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Factoring History

Factoring History

Welcome to factoring. Whether you own a business, look forward to building one or are looking for new financial tools for your current employer, Factoring can help you reach your financial goals. Factoring has the ironic distinction of being the financial backbone of many of America's most successful businesess.

Why ironic? Because factoring is not taught in business colleges, seldom mentioned in business plans and is relatively unknown to the majority of American business people, yet it is a financial process that frees up billions of dollars every year, enabling thousands of businesses to grow and prosper.

Factoring is the process of purchasing commercial accounts receivable(invoices) from a business at a discount. Business practices today dictate that in order to get business you, as a provider of goods and services, must extend terms to your customers.

These terms can squeeze the life(and cash is the lifeblood of any business) out of a new or struggling company.

Factoring has a long and rich tradition, dating back 4,000 years to the days of Hammurabi. Hammurabi was the king of Mesopotamia, which gets credit as the "cradle of civilization." In addition to many other things, the Mesopotamians first developed writing, put structure into business code and government regulation, and came up with the concept of factoring.

After a while, Hammurabi and the Mesopotamians went the way of extinct civilizations, but factoring endured. Almost every civilization that valued commerce has practiced some form of factoring, including the Romans who were the first to sell actual promissory note at a discount.

The first widespread, documented use of factoring occurred in the American colonies before the revolution. During this time, cotton, furs and timber were shipped from the colonies. Merchant bankers in London and other parts of Europe advanced funds to the colonists for these raw materials, before they reached the continent. This enabled the colonists to continue to harvest their new land, free from the burden of waiting to be paid by their European customers.

Recognize that these were not banking relationships as they exist today. If the colonists had been forced to use modern banking services in eighteenth century England, the process would have been much slower. The banks would have waited to collect from the European buyers of the raw materials before paying the seller of these goods, the colonists. (And at that point, who needed the bank?) This was not practical for anyone involved. So, just as today, the "factors" of colonial times made advances against the accounts receivable of clients, enabling the clients to continue with their operations, long before they had been paid for what they were sold.

With the advent of the Industrial Revolution, factoring became more focused on the issue of credit, although the basic premise remained the same. By assisting clients in determining the creditworthiness of their customers and setting credit limits, factors could actually guarantee payment for approved customers.

This is known as factoring without recourse(or non-recourse factoring)and is quite common in business today. Prior to the 1930's, factoring in this country occurred primarily in the textile and garment industries, as the industries were direct descendants of the colonial economy that used factoring so specifically. after the war years, factors saw the potential to bring factoring to other forms of invoice-based business and the expansion began.

Today, factors exist in all shapes and sizes: as divisions of large financial institutions or, inlarger numbers, as individually owned and operated entreprenurial endeavors. Many of these private factors sprung up in record numbers as interest rates rose to new heights in the 60's and 70's. This trend intensified in the 80's, primarily due to the increasing impact of interest rates and changes in the banking industry. With banks becoming too expensive and too inflexible due to heavy regulation(remember the Savings and Loan crisis?), the small businessperson was forced to find other sources of financing for expansion and growth. As more and more banks stop befriending the small bussinesperson, factoring is becoming an increasingy popular option.

This year alone thousands of businesses will sell billions of dollars in accounts receivable, and they are doing it for profit, growth, and in some cases , their very survival.

How Factoring Works

The First Step:
The Client application

You begin by filling out a simple client profile, which we will provide you. Please click here for profile. This profile will cover basics such as your company's name and address, the nature of your business, and information about your customers.

You may need to supply an accounts receivable aging report, existing customers' credit limits, or other related documents. Remember the factor will attempt to determine the creditworthiness of your customers independent of their credit history with your business. We want a broader view of their overall credit status.

During this initial stage you will also cover basic financial arrangements with the factor. For instance, what will be the monthly volume of invoices you want to factor(i.e. how liquid do you need to be)? What will the advance rate and the discount rate be? How quickly will the factor issue the advance to you?

In most cases, the answers to these questions will vary depending on the financial strength of your customer(s) and the anticipated monthly sales volume to be factored. Variations between industries, length of time in operation, and general reputation of how risky a customer of yours may be. For instance, a long list of high-risk clients will cost you more in factoring fees than a short list of government agencies with a slow-pay history.

In the factoring business, volume is all important. The higher your volume(the dollar amount of invoices you factor), the more favorable your rates will be.

The factor will use the client profile you submit to determine if your business is suitable for factoring. This process is simply the factor analyzing the risks versus the rewards, using the information you provided.

Once approved, you can expect to negotiate terms and conditions. The negotiation process takes several aspects of the deal into consideration. For instance, if you want to factor $10,000, you can't expect as good a deal as a company that wants to factor $500,000.

During the negotiation process, you will become well aware of what it costs to factor your accounts receivable. After you reach an agreement with the factor, the funding wheels begin to roll. The factor conducts due diligence by researching y our customers' credit and any liens placed against your company. The factor also confirms the legitimacy of your invoice before buying your receivables and advancing cash to you.

Why Factoring?

Why Factoring is Necessary

"A sale is not a sale until you collect the money"

Are you a part-time banker for your customers??

Take a look at your accounts receivable aging schedule and count the number of accounts over 30 days.Congratulations, you are extending credit to those customers. You are not getting paid for delivering your end of the deal in a timely manner and as a result you are providing the use of your money to your customer for free. Not exactly the business you thought you were getting into, is it?

Ask yourself this question:

If those customers of yours went to a bank, borrowed the same amount of time, would they expect to pay a substantial amount of interest for the privilege? Of course they would!

And consider this:

Not only are you receiving no interest on that money, but most importantly,you are also losing the use of that money while you are waiting for your customer to pay you. What is the cost of not having this money available? In essence, your customers are asking you to finance their business by extending terms and allowing them to pay in 30 days (and usually longer, right?).

But what is it costing you in "missed opportunities" when your money is tied up in your accounts receivable?

Is Invoice Factoring For You?

The key to knowing if factoring is for you is to not to look only at the bottom-line factoring fee, but also to consider how your company may increase it's profits through factoring. Here is additional information on factoring to help you with your decision.

How are invoice factoring fees and advance rates determined

It is based on several factors:

The creditworthiness of your clients

Your monthly billing volume

Average invoice size

Average days to payment

Fees can range from 2-5 % of the invoice's face value.

For example if the invoice's value is $1,000; a fee of 3% equals $30.

What is an advance?

The amount of money you receive immediately when we buy your invoice. The balance is returned to you when your customer pays the invoice. Advances range from 60-95% of the invoice's face value.

For example if the invoice's value is $1,000 an advance rate of 80% equals $800. The balance of $200 less the factoring fee is returned to you when your customer pays the invoice.

Comparing Bank Lending Rates to Factoring?

When compared to bank lending rates, factoring initially appears to be very expensive. Here are five typical questions/concerns that are raised by potential factoring clients

Wow! 3 points per month!

That's 36 percent year! (Rates range from 1.5- 3 points) It is tempting to annualize the numbers, but that is an "apples and oranges" comparison.Banks loan money at an annualized interest rate, 12 percent per year for example. We purchase your receivables at a discount. The products are different and there are other inconsistencies to this inappropriate comparison

The bank provides the money only one time, the day that you receive the loan; we provide money continuously. As an example, consider a bank loan for $100,000 at 12 percent. You receive the $100,000 just one time and then pay $1,000 interest per month interest and you still owe the $100,000. Or the bank could provide you with a line of credit that you use only when you need the money but the bank is charging you for that privilege and if you need to increase your line you need to go through the qualifying process all over again.

When you factor $100,000 each month for a year you have the use of $1.2 million (12 x $100,000) over the year. Unlike a bank loan where you have just $100,000 one time. Assuming a 3 point discount, the fees over the year will be 12 x $3,000 or $36,000, which is still 3 percent of $1.2 million. And at the end of the year you have no debt!

I'm only making 3% profit, how can I pay you 3 points?

A company making only 3% net profit can do more business volume as a result of factoring, and the larger volume will result in a higher profit margin because fixed costs do not increase with volume. The added business at a higher marginal profit leads to an increased overall profit margin. As the volume increases, the cost of production decreases, so that profits increase. Fixed costs i.e., rent, electric, insurance, etc., increase very little or not at all with volume. An increase in business will not affect rent. Electric bills may rise slightly. Workers compensation insurance may rise slightly. These costs do not increase as do direct production costs.

Let's graphically do the math assuming you can double your sales Without Factoring

Monthly Gross Sales-$50,000
Cost of Goods Sold-$30,000 60% of Gross Sales
Monthly Gross Profit-$20,000-40% of Gross Sales
Fixed Expenses-$10,000
Variable Expenses-$8,500-17% of Gross sales
Factoring Fee-N/A
Total Expenses-$18,500-37% of Gross Sales
Monthly Net Profit-$1,500-3% of Gross Sales

With Factoring

Monthly Gross Sales-$100,000
Cost of Goods Sold-$60,000-60% of Gross Sales
Monthly Gross Profit-$40,000-40% of Gross Sales
Fixed Expenses-$10,000
Variable Expenses-$17,000-17% of Gross Sales
Factoring Fee-$3,000-3% Fee
Total Expenses-$30,000-30% of Gross Sales
Monthly Net Profit-$10,000-10% of Gross

But I only get 80% of my money upfront!

(Advances typically range from 80%-97%) Let's assume an advance rate of 80%. Let's also assume that you begin factoring in January. You have factored $100,000, we pay you $80,000 of that money upfront, with the remaining money making up the fee (3%) of $3,000 and the reserve (17%) of $17,000.

Now in February, you once again factor $100,000 and receive $80,000. However. you also receive your January reserve of $17,000(assuming your customer pay in 30 days). So for February, you actually receive 97% of your money, instead of 80%. In the second month and going forward you are basically receiving 97% of your cash flow.

But what if my customers take longer than 30 days to pay?

You have several options, Assume your client takes 60 days to pay you bill your client in the normal fashion and simply allow 30 days to go by prior to factoring that invoice. That way you pay the 30 day fee. Another way is to factor your faster customers first for the cash you need.

Credit Risk

Quick Continuous Cash Yes!

You Also Get Our Credit Risk Expertise at No Additional Fee

Accurately assessing credit risk is really the essential part of our factoring business. Few, if any, business clients can perform this function as objectively as we will.

For no additional fee, we act as your credit department for new and existing customers. This provides you with a huge advantage over in-house performance of these functions.

Consider the scenario where a salesperson has a new account with a potential for large purchases. The salesperson wants the business-so much so that he or she may overlook red flags associated with credit difficulties. The salesperson may even walk the account through your own internal credit checking procedures, in order to side step established controls. While this may get you the sale, it won't get the money, and with no money, there is no sale.

This will not happen with us. We make credit decisions with full knowledge of the new customer's credit situation. We will not buy the invoices of a poorly-rated customer and risk nonpayment. But don't look upon our participation as a tightening of credit to the extent that your business will be affected in a way that is beyond your control.

If you have a new customer with questionable creditworthiness, the decision to do business with that person is still yours. (However, we will reserve the right to say "I told you so!")

We may not buy those invoices, but you are still free to extend credit terms as you see fit. You remain in control Whatever decisions are made, you can be assured that, because of the factor's participation,you will be making decisions and extending credit based on more complete, objective and higher quality information than you have in the past.

We will fully research new clients and, equally important, we will routinely check the credit ratings of your existing customers. This contrasts greatly with most businesses, where routine credit updates are seldom run on the established customer base. This is potentially a huge mistake.

When a business does opt to do a credit check, it is usually too late and the problem is already out of hand. On the other hand, we will inform you immediately if there is a change in the credit status of one of your existing customers.

