Small freight businesses, especially those who have not been in existence for extremely long, will frequently discover it hard to secure a loan. Banks are typically reluctant to provide cash to companies that don't have a lot of earnings and properties. They also want proof of the viability of a company and thus need that the majority of operations, especially little ones, been around for a particular quantity of time prior to they are prepared to hand over any cash. Due to the fact that of this, a medium-size business typically has few money producing alternatives when needs arise. One option readily available, however commonly neglected, is factoring. This is an outstanding method for a small business to get money.
How to Swim with The Banks without Being Eaten Alive - Select A Freight�Factoring Company Instead Of A Regular Bank Financing
How to Increase Cash Flow Without Loaning -Cash Money flow is one of the primary reasons companies fail.
At one time or another, every business, even effective ones, have actually experienced bad cash flow.
Cash flow does not have to be an issue any more. Do not be deceived -- banks are not the only places you can get funding. Other options are available and you do not have to borrow money. What is truck factoring ? One option is called trucking factoring. Trucking Factoring is the procedure of selling invoices to a financier rather than waiting to collect the cash from the
customer. Oh, the Irony- Truck factoring has an ironic distinction:
It is the financial
backbone of many of America's most successful companies. Why is this paradoxical ? Since accounts receivable factoring is not instructed in business colleges, is rarely discussed in company plans and is fairly unidentified to bulk of most of American company individuals.
Yet it is a monetary process that frees billions of dollars every year, allowing countless businesses to grow and prosper. Receivable Financing has actually been around for countless years. Truck Factoring Companies are investors who pay cash for the right to receive the future payments on your invoices. An unpaid receivable or invoice has value. It is a debt 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 business utilizes a factoring principal. MasterCard, Visa, and American Express all utilize a type of factoring in their retail deals. Using the purest definition of the word, these large customer finance companies are really just large Receivable Financing Businesses of customer paper. Think about it: You purchase at Sears and charge
it to your MasterCard. The store gets paid practically immediately, even though you do not make payment up until you are prepared.
For this service, the charge card company charges XYZ Store a charge (typical common normal charges vary from 2 to 4 percent of the sale). The Advantages Receivable Financing can provide numerous advantages to cash-hungry business. Rather than wait 30, 60, 90 days or longer for payment on an item that has currently been provided, a business can factor
(sell) its receivables for cash at a small price cut
off the dollar value of
the invoice. Payroll, marketing efforts, and working capital are just a few of the company needs that can be satisfied with instant cash.
Receivable Funding provides the means for a manufacturer to replenish inventory and make more products to offer: There is no longer a requirement to wait for earlier sales to be paid. FACTORING is not just a cash management tool for manufacturers: Practically any type company can benefit from Receivable Funding. Typically, a business that extends credit
will have 10 to 20 percent
of its annual sales bound 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 bill or today s payroll with a client s invoice, but you can sell that invoice for the money to meet those responsibilities. Using truck factoring companies is a quick and easy procedure. The factoring company purchases the invoice at a discount, typically a couple of percentage
points less than the stated value of the invoice.
Fargo is the largest city in the State of North Dakota, accounting for nearly 16% of the state population. Fargo is also the county seat of Cass County. According to the 2013 United States Census estimates, its population was 113,658. Fargo, along with its twin city of Moorhead, Minnesota, as well as adjacent West Fargo, North Dakota and Dilworth, Minnesota, form the core of the Fargo-Moorhead, ND-MN Metropolitan Statistical Area, which in 2013 contained a population of 223,490. In 2014, magazine ranked Fargo as the fourth fastest-growing small city in the United States.Founded in 1871 and located on the Red River of the North floodplain, Fargo is a cultural, retail, health care, educational, and industrial center for Eastern North Dakota and Northwestern Minnesota. In addition, Fargo is home to North Dakota State University.The economy of the Fargo area has historically been dependent on agriculture. That dominance has decreased substantially in recent decades. Now, the city of Fargo has a growing economy based on food processing, manufacturing, technology, retail trade, higher education, and healthcare. In a study published by , Fargo was ranked the best small city in the nation to start a business or a career.
