New York City Factoring Companies| For Companies Who Don't Have Time for| at freighttruckingcom

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New York City Factoring Companies

What You Ought To Know! There Are Big Differences separating receivables factoring Firms

All receivables factoring firms give you cash for your company's invoices. However, they are not all created equal.


With hundreds of receivables factoring firms to pick from claiming this and that, so how do you choose the most helpful for your business?

There are just a handful of receivables factoring firms that will actually offer your company more than just cash.

With some factoring firms, your business also receives unique service and plans to further help improve your company's profits.

Here's what you need to know to pick the right receivables factoring company for your company.

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

We'll help you make this decision painlessly. And you'll learn why over 45% of our new business is from Client Referrals. Easily the highest referral rate in the factoring industry.

All the others don't come close!

Call Now at 1-866-593-2205
Not familiar with Factoring?

If you haven't heard of Factoring, it is basically a quick way to get cash from your accounts receivable.

Factoring is Not a Loan

When you send your customers an invoice, they usually have 30 days to pay you back. Factoring companies will give you the bulk of the cash up front, sometimes within 24 hours, and collect the payments from your customers themselves. Once the invoices are paid in full, you’ll get the balance left over, minus a small fee.


Factoring Doesn't Require Debt

Sounds simple enough – fast cash for your business – no loans, no debt.

so how do you choose the most helpful receivables factoring company FOR YOUR New York City company?

All of them say they have the most competitive rates in the business, no long-term contracts, fast- same day/same hour funding, no up-front fees, no monthly minimums or maximums and so on so on.

We also provide these same benefits, but we also DELIVER EYE-OPENING SERVICE AND PROGRAMS that other accounts receivable factoring companies don't and can't.


What's your proof? The proof is, over 40 percent of our new business growth comes from existing client referrals. It's pretty well known that business clients don't give out referrals carelessly. Especially since their reputation is at stake, no one wants to risk handing out a bad referral; it can make you look bad. They make referrals to help their business friends.

NOW LEARN WHY OUR CLIENTS REFER US.

In a nutshell. It's no contest,no other receivables factoring firm matches our benchmarks of A-list services and products.

FINANCIALLY SOLID AS A ROCK

We have been in the receivables factoring business since 1979, are privately owned, and have a powerful track record of being FINANCIALLY SOLID AS A ROCK. We have survived many of the economy's downturns and in doing so, can lend a helping hand to get you through any challenging situations you might suffer. We won't go out of business when the times get challenging, as a few receivables factoring companies regretfully have before.

ENTRY INTO A VAST NETWORK

All factoring companies have criteria for size, industry, and risk. It's just about impossible for you to choose which receivables factoring firm is the best fit for you. By contacting us, we can cut out a tremendous amount of time by helping you find the most suitable match for your company - it might be us or another receivables factoring company.

We have a vast A-List of receivables factoring industry counterparts, these mutual relationships were built over 20+ years in the business. So, after you take the time to define your needs to us, we have no doubt that you will find precisely what you need..

No Minimum

Practically all receivables factoring firms let you select and choose your customers that you want to factor. However a handful of them normally require a minimum amount in order to do business with you. With us you have the freedom to pick and choose which customers you want to factor on an invoice by invoice basis with no minimum.

Our receivables factoring agreement is much like carrying a credit card in your pocket. You carry it to use when you need it but don’t sign an agreement which will force you into receivables factoring when you don't need it.

NO HIDDEN FEES

Practically all receivables factoring firms fees are deceiving and confusing. It defies common sense why they do this. You can be sure, We do not not behave this way.  We are absolutely upfront about our fees. When you apply, you are given an easy to understand, no obligation rate proposal with the fee for your company. It is going to be tough finding another factoring company, if any, that will be absolutely upfront with their fees before they try and get your business.

HIGHER ADVANCE RATES

An "advance" rate is the percent of the invoice face value that you’ll get upfront. Invoice Factoring industry averages for advance rates range from 70-90% of the face value of the invoice. So, for example, if your customer owes you $1,000, you be given an advance payment of $700 to $900 to your account. Our present advance rates are higher than average - at 85-97% depending on industry and your customer payment track record.

PERSONALIZED

Some accounts receivable factoring companies are financed by Wall Sreet investors. We are an independently owned company and don't take marching orders from investors and boards. Same as you, we are like-minded business people and we have experienced many of the road bumps that a business encounters. We take the time to hear your story, determine concerns. Based on that information we will put together a personalized solution for you. Practically all accounts receivable factoring companies particularly the Silicon Valley Fintech ones mainly trust an algorithm to establish your company's funding program. Who do you want to count on as a cash flow partner to fund your business?

Dedicated Account Administrators

Practically all receivables factoring firms have either a lot of employee turnover, a complex voice mail system that you get lost in or operate call centers where you talk with a new representative every time you call in. With us, you get your own dedicated account administrator to be your point of contact – who knows your business inside out, and can support you in ways the others just can't or don't want to be troubled.

Respecting Your
Client Relationships

Don't dismiss the fact that the receivables factoring firm will be interacting with your customers on your behalf. Our level of service, stability and longevity, and the caliber of our employees is exceptional. We have been in business since 1979 and have veteran staff who who have experienced it all. Choose us not only for your sake but for the sake of your relationship with your customer too. Not only will you benefit from our superb service and real-world know-how, but so will your customers.

Our Business
is Your Business

Together,we put in place a credit risk tolerance guideline to limit your customer write-offs. Further more we track each invoice and follow them as your own credit and collections department would. Once they hit the due date we place friendly reminder calls and/or emails on your behalf and keep notes as to when it is scheduled to be paid, and send copies if necessary until payment is made.

Payment Trend Alerts

Our business credit monitoring systems allow us to spot early negative trends so that we can protect you from risky transactions. You have immediate access to online aging reports and your dedicated account administrator is always in the loop and given advance notice of any collection issues in order to get them fixed right away.

CURRENT CUSTOMER CREDIT HISTORY

You get immediate direct online access to your customer’s business credit reports, or you can call and speak with your account administrator – your choice. Watch out for negative payment trends. This is essential to prevent avoidable write-offs.

LEADING EDGE TECHNOLOGY

Our company incorporates the latest technology to speed up the funding process, such as electronic submission of invoices, online reports, online credit checking and other emerging methods to streamline the process and reduce overhead, which leads to much better rates for you. Practically all other companies are not even remotely close.

FINANCIALLY SOLID AS A ROCK

We have been in the receivables factoring business since 1979, are privately owned, and have a powerful track record of being FINANCIALLY SOLID AS A ROCK. We have survived many of the economy's downturns and in doing so, can lend a helping hand to get you through any challenging situations you might suffer. We won't go out of business when the times get challenging, as a few receivables factoring companies regretfully have before.

ENTRY INTO A VAST NETWORK

Every factoring company has a preference for size, industry, and risk. It’s impossible for you to know which company is the best fit for you. By contacting us, we can save you a tremendous amount of time by helping you find the best match for your business - whether it’s with us or another company.