In addition to the specific customer credit information that we provide, you will have the benefits of comprehensive, detailed reports on your accounts receivables as a whole. As a part of the process you will receive accounting, transactional details, aging reports and financial management reports that allow you to incorporate this data into your own sales tracking, account history and in-depth analysis

We have more than 70 years of successful cash flow and credit management experience we would love to put to work for you.

Switching Factoring Companies

Everything you need to know about changing factoring companies.

Looking for a new factoring company?
Unhappy with your current factor?
Thinking of leaving your factoring company?
What do I need to know if I want to change factoring companies?

Here are the answers to these questions and more:

What is a UCC and how does it apply to me wanting to change factoring companies?

It is standard industry practice for a factoring company to file a blanket Uniform Commercial Code (UCC) to secure the factor's first position security interest on the invoices funded.

The UCC is a way for factoring companies, banks and commercial lenders to keep straight who is lending on what assets. Because receivables change on daily basis as new invoices collect and old invoices are paid, factors must file what is called a 'blanket' UCC filing collateralizing all of your receivables even though you may only be factoring a portion of your sales. It's simply impossible for factors to file a new UCC for each invoice funded. The UCC is simply a flag for other lenders who chose to run a search indicating a Security Agreement exists between your company and the factoring company.

The details of your particular factoring arrangement, such as rates and which accounts are factored, are outlined in the Security Agreement itself which is not public not. A UCC is similar to a first mortgage on your business.

The Buyout Process

The lender with the oldest dated UCC filing is said to be in 'First Position' on the pledged collateral. For example, a factor has first rights to collect payments on your invoices and all the related surrounding instruments.

Factoring companies do not take a second position because the lender in first position could legally take the check right out of the hands of the second position factor at any time and have every legal right to do so. It's a similar concept to ensuring you get the pink slip when purchasing a vehicle. You wouldn't want to have someone come along one day, unannounced and take the vehicle you thought you owned and have every legal right to do so!

To change factoring companies the old factor must be paid off by the new factor. Simultaneously the old factor's lien is released and the factor's lien is filed which is similar to refinancing your home.

A 'buyout' is the practice where the new factoring company pays off the old factoring company using proceeds from your first funding. The Buyout Agreement outlines the transition process and is a three party agreement signed by the old factoring company, new factoring company and your company. In the Buyout Agreement you approve the 'buyout figure' provided by the old factoring company.

How is the Buyout Figure Calculated:

The buyout figure is generally calculated by taking the Gross Receivables Outstanding subtracting any reserves and then adding in fees due to the old factoring company. If not automatically provided, it's best to ask for a breakdown as to how your figure was calculated. This way you can be sure you understand if any early termination fees or other fees on top of your usual factoring charges have been included.

It's important to understand the buyout figure because once you authorize that amount the old factor is paid off you have released any recourse to old factor. From that point forward you are only dealing with the new factor.

If you are going from a factoring agreement with an 80% advance rate to a 90% advance rate it's possible there will be enough proceeds to payoff the old factor without your having to come up with additional invoices.

How much does the buyout cost?

If you are able to submit brand new invoices to the new factoring company which they can use to payoff the outstanding invoices at your old factor then there would be no additional cost to you to make the change. Then, as the payments come in on the old invoices outstanding from the old factor, as part of the buyout agreement, those payments are forwarded to the new factor who would turn around and forward those to you as non-factored at no cost.

That is an ideal situation however, to come up with the payoff figure most companies need to resubmit at least a portion of invoices already factored with the old factor to the new factor. If that is the case, the invoices part of the 'overlap' will incur factoring fees from both factors.

Therefore, depending on your fee structure your factoring fees the first month of the change could be higher than normal. If you'll be getting a lower rate from your new factoring company you can calculate how many months it will take you to recoup that expense and run a cost benefit analysis.

Depending on the size of the transaction, some factoring companies offer reduced fees on invoices part of a buyout. You also want to make sure you give the proper notice of intent to terminate to your old factor (if required) to avoid any early termination fees to leave their contract early (refer to the Security Agreement Section titled 'termination or early termination.'

How long does a buyout take?

When you are changing factoring companies it's best to plan on the first funding taking a two to three more days than the normal factoring application setup process. The added days will be needed at the time of invoice verification and just before funding as buyout figures are calculated and sent to you for your approval.

It's not uncommon for buyout figures to change because fees continue to accrue and invoices collect so it's sometimes necessary to get updated buyout figure at the very last minute. By aligning yourself with a factoring company familiar with the buyout process they can guide you through timing to minimize any delays in your funding as a result of the transition. This is especially critical if you have weekly payroll to meet and cannot spare a few days delay in funding.

What if my situation is not that easy? Although it is not common industry practice, it's possible the old factoring company and the new factoring company can work together via an Intercreditor or Subordination Agreement until the old factor is paid off.

Depending on the circumstances, factors have been able to 'draw a line in the sand' where the old factor has rights to invoices up to a certain date and the new factor has rights to all invoices after that date.

Questions you wish you had asked before you signed up with your current factor:

How many factoring companies can I use at one time? By the way, the universal answer is one (per the Uniform Commercial Code/UCC).

If I decide I want to change factoring companies how much notice will I need to give?

What is the penalty if I want to leave without giving the required notice and please provide an example of how the fees would be calculated. Caution: be on the look out for 12 month factoring contracts where requiring a certain factoring volume per month.

For example, a 12 month contract where you've agreed to factor $100,000 per month at a rate of 2% means you promise to pay them $2,000 per month in factoring fees or $24,000 in total factoring fees over the next year.

If you want to leave after 6 months they will charge you the fees you would owe them for the remaining 6 months in the contract which in this example equals $12,000. That is cost prohibitive for most companies especially trucking companies working on very low profit margins. You're stuck!

Even worse, the trucking industry in specific is very volatile and it's hard to know how many trucks you will have running for you over the course of the next year. Can you imagine committing to factor $100,000 per month and then having some unexpected circumstance require you to let go half of your owner operators yet you still have to pay the factor $2,000 per month regardless of how many trucks you are running?

Do you use a bank lock box to post my customer payments?

If so, how many days does it take for one of my customer's payments to post to my account from the date the bank receives my customers check? This process has been known to artificially inflate the invoice turn and therefore increase your factoring fees.

How many days do you hold my original invoices before mailing them out to my customers?

The answer should be same day. Invoices are cash and should not be left sitting around. Not to mention, this is another way to artificially inflate the invoice turn and increase the factors fees. How many different people will I work with at your company? Some factoring companies have either a lot of turnover or operate call centers where you start with a new representative every time you call in. Other factors offer dedicated account administrators to be your point of contact.

Do I need to pay for postage for you to mail my invoices?
That should be included in the factoring fees.

Do you charge me every time I have a new customer to credit check?
Do you charge me every time I setup a new customer?
Do you 'batch' my invoices and make me pay fees on all the invoices
submitted in a particular batch until the very last invoice in that batch has collected?
Do you start holding reserves once a customer hits 60 days even though I have 90 day recourse?

A little history on the Trucking Industry

The Logistics and Transportation Industry in the United States

The logistics and transportation industry in the United States is highly competitive. By investing in this sector, multinational firms position themselves to better facilitate the flow of goods throughout the largest consumer market in the world.. International and domestic companies in this industry benefit from a highly skilled workforce and relatively low costs and regulatory burdens.

Shipping Port

Spending in the U.S. logistics and transportation industry totaled $1.33 trillion in 2012, and represented 8.5 percent of annual gross domestic product (GDP). Analysts expect industry investment to correlate with growth in the U.S. economy.

A highly integrated supply chain network in the United States links producers and consumers through multiple transportation modes, including air and express delivery services, freight rail, maritime transport, and truck transport. To serve customers efficiently, multinational and domestic firms provide tailored logistics and transportation solutions that ensure coordinated goods movement from origin to end user through each supply chain network segment.

Industry Subsectors

Logistics services: This subsector includes inbound and outbound transportation management, fleet management, warehousing, materials handling, order fulfillment, logistics network design, inventory management, supply and demand planning, third-party logistics management, and other support services. Logistics services are involved at all levels in the planning and execution of the movement of goods.

Air and express delivery services (EDS): Firms offer expedited, time-sensitive, and end-to-end services for documents, small parcels, and high-value items. EDS firms also provide the export infrastructure for many exporters, particularly small and medium-sized businesses that cannot afford to operate their own supply chain.

Freight Factoring Benefits

Freight rail: High volumes of heavy cargo and products are transported long distances via the U.S. rail tracking network. Freight rail moves more than 70 percent of the coal, 58 percent of its raw metal ores, and more than 30 percent of its grain for the nation. This subsector accounted for approximately one third of all U.S. exports.

Maritime: This subsector includes carriers, seaports, terminals, and labor involved in the movement of cargo and passengers by water. Water transportation carries about 78 percent of U.S. exports by tonnage, via both foreign-flag and U.S.-flag carriers.

Trucking: Over-the-road transportation of cargo is provided by motor vehicles over short and medium distances. The American Trucking Associations reports that in 2012, trucks moved 9.4 billion tons of freight, or about 68.5 percent of all freight tonnage transported domestically. Motor carriers collected $642 billion in revenues, or about 81 percent of total revenue earned by all domestic transport modes.

Industry Associations:

American Association of Port Authorities
American Society of Transportation and Logistics
American Trucking Associations
Association of American Railroads
Council of Supply Chain Management Professionals
Express Delivery and Logistics Association
Industry Publications:

American Shipper
Journal of Commerce
Material Handling & Logistics
Transport Intelligence
Transport Topics

North American Industry Classification System For Transportation

The Transportation and Warehousing sector includes industries providing transportation of passengers and cargo, warehousing and storage for goods, scenic and sightseeing transportation, and support activities related to modes of transportation. Establishments in these industries use transportation equipment or transportation related facilities as a productive asset. The type of equipment depends on the mode of transportation. The modes of transportation are air, rail, water, road, and pipeline.

The Transportation and Warehousing sector distinguishes three basic types of activities: subsectors for each mode of transportation, a subsector for warehousing and storage, and a subsector for establishments providing support activities for transportation. In addition, there are subsectors for establishments that provide passenger transportation for scenic and sightseeing purposes, postal services, and courier services.

A separate subsector for support activities is established in the sector because, first, support activities for transportation are inherently multimodal, such as freight transportation arrangement, or have multimodal aspects. Secondly, there are production process similarities among the support activity industries.

One of the support activities identified in the support activity subsector is the routine repair and maintenance of transportation equipment (e.g., aircraft at an airport, railroad rolling stock at a railroad terminal, or ships at a harbor or port facility). Such establishments do not perform complete overhauling or rebuilding of transportation equipment (i.e., periodic restoration of transportation equipment to original design specifications) or transportation equipment conversion (i.e., major modification to systems). An establishment that primarily performs factory (or shipyard) overhauls, rebuilding, or conversions of aircraft, railroad rolling stock, or a ship is classified in Subsector 336, Transportation Equipment Manufacturing according to the type of equipment.

Many of the establishments in this sector often operate on networks, with physical facilities, labor forces, and equipment spread over an extensive geographic area.

Truck Transportation

You Can Find More Transportation Factoring Trucking Information at Freight Factoring Company
and at Freightfactoringcompany.Org

Industries in the Truck Transportation subsector provide over-the-road transportation of cargo using motor vehicles, such as trucks and tractor trailers. The subsector is subdivided into general freight trucking and specialized freight trucking. This distinction reflects differences in equipment used, type of load carried, scheduling, terminal, and other networking services. General freight transportation establishments handle a wide variety of general commodities, generally palletized, and transported in a container or van trailer. Specialized freight transportation is the transportation of cargo that, because of size, weight, shape, or other inherent characteristics require specialized equipment for transportation.

