew they would understand when the factoring company contacted them for the invoices. His clients wouldn�t think poorly of Kelly 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.


Steve stepped out of his office to let his secretary know to expect the arrival of the factoring contract shortly. There was a new bounce is his step now: he knew instinctively that this new step would raise the future of his company to a new and higher level, and that all the stress from the past could now be put behind him. With the capabilities of this new cash flow, Steve could actually expand Kelly 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, this is not a loan?� asked Frederick Long, 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.Frederick 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 Lloyd. His company was called Watson Trucking, named after both of his grandfathers, Edwin and Dean. They had both been hardworking men, and had done a lot to make Frederick the same.Six months ago disaster struck Lloyd's business when two out of his fleet of fifteen trucks were taken off the road.


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 Lloyd'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 Frederick 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. In the long run, this wasn�t an issue, but if problems arose, you could find yourself in trouble.Frederick was an excellent business man, and he certainly hadn't done anything wrong. Things had happened that he couldn't have predicted, and he had to figure out a way to keep his business from hurting, or even going under.And that's why he found himself across the desk from this woman. Her name was Joanne and she worked for a factoring company. Frederick had come across her company as he sat in his office late one night, pouring over the internet for some solution to his problem long after his employees had gone home.Joanne explained. �it is really not a loan at all: we actually buy your accounts receivable. We aren�t giving you money to be paid back later, we�re buying something from you, and you can buy it back when you can. That way we�re protected from a complete loss, but you�re protected from the outrageous fees you would find in a loan from the bank.Frederick agreed. It sounded good to him, almost too good.Joanne laughed. �I'm not sure that you believe me,� she said.�No, I do, I just think it sounds a bit too good to be true. I actually thought I might end up losing my business.�Joanne smiled, agreeing. �We get that a lot. There's no way we want to see you lose your business. We know how hard you work, and that you've invested everything in your business. We all need help sometimes. That�s what we�re here for.��Well, I'm very grateful that you came to see me today.��It�s right down the road, usually we do it all online, but I didn�t mind swinging on by today,� said Joanne with a smile. �Let's work out a solution to your problem.�And right there and then they created a business profile. Frederick completed the form, with Joanne offering advice as needed.


The completed profile gave Joanne and her company all the information they needed on Lloyd's business, and with this information they would determine if this business would in fact be suitable for Factoring. In truth, not all companies were. Some were beyond factoring special brand of help, and sometimes things weren�t even dire enough for it. Listening as Frederick filled out his form, Joanne was pretty sure he was a perfect candidate for factoring.Joanne took the completed form and placed it in her briefcase. She then stood, reached across the desk and shook Lloyd�s hand. He stood before they shook as well, and then smiled. Frederick walked Joanne to the door where they said 'Goodbye', then he went back into his office.All his staff members were there, all seven who worked in his office. Sitting behind his desk once more he could hear the familiar sounds of his office workers going about their daily business.He shut his eyes. He had felt so helpless lately, was sure the whole thing was collapsing, and would take him with it. But now, after speaking to Joanne and learning all about Factoring, he felt such a huge relief, like someone had just lifted a huge weight off his shoulders. He relaxed into his chair, running his hand through his thick black hair with its telling streaks of grey.All those long, sleepless nights. The terrifying panic attacks that occurred regardless of 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 successful. Home cooking in his hometown, and he had done very well.But it wasn't what he really wanted to do. He wasn't passionate about the food industry. He thought about it for a long time, then decided it was time to sell his restaurant. He took half a year off, and in that time he thought to start Watson Trucking. And that's exactly what he did. For the second time in his short life he created a company from the ground up. He had been successful.And then the trucks went down, and his success looked to be in flux. He was nearing fifty. He didn�t think he had it in him, to save this company. But giving up wasn't part of his personality either.


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. Lloyd's eyes opened, he sat forward in his chair and turned on his computer. He had lots to do. He could be thankful later, for now, it was time to work.





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The key reasons why Trucking Corporations Work with Factoring Companies.


As the owner of your own company, you may be much more than mindful already of the hardship in making certain that cash flow issues do not become a dilemma down the line. Anyway, the toughest thing that can potentially occur for your firm is to find yourself involved in a long and hard situation that leaves you forever looking for the finances you really need on an on-going basis.


For any kind of business enterprise in this instance, the challenge can come for waiting for work to clear up and actually be settled into your statement. Invoices, checks, and the like could take some time to actually to beprocessed which can easily leave you with temporary capital troubles. Gratefully, there are opportunities out there for businesses to consider-- and just one of these is factoring providers.