We have a vast network of industry colleagues that we’ve built over 20+ years in the business. So, when you take the time to explain your needs to us, we can be the “one stop shop” to help you find exactly what you’re looking for.

No Minimum

Practically all receivables factoring firms let you select and choose your customers that you want to factor. However a handful of them normally require a minimum amount in order to do business with you. With us you have the freedom to pick and choose which customers you want to factor on an invoice by invoice basis with no minimum.

Our receivables factoring agreement is much like carrying a credit card in your pocket. You carry it to use when you need it but don’t sign an agreement which will force you into receivables factoring when you don't need it.

Transparent Fees

Practically all receivables factoring firms fees are deceiving and confusing. It defies common sense why they do this. You can be sure, We do not not behave this way.  We are absolutely upfront about our fees. When you apply, you are given an easy to understand, no obligation rate proposal with the fee for your company. It is going to be tough finding another factoring company, if any, that will be absolutely upfront with their fees before they try and get your business.

Higher Advance Rates

An "advance" rate is the percent of the invoice face value that you’ll get upfront. Invoice Factoring industry averages for advance rates range from 70-90% of the face value of the invoice. So, for example, if your customer owes you $1,000, you be given an advance payment of $700 to $900 to your account. Our present advance rates are higher than average - at 85-97% depending on industry and your customer payment track record.

Personalized Solutions

Some accounts receivable factoring companies are financed by Wall Sreet investors. We are an independently owned company and don't take marching orders from investors and boards. Same as you, we are like-minded business people and we have experienced many of the road bumps that a business encounters. We take the time to hear your story, determine concerns. Based on that information we will put together a personalized solution for you. Practically all accounts receivable factoring companies particularly the Silicon Valley Fintech ones mainly trust an algorithm to establish your company's funding program. Who do you want to count on as a cash flow partner to fund your business?

Dedicated Account Administrators

Practically all receivables factoring firms have either a lot of employee turnover, a complex voice mail system that you get lost in or operate call centers where you talk with a new representative every time you call in. With us, you get your own dedicated account administrator to be your point of contact – who knows your business inside out, and can support you in ways the others just can't or don't want to be troubled.

Industry Veterans

Don't dismiss the fact that the receivables factoring firm will be interacting with your customers on your behalf. Our level of service, stability and longevity, and the caliber of our employees is exceptional. We have been in business since 1979 and have veteran staff who who have experienced it all. Choose us not only for your sake but for the sake of your relationship with your customer too. Not only will you benefit from our superb service and real-world know-how, but so will your customers.

Our Business is Your Business

Together,we put in place a credit risk tolerance guideline to limit your customer write-offs. Further more we track each invoice and follow them as your own credit and collections department would. Once they hit the due date we place friendly reminder calls and/or emails on your behalf and keep notes as to when it is scheduled to be paid, and send copies if necessary until payment is made.

Payment Trend Alerts

Our business credit monitoring systems allow us to spot early negative trends so that we can protect you from risky transactions. You have immediate access to online aging reports and your dedicated account administrator is always in the loop and given advance notice of any collection issues in order to get them fixed right away.

Customer
Credit History

You get immediate direct online access to your customer’s business credit reports, or you can call and speak with your account administrator – your choice. Watch out for negative payment trends. This is essential to prevent avoidable write-offs.

the latest TECHNOLOGY

Our company incorporates the latest technology to speed up the funding process, such as electronic submission of invoices, online reports, online credit checking and other emerging methods to streamline the process and reduce overhead, which leads to much better rates for you. Practically all other companies are not even remotely close.

As you can see, we quite frankly have more to offer you.

Other factoring companies don't even come close.

And Not All Factoring Companies Can Say This:

About half of our new business comes through client referrals.

So, Can Your New York City Company PROFIT WITH Factoring?

Absolutely ! Companies of all sizes, from small privately-owned companies to large multi-national corporations, use factoring so they can increase their cash flow. Factoring reaches all industries, including trucking, transportation, manufacturing and distribution, textiles, oil and gas, staffing agencies and more.

Companies use the cash generated from factoring to pay for inventory, buy new equipment, add employees, expand operations—basically any expenses related to their business. Factoring allows a company to make quicker decisions and expand at a faster pace.

Unlike a bank loan, factoring has…No principle or interest to pay over timeNo debt to repayUnlimited funding potential – no capsFast funding – no waiting months like at a bankApproval is based on the strength of your clients, not your creditStartups are welcome in using funding services

HERE ARE JUST A FEW OF THE BENEFITS YOU Receive WITH FACTORING:

No more worrying about cash flow issues and begin spending more time on your business. No need to make monthly payments to repay a loan. Receive money immediately. Lower business costs associated with the collection process. Win the battle against slow-paying clients. Get instant credit evaluations for new customers. Have downright control over your cash flow by choosing which invoices to sell and when. Enjoy bulk-purchasing discounts or early payment discounts by having extra cash. Improve your credit rating by having cash on hand to pay bills on time. You get complete and detailed reports about your accounts receivable portfolio. Provides cash for your expansion. Provides cash for your marketing. Improves your overall financial statement. No more worrying about cash flow issues and begin spending more time on your business.. No need to make monthly payments to repay a loan. Receive money immediately. Lower business costs associated with the collection process. Win the battle against slow-paying clients. Get instant credit evaluations for new customers. Have complete control over your cash flow by deciding which invoices to sell and when. Enjoy bulk-purchasing discounts or early payment discounts by having extra cash. Improve your credit rating by having cash on hand to pay bills on time. You get complete and detailed reports about your accounts receivable portfolio. Provides cash for your expansion. Provides cash for your marketing. Improves your overall financial statement.
Now you know why you can't just go to any factoring company. Now you know all the ins and outs of the factoring business. Now you know why no one else can even come close to us! Now you know why we should be the premier factoring company for your business.

Call us today and let us help you get the cash you need to operate your New York City business effectively.

Let's Look At How We Can Help You. 1-866-593-2205 For Trucking Companies.

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We are second to none in the receivables factoring businesses industry

New York City Factoring Companies Company Articles

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

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 businessat 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 isthe 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 Mesopotamianswent 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 Trucking 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 theiroverall 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 transportation factoring fees than a short list of government agencies with a slow-pay history.

In the transportation 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 transportation 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 your 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 Trucking Factoring? Why Trucking 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 thismoney 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 Trucking Factoring For You? The key to knowing if transportation factoring is for you is to not to look only at thebottom-line transportation factoring fee, but also to consider how your company may increase it's profits through transportation factoring.Here is additional information on transportation factoring to help you with your decision.

How are invoice transportation factoring fees and advance rates determined

It is based on several factors:

The creditworthiness of your clientsYour 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 thetransportation factoring fee is returned to you when your customer pays the invoice.

Comparing Bank Lending Rates to Trucking Factoring?