Each of these industry groups is further subdivided based on distance traveled. Local trucking establishments primarily carry goods within a single metropolitan area and its adjacent nonurban areas. Long distance trucking establishments carry goods between metropolitan areas.

The Specialized Freight Trucking industry group includes a separate industry for Used Household and Office Goods Moving. The household and office goods movers are separated because of the substantial network of establishments that has developed to deal with local and long-distance moving and the associated storage. In this area, the same establishment provides both local and long-distance services, while other specialized freight establishments generally limit their services to either local or long-distance hauling.

General Freight Trucking

This industry group comprises establishments primarily engaged in providing general freight trucking. General freight establishments handle a wide variety of commodities, generally palletized, and transported in a container or van trailer. The establishments of this industry group provide a combination of the following network activities: local pickup, local sorting and terminal operations, line-haul, destination sorting and terminal operations, and local delivery.

General Freight Trucking, Local

This industry comprises establishments primarily engaged in providing local general freight trucking. General freight establishments handle a wide variety of commodities, generally palletized and transported in a container or van trailer. Local general freight trucking establishments usually provide trucking within a metropolitan area which may cross state lines. Generally the trips are same-day return.

General Freight Trucking, Long-Distance

This industry comprises establishments primarily engaged in providing long-distance general freight trucking. General freight establishments handle a wide variety of commodities, generally palletized and transported in a container or van trailer. Long-distance general freight trucking establishments usually provide trucking between metropolitan areas which may cross North American country borders. Included in this industry are establishments operating as truckload (TL) or less than truckload (LTL) carriers.

General Freight Trucking, Long-Distance, Truckload

This U.S. industry comprises establishments primarily engaged in providing long-distance general freight truckload (TL) trucking. These long-distance general freight truckload carrier establishments provide full truck movement of freight from origin to destination. The shipment of freight on a truck is characterized as a full single load not combined with other shipments.

General Freight Trucking, Long-Distance, Less Than Truckload

This U.S. industry comprises establishments primarily engaged in providing long-distance, general freight, less than truckload (LTL) trucking. LTL carriage is characterized as multiple shipments combined onto a single truck for multiple deliveries within a network. These establishments are generally characterized by the following network activities: local pickup, local sorting and terminal operations, line-haul, destination sorting and terminal operations, and local delivery.

Specialized Freight Trucking

This industry group comprises establishments primarily engaged in providing local or long-distance specialized freight trucking. The establishments of this industry are primarily engaged in the transportation of freight which, because of size, weight, shape, or other inherent characteristics, requires specialized equipment, such as flatbeds, tankers, or refrigerated trailers. This industry includes the transportation of used household, institutional, and commercial furniture and equipment.

Trucking Factoring Service

Used Household and Office Goods Moving

This industry comprises establishments primarily engaged in providing local or long-distance trucking of used household, used institutional, or used commercial furniture and equipment. Incidental packing and storage activities are often provided by these establishments. Specialized Freight (except Used Goods) Trucking, Local

Specialized Freight (except Used Goods) Trucking, Long-Distance

This industry comprises establishments primarily engaged in providing long-distance specialized trucking. These establishments provide trucking between metropolitan areas that may cross North American country borders.

You Can Find More Transportation Factoring Trucking Information at myfactoringcompany.com
Freight Broker

A freight broker is an individual or company that serves as a liaison between another individual or company that needs shipping services and an authorized motor carrier. Though a freight broker plays an important role in the movement of cargo, the broker doesn't function as a shipper or a carrier. To operate as a freight broker, a business or individual must obtain a license from the Federal Motor Carrier Safety Administration (FMCSA). Freight brokers are required to carry surety bonds as well.

Freight broker services are valuable to both shippers and motor carriers. Freight brokers help shippers find reliable carriers that might otherwise be difficult to locate. They assist motor carriers in filling their trucks and earning money for transporting a wide variety of items. For their efforts, freight brokers earn commissions.

Freight brokers use their knowledge of the shipping industry and technological resources to help shippers and carriers accomplish their goals. Many companies find the services provided by freight brokers indispensable. In fact, some companies hire brokers to coordinate all of their shipping needs.

Often, freight brokers are confused with forwarders. Though a freight forwarder performs some of the same tasks as a freight broker, the two are not the same. A forwarder takes possession of the items being shipped, consolidates smaller shipments, and arranges for the transportation of the consolidated shipments. By contrast, a freight broker never takes possession of items being shipped thus in the absence of negligent entrustment, a freight broker is not normally involved as a party litigant in a cargo claim dispute, although as an accommodation, the freight broker may assist the shipper at their request and expense with filing freight claims.

Best Transportation Factoring Companies

NAICS Index Description

Freight Factoring Benefits

484110 Bulk mail truck transportation, contract, local
484110 Container trucking services, local
484110 General freight trucking, local
484110 Motor freight carrier, general, local
484110 Transfer (trucking) services, general freight, local
484110 Trucking, general freight, local
484121 Bulk mail truck transportation, contract, long-distance (TL)
484121 Container trucking services, long-distance (TL)
484121 General freight trucking, long-distance, truckload (TL)
484121 Motor freight carrier, general, long-distance, truckload (TL)
484121 Trucking, general freight, long-distance, truckload (TL)
484122 General freight trucking, long-distance, less-than-truckload (LTL)
484122 LTL (less-than-truckload) long-distance freight trucking
484122 Motor freight carrier, general, long-distance, less-than-truckload (LTL)
484122 Trucking, general freight, long-distance, less-than-truckload (LTL)
484210 Furniture moving, used
484210 Motor freight carrier, used household goods
484210 Trucking used household, office, or institutional furniture and equipment
484210 Used household and office goods moving
484210 Van lines, moving and storage services
484220 Agricultural products trucking, local
484220 Automobile carrier trucking, local
484220 Boat hauling, truck, local
484220 Bulk liquids trucking, local
484220 Coal hauling, truck, local
484220 Dry bulk trucking (except garbage collection, garbage hauling), local
484220 Dump trucking (e.g., gravel, sand, top soil)
484220 Farm products hauling, local
484220 Flatbed trucking, local
484220 Grain hauling, local
484220 Gravel hauling, local
484220 Livestock trucking, local
484220 Log hauling, local
484220 Milk hauling, local
484220 Mobile home towing services, local
484220 Refrigerated products trucking, local
484220 Rubbish hauling without collection or disposal, truck, local
484220 Sand hauling, local
484220 Tanker trucking (e.g., chemical, juice, milk, petroleum), local
484220 Top-soil hauling, local
484220 Tracked vehicle freight transportation, local
484220 Trucking, specialized freight (except used goods), local
484230 Automobile carrier trucking, long-distance

Freight Broker Factoring Companies

484230 Boat hauling, truck, long-distance
484230 Bulk liquids trucking, long-distance
484230 Dry bulk carrier, truck, long-distance
484230 Farm products trucking, long-distance
484230 Flatbed trucking, long-distance
484230 Forest products trucking, long-distance
484230 Grain hauling, long-distance
484230 Gravel hauling, long-distance
484230 Livestock trucking, long-distance
484230 Log hauling, long-distance
484230 Mobile home towing services, long-distance
484230 Radioactive waste hauling, long-distance
484230 Recyclable material hauling, long-distance
484230 Refrigerated products trucking, long-distance

484230 Refuse hauling, long-distance
484230 Rubbish hauling without collection or disposal, truck, long-distance
484230 Sand hauling, long-distance
484230 Tanker trucking (e.g., chemical, juice, milk, petroleum), long-distance
484230 Tracked vehicle freight transportation, long-distance
484230 Trash hauling, long-distance
484230 Trucking, specialized freight (except used goods), long-distance
484230 Waste hauling, hazardous, long-distance
484230 Waste hauling, nonhazardous, long-distance

Back to More Trucking Factoring Companies Information. LEARN MORE ABOUT...Transportation Factoring Trucking

Freight Factoring / Freight Factoring Freight Businesses all across the nation depend on Freight factoring to run and operate their Businesses. Freight factoring stabilizes your cash flow by giving you immediate cash for your Freight bills upon load delivery. You don’t have to wait 30 to 60 days for your customers to pay, which enables you to handle more deliveries.

Freight bill factoring provides a complete financing alternative to negotiating with every single Freight broker for which you deliver goods. Freight factoring Businesses handle all your invoices, no matter how many brokers you have. This is especially important for Freight Businesses that work with a large number of Freight brokers.

If you operate a Freight firm, and your shipping customers and Freight brokers have good credit but are slow paying their Freight bills then you should consider hiring one of the top Freight factoring Businesses to help you. Not only do you get cash advances, but you often receive other benefits such as fuel cards; fuel discounts; tire and maintenance discount programs, and free Freight-matching load boards versus paying for loads on boards.

Freight factoring rates Truck factoring Businesses offer rates as low as 1% for the largest carriers. Owner-operators and truck Businesses with one to five trucks can expect to pay at least 2.5 to 3% for Freight factoring services, depending on monthly volume and customers. Freight factoring rates are very competitive.

Freight advance rates Freight Businesses enjoy the best advance rates in the factoring industry. Other types of Businesses such as staffing or construction often carry advance rates of 85% or less, but Freight cash advance rates are often 95% or more. Some Freight factoring Businesses fully-fund 100% of your Freight bills, advancing the entire invoice amount less factoring fees.

Non-recourse factoring

Many Freight factoring Businesses offer the option of non-recourse factoring which is a credit guarantee that protects you from customer non-payment due to credit issues. Non-recourse factoring usually costs more than recourse, but it may give you the peace of mind you need to sleep at night. Recourse and non-recourse factoring pertain only to non-payments resulting from credit issues such as insolvency or bankruptcy. You’re still liable for disputed claims, non-delivered goods or incorrect billing.

How Freight bill factoring works

Complete the delivery of goods to your customer and send your Freight bill (or bill of lading) to your Freight factoring firm.

The Freight factoring firm purchases your Freight bills and sends you cash for up to 100% of the invoice within 24 to 48 hours.

The Freight factoring firm collects payment from your customers and sends you any reserve as final payment.

Truck factoring Businesses advance you cash to keep your trucks on the road, but they also do much more. Freight factoring Businesses typically provide back office functions such as credit checks on brokers and shippers; invoice generation and submission; receivables processing and accounting; as well as professional collections. These services are extremely helpful to any trucker, whether you are a single owner-operator or a large carrier.

Speed is critical in the Freight industry, especially when you need to get paid for your deliveries. It’s why the entire Freight industry depends on Freight factoring. Whether you’re an independent owner-operator, mid-size fleet, or large carrier, you’ll benefit from Freight bill factoring for consistent cash flow. Freight factoring is the fastest way to get paid by your shippers and Freight brokers, so you can deliver more loads and grow your business.

Freight Factoring Company

Truck Factoring-How to do it right

It’s no secret that your ability to control your cash flow will make or break your Freight business — whether you’re a solo independent owner/operator or you’re the proud owner of a 50 truck fleet. If buying float time with the creative use of credit cards or going to your banker, hat in hand, to request a business line of credit has all the appeal of a root canal, there is another option available for small Freight fleets and owner-operator Businesses: Freight bill factoring. For those of you unfamiliar with the practice, transportation factoring is nothing more than assigning your unpaid Freight bills to a third party firm for less than you would receive if you were to bill your customer and wait for payment. This enables you to get paid more quickly upon completion of a run, giving you faster access to the cash you need for funding your day-to-day operations. Here’s how Freight factoring works, step-by-step:

1) Once you book your load, you fax or email details about your customer, the load, and your rate confirmation to the factoring service.

