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Factoring History

Factoring History

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

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

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

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

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

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

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

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

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

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

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

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

How Factoring Works

The First Step:
The Client application

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

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

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

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

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

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

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

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

Why Factoring?

Why Factoring is Necessary

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

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

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

Ask yourself this question:

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

And consider this:

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

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

Is Invoice Factoring For You?

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

How are invoice factoring fees and advance rates determined

It is based on several factors:

The creditworthiness of your clients

Your monthly billing volume

Average invoice size

Average days to payment

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

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

What is an advance?

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

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

Comparing Bank Lending Rates to Factoring?

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

Wow! 3 points per month!

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

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

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

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

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

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

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

With Factoring

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

But I only get 80% of my money upfront!

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

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

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

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

Credit Risk

Quick Continuous Cash Yes!

You Also Get Our Credit Risk Expertise at No Additional Fee

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

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

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

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

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

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

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

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

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

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

Switching Factoring Companies

Everything you need to know about changing factoring companies.

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

Here are the answers to these questions and more:

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

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

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

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

The Buyout Process

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

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

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

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

How is the Buyout Figure Calculated:

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

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

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

How much does the buyout cost?

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

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

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

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

How long does a buyout take?

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

A little history on the Trucking Industry

The Logistics and Transportation Industry in the United States

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

Shipping Port

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

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

Industry Subsectors

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

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

Transport Factoring

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

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

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

Industry Associations:

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

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

North American Industry Classification System For Transportation

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

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

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

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

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

Truck Transportation

You Can Find More Factoring Company Trucking Information at Top Trucking Factoring Company
and at Factortrucking.Org

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

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

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

General Freight Trucking

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

General Freight Trucking, Local

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

General Freight Trucking, Long-Distance

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

General Freight Trucking, Long-Distance, Truckload

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

General Freight Trucking, Long-Distance, Less Than Truckload

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

Specialized Freight Trucking

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

Factoring Truck Loads

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 Factoring Company Trucking Information at SPORTINGRUMORS.COM
Freight Broker

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

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

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

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

Invoice Factoring Broker

NAICS Index Description

Freight Factoring

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

Truck Load Factor

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

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

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

Trucking Factoring / Trucking Factoring Trucking Businesses all across the nation depend on Trucking factoring to run and operate their Businesses. 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 Businesses handle all your invoices, no matter how many brokers you have. This is especially important for Trucking Businesses that work with a large number of Trucking brokers.

If you operate a Trucking company, 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 Businesses to help you. Not only do you get cash advances, but you often receive other benefits such as fuel cards; fuel discounts; tire and maintenance discount programs, and free Trucking-matching load boards versus paying for loads on boards.

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

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

Non-recourse factoring

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

How 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 company.

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

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

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

Speed is critical in the 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.

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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 Businesses: 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 company 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 company.

5) Later that day (or within 24 hours) the factoring company 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.

Top Trucking Factoring Company

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

Only you can determine if truck factoring makes sense — and this information should arm you with the knowledge you need to make a wise decision and keep from being victimized by a dishonest transport factoring company 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 company 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 Businesses:

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 Businesses 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 service Is there a price difference if I let you bill my customer for all loads that I pull for them?

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

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

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

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

Having a lack of cash flow can quickly become what is holding you back from onboarding an A-player in your industry, keeping up with payroll, paying vendors, and frankly, growing your business beyond what it is today. Trucking factoring is one way to eliminate these obstacles, especially for smaller Trucking Businesses 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 company pays you 85 percent or more upfront and then collects the invoice payments for you. Once the payments are collected they send you the rest of the payments, less a factoring fee. The fee normally runs from one to three percent of the dollar amount factored. Many factoring Businesses specialize in 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 Businesses. 1. How quickly can you get funding?

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

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

2. What kind of customer service does the company 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 company is important to consider. You do not want to end up working with a company 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 company provide credit protection?