When compared to bank lending rates, transportation factoring initially appears to be very expensive.Here are five typical questions/concerns that are raised by potential transportation 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 transportation 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 salesWithout Trucking 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
Trucking Factoring Fee-N/A
Total Expenses-$18,500-37% of Gross Sales
Monthly Net Profit-$1,500-3% of Gross Sales

With Trucking 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
Trucking 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 transportation 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 transportation 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 transportation 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 overin-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 thathe 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 decisionswith 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 controlWhatever decisions are made, you can be assured that, because of the factor's participation,you will be makingdecisions 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 theestablished 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 immediatelyif 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 Trucking Factoring Companies

Everything you need to know about changing transportation factoring companies.

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

It is standard industry practice for a transportation 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 transportation 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 transportation 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 transportation factoring company.

The details of your particular transportation 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.

Trucking 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 transportation 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 transportation factoring company pays off the old transportation 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 transportation factoring company, new transportation factoring company and your company. In the Buyout Agreement you approve the 'buyout figure' provided by the old transportation 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 transportation 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 transportation 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 transportation 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 transportation 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 transportation factoring fees from both factors.

Therefore, depending on your fee structure your transportation factoring fees the first month of the change could be higher than normal. If you'll be getting a lower rate from your new transportation 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 transportation 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 transportation factoring companies it's best to plan on the first funding taking a two to three more days than the normal transportation 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 transportation 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 transportation factoring company and the new transportation 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 transportation 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 transportation 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 transportation factoring contracts where requiring a certain transportation 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 transportation factoring fees or $24,000 in total transportation 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 transportation 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 transportation 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 transportation 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 StatesThe 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 Invoice Factoring Companies

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 tosystems). 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 What Is Freight Factoring Information at Best Delaware Trucking Factoring Companies
and at Factoringtrucking.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 containeror 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.

Truck Freight Factoring

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 What Is Freight Factoring Information at Largest Factoring Companies
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 claimdispute, although as an accommodation, the freight broker may assist the shipper at their request and expense with filing freight claims.

Transport Factoring

NAICS Index Description

Factoring For Trucking

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

Trucking Factoring Service

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

The History of the Trucking Industry Trucking in the United States has a long and varied history. The history of trucking is remarkably bound up with the economic and political history of the country. Before the advent of automotive vehicles, the majority of American freight was transported using horse-drawn wagons, trains, and boats. In the early 20th century, trucks resembled motorized wagons more than their current incarnation. These automotive wagons were built after the designs of horse-drawn carriages. Trucks lacked noses at the fronts of their cabs. As well, truck engines were stored directly underneath the driver’s side seat. Since most roads were unpaved, trucks often utilized solid rubber tires. This made their journeys slow and difficult, and left trucking as a niche until later improvements.

The Birth of Modern Trucking

Just before the First World War, there were approximately 10,000 trucks operating in the United States. Many of these trucks were used for deliveries in or near major metropolitan areas. In those days, a truck could drive from New York City to Seattle in about a month. Toward the early 1920s, trucks began to be equipped with air-filled (pneumatic) tires that made travel faster and easier. This drastically improved the speed and efficiency of the country’s shipping and transportation sectors. This increased practicality began to make a major dent in the railroad industry’s operations. While rail transport was generally less expensive, trucking had become a better choice for quicker deliveries. It was also during the 1920s that the federal government heavily invested in new paved road construction and improving existing roadways.

The First Semi-trailers

It did not take long after the advent of trucks for vehicles to be equipped with electric running lights. First introduced in 1912, running lights enabled truckers to drive at night. This cut travel times by significant margins since previously truckers had had to sleep through the night and restrict travel to daylight hours. During the 1920s, the fifth wheel came about and further upgraded the speed of pickups and deliveries. Around this time is also when the semi-trailer gained popularity. Semi-trailers contributed to better ways of managing and transporting cargo and freight.

The Emergence of Modern Trucking

By the 1930s, trucking had fully established itself as a vital part of the economy. Trucks had already been used by the military in the First World War. However, paved roads led to new attention and new regulations. The construction of the Interstate Highway System in the 1950s and 1960s accelerated the growth of trucking by linking together the country’s major population centers. Some trucks began to use refrigerated trailers powered by propane, allowing an efficient method for transporting frozen goods.

Trucking came to cultural prominence by the 1970s. It was in this decade and the one prior that many films and songs about trucking became popular. Truckers were instrumental in strikes against rising fuel costs during the energy crises of the 1970s. By the 1980s, trucking had become the most important part of the freight industry. The amount of cargo had grown such that truckers were on the nation’s highways at every hour of every day.

Trucking also became a key factor in big-box stores like Target and Wal-Mart. With the advent of these corporate networks, the number of goods being transported grew exponentially. The Loadbar was soon invented to prevent damage to shipped goods by blocking and bracing cargo. Pallets, crates, and other items began to be more efficiently secured. As well, increased attention to environmental consciousness, fuel efficiency, and cost-effectiveness continued to emerge. By this time, trucking as it is known today had finally emerged.

15 Interesting Trucking Facts

Trucking is an interesting industry. We’ve compiled a list of 15 fun trucking facts you may not know from various trusted sources. We hope you enjoy!

1. The top transported goods in the United States are clothing, food, furniture and electrical and machinery equipment/goods.

2. In 2012, the trucking industry accounted for 12.8% of all of the fuel purchased in the United States.

3. The EPA emission regulations from recent years have cut the exhaust output of heavy trucks and off-road equipment over 95% in the past 19 years.

4. The trucking industry collects, on average, $650 billion in revenue each year. That is about 5% of America’s GDP.

5. The trucking industry is expected to grow by about 21% over the next ten years.

6. In the United States, there are over 200,000 female long haul drivers.

7. A commercial truck uses, on average, 20,500 gallons of fuel per year. In comparison, the standard car uses, on average, 500 gallons of fuel per year.

8. The primary cause of trucking accidents is failure to stay in the lane.

9. Four of the most common errors in large trucking accidents include: traveling too fast for the conditions, brake problems on the truck, performance error and driver fatigue.

10. According to Career Builder, the mean national salary for truck drivers is $44,500.

11. There are about 3.5 million truck drivers in the United States.

12. There are about 15.5 million trucks operating in the United States today.

13. Annually, trucking accounts for about 70% of all freight transported in the United States.

14. The majority of trucking companies in operation in the United Sates are small businesses.

15. With the clean diesel trucks that operate today, it would take 60 trucks to equal the exhaust emissions of one truck from 1988.

As you can see the trucking industry has an impact on almost everything. Next time you see a truck on the road, remember these facts.

In 1912, trucks were equipped with electric running lights to allow them to be driven at night and make up travel time that was previously spent sleeping until the morning light. The fifth wheel innovation came to be in the 1920’s, greatly enhancing the speed with which loads could be picked up and dropped off. During this time, the semi-trailer was becoming more popular and this innovation made a huge impact on the way that freight and cargo were transported.

In 1914, there were less than 15,000 miles of paved roads throughout the whole country, but during the next decade the federal government spent $75 million on new road construction along with the improvement of existing roadways.