Bismarck is the capital of the U.S. state of North Dakota and the county seat of Burleigh County. It is the second most populous city in North Dakota after Fargo. The city's population was 61,272 at the 2010 census, while its metropolitan population was 123,751. In 2014, magazine ranked Bismarck as the seventh fastest-growing small city in the United States.Bismarck was founded in 1872 and has been North Dakota's capital city since the State was created from Dakota Territory and admitted to the Union in 1889.Bismarck is on the east bank of the Missouri River, directly across the river from Mandan. The two cities make up the core of the Bismarck-Mandan Metropolitan Statistical Area.The North Dakota State Capitol, the tallest building in the state, is in central Bismarck. The state government employs more than 4,000 in the city. As a hub of retail and health care, Bismarck is the economic center of south-central North Dakota and north-central South Dakota.According to the City's 2011 Comprehensive Annual Financial Report, the largest employers in the city are the following:
Grand Forks is the third-largest city in the State of North Dakota (after Fargo and Bismarck) and the county seat of Grand Forks County. According to the 2010 census, the city's population was 52,838, while that of the city and surrounding metropolitan area was 98,461. Grand Forks, along with its twin city of East Grand Forks, Minnesota, forms the center of the Grand Forks, ND-MN Metropolitan Statistical Area, which is often called Greater Grand Forks or The Grand Cities.Located on the western banks of the Red River of the North in a flat region known as the Red River Valley, the city is prone to flooding and was struck by the devastating Red River Flood of 1997. Originally called Les Grandes Fourches by French fur traders, Grand Forks was founded in 1870 by steamboat captain Alexander Griggs and incorporated on February 22, 1881. Its location at the fork of the Red River and the Red Lake River gives the city its name.Historically dependent on local agriculture, the city's economy now encompasses higher education, defense, health care, manufacturing, food processing, and scientific research. Grand Forks is served by Grand Forks International Airport and Grand Forks Air Force Base, while the city's University of North Dakota is the oldest institution of higher education in the state. The Alerus Center and Ralph Engelstad Arena host athletic and other events, while the North Dakota Museum of Art and Chester Fritz Auditorium are the city's largest cultural venues.The economy of Grand Forks is not dominated by any one industry or sector. While agriculture continues to play a role in the area's economy, the city of Grand Forks now has a relatively diverse economy that includes public and private employers in sectors such as education, defense, health care, manufacturing, and food processing. The state and federal governments are two of the largest employers in the Grand Forks area. The University of North Dakota, located in the heart of the city, is the largest employer in the metropolitan area. Grand Forks Air Force Base, just west of the city, employs a large number of civilian workers in addition to its enlisted personnel. Health System is the largest private employer in Grand Forks.
Minot (i/'ma?n?t/ MY-not) is a city located in north central North Dakota, United States. It is most widely known for the Air Force base located approximately 15 miles (24 km) north of the city. With a population of 40,888 at the 2010 census, Minot is the fourth largest city in the state. In 2012, the Minot Area Development Corporation estimated that there were between 46,000 and 47,000 permanent residents within city limits. The city is the county seat of Ward County and is a trading center for a large portion of northern North Dakota, southwestern Manitoba, and southeastern Saskatchewan. Founded in 1886 during the construction of the Great Northern Railway, Minot is also known as ""Magic City"", commemorating its remarkable growth in size over a short time.Minot is the principal city of the Minot Micropolitan Statistical Area, a micropolitan area that covers McHenry, Renville, and Ward counties and had a combined population of 69,540 at the 2010 census. In 2012, it was estimated that the population of the Minot Micropolitan Area was 73,146According to the City's 2013 Comprehensive Annual Financial Report, the largest employers in the city are:
West Fargo is a city in Cass County, North Dakota, United States. It is, as of the 2010 census, the fifth largest city in the state of North Dakota with a population of 25,830, and it is one of the state's fastest growing cities. West Fargo was founded in 1926. The city is part of the Fargo-Moorhead, ND-MN Metropolitan Statistical Area.
Williston is a city in and the county seat of Williams County, North Dakota, United States. The 2010 census gave its population as 14,716, and the Census Bureau gave the 2013 estimated population as 20,850, making Williston the sixth largest city in North Dakota. The North Dakota oil boom is largely responsible for the sharp increase in population.Founded in 1887, Williston was named for Daniel Willis James, a board member of the Northern Railroad Company, by his friend, railroad owner, James J. Hill.Williston's newspapers, both in print and online, are the daily Williston Herald and the weekly The Williston Trader. Sloulin Field International Airport is a public airport 3.2 km (2.0 mi) north of the business district. Williston is the home of Williston State College and the Miss North Dakota Scholarship Pageant.Williston's economy, while historically agricultural, is increasingly being driven by the oil industry. Williston lends its name to the Williston Basin, a huge subterranean geologic feature known for its rich deposits of petroleum, coal and potash. Williston sits atop the Bakken formation, which by the end of 2012 was predicted to be producing more oil than any other site in the United States, surpassing even Alaska's Prudhoe Bay, the longtime leader in domestic output in the United States. Williston has seen a huge increase in population and infrastructure investments during the last several years with expanded drilling using the 'frac' petroleum extraction technique in the Bakken Formation and Three Forks Gro. (The State of North Dakota provides a website detailing daily oil activity.) In 1995, the U.S. Geological Survey estimated that there were 150 million barrels of oil ""technically recoverable"" from the Bakken shale. In April 2008, the number was said to be about four billion barrels; in 2010 geologists at Continental Resources, the major drilling operation in North Dakota, estimated the reserve at eight billion. In March 2012, after the discovery of a lower shelf of oil, it announced a possible 24 billion barrels. Although current technology allows for extraction of only about 6% of the oil trapped 0.99�1.99 mi (1.6�3.2 km) beneath the earth's surface, recoverable oil might eventually exceed 500 billion barrels.