2) The factoring service lets you know if your customer is approved for load factoring

3) You pull the load

4) When you’re empty, you fax or mail your Bills of Lading and load-related documents to the factoring firm.

5) Later that day (or within 24 hours) the factoring firm will initiate a direct deposit to your bank account (which could be 60%-90% of your billing).

6) Once your customer has paid the invoice, you would receive the balance

Transportation invoice factoring isn’t for everyone, but it could provide you with the cash you need to keep your wheels turning and provide some stability to your Freight business while you wait for your customer to pay their Freight bill.

Freight Factoring Company

The best option for you is to invoice your customer directly and wait for payment to come in, but many customers are very slow to pay their invoices. If you need the cash right away, working with Freight factoring Businesses might provide the financial cushion that you need to keep your trucks on the road.

Only you can determine if truck factoring makes sense — and this information should arm you with the knowledge you need to make a wise decision and keep from being victimized by a dishonest transport factoring firm that might not have your best interests in mind. —————————-

First, it should be noted that truck factoring is not free. There is a cost involved. It’s up to you as a business owner to make a determination as to whether or not it’s worth the cost — which can vary from as little as 1.5% to as much as about 5% of the line haul revenue.

It’s also important to note that you will likely face paying a number of fees, charges, and other expenses if you utilize the services of a Freight bill factoring service. In most cases, your net proceeds from assigning your bills of lading to a factoring firm will more than likely result in your receiving an advance of 60%-90% of the anticipated revenue (depending upon the factoring service you utilize). The balance would be remitted to you once your customer pays their bill.

Second, all Freight factoring services are not created equally.

Here are some key questions to ask when considering Freight factoring Businesses:

Do you provide recourse- or non-recourse-based Freight factoring services?

The name may seem unfamiliar, but the ramifications to your profitability could be substantial: Recourse-based Freight factoring means that if your customer fails to pay the factoring service, that you will allow them to come back to you for reimbursement; whereas, non-recourse-based Freight factoring means that even if the bill doesn’t get paid, you have your money.

Do you require me to let you bill my customer for all future loads I pull for them or can this be done on a load-by-load basis?

While you may have a temporary cash shortfall that you’re trying to cover by utilizing the services of a Freight factoring service, many will require that they handle all future Freight bill collections for monies owed to you by that customer. Depending upon the customer, you may not want to go this route, but keep in mind that some factoring Businesses are very firm about this requirement.

Some Freight bill factoring services give you the option of deciding on a load-by-load basis whether to handle the billing and collections yourself or whether to let them handle it on your behalf. In addition, factoring services that will let you make the decision yourself will also let you decide whether you want immediate payment or payment when the invoice is actually paid. This can be convenient for you, because it will almost permit you to utilize the Freight factoring service as a de facto billing service Is there a price difference if I let you bill my customer for all loads that I pull for them?

Some Freight factoring Businesses may permit you to decide on an invoice-by-invoice basis whether you want to bill your customer yourself or have them do it, while others require all billings to originate through them. If you utilize their services on a “spot-usage” basis and don’t elect to have a particular invoice factored, you will still likely be faced with paying $15-$20 for billing. You would then receive payment once your customer pays the invoice. Do you charge extra fees for additional services?

Requirements for Customers — Most Freight factoring Businesses won’t automatically pay invoices from your customers. They will want to have a reasonable assurance that your customer isn’t a deadbeat, so they will likely require a credit check to ensure that there is a likelihood that they will be paid. Most transportation factoring Businesses will do a credit check on your customer for you (which could involve a nominal fee). Other factoring services will give you access to a list of customers that are “pre-approved” — Businesses that meet their credit requirements. This can also come in handy for you, especially if you want to know a prospective customer’s credit prior to booking the load. Do you require deposits? And do you advance 100% of the Freight bill?

Some factoring services will require deposits, while others will not. Before signing on the dotted line, be sure to ask so that you have a clear understanding of exactly what you are getting into. It is rare for a factoring service to advance 100% of your Freight bill, so find out what their policy will be — and if it will be the same for all customers and Freight bills or if it could change from load to load.

Freight Factoring Company

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Back to More Trucking Factoring Companies Information. 9 Questions to Ask When Comparing Freight Factoring Businesses

In the U.S., the Freight industry generates 255 billion in revenue each year. According to American Transportation Research Institute, there are 500,000 Freight Businesses, but only four percent of these Freight Businesses have more than 28 trucks. The other 96 percent have 28 trucks or less, and 82 percent have six trucks or fewer. So, Freight is a multibillion dollar industry comprised mostly of small, independent operators.

Why is this information important?

There are two main challenges that Freight Businesses come across when looking at their business’s finances. The first being cash flow and obtaining a business loan from the bank to keep up with payroll, expenses, etc. The second challenge being waiting the 60 to 90 days that it can take for clients to settle their invoices. With the majority of Freight Businesses in the United States having under 28 trucks, this also means that their teams are relatively small as well. People are wearing multiple hats to try and get things done, tasks may get missed, and scaling is challenging without the proper cash flow backing them.

Having a lack of cash flow can quickly become what is holding you back from onboarding an A-player in your industry, keeping up with payroll, paying vendors, and frankly, growing your business beyond what it is today. Freight factoring is one way to eliminate these obstacles, especially for smaller Freight Businesses or independent operators. What Is Freight Factoring? You've likely heard of factoring in the past, and it is basically a way to create cash flow immediately instead of waiting to collect on all your invoices. The Freight factoring firm pays you 85 percent or more upfront and then collects the invoice payments for you. Once the payments are collected they send you the rest of the payments, less a factoring fee. The fee normally runs from one to three percent of the dollar amount factored. Many factoring Businesses specialize in Freight/transportation/Freight forwarding, but the details of their proposals may vary widely. The number of options and the structure of the various agreements can get confusing.

In this article we will provide an overview of what to look at when comparing factoring Businesses. 1. How quickly can you get funding?

You will typically receive funding after the factoring firm has received your submitted invoices. Some factors provide same–day funding or next-day funding, while others will only fund after verifying your customer’s bills, which can take more than 2 or 3 days.

The timeframe in which you receive your funding is one of the most crucial aspects of the contract that you need to consider. If you know that you typically need funding right away, then you will need to look at factoring Businesses that provide same or next-day funding.

2. What kind of customer service does the firm provide?

Like any industry, there are varying levels of services when you need to get in touch with a representative. With finances, many people like to have the option of speaking with a person right away. If an issue arises where they need access to their funding sooner than expected or something has gone wrong with their account, having access to a person or a nearby office can be beneficial.

We make a point of interacting with our customers in person as often as we can, and we encourage customers to travel to our offices if it isn’t too far for them. For example, we have team members located in Toronto, Canada, and we have a local office in Buffalo, New York. Should our Toronto clients want to make the short trip to Buffalo to visit our office, we encourage them to do so. The kind of interactions you want to have with your factoring firm is important to consider. You do not want to end up working with a firm that only offers email support if you’re someone who prefers to interact over the phone or in person. Make sure you do your homework before you set up a long-term arrangement. 3. Does the factoring firm provide credit protection?

There are two kinds of factors: non-recourse and recourse. Recourse factors have the option of charging you back for any unpaid invoices, but the non-recourse factors provide credit protection. This is a very common question that comes up when we are speaking with Businesses about factoring. They want to know what happens should a client’s invoice become delinquent and ultimately, become unpaid. Having credit protection means that you will get paid on the invoice even if the invoice goes unpaid. Since they take on more risk, non-recourse factoring normally costs more. Especially with a smaller firm, it can be difficult to have a backup plan should an invoice go unpaid. It’s important to consider what kind of strategy you have in place for unpaid invoices. Will you contact the customer or pursue them for the funds that they owe? Or, will you swallow the cost yourself and move on? Having an established plan of what you will do will help you establish if you will need recourse or non-recourse factoring. 4. How much is advanced and how much is held in reserve? Factoring Businesses normally provide 85 percent or more when you submit an invoice. They will hold on to the remaining amount until the invoice is paid by the client. Once the invoice is settled in full, they will release the remaining funds, minus their factoring fee. The fee tends to be somewhere between one and three percent.

5. What are the rates and fees?

Factoring fees can come in many different shapes and sizes. The main thing you need to make sure of is that you understand what fees are going to be incurred by doing business with a factoring firm. Make sure to ask the right questions! Here are some ways in which fees can be charged: 1.A percentage of the invoice value

2.They can depend on how long the invoice remains unpaid

3.There can be wire and ACH fees

4.Administrative fees

5.Interest

6.And much more.

Make sure you read the contract and understand all of the fees in which you are going to be charged so that you can make a smart decision about which structure is the best and most cost effective for you. The best way to compare proposals is to figure out the total cost of the fees as a percentage of the dollar amount of the factored invoices.

Flat Fees Versus Tiered Rates

The two most common fees charged are flat fees and tiered rate fees. Here is a quick explanation on how they typically work.

1. Flat Fees

Flat fees are really just how they sound. They are when a factoring firm charges a one-time flat discount fee for the factoring of the invoice regardless of how long or how quickly the invoice is paid. This can be great, as it provides an upfront knowledge of exactly what your finance costs are going to be, but it can also prove expensive if your customers generally pay quickly. If a factoring firm charges a three-percent flat rate and your clients pay in 60-90 days, well then you are getting quite a good deal. But, if three-percent is charged and most of your clients pay in 7-30 days, well three-percent is a lot for such a short time. Look over your customer list or aging and think about how long on average it takes for your customers to pay and that will help you in determining whether a flat rate really is a good deal for you or not. 2. Tiered Fees

Tiered fees are fees that incrementally increase as the invoice remains unpaid. This is great because you are only incurring fees for as long as it takes the invoice to be paid. If your customers are paying quite quickly, then tiered fees will generally save a business a lot of money on factoring costs.

6. How are credit checks carried out?

Factoring Businesses main concerns are not how many years a firm has been in business or what a business owners credit score is. The main concern is that the factoring firm is buying invoices that will get paid and not become delinquent. Many factoring Businesses will check the credit of the customer, shipper or Freight broker for you. You need to find out how this is done and how long it takes. You’ll likely want to work with a factor that can quickly approve your customer’s credit and your funding before you transport a load.

7. How much of the billing is handled by the factoring firm?

One of the advantages of working with a factor is that some perform the back-office tasks like billing and invoicing. For example, you can send them the bill of lading and a rate sheet and they’ll take care of the rest. Other factoring Businesses will ask you to do the invoicing and send them copies. Should you be in a situation where you don’t want your client to know that you’re working with a factoring firm, you can look into Non-Notification Factoring. It is a form of factoring that significantly limits the number of interactions between the factoring firm and your clients. In other words, the factoring firm’s presence throughout the process is seemingly non-existent. If there is a point where the factoring firm needs to communicate with one of your clients, the communication is done in a way that makes it seem like they’re part of your firm. Factoring Businesses can use your firm collateral when sending notifications, emails, etc. This could mean a slight increase in the billing tasks that you need to handle, however, you can make sure to inquire about all of these options when you’re reviewing propposals.

8. What are the invoice requirements?

You’ll need to find out if the factoring firm requires you to factor all your invoices or lets you choose the ones you want to factor. Also, some factors charge fees on the gross amount factored, while others charge you for the net amount (gross amount minus fuel costs).

9. What is the contract period?

Some Freight factors may require a long-term contract from three to 36 months, but others will offer you the option of canceling your factoring agreement at any time. Make sure you understand the fine print and any fees associated with terminating your contract early if you decide on a longer-term contract.

How To Choose?