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

5. What are the rates and fees?

Factoring fees can come in many different shapes and sizes. The main thing you need to make sure of is that you understand what fees are going to be incurred by doing business with a factoring company. 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 company 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 company charges a three-percent flat rate and your clients pay in 60-90 days, well then you are getting quite a good deal. But, if three-percent is charged and most of your clients pay in 7-30 days, well three-percent is a lot for such a short time. Look over your customer list or aging and think about how long on average it takes for your customers to pay and that will help you in determining whether a flat rate really is a good deal for you or not. 2. Tiered Fees

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

6. How are credit checks carried out?

Factoring Businesses main concerns are not how many years a company has been in business or what a business owners credit score is. The main concern is that the factoring company is buying invoices that will get paid and not become delinquent. Many factoring Businesses 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 company?

One of the advantages of working with a factor is that some perform the back-office tasks like billing and invoicing. For example, you can send them the bill of lading and a rate sheet and they’ll take care of the rest. Other factoring Businesses will ask you to do the invoicing and send them copies. Should you be in a situation where you don’t want your client to know that you’re working with a factoring company, you can look into Non-Notification Factoring. It is a form of factoring that significantly limits the number of interactions between the factoring company and your clients. In other words, the factoring company’s presence throughout the process is seemingly non-existent. If there is a point where the factoring company 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 company. Factoring Businesses can use your company 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 company 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 Businesses. Even though each factoring company is offering a similar service, there are many points that differentiate them. Each factoring company 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 company produces, and other factoring Businesses will let you pick and choose. Make sure you ask the questions we have laid out in this article and you will have all the information you need to choose a factoring company that is right for your Trucking business.

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

When it comes to risk, there’s a big difference between 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 companies 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 companies 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 companies 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 companies, 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 companies off the ground.

Young companies 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 companies 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 companies 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 companies. 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 companies 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 companies 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 companies 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 companies 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 companies:

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 companies 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 companies 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 companies outside the industry, such as air-transporters. As a result, day-to-day operations tend to be relationship-oriented. companies 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 companies 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 companies 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 companies maintain a network of terminals and distribution centers across the country. The industry is affected by seasonal factors. Generally, all trucking companies 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 companies 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 companies. Labor costs have a considerable impact on earnings. Trucking companies 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. companies 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 companies 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 companies possess average stock market risk. Over a business cycle, cash reserves can build, and barring any pressing needs for capital investment, these companies 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 Maine

Portland is the largest city in the state of Maine and the county seat of Cumberland County. In 2013, the city proper had a population of 66,318, growing 3 percent since the census of 2000, while the urban area had a population of 203,914. The Greater Portland metropolitan area is home to over half a million people, more than one-third of Maine's total population.Tourists visit Portland's historic Old Port district along Portland Harbor, at the mouth of the Fore River and part of Casco Bay, and the Arts District, which runs along Congress Street in the center of the city. Portland Head Light is located in nearby Cape Elizabeth and marks the entrance to Portland Harbor.The city seal depicts a phoenix rising from ashes, which aligns with the city's motto, Resurgam, Latin for "I will rise again." The motto refers to Portland's recoveries from four devastating fires. The city of Portland, Oregon, was named for Portland, Maine.Portland Public Schools is the largest school system in Maine, serving more than 7,000 students. With about 230 restaurants, Portland is believed to have the most restaurants per capita of any city in the United States.

Portland has become Maine's economic capital because the city has Maine's largest port, largest population, and is close to Boston (115 miles to the south). Over the years, the local economy has shifted from fishing, manufacturing and agriculture towards a more service-based economy. Most national financial services organizations such as Bank of America, and Key Bank base their Maine operations in Portland. Unum, Magellan Petroleum, Maine Bank & Trust, ImmuCell Corp, and Pioneer Telephone have headquarters here, and Portland's neighboring cities of South Portland, Westbrook and Scarborough, provide homes for other corporations. Since 1867, Burnham & Morrill Co., maker of B&M Baked Beans, has had its main plant in Portland. The plant is considered a local and state landmark.