Dickinson is a city in Stark County, North Dakota, United States. It is the county seat of Stark County. The population was 17,787 at the 2010 census. The U.S. Census Bureau estimated 2013 population is 20,826.Since the North Dakota oil boom the city has become one of the fastest growing cities in the United States. The city according to the 2013 census is estimated to have a population of 20,826, however, other sources have estimates of the population at 26,771 or possibly exceeding 30,000. The rapid growth of the city has led to an increase in crime and homelessness within the city limits. Also the city has seen an increase in diversity, with increases in the Latino, Asian and African American populations.Dickinson is the principal city of the Dickinson Micropolitan Statistical Area, a micropolitan area that covers Billings and Stark counties and had a combined population of 24,982 at the 2010 census.
Mandan is a city in Morton County, and the eighth largest city in the State of North Dakota. Mandan was voted second most patriotic city in the United States. It is the county seat of Morton County and a core city of the Bismarck-Mandan Metropolitan Statistical Area. The population was 18,331 at the 2010 census. The U.S. Census Bureau estimated 2013 population is 19,887. Mandan was founded in 1879 and became the county seat in 1881. It is located across the Missouri River from Bismarck, the state capital. Arefinery north of Mandan began operations in 1954 and today has a capacity of 71,000 barrels per day (bpd). It processes primarily North Dakota sweet (low-sulfur) crude oil into gasoline, diesel fuel, jet fuel, heavy fuel oils and liquefied petroleum gas.
Jamestown is a city in Stutsman County, North Dakota, United States. It is the county seat of Stutsman County. The population was 15,427 at the 2010 census, making it the ninth largest city in North Dakota. Jamestown was founded in 1872.Jamestown has a strong manufacturing base as well as agriculture, retail and wholesale businesses. Notable companies headquartered in Jamestown.
Wahpeton (/'w??p?t?n/ WAH-p?-t?n) is a city in Richland County, North Dakota, United States. It is the county seat of Richland County and the U.S. Census Bureau estimated 2013 population was 7,853. Wahpeton was founded in 1869 and is the principal city of the Wahpeton Micropolitan Statistical Area, which includes all of Richland County, North Dakota and Wilkin County, Minnesota.Wahpeton's twin city is Breckenridge, Minnesota. The Bois de Sioux River and the Otter Tail River join at Wahpeton and Breckenridge to form the Red River of the North.The North Dakota State College of Science is located in Wahpeton. The local newspaper is the Wahpeton Daily News.Wahpeton is the home of several large manufacturing plants.
Devils Lake is a city in Ramsey County, North Dakota, United States. It is the county seat of Ramsey County. The population was 7,141 at the 2010 census. It is named after the nearby body of water, Devils Lake. The first house in Devils Lake was built in 1882. It was surveyed in 1883 and named Creelsburg and later Creel City, after the surveyor, Heber M. Creel. In 1884 it was renamed Devils Lake.The local paper is the Devils Lake Journal. Devils Lake Municipal Airport serves the city. Devils Lake is home to Lake Region State College and the North Dakota School for the Deaf.
Valley City is a city in Barnes County, North Dakota, United States. It is the county seat of Barnes County. The population was 6,585 during the 2010 census, making it the twelfth largest city in North Dakota. Valley City was founded in 1874.The city is known for its many bridges over the Sheyenne River including the Hi-Line Railroad Bridge. These bridges have earned it the distinction of being called the ""City of Bridges"". The city is also the home of Valley City State University and the home for the North Dakota High School Activities Association (NDHSAA).
Grafton is a city in the State of North Dakota and is the county seat of Walsh County. As of the 2010 Census, the city of Grafton had a population of 4,284, making it the thirteenth largest city in North Dakota. Grafton was founded in 1881.
Beulah is a city in Mercer County, North Dakota, United States. The population was 3,121 at the 2010 census, making it the fourteenth largest city in North Dakota.Beulah is home to the Dakota Gasification Company.
Watford City (Hidatsa: aba?aru?ush), founded in 1914, is the seat of McKenzie County, North Dakota in the United States. The population was 1,744 at the 2010 census. Because Watford City is part of the Bakken field, the North Dakota oil boom has significantly increased population and construction since the 2010 census.in Watford City. The local newspaper is the McKenzie County Farmer.