Trucks were first used extensively by the military during World War I. With the increased construction of paved roads, trucking began to achieve significant foothold in the 1930s, and soon became subject to various government regulations (such as the hours of service). During the late 1950s and 1960s, trucking was accelerated by the construction of the Interstate Highway System, an extensive network of freeways linking major cities across the continent. At this time, diesel fuel was a whopping 14.9 cents a gallon! Quite a difference from the fuel costs of today. Trucks with refrigerated trailers ran them on propane which made it necessary to fill up on propane as well as diesel fuel in order to keep frozen items on ice.

Trucking achieved national attention during the 1960s and 70s when songs and movies about truck driving were major hits. Truck drivers participated in widespread strikes against the rising cost of fuel, during the energy crises of 1973 and 1979, and the industry was drastically deregulated by the Motor Carrier Act of 1980. Trucking has come to dominate the freight industry in the latter portion of the 20th Century, along with what are termed “big-box stores.

With the growth of the “big-box stores” grew the flow of goods that were being transported. New measures led to a greater demand for new efficient, cost effective and environmentally friendly cargo restraint products. Pallet loads, crates or other items need to be secure to prevent damage during transit. An unsecured load can shift in transit and create dangerous dynamics, damaging the cargo and the structure of the vehicle or intermodal container. To prevent shipment damages and for a more cost effective way to block and brace the cargo, the Loadbar was invented. The Loadbar is a disposable restraint system that is combined with a 2×4 to prevent longitudinal and lateral movements in the trailer with no need to maintain ownership after use.

15 Trucking Facts You May Not Know

The trucking industry is complex and full of interesting facts. Take a look at these trucking facts you may not know:

1. One in nine truck drivers are independent drivers.

2. A new cab and trailer can cost anywhere from $110,000 to $260,000 total.

3. It takes trucks longer to stop than it takes a car. Trucks need at least a football field length to come to a complete stop.

4. Typically, U.S. truck drivers log 105,000 miles per year.

5. Izuzu, Daimler, PACCAR and Volvo are the top four truck manufacturers.

6. On average, one in 14 jobs in the U.S. are directly affected by or part of the trucking industry.

7. It would take a trucker 44 hours and 347 gallons of fuel to travel from Los Angeles to New York City.

8. In the U.S., $4,422 worth of goods are shipped per second.

9. The majority of truck drivers in the U.S. are male.

10. If trucks stopped running, then the U.S. would exhaust its clean water supply within four weeks.

11. Within 24 hours of trucks stopping, hospitals would run out of basic supplies.

12. From 1998 to 2002, the size of the U.S. trucking industry grew by 18.9%.

13. The states with the most tractor trailer registrations are Florida, Texas, California, Alabama and Georgia.

14. There are more than 400,000 trucking companies in the U.S.

15. On average, truck drivers travel a distance of 2,965 miles per second.

Trucking Through the Years - A History of Truck Driving

January 30, 2018There has always been a need to haul freight and supplies. The Roman Empire built roads all over the known world so its armies and the provisions to supply outposts could move easily across the country. In the early American colonies, wagons drawn by horse, mule, and oxen moved along the roads connecting communities. In some places, canals linked rivers for the movement of freight. Eventually, the railroad stretched across the United States in the 1860s, linking a mechanized transportation network that changed the nation. But trains can only go where the rails are.

The Industry That Spawned Trucking

The invention of the automobile meant that people wanted better roads to travel on their own. Companies building automobiles for a growing market needed a way to get those new cars to their new owners without adding mileage to the vehicle. Alexander Winton owned the Winton Motor Carriage Company of Cleveland and is credited with creating the first semi-truck in 1899 to haul automobiles to market one at a time. "Truck Driver Jobs" became a category in the job market but it took a month for a truck to get from Seattle to New York so trucks were normally only used in metropolitan areas where their solid iron or rubber tires had a good surface to move upon.

By 1914, August Charles Fruehauf, a blacksmith in Detroit, built a detachable trailer for a Ford automobile and called his new invention a “semi-trailer.” Other inventions included gear drives that could get the truck moving as fast as 15mph to the astonishment of those it passed by. Weight limits in some states (18,00 to 28,00 pounds) attempted to protect roads from the nearly 100,000 trucks that used them. It would be 1981 before the standard 80,000-pound weight limit was uniform in all states.

During World War I an army of trucks were vital for transporting cargo. Long distance truck shipments were made possible by the development of inflated tires that could support heavier loads and higher speeds. By 1920, more than a million trucks moved goods across America. The diesel engine was introduced, along with fifth wheel coupling systems, power brakes, power steering, and standardization of both trailers and trucks.

After World War II the expanding Interstate Highway System with its controlled access allowed larger, faster trucks to move across the country. This meant federal standardization of weight limits and bridge limitations were needed. To make the transfer of cargo between trucks, trains, and ships easier, containerized intermodal shipping was developed. A shipping container could travel across the ocean to be put on a train and then moved to a flatbed truck for the final leg of the journey without being opened. This development paved the way for retailers to open big box stores in outlying communities. Flatbed trucking companies became one category in a huge variety of trucking enterprises that serviced and connected communities all over the country and the world.

Regulations and Trucking

Transportation and shipping regulations existed before trucks did but the increasing number of trucks on the road meant that trucking legislation was necessary.

• In 1933, the Code of Fair Competition spurred the joining of the American Highway Freight Association and the Federation Trucking Associations of America to become the American Trucking Association (ATA).

• The 1935 Motor Carrier Act regulated the intense competition between trucking companies

• In 1939, the first Hours of Service (HOS) rule limited drivers to 112 hours behind the wheel and a maximum of 15 hours on duty with changes to HOS ever since.

• The 1956 Federal Aid Highway Act enabled the creation of 41,000 miles of interstate highways

.• In 1967, the Department of Transportation was created.

• The 1980 Motor Carrier Act gave more freedom over operations, including hiring and pricing.

• The 1990s brought the North American Free Trade Agreement (NAFTA), and increased trade with Canada and Mexico.

• The Motor Carrier Safety Improvement Act of 1999 created the Federal Motor Carrier Safety Administration.

• In 2008, the National Surface Transportation Policy and Revenue Study Commission issued recommendations on the future of funding surface transportation.

All these changing regulations have attempted to keep up with the increasing demand for trucks to deliver the goods that communities rely upon. Regulations directly affect trucking companies and those who work for them because the laws affect profit margins and competition. Many regulations are a response to incidents like 9/11, which increased the security standards regarding Hazmat CDL driving.

Culture and Trucking

The 1970s saw the glamorization of trucker culture with the popular song “Convoy” by C.W. McCall and movies like “Smokey and the Bandit.” Suddenly, everybody knew about CB slang and thought they understood the energy crisis issues causing the independent trucker strikes in 1979. A lot of people longed to be a modern-day cowboy truck driver and many joined the ranks. But that generation of truck drivers is fast joining the ranks of the retired. Even though trucks have long shared the road with passenger cars, many automobile drivers do not respect the difference in how these two very different vehicles operate. Unsafe actions of automobile drivers cause 70% of fatal automobile/tractor-trailer accidents.