There are many things to consider when looking into different factoring Businesses. Even though each factoring firm is offering a similar service, there are many points that differentiate them. Each factoring firm will have different funding rates, advance rates, contract terms and requirements. Some factors will require a personal guarantee, or maybe will require you to factor all invoices that the firm produces, and other factoring Businesses will let you pick and choose. Make sure you ask the questions we have laid out in this article and you will have all the information you need to choose a factoring firm that is right for your Freight business.

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Back to More Trucking Factoring Companies Information.

Several Key Differences Between Trucking Receivables Factoring and Merchant Cash Advance

Every small business owner knows that cash flow is the life blood of a company. With it, you can purchase raw materials and inventory, pay your overhead expenses and keep up with payroll. Without it, you may find yourself unable to fill orders or meet your financial commitments.

For these reasons, business owners seek out sources of funding that can help them meet their business obligations AND provide a consistent influx of capital to drive innovation and ultimately growth.

One method of financing that you may have heard about is a merchant cash advance, or MCA. On the surface, it sounds like it might be similar to Trucking Receivables Factoring – but is it? Let’s look at some of the biggest differences between the two.

1. Trucking Receivables Factoring is Less Risky Than a Merchant Cash Advance There’s always some risk involved in financing a business. For the lender, the risk is that the business may miss payments or, in the worst-case scenario, fail to pay back their debt. And, for the business owner, the risk comes in the form of fees and interest.

When it comes to risk, there’s a big difference between Trucking Receivables Factoring and MCAs. Trucking Receivables Factoring advances money based on an existing invoice. The money that your customer owes for the product or service is advanced to you through the sale of your to the Trucking Receivables Factoring company. By contrast, MCAs give you money based on an estimate of future sales. If your sales fall short, you’ll still need to repay the money. More than that, MCAs usually require access to your bank accounts so they can take out the funds automatically. If you’re already experiencing cash flow issues, this can make it worse.

2. Merchant Cash Advances Can Be More Expensive Than Trucking Receivables Factoring

You probably already know that a risky form of financing is likely to cost more than one that carries a low risk. So, it should come as no surprise that MCA loans can be far costlier than Trucking Receivables Factoring.

Trucking Receivables Factoring fees are a percentage of the invoice. There’s a basic fee that applies to each factored as spelled out in your contract. If an remains unpaid past the initial payment term between you and your client, you may be charged back the advanced amount. MCA fees can be significantly higher than Trucking Receivables Factoring fees. The fee is typically between 20% and 50% of the amount borrowed. Even if your sales match the predictions, you’ll still end up paying back significantly more than your initial advance.

Something else to consider, MCAs are considered commercial transactions, so they are not subject to the same federal regulations that banks are. While a 20-50% advance fee might be common, APRs can exceed 300%. Plus, the payment structure is already determined at the time of the advance, so you can’t pay it off early to stop the interest from accruing.

3. Trucking Receivables Factoring Maximizes Cash Flow and Merchant Cash Advances Don’t

Trucking Receivables Factoring is a product that’s designed to help small business owners maximize their cash flow. That’s because it advances money against invoices that have already been fulfilled. When you factor an invoice, you get money immediately – often the same day – which you can then use to buy materials, invest in your company or make payroll. By contrast, MCAs are speculative. They provide you with a lump sum, but if you use that money to pay off existing debts, you may find yourself caught in a vicious cycle of requiring another cash advance to pay off the first with the meter running on the second.

With Trucking Receivables Factoring, you know your cost and fees upfront, and because it’s the sale of your invoice, there is no debt or interest to worry about. It’s not a loan.

4. Trucking Receivables Factoring Includes Back Office Services, MCAs Don’t

When you get an MCA, all you’re getting is money. One of the most important differences between an MCA and Trucking Receivables Factoring is your Trucking Receivables Factoring fee includes some time and potentially money-saving back office services that can help your business grow.

For example, Trucking Receivables Factoring companies typically provide services that include billing and collection. It can be quite expensive to pay someone to make collection calls on your outstanding invoices. Experienced Trucking Receivables Factoring account executives work as an extension of your team and on your behalf.

How Trucking Receivables Factoring Can Help Get New businesses Off the Ground

Starting a business requires a leap of faith. Even when you know you’ve got the skills and know-how to be a success, there are many ways that your budding venture can go wrong. Arguably, the toughest part for any entrepreneur is securing the funds to gain traction and grow despite having secured contracts with clients. What’s worse for new businesses than to have to turn away paying opportunities because they don’t have the capital to finance their operations, hire new people or invest in new equipment? Most young businesses can’t afford to turn away paying customers. They also can’t afford for word to get around that they can’t take on bigger projects. For start-ups and young businesses, there is a chicken-or-the-egg dilemma when it comes to qualifying for lines of credit or getting approved for a loan. Banks want to see history and a strong client base. But business owners can’t always build a decent portfolio without the capital to take on more clients. For this reason, invoice Trucking Receivables Factoring can be a way for new business owners to turn those early invoices into real working capital to get their businesses off the ground.

Young businesses Need Capital: Trucking Receivables Factoring Provides It

You know the saying, “you need to spend money to make money”? Ask a business owner if this is true. Rarely, can a young business survive without consistent working capital.

In fact, a lack of sufficient capital is the second-most common reason that new businesses fail. New business owners often borrow money from friends and family to help support their dreams. Or, they go into considerable personal debt in order to finance those early stages. Either way, you have somebody looking over your shoulder and expecting to be paid back. That’s a lot of pressure when you’re just starting out. Invoice Trucking Receivables Factoring provides working capital and predictable cash flow your new business needs. Unlike banks, Trucking Receivables Factoring companies provide funding by purchasing your outstanding invoices. That means that if you’ve got invoices, you have access to an immediate source of funding. The best part is that you’re getting an advance on your money. So not only do you get your money, you get it without the debt. As a start-up, you understand that it’s all about speed, and that’s the foundation of Trucking Receivables Factoring. Once your application is approved, you can get funding in as quickly as 24 hours after you submit your invoices. You can use those funds for anything that you’d like, restriction-free. Use it for payroll, to pay rent or to invest in new equipment. Young businesses Need Support: Trucking Receivables Factoring Provides It

business owners often find themselves wearing many hats in the course of a day. How often does a business owner say, “If only I had someone helping me with X, I can really focus on Y?”. Trucking Receivables Factoring companies provide more than funding for businesses. They take some of the most time-consuming tasks out of the owner’s hands, like checking customer credit and collecting on outstanding invoices. These jobs can take hours of your valuable time and often require additional staff to manage them. Different from a traditional loan, you get a team of back office support staff at no additional charge. These and other value-added services are included in your Trucking Receivables Factoring fee. Be sure to talk to your Trucking Receivables Factoring business about what other services they provide.

Young businesses Need Protection from Bad Debt: Trucking Receivables Factoring Provides It

For a new business, extending credit to a customer who doesn’t pay can be harmful at best and devastating at worst. It’s important to screen your customers’ credit. A Trucking Receivables Factoring business will do this for you before you take on new business so you can be assured that the client has the funds to pay. This saves you time upfront so you don’t start projects for clients who can’t pay, and it also means that the Trucking Receivables Factoring business can work with you to advance you funds when you complete the work.

Young businesses Must Avoid Taking on Debt: Trucking Receivables Factoring Won’t Add to Your Debt

One of the biggest reasons that Trucking Receivables Factoring is ideal for young businesses is that it provides the money you need without adding to your debt. Trucking Receivables Factoring isn’t a loan – it’s a purchase of your invoice. The Trucking Receivables Factoring business buys your invoice, takes out a nominal Trucking Receivables Factoring fee, and issues any remaining monies when the client pays. That’s it. End of transaction. No debt to keep track of or payments to make.

That means there’s no need to list your Trucking Receivables Factoring balance as debt. There are no interest rates or hidden fees either. In other words, Trucking Receivables Factoring provides you with the predictable cash flow you need without adding to your debt.

Young businesses Need to Grow: Trucking Receivables Factoring Helps

Growth opportunities don’t come along every day, but when they do, you’ve got to take advantage of them. New companies sometimes struggle to accept large orders or attract new customers because they don’t have the financial stability needed to do so. Invoice Trucking Receivables Factoring provides a solution by smoothing out cash flow and making it possible for business owners to pursue growth opportunities in the moment.

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Trucks move roughly 71.4% of the nation's freight by weight.

That is just one of many statistics calculated and tracked by American Trucking Associations' professional staff that you can learn about here.

Revenue:

$796.7 billion in gross freight revenues (primary shipments only) from trucking, representing 80.3% of the nation’s freight bill in 2018.

Tonnage:

11.49 billion tons of freight (primary shipments only) transported by trucks in 2018, representing 71.4% of total domestic tonnage shipped.

Taxes:

-$42.6 billion paid by commercial trucks in federal and state highway-user taxes in 2017.

-Commercial trucks make up 13.4% of all registered vehicles, and paid $17.7 billion in federal highway-user taxes and $25.8 billion in state highway-user taxes, in 2017.

-24.4¢ in federal fuel tax paid for each gallon of diesel fuel as of January, 2019.

-18.4¢ in federal fuel tax paid for each gallon of gasoline as of January, 2019.

-27.4¢ paid on average in state fuel tax for each gallon of diesel fuel as of 2019.

-26.2¢ paid on average in state fuel tax for each gallon of gasoline as of 2019.

Number of Trucks:

-36 million trucks registered and used for business purposes (excluding government and farm) in 2017, representing 24% of all trucks registered.

-3.68 million Class 8 trucks (including tractors and straight trucks) in operation in 201, nearly unchanged from 2016.

Mileage:

-297.6 billion miles traveled by all registered trucks in 2017

-181.5 billion miles traveled by combination trucks in 2017

Number of businesses:

According to the U.S. Department of Transportation, as of May 2019, the number of for-hire carriers on file with the Federal Motor Carrier Safety Administration totaled 892,078, private carriers totaled 772,011 and other* interstate motor carriers totaled 84,930.

Other’ motor carriers are those that did not specify their segment or checked multiple segments. All other categories were excluded.

-91.3% operate 6 or fewer trucks.

-97.4% operate fewer than 20 trucks.

International Trucking:

-Trucks transported 67.4% of the value of surface trade between the U.S. and Canada in 2018.

-Trucks transported 83.5% of the value of surface trade between the U.S. and Mexico in 2018.

-In 2018, the value of truck-transported trade rose 10.2% to $424.0 billion with Mexico; truck-transported trade with Canada rose 3.6% to $348.3 billion.

Employment:

-7.8 million people employed throughout the economy in jobs that relate to trucking activity in 2018, excluding the self-employed

-3.5 million truck drivers employed in 2018 (almost unchanged from 2017)

Industry Overview: Trucking

The Trucking Industry is a cyclical sector comprised of businesses that provide shipping services, using tractor-trailers, to customers, which are usually commercial businesses. Most trucking outfits own and operate the vehicles in their fleets, though some do rely on leasing. The vast majority of revenue is generated domestically, since overseas shipments require either air- or sea-based transportation. Thus, these businesses have little exposure to foreign currency fluctuations. The industry tends to be a leading indicator for the overall economy. During the early stages of an economic upswing, customers begin to ship more goods in anticipation of stronger business conditions. Conversely, a decrease in trucking demand may signal the beginning of an economic slump.