Lincoln is a city in Burleigh County, North Dakota, United States. It is a suburb of adjacent Bismarck, and also a core city of the Bismarck-Mandan Metropolitan Statistical Area. The population was 2,406 at the 2010 census. Lincoln was founded in 1977.
Rugby is a city in Pierce County, North Dakota, United States. It is the county seat of Pierce County. The population was 2,876 at the 2010 census. Rugby was founded in 1886.Rugby is often billed as being the geographic center of North America.
Horace is a city in Cass County, North Dakota, United States. The population was 2,430 at the 2010 census. Horace is the fastest growing city in North Dakota in terms of percent increase, increasing 165.6% over the last decade. The city is a suburb of the Fargo-Moorhead metropolitan area. Horace was founded in 1882.
Casselton is a city in Cass County, North Dakota, United States. The population was 2,329 at the 2010 census. The city is named in honor of George Cass, a president of the Northern Pacific Railway, which established a station there in 1876 to develop a town for homesteaders. Casselton is the hometown of five North Dakota governors.
Hazen is a city in Mercer County, North Dakota, United States. The population was 2,411 at the 2010 census. Hazen was founded in 1913. Hazen has a K-12 school system.It is located about fifteen minutes south of Lake Sakakawea, the largest lake in North Dakota and the third largest man-made lake in the United States.
New Town (Arikara: neetuhcipiri�nu [neetUhcipiri�NU]) (Hidatsa: Awadihiraash) is a city in Mountrail County, North Dakota in the United States. The population was 3,200 in 2014. New Town was platted in 1950 as a replacement site for the residents of Sanish and Van Hook, which towns were planned to be inundated by Lake Sakakawea. It is the largest city and administrative center of the Fort Berthold Reservation. New Town is home to Fort Berthold Community College. New Town is located on State Highway 23 at the crossing of Lake Sakakawea by the Four Bears Bridge. The city has recreation for all seasons including; fishing, boating, water skiing, trails for hiking.
Bottineau is a city in Bottineau County, North Dakota, United States. It is the county seat of Bottineau County and is located just over ten miles south of the Canada�United States border. The city's population was 2,211 at the 2010 census.The city is home to Dakota College at Bottineau. Attractions in Bottineau include the Bottineau Winter Park and ""Tommy Turtle"", the world's largest turtle, which has become a landmark for the city. Built in 1978 and standing 30 feet tall, the fiberglass turtle is located in the eastern half of the city and supposedly was built as a symbol for the nearby Turtle Mountains.Bottineau is also home to in Minot.The economy in Bottineau is based on agriculture and recreational activities.
Lisbon is a city in Ransom County, North Dakota, United States. It is the county seat of Ransom County. The population was 2,154 at the 2010 census.
Carrington is a city in Foster County, North Dakota, United States. It is the county seat of Foster County. The population was 2,065 at the 2010 census. Carrington was founded in 1883.Carrington is home to Dakota Pasta Company, Inc.
Stanley is a city in Mountrail County, North Dakota, United States. It is the county seat of Mountrail County. The population was 1,458 at the 2010 census.Stanley is situated on the Bakken Formation, which encompasses northwestern North Dakota, northeastern Montana, and southern Saskatchewan, Canada. The formation is a rich source of oil, first discovered in the 1950s. Until the late 2000s the cost of oil extraction was too high to retrieve the oil profitably. With new technologies in oilfield production and the rising price of oil, the field has now become economically viable. The field may be the largest producing onshore field in the Continental United States outside of Texas and California, with the U.S. Geological Survey estimating that it contains between 3 billion and 4,300,000,000 barrels (680,000,000 m3) of oil, sixth overall in the lower 48, and could hold as much as 200 billion barrels (32�10^9 m3) of oil.
Mayville is a city in Traill County, North Dakota, United States. The population was 1,858 at the 2010 census, which makes Mayville the largest community in Traill County. Mayville was founded in 1881.Mayville is often grouped with the neighboring city of Portland. The two towns are sometimes given the name May-Port. Mayville State University is located in Mayville.
Oakes is a city in Dickey County, North Dakota, United States. The population was 1,856 at the 2010 census. Oakes was founded in 1886.
Langdon is a city in Cavalier County, North Dakota, United States. It is the county seat of Cavalier County. The population was 1,878 at the 2010 census. Langdon was designated as the county seat in 1884 and was incorporated in 1885.
Harvey is a city in Wells County, North Dakota, United States. The population was 1,783 at the 2010 census. Harvey was founded in 1893 as a division point by the Soo Line Railway. According to the book published in 1981 on the 75th anniversary of the town's incorporation as a city in 1906, Harvey, ND is believed to have been named for a director of the Line Railway: Col. Scott William Harvey of Minneapolis, Minnesota.