The 21st century has continued to change the way driving a truck looks as a career. Trucking companies with an aging fleet have had to replace their trucks and many turned to low mileage used vehicles rather than the latest model. Fuel usage and carbon footprints are common concerns. Increasing competition caused many trucking companies to come close to bankruptcy in the early 2000s. But trucks still are needed to move the freight to where it needs to go.

The tech revolution did not leave truck driving behind. Cell phones haven’t replaced the CB but every trucker has one. GPS tracking gives instant status updates on location. Electronic logs are the norm. Self-driving trucks are not fiction. The category of "Truck Driver Jobs" still can be found in employment opportunity listings and tech skills have merely joined the traditional skills needed to drive professionally.

Threats To The Trucking Industry

The trucking industry first gained traction during World War I, but even before paved roads and automobiles, goods were delivered via train or horse-drawn vehicles. Over the past century, the shipping industry has had its ups and downs, like many other industries. The industry has to change as outside factors, like technology, change. Read about the current changes threatening the trucking industry:

Driver Shortages

There has been a significant truck driver shortage for a few years, and it doesn’t show any sign of improving. The increased demand for trucks to haul merchandise across the country is one of the factors contributing to the shortage. Baby boomers are also starting to retire, causing an even bigger gap in human resources. The best way trucking companies can combat the shortage is to offer competitive pay and benefits to drivers.

Changing Nature Of Freight

Products are changing every day. The shape of new products can create a challenge for truckers. Products that used to be big and bulky (e.g., old box TVs) are now in thin boxes. These new products need to be handled differently. The smaller boxes don’t always fill up a truck, and if a truck isn’t full, it isn’t dispatched. This change in freight types has created an increase in less than truckload (LTL) shipping. In order for trucking companies to cope with the freight changes, they will need to adopt or expand their LTL shipping capabilities.

Deteriorating Infrastructure

There are hundreds of roads and bridges throughout the United States that need major repairs or replacement. The deteriorating roads make it difficult for trucks to get freight to its destination. Also, the current highway construction projects are causing congestion, which causes delays. The delays drive up expenses, including wages and fuel, costing trucking companies more to move a load. Companies should encourage legislative bodies to establish a stable funding source for highway construction and maintenance to combat this issue.

Although there are threats to the trucking industry, it is an essential part of the logistics chain. If there was no trucking, the world would cease as we know it. If you are interested in seeing what the world would be like without trucking.

Facts About Dedicated Fleets

As a shipper, it is important to know the differences between owning a private fleet and using a dedicated fleet. Each option has its own benefits but depending on your needs, a dedicated fleet may be a better option for you than a private one.

Dedicated fleets are a great solution for organizations who are shipping Less Than Truckload (LTL) shipments. Using a dedicated fleet for smaller shipments can actually decrease your costs. Dedicated fleets pull from a larger pool of trucks and equipment, which in turn saves money.

Companies choosing to ship with a dedicated fleet, have access to a large variety of equipment including trailers in a variety of sizes and tractors. Equipment is expensive to buy and maintain, so there’s less worrying about the investment of buying a private fleet.

Sometimes a shipment will require specialized, expensive equipment. Purchasing specialized equipment isn’t ideal when it’s not used every time. With a dedicated fleet, organizations have access to specialized equipment without a required purchase.

Dedicated fleets are more flexible than owning a private fleet. As demand changes, companies may need more or less equipment to ship products. With a dedicated fleet, companies don’t have to worry about purchasing more equipment for busy times and can can easily acquire extra trailers or special equipment as needed.

Depending on the needs of the company, a dedicated fleet may save money. We have services available to help weigh the various cost factors of owning a private fleet or using a dedicated fleet. Some of the cost factors assessed include:

• Tractor/trailer utilization

• Driver utilization and pay

• Maintenance costs

• Buying vs. leasing

• Fuel consumption and purchasing strategies

Private Fleets vs. Dedicated Fleets

As a shipper, there are many differences between owning a private fleet and using a dedicated fleet. If you are wondering what the best solution for your company is keep reading.

Private Fleets

First off, what are private fleets? Private fleets are trucking operations that are operated by a specific corporation whose primary business purpose isn’t trucking. These companies still rely heavily on trucking in their operations. Those who choose to own a private fleet should consider the cost factors associated with owning a private fleet along with the demand of trucking within the organization.

Some of the cost factors we assess when helping determine whether a private fleet is for you include:

• Tractor/trailer utilization

• Driver utilization and pay

• Maintenance costs

• Buying vs. leasing

• Fuel consumption and purchasing strategies

Private fleets are a great solution for many companies, but they aren’t the only choice when it comes to shipping.

Dedicated Fleets

A dedicated fleet is owned by a company that focuses on trucking. A dedicated fleet is a group of tractors, trailers, drivers and other resources that are assigned to carry out shipping operations for a facility or transportation network. Using a dedicated fleet can be useful in industries with fluctuating demand or those that need specialized equipment. Also, many companies prefer using a dedicated fleet vs. owning a private fleet because it frees up their personnel and money that is focused on shipping so they can direct those resources towards other company objectives.Many Ways a Freight Broker Can Make Handling Your Freight Easier

A freight broker acts as the go-between for the shipper and a transportation service provider.If you are on the fence about working with a freight broker, consider the following three reasons on how a fright broker will make handling your freight easier.

1. Flexibility

A freight broker will allow you to be flexible with the amount you are shipping and with the times you are sending it at. They have access to a large database of carriers that are qualified to transport your goods. They help you find the right shipper/carrier match during critical periods. For example, they help you find a carrier when capacity is tight due to seasonality.

Freight brokers also offer scalability. They are flexible enough so when you have to scale down during a slow period, they are able to do that easily. They are also able to easily and quickly scale back up during a busy season.

2. Technology

Freight brokers have access to high technology equipment that is designed to provide shippers with the most accurate tracking and performance analytics. With a freight broker you won’t have to invest the time and money into these systems because they have them already.

3. Saves You Money

Working with a freight broker will save you money in the long run. Freight brokers have access to a large database of qualified carriers. Their relationships with these carriers will help to save you money. The large network of carriers freight brokers have relationships with allow freight brokers to offer a variety of services and equipment to you at a competitive, low price.

What Is LTL Shipping?

Less-than-truckload (LTL) shipping is becoming a popular way for companies to ship their freight without using a full trailer.

Many businesses find LTL shipping a cost-effective method since they only have to pay for the sections of they truck they fill. LTL shipping also offers flexibility for businesses with varying demand throughout the year. When demand slows, trucking companies can scale back the amount of space used in the trailer and pay less.

The freight is usually sent to one central distribution center and loaded on the truck for delivery. The truck driver delivers all the freight in the trailer to various destinations across the country. Along the way, the freight packages are tracked with logistics to ensure they arrive on time in the proper location.

LTL shipping works similar to carpooling, making it an environmentally friendly shipping option. Instead of each business wasting fuel on each partially filled truck, multiple businesses can fill one trailer and split the cost.

Trucking Industry Trends: The Rise Of The Owner-Operator

Owner-operators own and operate their own trucks as an independent business. Some lease their equipment to carriers and operate with them, while others choose to operate under their own authority. Under the Motor Carrier Act of 1980, owner-operators (and other carriers) can set their own shipping rates, meaning some owner-operators can make more money on their own rather than working with another company.