Information for the state of Maine

The Bureau of Economic Analysis estimates that Maine's total gross state product for 2010 was $52 billion. Maine's agricultural outputs include poultry, eggs, dairy products, cattle, wild blueberries, apples, maple syrup and maple sugar. Aroostook County is known for its potato crops. Commercial fishing, once a mainstay of the state's economy, maintains a presence, particularly lobstering and groundfishing. Western Maine aquifers and springs are a major source of bottled water. Maine's industrial outputs consist chiefly of paper, lumber and wood products, electronic equipment, leather products, food products, textiles, and bio-technology. Naval shipbuilding and construction remain key as well, with Bath Iron Works in Bath and Portsmouth Naval Shipyard in Kittery. Naval Air Station Brunswick is also in Maine, and formerly served as a large support base for the U.S. Navy. Maine is the number one exporter of blueberries. Tourism and outdoor recreation play a major and increasingly important role in Maine's economy. The state is a popular destination for sport hunting (particularly deer, moose and bear), sport fishing, snowmobiling, skiing, boating, camping and hiking, among other activities.

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Maine Payroll Funding For Staffing Companies

Each company has its own unique business needs, so some companies only factor invoices for customers that are slow in paying, whilst other companies factor all of their invoices. -Maine Payroll Funding For Staffing Companies

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Why Freight Companies Use Freight Companies

As the owner of your own business, you may be more than aware already of the difficulty in making sure that cash flow issues do not become a problem down the line. After all, the worst thing that can possibly happen for your business is to find yourself embroiled in a long and difficult situation that leaves you forever trying to find the cash you need on an ongoing basis.

For any business in this situation, the problem can come for waiting for work to clear up and actually be paid into your account. Invoices, checks, and the like can take some time to actually to be processed which can leave you with short-term cash flow issues. Thankfully, there are options out there for businesses to look into – and one of these is factoring companies.

factoring companies will, in exchange for your invoices, provide you with the cash today so that you don't need to worry about the waiting period that could make paying the bills and getting materials more difficult. With this type of setup, invoice factoring can become incredibly useful for many businesses who need to get out of a cash trap which they have found themselves in.

Because, depending on the size of the job, it can take up to 60 days for some businesses to get paid then it's important to cover your own back and not leave yourself cash short to pay the bills. After all, how many businesses have two months revenue just lying there to cover all their expenses until they get paid?

This is especially true of Freight companies. They tend to deal with lots of invoices which means a significant amount of collection time involves business owner themselves. Trying to get paid in time can become an incredible hassle and this is why you use Freight factoring companies who are happy to help out truckers specifically.

As we all know, Freight is an incredibly large industry with many companies out there employing hundreds of drivers. Unfortunately, many of these drivers end up in money troubles because they are still waiting for work from six weeks ago to actually pay them. When this is the situation for a Freight company, turning to factoring companies for assistance might be the best choice left.

This means that a Freight company can pay the wages of the staff, keep all the trucks topped off with fuel and continue to scale, grow and expand without always waiting for the money which is taking too long to come in. Freight Businesses running without a factoring program put in place are leaving themselves at significant risk, as competitors cash out fast and continue to expand.

There's genuinely nothing to be worried about when it comes to using a factoring company – they aren't like a bank or somebody who is going to leave you with a huge pile of debt to pay back. You give them genuine invoices from work you have already finished, you are merely speeding up the payment process.

In the United States, where Freight companies thrive, factoring companies are not considered borrowing in any capacity. This confidential agreement then allows both parties to profit and enjoy a comfortable future – it gives the factoring company a guaranteed asset of income to add to the list and it gives the Freight firm the needed cash that they worked hard to earn.

The Freight company provides their invoices to the factoring company. The Freight factoring company then receive the payments from the Freight company's customers. factoring has been around for hundreds of years and has been used for many years by many different industries – but none more so than truckers. While you may miss out on a small part of the money, something like 1-3% depending on who you work with, it means that you are getting the money today and can actually start putting the money to work.

After all, an IOU or an invoice is not going to pay for expenses, is it? For Freight companies when the money can be good one day and gone the next, it's up to the drivers to work sensibly and to ensure they are leaving themselves with a significant amount of time and finance to get through the week until they are paid again.