Bowman is a city and county seat of Bowman County, North Dakota, United States. Its population was 1,650 at the 2010 census.
Hillsboro is a city in Traill County, North Dakota, United States. It is the county seat of Traill County. The population was 1,603 at the 2010 census. Hillsboro was founded in 1881.Hillsboro sits in the fertile Red River Valley. Local agriculture has dominated the area's economy from the beginning. With its location on Interstate 29, halfway between the two metropolitan centers of Greater Grand Forks and Fargo-Moorhead, Hillsboro has seen steady population growth in recent years and has become somewhat of a bedroom community.Hillsboro is known for having the oldest weekly newspaper in the state, the Hillsboro Banner.The economy of Hillsboro, like so many other small, rural towns in North Dakota, is heavily dependent on agriculture. When local farmers have a bad harvest, the Hillsboro economy can also suffer. In turn, when the harvest is good, Hillsboro usually prospers. One of the more obvious effects the agricultural community has had on Hillsboro is found at the sugar beet plant directly north of town. The large plant, located on U.S. Highway 81, has been responsible for both an increase in population and a steady stream of available jobs during the last few decades that it has been open.
Tioga (/ta?'o?g?/ ty-OH-g?) is a city in Williams County, North Dakota, United States. The population was 1,230 at the 2010 census.Tioga was founded in 1902 and named by settlers from Tioga, New York. The population of the city increased dramatically in the 1950s following the discovery of oil nearby in the Williston Basin.
Garrison is a city in McLean County, North Dakota, United States. The population was 1,453 at the 2010 census. Garrison was founded in 1905 by brothers Theodore and Cecil Taylor. Theodore was a rancher in nearby Montrail County, and later was elected Sheriff of Burleigh County. The brother's direct ancestor was Joseph Henry Taylor, trapper and author of four books and numerous newspaper articles during his 40 years of pioneering in North Dakota. His books included Frontier and Indian Life and its companion, Kaleidescope Lives. He was the editor of the Washburn paper, the McLean County Mail.
New Rockford is a city in Eddy County, North Dakota, United States. It is the county seat of Eddy County. The population was 1,391 at the 2010 census. New Rockford was founded in 1883.
North Dakota Cities
The United states Transportation Association
specifies that there around
195,000 employees with transportation
300,000 personal service providers trucking
companies licensed to
run in the States that transported,
according to their most current listings of millions of
items, supplies and
basic materials .
There are numerous typical
groups on our nation
roads transporting these
vital items to our
stores, manufacturingplants and ports.
Plus freight factoring
numerous of them and offer their
receivables financing facilities
including the following states.
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
On the plateau cattle graze, finding shelter in the many ravines, and large ranges are an economic necessity. In the northwestern area of the state oil was discovered in 1951, and petroleum is now North Dakota's leading mineral product, ahead of sand and gravel, lime, and salt. There are also natural-gas fields. Underlying the western counties are lignite reserves; close to the lignite beds are deposits of clay of such varied types that they serve as both construction and pottery materials. Despite mineral production and some manufacturing, agriculture continues to be North Dakota's principal pursuit, and the processing of grain, meat, and dairy products is vital to such cities as Fargo, Grand Forks, Minot, and Bismarck. The Missouri and Red rivers, once the major transportation routes, are more important now for their irrigation potential. Several dams have been built, notably Garrison Dam, and a number of federal reclamation projects have been completed as part of the Missouri River basin project. There has also been reforestation. With such attractions as the Badlands, the International Peace Garden on the Canadian border, and recreational facilities provided by reservoirs (resulting from dam building in the 1950s), tourism has become North Dakota's third-ranking source of income, behind agriculture and mineral production.
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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.
Alexander Truck and Haul has been in business since the mid 1980s. For more than twenty years they've been delivering goods for most major industries in the nation, with business booming as they traversed the country, in all kinds of weather, for all kinds of clients. During the heady times from 2002 to 2007, Alexander 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. Times were great for everyone, and the cash was flowing.It was just one year later, in 2008, when the economy in the United States took a sharp decline, and both large and small businesses started to notice the squeeze on their pocketbooks: everyone had suddenly gone silent. Business slowed down. Worse still, it was noticed by Alexander in early 2008 that even though most of their loyal customers were on time with their payments, there were a few late bloomers who were starting to spread the disease. And as spring turmed to summer and summer into the early days of fall, Chris Harrison, CEO of Alexander felt a chill go down his spine whenever he would look at the weekly A/R reports. The number of clients who were late in their payments was continuing to grow.He had already been to the administrators to ask what the actual problem was. Were they doing something wrong or different when it came to reaching out to delinquent accounts? By his bookkeepers records, this wasn't the case. 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 Alexander hadn't gone elsewhere. The had just gone!.To Chris Harrison the situation looked desperate. Chris 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. At night he would speak to his wife Diana and shake his head in frustration.