Factoring companies will, in substitution for your invoices, give you with the resources today in order that you don't need to fret about the waiting time frame which could make paying off the expenses and getting toolsmore complicated. With this kind of setup, invoice factoring can become extremely valuable for countless firms who have to avoid a money trap which they have found themselves in.


Given that, relying on the scale of the work, it can take up to 60 days for many enterprises to get paid then it's necessary to take care of your own back and definitely not leave yourself resources short to pay off the costs. After all, how many enterprises have two months cash flow just occupying there to address all their overheads until they get paid?


This is most especially true of truck agencies. They usually deal with lots of invoices which means a considerable amount of collection time entails company owner themselves. Seeking to get paid off in time can come to be an unbelievable inconvenience and this is the key reasons why you work with trucking factoring organizations who are delighted to help out truckers particularly.


As all of us recognize, trucking is an unbelievably massive market with lots of companies out there working with hundreds of operators. Regretfully, quite a few of these drivers end up in money troubles simply because they are still anticipating work from six weeks ago to actually pay them. When this is the circumstance for a trucking business, resorting to factoring companies for support maybe the finest option left.


This implies that a trucking business can pay off the paychecks of the crew, keep all the trucks filled with fuel and continue to surmount, flourish and expand without continually waiting for the funds which is taking too prolonged to come in. Trucking Enterprises working without a factoring program established are leaving themselves at significant threat, as competitors cash out promptly and carry on to expand.


There's honestly very little to be distressed about when it comes to employing a Factoring firm-- they commonly are not like a financial institution or someone who is going to leave you with a considerable pile of financial obligation to repay. You give them authentic invoices from work you have already accomplished , you are simply expediting the repayment process.


In the United states of America, where trucking enterprises survive, factoring providers are not considered accepting loan of in any capacity. This confidential settlement then permits both parties to profit and delight in a comfortable future-- it gives the factoring agency a warranted asset of revenue to add to the list and it supplies the trucking business the required money that they worked hard to earn.


The trucking establishment bestows their accounts to the factoring company. The trucking factoring company then acquire the payments from the trucking company's customers. Factoring has beenaround for hundreds of years and has been used for many years by lots of different business-- but none more so than truckers. While you might possibly miss out on a small part of the money, something like 1-3 % depending upon who you team up with, it signifies that you are receiving the finances today and can actually start off putting the cash to perform.


Anyway, an IOU or an invoice is not going to pay for expenditures, is it? For trucking firms when the income can be good one day and gone the next, it's up to the drivers to work prudently and to make sure they are leaving themselves with a substantial measure of time and money to get through the week until they are handed over again.


So the next period your trucking enterprise is having some temporary capital challenges and you are investing a lot of time chasing slow paying clienteles, why not start off thinking of employing a factoring companies as a way to get your finances and give yourself a more pleasant future in the eyes of your trucking workers and your bank difference?








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. 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 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. Trucking Factoring companies actually purchase your accounts receivable or at least part of them for a percentage of their total worth, Normally around 80%-95%. The amount of money you can receive is based on the amount of money you have earned and the accounts receivable you are willing to �sell.� Once you have set up Trucking Factoring account it continues as long as you wish it too and the amount of money available to you even can grow as your business grows, giving you the ready cash you need to meet your own obligations.


Benefits of a Trucking Factoring Company Vs. A Bank Loan


While not every business can take advantage of Trucking Factoring account financing (you have to have a business that has account receivables) for those that can use this type of financing there are several distinct benefits.


1. You Won't Incur Debt. You don't incur debt as you do with a bank loan because the Trucking Factoring company actually purchases your accounts receivable. One of the main benefits of this kind of financing is that your business credit rating and your personal credit rating won't be affected. In the event that your business fails, you wouldn't have to be concerned about someone coming after your personal or your business assets in order to pay off a loan. 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 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 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. With a Trucking Factoring company you can actually get the money you need faster. The money will normally be in your account within 24 hours, once the Trucking Factoring company is confident that your customers� accounts are likely to be paid. With a bank, there are vast amounts of paperwork, then the loan has to be underwritten, which can take months before you actually see the loan if it is approved.


4.You receive interest up-front. Unlike a bank loan that continues to build interest that you have to pay the entire time you have your business loan with a Trucking Factoring company, you don't have to continue to pay interest as they take it right off the top, deducting it from the total amount of accounts receivable. 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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