The Operating Basics

This industry is competitive. Customers have numerous operators to choose from, including privately held carriers and businesses outside the industry, such as air-transporters. As a result, day-to-day operations tend to be relationship-oriented. businesses strive to build close ties with customers in order to generate repeat business. Providing excellent service is a necessity, since customers can easily find an alternative shipper. Price competition is fierce, and the businesses in this group generally operate with narrow margins. To adequately serve the needs of its customers, a trucking business has to have a large collection of tractors and trailers, often numbering in the thousands. Furthermore, the fleet has to be upgraded often (every five years for tractors). Frequent upgrades help to keep maintenance expense in check, since older vehicles require more upkeep. Also, a young fleet may attract better-qualified drivers, especially when the supply of labor is thin. Too, increasingly stringent U.S. environmental standards compel trucking businesses to purchase newer, more-efficient vehicles. Fleet sizes are also often adjusted in accordance with the prevailing economic situation. During downturns, truckers will decrease the number of vehicles in operation to avoid holding excess capacity. When the supply of tractors exceeds demand, this results in less revenue generated per vehicle and other inefficiencies. There are two primary segments within the Trucking Industry: truckload and less-than-truckload (LTL). Truckload carriers fill a trailer with large amounts of cargo from one customer, usually with a single destination in mind. LTL operators fill a trailer with small amounts of cargo from several different customers, requiring various delivery destinations. Goods shipped via LTL carriers may stop at numerous terminals and be transferred between several different vehicles before reaching the final destination. Truckload freight, on the other hand, usually remains in the same vehicle along the entire shipping route. Both types of trucking businesses maintain a network of terminals and distribution centers across the country. The industry is affected by seasonal factors. Generally, all trucking businesses enjoy increased demand in the calendar fourth quarter, when retailers stock their shelves for the major holiday shopping season. In the middle of the year, LTL businesses may experience high demand, relative to that of truckload operators, since there is less need to transport large amounts of homogenous freight. During the first quarter, business is usually slack for both truckload and LTL carriers – a good circumstance, since this period typically involves weather-related disruptions.

Major Expenses

There are several important expenses that affect the profitability of trucking businesses. Labor costs have a considerable impact on earnings. Trucking businesses require a deep roster of qualified drivers and freight handlers. The supply of available drivers often tends to be slim, resulting in intense competition for qualified talent. businesses need to offer competitive wages and benefits to attract the best employees. Some trucking outfits employ workers that belong to powerful labor unions. These employees possess strong negotiating leverage, and the possibility of labor strife is a risk. Nonunion workers offer lower labor costs, but they might not be as dependable. Other significant labor-related costs include pension expense and workers’ compensation. Fuel is one other expense that must be managed carefully. Lengthy trips, heavy loads and large engines keep tractor-trailer fuel consumption high. Most of the cost of diesel fuel is passed on to customers through surcharges. But, if fuel prices rise quickly, there may be a lag in recouping all of the related outlays, thus hurting a trucker’s short-term profitability. Most businesses prefer to rely on surcharges rather than long-term fuel-contract hedging. Operating expansion and fleet improvement may be financed with cash flow, common equity and/or debt, depending on the cost of each source. At times, a heavy debt burden might be assumed in the completion of a merger that may offer greater market coverage. Generally, these businesses possess average stock market risk. Over a business cycle, cash reserves can build, and barring any pressing needs for capital investment, these businesses will reward investors with a big one-time dividend or stock buybacks. For the most part, though, managements are more interested in building stockholder value via operating network enhancements and expansion.

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How Big Is The Trucking Industry?

The trucking industry impacts your life more than you might think. Almost every good in the United States had traveled by truck at least once before it reached its final destination. Even when goods travel by railroad, they still almost always go by truck for at least part of their journey. Trucking accounts for over 70 percent of freight in the United States. This means trucking generates more revenue than any other industry in the United States. Nearly 6 percent of all full-time jobs in America are in the trucking industry, which generates over $700 billion every year. At 53.9 billion gallons of fuel per year, these truck drivers use over 12 percent of all fuel used in the United States. Tractor-trailers drive 432.9 billion miles every single year, and there are over 15.2 million trucks on the road.

How the Trucking Industry Affects Other Industries

The trucking industry affects other people’s employment, as well. Industries such as steel mills and auto manufacturers depend on truckers to deliver supplies needed to manufacture their goods. This is because the manufacturing industry has shifted toward “just in time manufacturing.” This means parts are delivered just before assembly, so manufacturers do not need large warehouses to store components. The manufacturing industry also depends on truckers to transport goods to sellers. Without trucks, workers at these factories would soon face unemployment. The farming industry also depends on the trucking industry. Fruits, vegetables, and dairy products are transported many miles before they reach their final destinations at the store. Farm owners and farm workers both depend on trucking to keep their industry going.

What if Trucking Disappeared?

Trucking helps transport nearly every kind of good you can think of. Life would not be the same as you know it if the trucking industry disappeared tomorrow. Gas stations would be out of gas in less than a week because they depend on fuel deliveries every two and a half days. Your local grocery store would be out of dairy and produce in a few days because many grocery stores keep as few perishables in stock as possible. They depend on daily deliveries of food. The supply of clean water would even disappear because water purification plants would not be getting the tools they needed to clean water. Hospitals would run out of medications in a very short time, and some would run out of oxygen within a day. This is because they do not keep many supplies on hand ahead of time. Some even wait to order more supplies until their current ones are depleted. These hospitals depend on trucks to quickly get them the supplies they need within a few hours. Even a disruption to the trucking industry has significant consequences. After 9/11, trucks carrying auto parts were significantly delayed at the Canadian border. This caused several Michigan auto manufacturing plants to shut down because they could not get the parts they needed in time. This caused them severe economic loss.

A Shortage of Drivers

Because the trucking industry is so vital to everyday life, nearly 900,000 more drivers are needed. This is because the industry is growing so quickly. DAT Solutions found that in 2018, there was only one truck available for every 12 loads that needed to be shipped. Part of this shortage is because many truck drivers are nearing retirement age, and there are not enough new ones to replace them.

Final Thoughts

Many people do not realize just how important the trucking industry is. America would be very different without the trucking industry and the more than 10 million people who work in it.

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Information for the city of Lexington Fayette

With its abundance of government and technology jobs, Lexington has one of the nation's most stable economies. Lexington has been described as having "a fortified economy, strong in manufacturing, technology and entrepreneurial support, benefiting from a diverse, balanced business base". The Lexington Metro Area had a July 2008 unemployment rate of only 5.4%. Lexington was named the 4th best city for "Businesses and Careers" in 2011 by Magazine, the 5th best city for Young Professionals in 2008 and 6th Best Value Cities 2011 by Kiplinger. As such, the city is home to several large corporations. The city is also host to a Jif peanut butter plant that produces more peanut butter than any other factory in the world and three notable corporate headquarters: Fazoli's, a fast food Italian chain that has expanded to more than twenty states; edic, International, a manufacturer of mattresses with memory foam; and the Forcht Group of Kentucky, a holding company that employs more than 2,100 people across Kentucky. Group operates several businesses in Lexington including among others.

The city's largest employer, the University of Kentucky, as of 2012, employs about 14,000, although that number is expected to shrink due to reduced funding from the state. The University is the ninth largest economic company in the state of Kentucky, with an annual budget of $1.4 billion, and the College of Medicine within the University is the 21st largest company in the state.Other sizable employers include the Lexington Fayette County government and other hospital facilities. This includes the Fayette County Public Schools, employing 5,374, and the Lexington Fayette Urban County Government, employing 2,699. Central Baptist Hospital, Saint Joseph Hospital, Saint Joseph East, and the Veterans Administration Hospital employ 7,000 totalLexington, consolidated with Fayette County, is the second largest city in Kentucky and the 61st largest in the United States. Known as the "Horse Capital of the World", it is located in the heart of Kentucky's Bluegrass region.

In the 2013 US Census Estimate, the city's population was 308,428, anchoring a metropolitan area of 489,435 people and a combined statistical area of 708,677 people.Lexington ranks tenth among US cities in college education rate, with 39.5% of residents having at least a bachelor's degree. It is the location of the Kentucky Horse Park, The Red Mile and Keeneland race courses, Rupp Arena, the world's largest basketball specific arena, Transylvania University, the University of Kentucky and Bluegrass Community & Technical College.

Information for the state of Kentucky

Kentucky Facts

Introduction - Kentucky Facts

The state of Kentucky is part of the Southeast region of the U.S. It is the birthplace of Abraham Lincoln, one of the greatest presidents who ever lived. It is also home to the United States Bullion Depository at Fort Knox where millions of ounces of gold have been stored since 1937. Its seven bordering states include West Virginia, Virginia, Ohio, Indiana, Missouri, Tennessee, and Illinois. The Appalachian mountains, the many historic hamlets, the Kentucky Derby and the scenic waterways are just a few examples of why both adults and kids want to come back year after year to visit this state. For more information about what makes this state so special read the interesting and historical facts below.

State of Kentucky Quick Facts

Kentucky was the fifteenth state to join the union, but the first state west of the Appalachians to join.
Kentucky officially became a state on June 1, 1792.
The state capital of Kentucky is Frankfort.
Louisville is the largest city in Kentucky.
Kentucky is the 26th most populated state in the U.S. (source 2013 United States Census Bureau estimate).
The population of Kentucky is 4,395,295 (source 2013 United States Census Bureau estimate).
Kentucky is the 37th largest state (land area) in the U.S.
The state flower of Kentucky is the Goldenrod.
Kentucky is known as the Bluegrass State.
Residents of Kentucky are called Kentuckians.
There are several major bodies of water in Kentucky. The Ohio River, Mississippi River, Kentucky River, Green River and Cumberland River are all major rivers while Lake Barkley, Lake Cumberland and the Kentucky Lake are all major lakes.
My Old Kentucky Home is the state song of Kentucky.

State of Kentucky Interesting Facts

At 4,145 feet (1,263 meters) above sea level, Black Mountain is Kentucky's highest point.
On the first Saturday of every May, the famous Kentucky Derby is held in Louisville. It is the oldest horse race in the country. It has been held yearly since 1875.
Colonel Sanders began selling the first Kentucky Fried Chicken in Corbin, Kentucky on the side of the road before the first official restaurant opened in Utah in 1952.
Moonbows, which are rainbows produced by reflected moonlight as opposed to sunlight, are often seen at Cumberland Falls in Kentucky.
Thunder Over Louisville, the annual kick-off to the Kentucky Derby is the largest annual fireworks display in all of North America.
Before it became a national holiday in 1916, Mother's Day was first observed by a teacher named Mary S. Wilson in 1877 in Henderson Kentucky.
Dating back to 1816, when it was first promoted, Mammoth Cave National Park is one of the oldest tourist attraction in the United States.

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Lexington Fayette Factoring Companies

Companies of all different sizes, including start ups, use factoring; and today factoring has become common business practice across many industries. -Lexington Fayette Factoring Companies

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invoice factoring Companies – Benefits

invoice factoring companies offer a wide variety of benefits to businesses. invoice factoring companies conduct financial business by allowing a business to sell its invoices to a factor (also known as a third party business or individual.) The price that the business charges is discounted in order to sell the invoices that are currently held, and make the cash that is immediately needed for any type of expenditures involving the business. A business that has immediate cash needs, but has no cash to pay for the expenditures that has occurred often ends up going under and eventually shutting down completely. This takes a lot of jobs away from people, and can leave you working for someone else, no longer running for your business. No one wants to take this large step down from the current place that they are in. A business owner has worked incredibly hard to get to where he or she currently is, and does not deserve to have their business become obsolete. This is where the invoice factoring companies can be a huge help to businesses.

invoice factoring

Keep in mind that invoice factoring companies do not use the same process as invoice discounting. Instead, invoice invoice factoring (also called the “Assignment of Accounts Receivable” by the FASB and GAAP) is the sale of invoices, instead of invoice discounting which involves collateral in order to ensure that the individual who took out the invoice discounting loan will pay it back. invoice factoring is not a loan; instead, invoice factoring is the sale of invoices in order to get immediate cash. There is no loan in the process of invoice factoring, and you will never have to pay the money back.