So the next time your Freight business is having some short-term cash flow issues and you are spending too much time chasing slow paying clients, why not start considering using a factoring businesses as a way to get your money and give yourself a more comfortable future in the eyes of your Freight staff and your bank balance?

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The Difference between Accounts Receivable Financing and factoring

Today, it's not as easy for businesses to access finance as it was in past years, and more companies are being forced to look for alternative, non-banking financing options in order to access the capital they require to help their business grow.

Two of the more popular tools available to cash strapped business owners are Accounts Receivable Financing (A/R Financing) and factoring. Some business owners believe these two are the same, but there are, in fact, some small yet significant differences.

What Is factoring?

factoring is when a commercial finance company, also known as a factor or factoring company, purchases a business's outstanding accounts receivable. At that time, the factor will typically advance the business somewhere between 70% and 90% of the invoice's value. Then, once the invoice is collected from the customer, the remaining balance – minus a factoring fee – is released to the business. The factoring fee could range from between 1.5% and 5.5%. It's calculated on the total face-value of the invoice and depends on how many days the funds are in use and other aspects, like the collection risk. When a business has a factoring contract they can usually choose which invoices they want to sell to the factor: it's not generally an all-or-nothing process. Once the factor has purchased an invoice they become responsible for managing the receivable until the account has been paid. Essentially, the factor becomes the business's accounts receivable department and credit manager, analyzing credit reports, performing credit checks, mailing invoices, and documenting payments.

What Is Accounts Receivable Financing?

Accounts Receivable Financing is more similar to a traditional bank loan, however there are some key differences. Bank loans are secured with collateral; which might be real estate, the business owner's personal assets, or plant and equipment; whereas Accounts Receivable Financing is backed by the business's assets related to the Accounts Receivable. When a business has an Accounts Receivable financing agreement, a borrowing base is established at each draw against which the business is able to borrow money: this would typically be between 70% and 90% of the qualified receivables. Between 1% and 2% is typically charged as a collateral management fee against the outstanding amount, and interest is only calculated as and when the money is advanced. An invoice must be less than 90 days old in order to count towards the borrowing base, and the finance company must deem the business credit worthy. There may also be other conditions to fulfil.

So, you can see that there are many similarities between Accounts Receivable financing and factoring; however, one is the sale of an asset (receivables or invoices) to a third party, while the other is actually a loan. In many ways, though, they do act similarly. Below we've listed the main features of each so you can determine which would be the best fit for your company.

Accounts Receivable Financing

• Generally, Accounts Receivable Financing is not as expensive as factoring;

• It can be easier to move from this type of financing to a traditional bank line-of-credit once a business becomes bankable again;

• Typically, a minimum of $75,000 per month is required in sales to qualify, so this type of financing may not be available to small companies;

• Due to the fact that the business will be required to submit all of its Accounts Receivable to the finance company, this type of financing can be less flexible than factoring.

factoring

• It's quite easy to qualify for factoring, and factoring is the ideal solution for start-ups and financially challenged companies;

• Because businesses can decide which invoices they want to sell to the factor, factoring offers more flexibility than Accounts Receivable Financing;

• The company is able to track total costs on an invoice-by-invoice basis because factoring has a simple and straightforward fee structure.

In Conclusion

Today we see both Accounts Receivable Financing and factoring as traditional sources of financing; effective when traditional bank financing is not an option. factoring can carry a business through a period when an immediate cash input is required.

Somewhere between 12 and 24 months most companies are generally able to repair their financial situation and once again become bankable. However, some companies in certain industries continue factoring their invoices indefinitely. An example of this is the trucking industry, which relies heavily on factoring for cash flow injections.

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Important Points to Remember When Choosing Your factoring Company

Now that you've decided that factoring would be a solid business decision for your company, the next step is to find the perfect factoring company for you. Once you start looking you'll discover that there are many factoring companies (or 'factors') in the marketplace, and this is the perfect situation for you as a potential factoring client. But it can also be confusing, because now you have to find the right factoring company to suit your business's needs. To assist you in making the right decision we've listed below the main issues that should be considered when choosing a factoring company.

factoring Fees and Terms

Before making your final decision and entering into a factoring agreement, check out the fees applicable and the terms of the contract. Both of these can vary a lot, depending on the factoring company and the industry it's serving. When you start your research you'll discover that some factoring companies charge a flat fee: this fee is, in effect, a certain percentage of the total value of the customer invoices you sell to them; whilst others have additional charges to cover the general costs of doing business – such as, money transfers, shipping, collateral, and so on.