About 10 years ago, the number of owner-operators in the U.S. hit its peak at 175,500. As the recession grew, the owner-operator population shrank. In 2010, there were only 149,900 owner-operators in the U.S.

The Need For Truckers

As the economy recovers, businesses have more products to ship. The demand for truckers has increased immensely. Unfortunately, over the past few years, it has been difficult to find qualified drivers to move the freight. The country relies heavily on trucking, so a driver shortage negatively impacts the economy.

The Rise Of Owner-Operators

With the truck driver shortage impacting trucking companies, some businesses are using owner-operators to move freight. Owner-operators are helping fill gaps from the trucker shortage.

Many truck drivers are looking for independent work. Working as an owner-operator lets drivers work on their own without a trucking company. Even though the independence of being an owner-operator is enticing to many, it is expensive to purchase (and maintain) a truck independently.

Owner-operators and trucking companies can work together to help take pressure off fleets with driver shortages

Reasons To Work With A Third-Party Logistics Provider

Third-party logistics (often abbreviated 3PL) providers are outsourced logistics providers that work with businesses to help manage and move freight. They help businesses streamline their supply chains.

3PL providers help with a variety of shipping services, including transportation and freight management, warehousing, distribution management and freight consolidation. Read why you should choose 3PL:

1. Saves Time and Money

Working with a 3PL ultimately saves a business time and money. 3PLs have an extensive resource network, so they are able to shop around and secure competitive rates for shippers. They do more than just coordinate shipments, too. 3PLs also help with billing, training, obtaining paperwork from the shippers and ensuring the freight is delivered on time.

2. Technology

Most 3PL providers have access to the latest shipping technologies to help streamline the logistics process. Barcode scanning, RFID labeling, mobile computing devices and analytics software all help 3PLs track freight and ensure on-time delivery.

3. Partnership

When you work with a 3PL provider, it becomes an extension of your business. Their resources become your own, including their equipment, personnel, technology and software. When looking for a 3PL provider, make sure the company fits with your organization’s culture. Treat your 3PL provider like you would treat any other employee to ensure the best partnership.

4. Lower Risk

Working with a 3PL provider allows you to build up an efficient, multi-location distribution network with lower risk. It would take a significant amount of your capital to build up a distribution network of the same size.

5. Flexible

3PLs offer flexibility and are able to adapt to an organization’s shipping changes. 3PLs are able to scale space, labor and transportation depending on a business’ inventory needs. Many businesses have seasonal demand. When seasons change and demand increases, it is easy to get more warehouse space and freight transportation with a 3PL

Back to More Trucking Factoring Companies Information. LEARN MORE ABOUT...Factoring Truck Loads

Trucking Factoring / Trucking FactoringTrucking Firms all across the nation depend on Trucking factoring to run and operate their Firms. Trucking factoring stabilizes your cash flow by giving you immediate cash for your Trucking 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.

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

If you operate a Trucking firm, and your shipping customers and Trucking brokers have good credit but are slow paying their Trucking bills then you should consider hiring one of the top Trucking factoring Firms 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 Trucking-matching load boards versus paying for loads on boards.

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

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

Non-recourse factoring

Many Trucking factoring Firms 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 Trucking bill factoring works

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

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

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

Truck factoring Firms advance you cash to keep your trucks on the road, but they also do much more. Trucking factoring Firms 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 Trucking industry, especially when you need to get paid for your deliveries. It’s why the entire Trucking industry depends on Trucking factoring. Whether you’re an independent owner-operator, mid-size fleet, or large carrier, you’ll benefit from Trucking bill factoring for consistent cash flow. Trucking factoring is the fastest way to get paid by your shippers and Trucking brokers, so you can deliver more loads and grow your business.

Best Delaware Trucking Factoring Companies

Truck Factoring-How to do it right

It’s no secret that your ability to control your cash flow will make or break your Trucking 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 Trucking fleets and owner-operator Firms: Trucking bill factoring.For those of you unfamiliar with the practice, transportation factoring is nothing more than assigning your unpaid Trucking 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 Trucking 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 Trucking business while you wait for your customer to pay their Trucking bill.

Best Delaware Trucking Factoring Companies

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 Trucking factoring Firms 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 Trucking 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 Trucking factoring services are not created equally.

Here are some key questions to ask when considering Trucking factoring Firms:

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

The name may seem unfamiliar, but the ramifications to your profitability could be substantial: Recourse-based Trucking 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 Trucking 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 Trucking factoring service, many will require that they handle all future Trucking 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 Firms are very firm about this requirement.

Some Trucking 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 Trucking factoring service as a de facto billing serviceIs there a price difference if I let you bill my customer for all loads that I pull for them?

Some Trucking factoring Firms 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 Trucking factoring Firms 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 Firms 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” — Firms 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 Trucking 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 Trucking bill, so find out what their policy will be — and if it will be the same for all customers and Trucking bills or if it could change from load to load.

Best Delaware Trucking Factoring Companies

Skip to Top Back to More Trucking Factoring Companies Information.9 Questions to Ask When Comparing Trucking Factoring Firms

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

Why is this information important?

There are two main challenges that Trucking Firms 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 Trucking Firms 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. Trucking factoring is one way to eliminate these obstacles, especially for smaller Trucking Firms or independent operators.What Is Trucking 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 Trucking 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 Firms specialize in Trucking/transportation/Trucking 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 Firms.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 Firms 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 Firms 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 Firms 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 Firms 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 Firms will check the credit of the customer, shipper or Trucking 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 Firms 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 Firms 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 Trucking 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 Firms. 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 Firms 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 Trucking business.Skip to Top Back to More Trucking Factoring Companies Information.

Several Key Differences Between Freight 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 Freight Factoring – but is it? Let’s look at some of the biggest differences between the two.

1. Freight Factoring is Less Risky Than a Merchant Cash AdvanceThere’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 Freight Factoring and MCAs. Freight 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 Freight 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 Freight 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 Freight Factoring.

Freight 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 Freight 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. Freight Factoring Maximizes Cash Flow and Merchant Cash Advances Don’t

Freight 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 Freight 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. Freight 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 Freight Factoring is your Freight Factoring fee includes some time and potentially money-saving back office services that can help your business grow.

For example, Freight 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 Freight Factoring account executives work as an extension of your team and on your behalf.

How Freight Factoring Can Help Get New firms Off the Ground

Starting a company 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 firms 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 firms 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 firms, 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 company owners can’t always build a decent portfolio without the capital to take on more clients.For this reason, invoice Freight Factoring can be a way for new company owners to turn those early invoices into real working capital to get their firms off the ground.

Young firms Need Capital: Freight Factoring Provides It

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

In fact, a lack of sufficient capital is the second-most common reason that new firms fail. New company 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 Freight Factoring provides working capital and predictable cash flow your new company needs. Unlike banks, Freight 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 Freight 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 firms Need Support: Freight Factoring Provides It

company owners often find themselves wearing many hats in the course of a day. How often does a company owner say, “If only I had someone helping me with X, I can really focus on Y?”.Freight Factoring companies provide more than funding for firms. 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 Freight Factoring fee. Be sure to talk to your Freight Factoring company about what other services they provide.