""I have a bad feeling, Lin,"" he'd sadly say to his wife.""Well, what do you think it is?"" she would say.Chris would stare off for a moment and then close eyes. In his mind he could clearly see the fleet of trucks purchased over the many years. He could see them traveling, bringing goods to all of his clients. But then a haze would cover his trucks and his vast fleet would vanish to leave just a few. What could cause this ultimate death spiral of business?""I think I know what it could be,"" said Chris. ""For way too long I've been relying solely on profits received from invoices. For too long I've been allowing our clients to let their accounts become overdue."" All Diana could do was hold his hand and look at him tenderly. 'We know it's a difficult economy at the moment - perhaps it will take a while for people to get on top of their bills'.""Chris knew very well that Diana was only trying to help, but his responsibilities weighed heavily on his shoulders and he knew he had better do something soon to resolve this situation.The next day Chris strolled into his office and was determined to sit down and make every phone call to every client who had owed Alexander 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 Chris was realising just how much trouble he was in.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 Lucilleerley knocked at his door.
""Can I have a word with you Chris?"" she asked standing in the doorway.
""Sure thing Lucille, come on in."" Chris leaned back in his chair and looked expectantly at Lucilleerely.""Well, I did a little searching this afternoon and tried to figure out a way out of this mess Chris."" 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?"" Lucilleerley asked.""It does sound vaguely familiar. What is factoring""? he asked.""Well,"" she began, ""It�s actually quite simple really.
Basically, factoring invoices means that we would get paid immediately for the loads we haul.""""Immediately?"" Chris interrupted.""Immediately, yes"" she added, ""In a nutshell, it's pretty easy. We can have an expert account manager review our numbers and help us complete a company profile. That profile will also include investigating our accounts receivable aging reports, our existing customer credit limits and so on. 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.��Chris replied cautiously ""I see - and what happens then?��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.�Chris was still a little concerned. He leaned forward in his chair and studied the paperwork very closely.""It sounds too good to be true, Lucille,"" he said.""Yes, I know; that's exactly what I thought at the beginning. But think about it, Chris: they've guaranteed that experts will do all the paperwork, and that will free us up to do what we should be doing - focusing on our customers in good standing, and that kind of stuff. And they're flexible Chris,"" she underlined a paragraph on the paper before him.""Just 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. Apparently they can figure this all out in two to four days.
""""It does all sound pretty good, remembering that we're all tapped out now with loans from the bank last year to repair vehicles, and we all know just how tight money is. We need to keep business rolling as normal and every day we�re going unpaid, we�re closer to facing some serious problems in both the short and long term,"" said Chris.He took a deep breath and looked at his secretary with something she recognized as hope.""Exactly�. This could be the answer to our prayers: it will solve many problems we're facing due to these unpaid debts.""Chris took a moment to think about this solution, and agreed with his secretary. The customers who were in debt to Alexander Truck & Haul were professional resources of the company, but they were also long-standing friends. Chris wasn't prepared to lose these relationships just because they were having financial issues at the moment. Chris knew only too well that the whole economy was floundering, and that it was not going to change overnight. That unknown amount of time, if he handled these debtors incorrectly, could spell disaster for both of them. He didn't want to lose business but he also didn't want to lose any more money.""Well, let me think about this tonight Lucille, thank you."" Lucille nodded, satisfied with her work, and she left the office feeling quite content in the knowledge that she had helped Chris keep the shirt on his back, and possibly hers too.Chris stayed at his desk for a long time, looking over the details they hadn't discussed during their meeting. He wondered if there might be other problems freight factoring could help Alexander Truck & Haul with? With his pencil gliding down the sheet he noticed that the factoring company could help fray the cost of fuel with fuel discount cards and fuel advances. In fact, Alexander could receive up to fifty-percent cash advances upon load pick-ups. As a man who hated binding contracts with no room to breathe, he was pleased to see that this factoring company would not make him sign a long term contract, would not make him pay any sign up fees and there was no minimum volume required.""Well, I'll have to tell Ron about this,"" Chris muttered to himself.Chris's son-in-law, Ron, loved the idea behind Alexander 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 Chris knew the struggles Ron would face, but he still encouraged him to follow his dream. With the economy the way it was, if an established company such as Alexander was struggling then the little guys, like Ron, were going to be in even more trouble. But, maybe the answer for both of them was in freight factoring, and Chris was going to find out very soon.A few short months later, after completing the application process, having the legal experts review his credit history, accounts receivable, and statements, finally Chris was beginning to find his way out of the hole his debtors had created for him.They adopted reasonable factoring purchase contracts and stopped wasting their own precious time trying to collect debts. They took that time and refocused effort to offering competitive prices in new territories. Chris looked back on the dismal months of life before freight factoring and almost shuddered at the thought. He probably wouldn't be in business today had he not learned just in time about freight factoring.