Since the invoices that are sold are also called receivables, the entire process of invoice factoring is usually called the sale of receivables. invoice factoring is much better than trying to take a loan out from the bank. Banks charge interest on any type of loan, and although there is usually collateral, it can put you in even more debt than you currently are. In addition, invoice factoring companies are never going to give you a loan. When a invoice factoring company funds your discounted receivable, he or she will choose to buy the receivable, giving you cash immediately. This cash can pull your entire business out of the hole that it is currently in. Instead of taking a loan out and getting yourself further into debt, invoice factoring allows you to simply sell your own invoices and get back most of the money that you originally put into them. Although this may seem like a bad process since you are selling valuable invoices, it is important to do, as the invoices are completely useless if your entire business goes under. Instead of trying to take a loan out to keep all of your receivables (invoices) invoice factoring companies benefit you directly by giving you the cash you need.

Benefits of invoice factoring Companies

When you are in a bind and really need money in order to get through the next few months, it can be very troublesome. Although the first thought in most peoples' minds would be to visit the nearest bank as soon as possible and take out some kind of loan, this is very dangerous. Although the loan may hold your business over for the next few months, it is simply delaying the same money crunch you already had. Unless your business is making an incredible amount of money, the bank loan that you took out has increased in the price that you must pay bank. Interest on a bank loan is how the banks make money and survive. Many loans have a very high interest rate, and if you are unable to pay the loan back in a short amount of time, you are going to be in more of a money crunch than you originally were in. In order to pay back the loan, you would have to make a large amount of money in a very short time, which is unlikely if you needed to take out the loan in the first place.

Rather than bothering with bank loans that will inevitably put you back in the money hole that you were in when you took it out, invoice factoring companies are available to help you. A invoice factoring company is a place where businesses can place their invoices for sale at a discounted price, which will allow them to receive immediate cash. As aforementioned, this money does not need to be paid back, as it is not a loan. Keep in mind, you are not selling your business. You are selling invoices in order to keep your business growing. You will be able to get more invoices in the future when your business is back up and running, but if you do not sell these invoices, you will never be back up and running.

When you are in a money crunch, don't put yourself back in the money hole that you are in by taking out a bank loan. Utilize invoice factoring companies in order to get immediate cash that will help you get back up and running without putting a loan on your business.

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The Basics of Invoice Factoring: Choosing a invoice factoring Company

Probably the biggest frustration for business to business (B2B) companies is waiting to get paid. Anyone involved in a seasonal business, long payment cycle, or lumpy cash flow will be able to relate to this statement. Some customers are very slow payers (of course corporate clients and governments come to mind!) and other customers demand generous terms.

Explaining Invoice Factoring

Basically, with invoice factoring your current but unpaid invoices are turned into cash – it's a financing solution for businesses. Other terms used for factoring are 'Accounts Receivable Financing', 'Invoice Financing 'and 'Receivables Financing'. Because many clients demand generous terms, it means that invoices can remain unpaid for anywhere between 30 and 90 days; while in the meantime you're left without cash and falling behind on important expenses, such as payroll, and missing opportunities to grow your business. And this is where factoring comes in: factoring reduces, and sometimes eliminates the frustration of unpaid accounts.

A receivable financing transaction usually involves three parties, and these are the company that initially issues the invoice, the customer who is required to pay the invoice (otherwise known as the account debtor), and the 'factor', which is the financing company prepared to supply the cash.

Explaining Invoice Financing

An invoice is issued to a customer after a company has delivered a service or product. This invoice will now be sold to the factor and, in return, the company will receive a cash advance: this will usually be between 70% and 90% of the invoice's value. With this cash the company finds it easier to pay employees; plus, it can now purchase supplies, materials, and inventory, and it can take on more work. Once the debtor pays their invoice the business will receive a rebate for the rest of the funds, less a fee which will be based on the value of the invoice and the term. This type of financial agreement benefits all three parties: the customer receives cash almost immediately, the debtor gets favorable payment terms, and the invoice factoring company collects a fee.

Explaining the Difference between Traditional Bank Financing and Invoice Financing

There are, of course, both drawbacks and benefits to this type of financing for businesses. The obvious benefits of factoring are a simpler application process, quicker funding, and higher approval rates when compared to bank lending. Having access to cash allows a business to grow, to meet payroll, achieve supplier discounts for bulk purchases or early payment, and to purchase equipment in order to improve productivity.

Factoring has a very simple application process which eliminates some of the main hurdles placed on small businesses by banks. The speed of funding with invoice factoring offers businesses the opportunity to take advantage of opportunities as they arise. In addition, the high approval rates with factoring means that many more businesses qualify, even though they may have previously been declined by a bank. Another bonus is that funds received from factoring invoices can be used to supplement bank credit, if necessary.

On the other hand, when it comes to cost, a line-of-credit at a bank is less expensive than factoring; this is assuming that the business will be successful in their application to the bank and that they'll have access to the finance within a reasonable timeframe. Unfortunately, these applications are not always successful (four out of five companies are refused bank loans), while others find the whole process too discouraging.

Another possible issue with working with traditional factoring companies is that some of these companies will advise your customers that their invoices have been financed: this information can cause issues for some small businesses because they prefer to maintain control over all correspondence with their clients. Other invoice factoring companies actually take control of your account receivables. Our advice is that you look for a factoring company that's prepared to work on a non-notification basis.

Receivables Financing Has Become Good Business Sense

Today we see invoice factoring becoming quite commonplace in many industries, such as IT companies, professional services, wholesale trade, marketing, manufacturing companies and so on. Many, many industries are discovering the benefits of receivables financing.

Invoice factoring is an ideal solution for business-to-business companies who issue invoices payable within 15 to 90 days. Any B2B company who's experiencing rapid growth, long payment cycles, or lumpy cash flow, will benefit the most from accounts receivable factoring. On the other hand, businesses and business-to-consumer (B2C) companies that are paid on delivery and don't issue invoices would have no need of factoring services.

If you're interested in invoice financing and believe it may be an option for your business, see below for our tips on how to approach working with a invoice factoring company.

How to Work with an Invoice Factoring Company

There are many advantages to invoice financing, but it can be tricky working with some traditional factoring companies. Some invoice factoring companies don't have excellent customer service, and between confusing terms, long-term contracts, monthly minimums, and hidden penalties, the experience can be quite daunting. Our aim is to ensure that you get a fair deal when working with a factoring company, and please remember that, as always, if a deal sounds too good to be true, then it probably is!

You're Looking for Transparent Factoring Fees and Rates

Companies that make it difficult to work out their all-inclusive fees are companies who are working for their own advantage, so when determining pricing, transparency is key. If you're getting frustrated and not receiving direct answers, we suggest you move on to another factoring company that will be respectful of your time.

Another Word of Caution: Beware of receivables factoring companies who advertise low rates, which then increase when all their hidden fees come to light. We've heard of factoring companies who charge low monthly factoring rates, but you'll be charged for two months' even if the invoice was paid in one month and one day. We also know that some factors require monthly minimums, which means that you pay for financing even if it's not required. We strongly suggest that you read our article on factoring rates and tricks so that you approach factoring with knowledge and awareness.

Understanding Penalties, and How to Avoid Them

Be aware that some invoice factoring companies out there have hidden penalties. In order to avoid these penalties, you need to know why they occur. If you believe these penalties are out of proportion or unfair, then move on to another factor. It won't be long before you'll understand what fair and reasonable terms look like.

Read the Fine Print in Your Contract

In order to guarantee their profits, most factoring companies will try to lock you into a long-term contract. Obviously this is good business for the invoice factoring company, but it may not be so good for your business. You need to know what you're signing up for, so be aware of long-term contracts where you'll be charged exorbitant cancellation fees if you should decide to leave. Also, be aware that some long-term contracts include minimums, so consider this carefully: you may find yourself paying for something you're not using when you only needed the factoring company to meet occasional cash-flow needs. You shouldn't be forced to remain with a service that's not meeting your needs, so it's vitally important that you carefully read the fine print.

Customer Confidentiality

Once you start your research on factoring you'll discover that most invoice factoring companies operate on a notification basis, which means that when you sell your invoices to the factor, they notify your customers. They'll also ask that the funds be routed directly to the factoring company's bank account, instead of your account. This can be an issue for business owners who prefer to have control of all communications with their customers. If discretion is important to you and your business, we strongly suggest that your accounts receivable financing company provides non-notification invoice factoring, meaning that you retain control over customer communications. If this is not an option for your factoring company, then you need to move to a company that will provide non-notification factoring.

How Much Cash Will You Receive Upfront?

You'll receive an advance upfront, which is a percentage of the face value of the invoice. This advance will probably be somewhere between 70% and 90% of the invoice's face value. For example, let's say your customer owes you $1000: your advance payment should be somewhere between $700 and $900.

Factoring Minimums Compared with Single Invoice Discounting

You'll also notice in your research that many factors require small businesses to submit all invoices from certain customers. On the other hand, 'single invoice discounting', also known as 'spot factoring', means that the business concerned determines which invoices will be sent to the factoring company for advance payment. Make sure you understand your invoice factoring company's terms before you sign anything. Single invoice discounting or spot factoring is generally the preferred method for small businesses because it enables you to retain control over your financing by determining which invoices will be sent for factoring.

Choosing Your invoice factoring Company

Think about all the above criteria, and look for a business partner who will provide your business with the best combination of flexibility, features, and terms that you require. By doing a little research you'll soon find a partner and an agreement that offers you the flexibility, funds, terms, and transparency that work best for you. Your aim is to find a partner that you'll be happy to work with long-term, so don't settle for anything less.

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Questions You Need to Ask Your invoice factoring Company

In today's marketplace we're seeing more and more invoice factoring companies, and invoice factoring fees, rates and agreement terms have become very competitive. This means that, as a potential invoice factoring customer, this competitiveness should work to your advantage. However, there are some issues you must consider when choosing a invoice factoring company to suit your specific requirements.

Before entering into any invoice factoring agreement, here are some important questions you should ask –

What Are Your Terms?

As a invoice factoring customer, you'll be looking for as much flexibility in your invoice factoring agreement as possible. It may be that you choose a long-term contract with your invoice factoring company if it includes flexible rates or a price break. In today's competitive market, many invoice factoring companies are agreeing to adjust their rates based on competitive offers from other factors or increased invoice factoring volume. The majority of invoice factoring agreements are a one-year contract, which appears to be industry standard, and this contract will renew automatically unless you provide the invoice factoring company either 60 or 90 days notice.

What's Your Fee Structure?

The fee structure may vary depending on both the invoice factoring company involved and your industry. Some invoice factoring companies charge a flat fee, which is calculated as a percentage of the total value of the invoice. On the other hand, other invoice factoring companies charge additional fees to cover costs associated with doing business, such as money transfers, software, and so on. Ensure that the invoice factoring company you're considering working with is completely upfront and transparent with you about its terms and fees.

Are You Able to Offer Both Recourse and Non-Recourse invoice factoring?

Recourse invoice factoring:

Recourse invoice factoring is less expensive than non-recourse invoice factoring. With recourse invoice factoring, you (being the client) are ultimately responsible if the invoice factoring company is unable to collect on your customers' invoices. However, you're not necessarily required to pay the debt out-of-pocket if you have a recourse agreement and the customer defaults on payment. It may be that the invoice factoring company will withhold a portion of future cash payments or payments held in reserve, with the money being placed in an escrow account until such time as the debt has been paid.

Non-recourse invoice factoring:

When you have a non-recourse invoice factoring agreement, the credit risk for the collection of customers' invoices lies with the invoice factoring company.