Young firms Need Protection from Bad Debt: Freight Factoring Provides It

For a new company, 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 Freight Factoring company will do this for you before you take on new company 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 Freight Factoring company can work with you to advance you funds when you complete the work.

Young firms Must Avoid Taking on Debt: Freight Factoring Won’t Add to Your Debt

One of the biggest reasons that Freight Factoring is ideal for young firms is that it provides the money you need without adding to your debt.Freight Factoring isn’t a loan – it’s a purchase of your invoice. The Freight Factoring company buys your invoice, takes out a nominal Freight 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 Freight Factoring balance as debt. There are no interest rates or hidden fees either. In other words, Freight Factoring provides you with the predictable cash flow you need without adding to your debt.

Young firms Need to Grow: Freight 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 Freight Factoring provides a solution by smoothing out cash flow and making it possible for company 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 firms:

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 firms 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 firms 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 firms outside the industry, such as air-transporters. As a result, day-to-day operations tend to be relationship-oriented. firms 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 firms in this group generally operate with narrow margins.To adequately serve the needs of its customers, a trucking company 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 firms 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 firms maintain a network of terminals and distribution centers across the country.The industry is affected by seasonal factors. Generally, all trucking firms 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 firms 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 firms. Labor costs have a considerable impact on earnings. Trucking firms 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. firms 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 firms 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 firms possess average stock market risk. Over a business cycle, cash reserves can build, and barring any pressing needs for capital investment, these firms 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 New York City

New York is a vibrant center for commerce and business and one of the three "world cities" (along with London and Toyko) that control world finance. Manufacturing primarily of small but highly diverse types accounts for a large but declining amount of employment. Clothing and other apparel, such as furs; chemicals; metal products; and processed foods are some of the principal manufactures. The city is also a major center of television broadcasting, book publishing, advertising, and other facets of mass communication. It became a major movie making site in the 1990s, and it is a preeminent art center, with artists revitalizing many of its neighborhoods. The most celebrated newspapers are the New York Times and the .

New York attracts many conventions including the national Democratic (1868, 1924, 1976, 1980, 1992) and Republican (2004) party conventions and was the site of two World's Fairs (1939 40; 1964 65). It is served by three major airports: John F. Kennedy International Airport and LaGuardia Airport, both in Queens, and Newark International Airport, in New Jersey. Railroads converge upon New York from all points.With its vast cultural and educational resources, famous shops and restaurants, places of entertainment (including the theater district and many off Broadway theaters), striking and diversified architecture , and parks and botanical gardens, New York draws millions of tourists every year. Some of its streets and neighborhoods have become symbols throughout the nation. Wall Street means finance; Broadway, the theater; Fifth Avenue, fine shopping; Madison Avenue, advertising; and SoHo, art

Information for the state of New York

Schenectady, Albany, and New York City, once the major industrial cities of the lower Mohawk and the Hudson, continue their long-time manufacturing decline. Except in the mountain regions, the areas between cities are rich agriculturally. The Finger Lakes region has orchards producing apples, one of New York's leading crops; vineyards here and on Long Island make the state famous for its wines. The state produces other, diverse crops, especially grapes, strawberries, cherries, pears, onions, and potatoes (grown especially on E Long Island); maple syrup is extracted, and New York is the third leading U.S. producer of dairy goods.

New York's mineral resources include crushed stone, cement, salt, and zinc. In spite of significant decline, New York has retained some important manufacturing industries, and, by virtue of New York City, it has strengthened is position as a commercial and financial leader. Although the largest percentage of the state's jobs lie in the service sector, its manufactures are extremely diverse and include printed materials, apparel, food products, machinery, chemicals, paper, electrical equipment (notably at Schenectady), computer equipment (Poughkeepsie), optical instruments and cameras (Rochester), sporting goods, and transportation equipment. Printing and publishing, mass communications, advertising, and entertainment are among New York City's notable industries.

Long Island has aircraft plants (although these have declined sharply since the 1970s) and Brookhaven National Laboratory, a research center. Many corporate headquarters and research facilities have relocated in Westchester co., N of New York City. Some commercial fishing is pursued in Lakes Erie and Ontario and in the waters around Long Island. The state has c.18,775,000 acres (7,294,000 hectares) of forest, but forestry is no longer a major industry.

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New York City Factoring CompaniesFactoring is when a third party commercial finance company purchases the Invoices or Accounts Receivable from a business. -New York City Factoring Companies Largest Factoring Companies

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receivables factoring Companies – Benefits

receivables factoring companies offer a wide variety of benefits to businesses. receivables 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 receivables factoring companies can be a huge help to businesses.

receivables factoring

Keep in mind that receivables factoring companies do not use the same process as invoice discounting. Instead, invoice receivables 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. receivables factoring is not a loan; instead, receivables factoring is the sale of invoices in order to get immediate cash. There is no loan in the process of receivables 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 receivables factoring is usually called the sale of receivables. receivables 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, receivables factoring companies are never going to give you a loan. When a receivables 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, receivables 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) receivables factoring companies benefit you directly by giving you the cash you need.

Benefits of receivables 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, receivables factoring companies are available to help you. A receivables 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 receivables 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 receivables 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 receivables 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 receivables 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 receivables 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 receivables 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 receivables 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 receivables 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 receivables 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 receivables 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 receivables 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 receivables 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 receivables 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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New York City Factoring Companies Articles

How receivables factoring Saved A Medical Staffing Company

Lucy Grant sat in her office, waiting for the phone to ring. Her job was a busy one, and she had stopped all her calls and shut her door five minutes before the phone conference was set to begin just to get some time for herself. The truth was she was stressed to her breaking point. Her company Med Staff needed to hire three new people to cover the demand of their clients. The problem was, they couldn't. They were short on funds.

Med Staff did temporary medical staffing. They employed LPN's, RN's, and a few others of the same ilk. Companies that needed nursing for a short amount of time paid Med Staff, and the nurses were sent over on short term contracts. Then they came back, and they were sent somewhere else.

A retirement home had contacted Lucy two weeks ago, they were undergoing an expansion, and they would need temporary staffing until they could appoint permanent nurses to the shifts. Lucy had known she didn't have enough people for this, but she took the contract on anyways, figuring she could hire people. There were always a number of nurses and technicians applying for work at Med Staff, and she knew it wouldn't be a problem to hire a few new people.

There had been a problem though. There simply wasn't enough money in the books to do it. The company was doing fine, but a quick expansion, even as small as three people, simply wasn't going to happen, not without help.

She had gone to the bank for a loan, but they had denied her. It seemed to Lucy that the only people who could get loan money from a bank were the people who didn't need to do so. And then she had found something different, a website online about receivables factoring. She had looked the site over, and set up the conference call.

The phone rang, she picked it up. “Hello?”

“Hi, is this Mrs. Grant?” a cheery woman's voice asked over the phone.”