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Factoring in the Future of a Trucking Business: A Story Tommy Perkins let the phone ring on his desk. His morning coffee cooled and his cigarette smoked away in the tray: Tommy is thinking, and pondering the biggest decision he's ever had to make for his trucking business. Perkins 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.
Tommy�s father had started as an owner-operator and had grown Perkins Trucking Company into a fifteen trailer fleet over forty years. Yes, they had survived some very difficult times when it appeared like they might go under, and even Tommy's mother had jumped into the cab at times 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 Tommy�s hands and he wanted to live to see it in better shape for his sons.
To move Perkins 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 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. He knew that turning down these requests made Perkins Trucking look inefficient and weak in what was currently a strong market.
He knew what his father would have said - 'wait, take your time before adding new technology'. Tommy chuckled, thinking about his father. 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?� 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.
Tommy believed a successful man is always thinking of his next step. What would be the next step for Perkins 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.
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. 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 this assistance, you're placed in the position of waiting for payment from your customers, and this can often be thirty days, or more. During those thirty days the trucking company can't pay its employees and bills with invoices.
Now it was time for Tommy to do his homework. 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. Worse still, if the customer defaulted on payment, the factoring company takes it out of the money supposedly 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?
But it turned out to be quite easy. When he called the factoring companies he discovered they were very open about their business practices, and very friendly and helpful. Their customer service actually knew things about their company and spoke in nice clear English so he could understand what was being explained. He didn�t mind signing 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. Many companies offered a non-recourse factoring program that suited him just fine. Also he was happy to hear how much he was offered in terms of percentages 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. Factoring was based on the credit of his customers and on their reliability which worked well for Tommy because he and his father had built up good strong relationships over decades with their list of clients. He knew immediately that there would not be any problems when they were contacted by the factoring company regarding their invoices. His clients wouldn�t think poorly of Perkins 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.
Feeling happier now, Tommy 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. He suddenly realized that, with this new cash flow, he could actually expand Perkins Trucking Company and who knows, move into Canada, which had always been his dream. 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 wouldn't be inheriting a financial mess.
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�So It is not a loan?� asked Clarence Warren, reclining back into his chair and crossing his legs. The woman sitting across the desk from Clarence smiled at him, shaking her head.�Not quite,� she stated.Clarence Warren owned a small trucking company, and his business had recently fallen on difficult times. Trucking could be a profitable business, and for a little under a decade, it had been for Sergio. His company was called Bates Trucking, named after both of his grandfathers, Larry and Jeffrey. Both of these men had been very hardworking and had set a great example for Sergio.Disaster had struck half a year ago, when two trucks in Sergio�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. Clarence depended on his full fleet, and missing two trucks was devastating . Furthermore, buying a whole new truck and fixing the other simply took more cash than Clarence 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.Clarence wasn�t a bad owner, and he hadn�t messed up. 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. Clarence knew she was employed by a Factoring company and that her name was Veronica. Clarence 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.She sat there now, and explained. �it is really not a loan at all: we actually buy your accounts receivable. We aren�t giving you money to be paid back later, we�re buying something from you, and you can buy it back when you can. 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.Clarence nodded. It sounded perfect - perhaps too good?.Veronica laughed. �I'm not sure that you believe me,� she chuckled.�Oh no, I do: it just sounds too good to be true. I actually thought I might end up losing my business.�Veronica nodded. �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. We all need help sometimes. 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 Veronica with a smile. �Let's work out a solution to your problem.�And with that they set about making a profile.
Clarence completed the form, with Veronica offering advice as needed.
The profile filled Veronica and her company in on Sergio�s company, and would help them determine if he was 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 Clarence completed his form, Veronica listened to his story and she felt quite sure he would be the ideal candidate for Factoring.When the form was done Veronica took it and slid it into her briefcase. She then stood, reached across the desk and shook Sergio�s hand. He stood before they shook as well, and then smiled. They said their goodbyes and Clarence 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 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 Veronica though, learning about factoring, it felt like a weight had been lifted from his shoulders. He sat back in his chair and ran a hand through his graying but still thick black hair.The long nights, where he couldn�t sleep. The sudden panic attacks, not matter where he was. Already he could feel all the stress start to drain away. He wasn�t out of the woods yet, there was still a lot of work to be done, but he could feel it. He was there, he was on the right path, and he was working to make things right.His mind wandered back to the very beginning, when he first started his business. At twenty-two and straight out of school he had opened a restaurant. It had been successful. Home cooking in his hometown, and he had done very well.But he had gotten bored. 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 six months off, and during that time he decided to create Bates Trucking. So he did it. 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 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 it seemed as though he wouldn't have to - all because of Factoring. Clarence opened his eyes, sat forward, turned his computer on. He had things to do. He could be thankful later, for now, it was time to work.