Ensure that the factoring company you're considering working with is transparent and upfront with you about its fee structure. In addition, you may want to consider a long-term contract with your factoring company if it includes flexible rates or a price break. If you're receiving competitive offers from other factoring companies or you have increased factoring volume, you'll discover that many factoring companies will be prepared to adjust their rates. A one-year contract is the industry standard for most factoring agreements. Generally, unless you give your factor a 60 or 90-day notice, your factoring contract will automatically renew.

What's the Difference between Recourse and Non-Recourse factoring?

It's important that you understand the difference between recourse and non-recourse factoring prior to choosing your factoring company, because you need to know what the best fit would be for your company and your customers. So, with non-recourse factoring, all of the credit risks for the collection of the invoice belong to the factoring company; while recourse factoring means that, with you being the client, you'll ultimately be responsible if the factoring company is unable to collect payment on your customers' invoices.

There are benefits to recourse factoring, and perhaps the main benefit is that it's less expensive than non-recourse factoring. If you have a recourse agreement and the customer defaults on payment, it doesn't automatically mean that you'll be asked to settle the debt out-of-pocket. Generally, what happens is that the factor will hold back a portion of

either future cash advances or payments being held in reserve, with the money being placed in an escrow account awaiting settlement of the debt. Our suggestion is that you find a factoring company that offers both recourse and non-recourse factoring, because not all of your customers will be good candidates for recourse factoring. An experienced factoring company working with a strong credit team can also be helpful in ensuring you're working with good customers: this will relieve some of the pressure of being stuck with bad debt.

Experience and Capital: The Two Pre-Requisites

Your company should be looking for a factoring company with experience in your industry, including the capital structure to fund your business as it continues to grow. Once you start researching factoring companies you'll discover that there are a lot to choose from; however, many of these are recent start-ups with limited experience. Prior to signing any factoring agreement, do your research and look into the history and background of the factoring company concerned, especially its ability to provide financial services in your area of expertise.

The idea with factoring is that, as your company grows, the funding of your customer invoices will grow with you. Research the factoring company's client base and their capital structure. What's a typical account size? What's the factoring volume of their largest client? Is the factoring company limited to how many debtors it can handle? In general, factoring companies that have been serving your industry for many years will usually be able to offer your business the best deal.

Additional factoring Services

There are many more benefits to factoring than simply increasing your company's cash flow. Because the factoring company will be handling the collection of your customer's invoices, your company will be saving time and resources. A good factoring company will also be able to evaluate companies in your industry and provide credit information. In short, your factor will ensure that you experience excellent customer service. You'll be matched with your own representative who'll be able to address any questions or concerns you may have about your factoring account.So, when researching factoring companies, look for a factor who not only offers additional products but provides a high level of customer service that will help your business grow by assisting you in making smart business decisions.

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How To Make factoring Work For Your Business

Oil Well Cleaning Owner Interview

The oilfield services industry is certainly a booming one these days thanks to a renewed emphasis on searching and drilling for oil on private and state properties. One of the more profitable ventures in this field is not the drilling for oil, but the cleaning of oil and gas wells to keep them operating at full efficiency. Oil and gas drilling is a dirty business and wells will quickly become clogged even with regular maintenance.

Felix Stewart is the owner of an oil well cleaning company who works with several drilling companies in providing cleaning and maintenance of oil wells. Over the past couple of years, Felix has managed to grow his business considerably thanks in large part to his perseverance and determination. However, things were really tight when Felix first started up his company and at one point he was faced with a dilemma that he didn't know how to overcome.

The following interview with Felix tells how he managed to expand his company at a crucial time thanks to oilfield services factoring. If it wasn't for the presence of factoring companies that worked in his field, Felix might be in a completely different business today.