Therefore, we believe it's to your advantage to use a invoice factoring company that offers both recourse and non-recourse invoice factoring, simply because you may find that some of your customers are more suitable for recourse invoice factoring than others. In addition, you need a invoice factoring company with a strong credit team because they can work with you to ensure you're dealing with good customers: to a certain degree this will relieve some of the pressure of being responsible for bad debt.

How Long Has the invoice factoring Company Been in Business?

With the marketplace becoming increasingly competitive, today we're seeing the creation of more and more invoice factoring companies. However, many of these companies are recent start-ups, with limited industry experience. Make sure you research the invoice factoring company's history prior to entering into any invoice factoring agreement: also research its background into providing financial services in your specific industry.

Do You Have the Capital to Grow with Me?

The fact that there's no limit to the level of financing is the major advantage invoice factoring has over traditional bank lending. As your company continues to grow, so too should the funding of invoices grow with you. Do your research and learn as much as possible about your potential invoice factoring company's client base and their capital structure. Does this invoice factoring company have a limit to the number of debtors it takes on? What's a typical account size? What's the invoice factoring volume of their largest client? You'll probably find that invoice factoring companies who have been serving your industry for many years will have greater capacity to finance your company as it continues to grow.

Is There Anything Else You Can Do for Me?

Obviously, invoice factoring is more expensive than a conventional bank loan, and this is partly due to the back-office services that your invoice factoring company is able to provide. Besides collections and financing, many invoice factoring companies will evaluate companies in your industry and provide credit information. Therefore, when looking for a invoice factoring company for your business, make sure the one you choose offers additional services and products that can assist you in making good business decisions.

How Do We Start invoice factoring?

Fortunately, invoice factoring companies are not unduly concerned about your balance sheet before they decide to work with you, unlike banks. However, they do have a process to follow when selecting new clients, so be sure you understand what the invoice factoring company is looking for when it's considering you as a client. Are they looking at your credit ratings and/or your customers' payment histories? Are they looking at your personal credit score? In many cases a company will start invoice factoring because it's looking for a quick injection of cash, so you need to know how many days the invoice factoring company will take to review and process your application.

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Again invoice factoring To The Rescue

Austin Truck and Haul has been in business since the mid1980s. They've delivered goods for nearly every major industry in the nation and for 20 plus years, business was booming as they've traversed the country in all weather for all clients. During the heady times from 2002 to 2007, Austin was a top rated accounts receivable mastermind of the trucking industry. Few customers were ever late on bills and those clients who were, were sure to turn in their late payments within a reasonable amount of time. Cash was flowing and times were good for all.

But a short year later, in the fall of 2008, when the United States economy took a nosedive and businesses both small and large began to feel the pinch on their pocketbooks, those that used to make their demands had suddenly and largely gone silent. Business slowed down. And worse yet, Austin had noticed during the early part of 2008 that though the bulk of their clients were always on time with payments, the few late-bloomers there were, had seemingly started to spread this illness. And as spring turmed to summer and summer into the early days of fall, Raul Austin, CEO of Austin felt a chill go down his spine whenever he would look at the weekly A/R reports. The numbers of clients who owed him back debt were growing.

He had gone to his administrators and asked them what the problem had been. Were they doing something wrong or different when it came to reaching out to delinquent accouts? By his bookkeepers records, this wasn't the case. He thought perhaps that he was losing clients to a competitor who offered rock-bottom prices with little to no guarantee of quality performance and the folks who owed Austin money had jumped ship and decided to leave him holding the bag. They couldn't afford to pay him their debt, but they could afford a lesser service, maybe. But after doing the cursory research for this and talking to friends in the field, he found that alas, no, customers of Austin hadn't gone elsewhere. They had just gone home.

The situation looked dire to Raul Austin. He had employees to pay, goods to ship, trucks to maintain and overhead that was almost unbearable when compared against the lack of funds that were coming in. At night he would speak to his wife Linda and shake his head in frustration.

"I have a bad feeling, Lin," he would say with deep woe

."Well, what do you think it is?" she would ask.

Raul would stare off for a moment and then close eyes. He could see the fleet of trucks he had purchased over the years. He could see them traveling, bringing goods to all of his clients. But somewhere, a haze would form over his fleet and the vast number of vehicles would disappear to but a few. What could cause this ultimate death spiral of business?

"I know what it is," Raul 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."

Danielle 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."

Raul knew his wife meant well, but he knew that he was responsible for too many people to sit idly by, waiting for the sun to peak over the clouds.

The next day Raul strolled into his office and was determined to sit down and make every phone call to every client who had owed Austin 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. 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, Raul 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 Danielle knocked at his door.

"Raul, can I have a word?" she asked standing in the doorway.

"Sure thing Danielle, come on in." Raul leaned back in his chair and looked expectantly at Danielle.

"Well, I did a little searching this afternoon and tried to figure out a way out of this mess Raul." She pulled a small stack of papers from a folder and set them on the desk before him.

"Have you ever heard of invoice factoring?" Danielle asked."It sounds vaguely familiar. What is it?" he said.

"Well," she began, "Its actually quite simple really. So basically, invoice factoring invoices would enable us to get paid on the nose for loads that we haul."

"Immediately?" Raul interrupted.

"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. That profile will also include investigating our accounts receivable aging reports, our existing customer credit limits and so on. Additionally, the invoice factoring will help to determine the creditworthiness of our customers independent of their credit history with our business. It's a broad view.”

“I see,” Raul said. “And then what?”“Well, after their review, and we're approved for a invoice factoring contract, we can negotiate terms and conditions. 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 invoice factoring for our accounts receivable. We come to an agreement and the funding starts pouring out.”

Raul leaned forward and reviewed the paperwork closely."It sounds too good to be true, Danielle," he said. "Now, now, I know, I thought the same thing. But really, they have guaranteed us experts that do all the legwork, which would free us up here to focus on our clients in good standing and marketing, all that good stuff. And they're flexible Raul," she underlined a paragraph on the paper before him.

"How flexible?" he asked.

"They personalize the invoice 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," Raul said.

He took a deep breath and looked at his secretary with something she recognized as hope.

"Exactly”. I think this might just be a way out of the trouble we're in with these folks who owe us money."

Raul thought about this and agreed with Danielle. The clients who owed them money were long standing friends and professional resources of Austin. They didn't want to throw away these relationships because they were having trouble paying their bills now. Raul knew that the economy had taken a hit and he knew that it would probably be a long time before things started to look up again. 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 Danielle, thank you." Danielle nodded, stood up and left the office feeling that she had helped her employer keep on his shirt and hers too.

Raul sat behind his desk and looked over the details Danielle had not mentioned in their meeting. What other issues could freight invoice factoring help Austin with? With his pencil gliding down the sheet he noticed that the invoice factoring company could help fray the cost of fuel with fuel discount cards and fuel advances. In fact, Austin 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 invoice 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 Billy about this," Raul muttered to himself.His son-in-law Billy had liked the idea of Austin so much and revered his father in law for having such business acumen that only two years before, he had gathered the venture capital to begin his own transportation service company. Raul knew then what struggles Billy would face but he encouraged him nonetheless. With the faltering economy, if a big fish like Austin was hurting, a little guy like Billy was about to catch his death. But, an antidote may have been found in freight invoice factoring and Raul 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, Raul found himself beginning to dig his way out of the hole his delinquent account holders had created for him.

They took on reasonable invoice factoring purchase contracts and stopped spending their precious man hours scrambling to collect debt. They took that time and refocused effort to offering competitive prices in new territories. Raul looked back on the dismal months of life before freight invoice 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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Kentucky Oilfield Factoring Services for Freight businesses

We understand the oil and gas industry and know the challenges that oilfield service providers face. We provide oilfield factoring services for many types of businesses in the Permian Basin and Eagle Ford Basin and nationwide including the following:

What is crude oil and what are petroleum products?

Products made from crude oil

The United States is one of the largest crude oil producers

Where is U.S. crude oil produced?

What is natural gas?

How did natural gas form?

How do we find natural gas?

Drilling natural gas wells and producing natural gas

Natural gas is processed for sale and consumption

How natural gas is used in the United States

Where natural gas is used

Choose a U.S. State

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Kentucky Staffing Factoring Services for Freight businesses

Who Staffing Invoice Factoring Is Right For

About The Staffing Industry

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So, what do these employment agencies actually do?

What is a staffing agency?

Medical staffing firm

Engineering staffing agencies

Staffing agency vs. temp agency

How do staffing agencies work?

Employers

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We provide Lexington Fayette Factoring Companies services for companies and industries
in every state including 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

You Can Find More Information at constructionfactoring.org
and at Top Ten Factoring Companies

Contact

Why A Factoring Company

Factoring Company History

Credit Risk

Switching Factoring Companies

How a Factoring Company works

Is A Factoring Company For You

Factoring Company Benefits

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Call Us Today at:
1-888-239-9162

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Breaking News! There Is A Big Difference between invoice factoring Businesses

You're probably thinking, "I'm too busy for this!"

All the others don't even come close!

Not familiar with Invoice Factoring?

Invoice Factoring is Not a Loan

Invoice Factoring Doesn't Require Debt

so how do you go about picking the most beneficial invoice factoring business FOR YOUR Lexington Fayette business?

NOW HERE ARE THE REASONS WHY WE GET LOTS OF CLIENT RECOMMENDATIONS.

FINANCIALLY SOLID AS A ROCK

KEEPS A LARGE NETWORK

No Minimum

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Higher Advance Rates

Personalized Solutions

Dedicated Account Administrators

Industry Veterans

Our Business is Your Business

Payment Trend Alerts

Customer Credit History

state-of-the-art TECHNOLOGY

As you can see, we matter-of-factly have more to offer you.

And Not All Factoring Companies Can State This:

So, Can Your Lexington Fayette Company USE Factoring?

JUST SOME OF THE BENEFITS YOU Get WITH FACTORING:

So there you have it.

Factoring History

How Factoring Works

Why Factoring?

Is Invoice Factoring For You?

Credit Risk

Switching Factoring Companies

Get MONEY NOW for your outstanding invoices.

Kentucky Facts

Introduction - Kentucky Facts

State of Kentucky Quick Facts

State of Kentucky Interesting Facts

Lexington Fayette Factoring Companies Articles

invoice factoring Companies – Benefits

Lexington Fayette Factoring Companies Articles

The Basics of Invoice Factoring: Choosing a invoice factoring Company

Lexington Fayette Factoring Companies Articles

Questions You Need to Ask Your invoice factoring Company

Lexington Fayette Factoring Companies Articles

Again invoice factoring To The Rescue

Watch our Invoice Factoring Company Video below to see how we work for you.

Call Us Today at: 1-888-239-9162

Kentucky Oilfield Factoring Services For Trucking Companies

Kentucky Oilfield Factoring Services For Trucking Companies and Others

Get MONEY NOW for your outstanding invoices.

Get MONEY NOW for your outstanding invoices.

Kentucky Oilfield Factoring Services for Freight businesses

What is crude oil and what are petroleum products?

Products made from crude oil

The United States is one of the largest crude oil producers

Where is U.S. crude oil produced?

What is natural gas?

How did natural gas form?

How do we find natural gas?

Drilling natural gas wells and producing natural gas

Natural gas is processed for sale and consumption

How natural gas is used in the United States

Where natural gas is used

Choose a U.S. State

Kentucky Staffing Factoring Services for Freight businesses

Who Staffing Invoice Factoring Is Right For

About The Staffing Industry

Staffing Industry Statistics

How Staffing Agencies Work

So, what do these employment agencies actually do?

What is a staffing agency?

Medical staffing firm

Engineering staffing agencies

Staffing agency vs. temp agency

How do staffing agencies work?

Employers

Call Us Today at: 1-888-239-9162

Customer
Credit History

Call Us Today at:
1-888-239-9162