As the manager of your own establishment, you may perhaps be much more than wary already of the hardship in making certain that capital matters do not become a difficulty down the line. After all, the toughest thing that can possibly transpire for your firm is to find yourself embroiled in a long and tough predicament that leaves you forever looking for the funds you are in need of on an continuing manner.
For virtually any enterprise in this instance, the trouble can come for waiting for work to lapse and actually be compensated into your bank account. Invoices, checks, and the like could take some time to actually to be taken care of which can easily leave you with temporary available resources problems. Fortunately, there are options out there for firms to consider-- and among these is factoring firms.
Factoring companies will, in trade for your bill of sales, give you with the resources asap in order that you don't have to fret about the waiting period which could make paying off the expenses and purchasing materialsmore tough. With this sort of system, invoice factoring can end up being tremendously useful for numerous establishments who need to get out of a money lure which they have gotten themselves in.
Considering that, depending on the size of the project, it can take up to 60 days for a number of business enterprises to get paid then it's essential to cover up your own back and not leave yourself resources short to pay the costs. After all, how many businesses have two months profits just lying there to pay for all their bills until they get paid?
This is most especially true of trucking enterprises. They often tend to handle tons of invoices which means a notable volume of collection period demands business owner themselves. Making an effort to get paid off promptly can end up being an incredible trouble and this is exactly why you employ trucking factoring companies who are thrilled to help out truckers particularly.
As most of us determine, trucking is an exceptionally massive business with countless agencies out there working with hundreds of operators. However, plenty of these drivers land up in cash issues since they are still awaiting work from six weeks in the past to actually compensate them. When this is the condition for a truck organization, turning to factoring providers for reinforcement may be the best alternative left.
This indicates that a truck organization can provide the wages of the staff, keep all the vehicles filled with gas and continue to surmount, thrive and expand without continually waiting for the finances which is taking too long to come in. Trucking Businesses working without a factoring program applied are leaving themselves at considerable danger, as competitors cash out rapidly and carry on to broaden.
There's genuinely not a thing to be stressed about when it comes to employing a Factoring contractor-- they usually are not like a banking company or a person who is going to leave you with a considerable stack of liability to pay back. You give them genuine invoices from output you have already wrapped up , you are merely quickening the repayment process.
In the United States, where trucking establishments flourish, factoring enterprises are not considered getting a loan in any capacity. This confidential arrangement then lets both parties to profit and experience a convenient future-- it gives the factoring business a guaranteed asset of revenue to put into the list and it offers the trucking firm the required funds that they worked hard to obtain.
The trucking firm bestows their statements to the factoring establishment. The trucking factoring business then collect the payments from the trucking company's clients. Factoring has been all around for centuries and has been employed for decades by numerous different business-- but none more so than truckers. While you might lose out on a small part of the money, something like 1-3 % depending on who you partner with, it means that you are getting the funds today and can actually start putting the money to operate.
After all, an IOU or an invoice is certainly not going to cover spendings, is it? For trucking establishments when the resources can be good one day and gone the next, it's up to the vehicle drivers to work sensibly and to ascertain they are leaving themselves with a significant volume of time and money to get through the week up until they are paid once more.
So the next instance your trucking enterprise is enduring some momentary capital problems and you are putting in excessive time chasing slowly paying clients, why not start off taking into consideration making use of a factoring companies as a method to get your finances and give yourself a more convenient future in the eyes of your trucking personnel and your bank dividend?
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. 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. In addition, while you apply for a certain loan amount, that is all the financing you are entitled to. 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?
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. Since the Trucking Factoring company actually buys your accounts receivable you don't 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 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. No Collateral Required. Another great benefit of using the services of a Trucking Factoring company instead of a bank loan is that there is no collateral required for the Trucking Factoring company, because the Trucking Factoring company is 'buying' your accounts receivables. 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. 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.Interest is Paid Up Front. Unlike a bank loan that continues to build interest that you have to pay the entire time you have your business loan with a Trucking Factoring company, you 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 you don't have to worry about monthly loan repayments, and you don't have to worry about the amount of interest payable, because all the money in the account is yours to spend.
As you can see from the above, there are some great benefits to financing through a Trucking Factoring company, and not through a traditional bank loan. In addition, there are other benefits that a Trucking Factoring company can offer you, outside the scope of a bank. The main benefit is that once you've sold your accounts receivable to the Trucking Factoring company, you are free from having to collect money owed by your customers. The Trucking Factoring company takes over that chore, since it is now their money to collect. Trucking Factoring companies are very good at collecting these debts, saving you the time and effort that you need to devote to your growing company.
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.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.