“Hello, Felix. It's good to talk with you and I'm glad you were able to spare the time to share your story with us.”

Felix Stewart: “Thanks, I'm glad to be here.”

“Felix, tell us a little about how you got into the oil well cleaning business first as it's something our listeners may not be fully aware of.”

Felix: “No problem, I'll start at the beginning. About ten years ago I joined an oil well crew as a roughneck, working my way up through the business. It was hard work and our crew was usually out in the middle of nowhere, but the money was good and the opportunities kept building for me. I quickly learned the job and was hired by a number of drillers to work their rigs over the next few years during the boom in the oil industry.”

“Right from the beginning, I took notice the oil well cleaning crews that would work each rig and started talking to the guys who were a part of that business. After a few years it became clear to me that oil well cleaning was really where it was at 'cause the work was really steady and the money was just as good, if not better than what I was making. So, with the money I had saved up along with a couple of partners I opened up an oil well cleaning company of my own.”

“It certainly sounds like you struck gold so to speak. So tell us how your business started.”

Felix: “It was pretty straightforward as we got our business loan, purchased the equipment and hired a couple of experienced people to help us clean oil wells. We had some pretty good connections and the orders started to pile in, but then we ran into a problem that none of us could even dream of happening. We became victims of our own success.”

“I don't think I quite understand, could you explain just how that happened?”

Felix: “Sure, about six months in we suddenly got new drillers who wanted to use our services, but we didn't have the money to expand. We get pain by invoice which can take up to 60 days to see the cash which meant that we trying to pay down our loan, the payroll and the equipment, fuel and other costs and didn't have enough cash on hand to expand. We knew that if we didn't hire new people and buy new equipment that we would miss out on a golden opportunity. However, one of my friends told me about oilfield services factoring companies that could help us out.”

“What are factoring companies?”

Felix: “Basically, a factoring company will buy the invoice and get us the cash immediately. We had good credit and our invoices were certainly good as well. By using their services, we were able to get the cash in our hands quickly and pay for new equipment to then expand our business efforts.”

“It certainly sounds like the factoring companies saved the day for you, but just how do they work?”

Felix: “Well, it was a pretty simple process. We just filled out a few forms with the information that they requested and then we sold the invoices we had already collected, but had not collected to the factoring company. We got the cash we needed immediately and they collected the invoice.”

“It certainly sounds pretty straightforward, but why didn't you just get another loan?”

Felix: “My partners and I went over that and another loan would just be too big a burden. We were already paying off our old loan which was considerable and didn't want to have more debt hanging over our company. By going with the oilfield factoring companies, we didn't owe anyone, anything. We just collected the money that we were owed a lot more quickly.”

“So, how is business now?”

Felix: “It's better than ever. By using a factoring company I was able to buy new tubing, cleaning fluids, a new vehicle and other equipment that let us take on the new orders. We were able to expand the business quite a bit and our reputation is such that we work with several drilling companies.”“It sounds like a dream come true.”

Felix: “It really does, but I don't know what we would have done if factoring companies didn't exist. We still use them when we need cash for new equipment or products to do our job. It's quick, safe and brings us the money we need to continue our business.”

Felix's company really benefitted from using oilfield factoring companies that served his industry. There are factoring companies for other types of businesses as well that can take invoices and turn them into quick cash for businesses that need to expand. For Felix and many other small business owners, factoring companies can make the difference in the success of your efforts.