“It is.”

“Great! My name is Grant, I'm going to help you today.”

“Okay great.” Lucy said.

“I'm looking over the form you filled out, it looks like your company temporarily staffs medical professionals?”

“Yes,” Lucy said. “Nurses mostly.”

“Great,” Grant said. “And if you called me, it means you ran into a snag.”“I took a contract to fill five places in an expanding retirement community. I have two people available but needed to hire three more. Unfortunately, we just don't have that kind of money in the books right now. We have a few outstanding invoices yet to be paid, but until they come in, there's nothing I can do.”

“Do you know how receivables factoring works?” Grant asked.

“Not really,” Lucy admitted.

“Okay, well we don't look at your business credit, we look at your clients' credit. We know they have some time to pay bills, and we're interested to see if they can pay those bills. If they can, we become interested in helping you out, because we think all businesses should have a fair shot to make it, and sometimes things just don't work out.”

“This is the first time it hasn't worked out,” Lucy said. “And it's hard.”“I know. I hear about it every day. The cool thing about my job is I get to help fix it. So what we do, if we feel secure in our ability to help you, is we buy a piece of your accounts receivable. We aren't just loaning you money, we're basically becoming active in your business. That is you get the money you need right now, but we have an assurance that we get our money back, later down the road.”

Lucy nodded behind her desk, even though the other woman couldn't see her. She had never heard of receivables factoring before she came across the site on the internet, but the way Grant explained it certainly made sense.

The call continued, with Lucy giving the information that Grant would need. She promised to get back to her within a couple of days, and then they hung up. Lucy went on with her work, and a day and a half passed.

Lucy was at her desk when he phone rang then. It was Grant.“Good news,” she said as soon as Lucy said hello. Lucy couldn't help but smile as Grant went on. “We're going to be able to help you out.”

“You don't know how great it is to hear you say that,” Lucy said.

“Believe me, I do,” Grant said. “I get to say it more often than not, and I know that we're really helping good people, and good businesses.”

“The bank, they couldn't do anything,” Lucy said, she felt salty tears stinging her eyes as they welled there.

“They aren't built to help people like we are. They just want as much money as they can get. We want money too, because it's a business, but if you don't succeed, we don't succeed, and it's also important to us that we help people.”

“So what's next?” Lucy asked.

“Well the real answer is I fax some stuff over for you to fill out and sign, but the fun answer is your business gets the help it needs, and you keep going to work each day. Well, not the weekends.”

Lucy couldn't help but laugh. “Believe me,” she said. “I work plenty of weekends.”

Grant laughed as well, and then got the fax number she would need. Once again the women hung up and Lucy let out a long breath as she sat back in her chair. She used a tissue to dab the tears from her eyes. She knew everything was going to be okay.

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Healthcare Staffing And How To Use A receivables factoring Company The Right Way

The healthcare field is arguably one of the most rapidly growing industries in the United States. With the baby boomers, the largest section of our population, reaching retirement age the need for expanding healthcare services has never been more pronounced.

At the center of this growth are healthcare staffing agencies that hire for hospitals, clinics, doctor's offices and a wide range of medical facilities. However, while business is booming the ability for these staffing agencies to expand is inhibited by the customer invoice system. Fortunately, there are healthcare staffing receivables factoring companies around to help them in their time of need.

We asked the owner of a local healthcare staffing agency, Lucy Grant, to talk to us about how receivables factoring companies helped expand her business and provide a much needed boost at a critical time for her company.

“Hello Lucy and welcome. I was hoping you would tell us a little about how healthcare staffing receivables factoring companies helped your business, but I suppose we should begin by how you got started in this business?”

Lucy Grant (Lucy), “Thanks for having me. I actually have been a part of several start-up businesses in my recent career and was looking for a field that would show a lot of promise. It was pretty clear to me that medical staffing was a big need in the healthcare field so I set about to start my own business. I had experience in starting up businesses before, so I drew up a business plan, took out a loan, rented the offices and hired a staff to get started.”

“So, you did what most people do in starting up a business. How did it do?”

Lucy: “I actually got off to a pretty good start. I had made a few contacts and managed to get some business right away. This was really helpful because as you might know our clients use invoices for payments and it can take up to 90 days before we actually get the cash in hand. Around four months in we were facing a real crossroads as new opportunities opened up for our business, but we didn't have the cash on hand to take advantage.”

“I'm a little confused. You say you were doing well, but you didn't have the ability to expand your business?”

Lucy: “That's right. The problem was back to the invoices that were making up wait up to 3 months before we had the cash. I really wanted to expand my staffing business to handle the new opportunities I was being presented, but I couldn't because I was still waiting on the invoices to finally turn to cash. So I was asking my accountant about what could be done when the suggestion of a healthcare staffing receivables factoring company was introduced.”

“Tell us a bit more about receivables factoring companies.”

Lucy: “Basically, receivables factoring companies purchase the invoices right on the spot so you can have cash on hand immediately instead of waiting up to three months. For healthcare staffing receivables factoring companies, they will then collect the money from the business when the invoice is read to be fully paid. It really worked out for me because I was able to get cash quickly to add new personnel and even expand my offices to include another section of the building I was renting in.”

“I understand that receivables factoring companies are there for many different kinds of businesses, including medical staffing. Was it difficult to get set up with a receivables factoring company?”

Lucy: Actually, it was pretty easy once we found a company that met our needs. I just filled out a short form and they looked over a few of the invoices I had to see what companies that I worked with. It really didn't take long at all before they agGrant to cash some of the invoices and I got the money I needed to expand.”

“Could you tell me a little more about the advantages of using a receivables factoring company like this?”

Lucy: “Sure, I was not only able to hire a couple of new people and rent additional space, I've been able to cash my invoices when unexpected bills come up or if I need to make a purchase quickly for a new piece of equipment. This has come in really handy recently when I decided to move to a new location and needed some cash on hand to make the transition. The receivables factoring services are really quite good with reasonable rates and fast service.”

“What's the differences in using receivables factoring companies over getting a new loan?”

Lucy: “It is frankly much better than getting a loan because with receivables factoring there is nothing to pay back. We are basically getting our own money from the invoices we've earned up front and paying only a small fee. With a loan, I would not only have to pay it back but with interest as well. receivables factoring for us has really been a godsend when it comes to making decisions about how to expand my business. I'm no longer tied down to waiting 2 to 3 months to get paid when I can take what my business has earned and get cash immediately.”

“I take it that you are happy with how healthcare staffing receivables factoring has worked out for you?”

Lucy: “You would be correct. I cannot imagine how my business would have expanded at that critical time without receivables factoring companies to buy my invoices. This is a great service that has helped me in my time of need and now my medical staffing business is bigger than ever. I'd recommend receivables factoring companies to anyone running a business that relies on invoices if they need to get cash quickly.”

There is little doubt that Lucy Grant has been quite happy about the services she received working with a receivables factoring company. Perhaps receivables factoring is right for you and your needs, be sure to search for the type of receivables factoring business that works in your field so that you can get the right services in helping your company to succeed.

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