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Maine Staffing Factoring Services for Trucking companies

Who Staffing Factoring Is Right For

Due to the huge variety of positions recruited for and industries served, a staffing company's invoices can be paid at unpredictable times. Payroll factoring helps staffing companies overcome their cash flow management issues. If you are a staffing company with $5,000 to $50,000 per month of outstanding invoices, factoring may be the solution for you.Staffing factoring is mostly used by:

- General staffing companies
- Information (IT) staffing companies
- Temporary staffing companies
- Health care staffing companies
- Human resources (HR) consulting firms
- Headhunters
For the staffing industry, payroll factoring has increasingly become an important lifeline. staffing companies typically aren't paid until placements have been on the job for two weeks, and sometimes three months for executives. That's a long time to wait for the cash you need to run your business.This problem can hurt staffing companies looking to put contract workers, or temp employees, into another organization. They will typically give 30- to 90-day terms to the business they're working with, but still have to pay these workers in the meantime. However, it can also hurt large executive recruiting firms who often work on a small retainer before they even know if they'll be paid.Some executive firms may not be able to use staffing factoring until after they've placed an employee, but all temp agencies will be able to use a staffing factoring product as soon as they place workers. Either way, staffing factoring has become a lifeline for the industry to help them keep their expenses in check while they wait for their customers to pay.

About The Staffing Industry

5 Benefits of Using a Staffing Agency to Improve Quality of New Hires

1. Focus

Working with a staffing agency allows your team to stay focused on the tasks and tactics that make your business most profitable. With fewer tasks to be completed in-house, distractions are minimized. Let a staffing agency do the busy work of filling your candidate funnel and eliminating those who are not qualified or who are not likely to be a good fit for your company's culture.2. Expert Advice

staffing agency recruiters are trained and experienced experts who can efficiently sift through the hundreds - or even thousands - of responses your job posting may solicit and bring you a short list for consideration. What's more, their insights about candidates or their resumes can be invaluable in helping you decide which candidates should make the cut and move on to an interview.3. Better-Informed Candidates

Few things are more frustrating within the recruiting and hiring process as moving a candidate all the way through the process to the point of making an offer, only to discover that they had unrealistic expectations about the job, its salary range or responsibilities. One of the benefits of using a staffing agency is that they give candidates information about your company and the position ahead of time, so that candidates who want to self-select out of the process for any reason can do so, saving you time and resources in the process.4. Pre-Screened for the Fast Track

Recruiting and hiring processes can take months! You can short-cut the process by working with staffing companies who have already recruited, interviewed and pre-screened candidates who can be in place within a day or two, instead of weeks or months.5. Try Before You Buy Options

Having the ability to work with candidates on a trial basis as temporary employees placed through a staffing agency gives you the opportunity to bring in top talent and see how they fit within the team and perform without making a long-term commitment. It can be equally positive for candidates themselves as they have a chance to find out whether the job and your corporate culture is a good fit for them. If you have experienced the pain and high cost of making a bad hire, this reason alone might make the benefits of using a staffing agency preferable to doing the recruiting and hiring yourself.Benefits of Using a Staffing Agency: Calculating the Cost of a New Hire

The cost of a new hire is far greater than the cost of posting position openings or running a new hire screening, and not all of those costs can be measured in dollars. For instance, how can you calculate the negative impact of turnover on an understaffed department, or time lost to productivity when new hires are shadowing other employees?If you are trying to come up with the real cost of recruiting and hiring in your organization in order to weigh the benefits of using a staffing agency against completing the work in-house, here are some costs to consider:

- Time spent writing job post ad copy
- Time spent researching job boards, social networks and publications for placements
- Cost of placing position openings in print and online job boards
- Time spent reviewing submissions, monitoring all placement channels and responding to applicants
- Resources (time, money and materials) spent on written responses to applicants
- Time spent doing pre-interview phone screenings and setting up interviews
- Time spent conducting interviews and lost productivity for interview participants
- Time spent conducting reference checks
- Time and resources spent on pre-employment screening/s
- Food, beverages, lodging or travel costs
- Cost of reimbursement for parking or transportation
It's a lot! When you begin to tally up the cost of time spent on-boarding new hires, doing paperwork, setting up payroll and benefits, completing training and lower productivity while they get up to speed, you can begin to understand the high cost of employee turnover and better appreciate the benefits of using a staffing agency, especially when it comes to improving the cost of new hires.

Staffing Industry Statistics

The staffing, recruiting, and workforce solutions industry makes a vital contribution to the U.S. economy, and provides outstanding job and career opportunities for nearly 17 million employees per year. Click on the tabs below to see the facts and statistics for staffing companies and employees.

In the U.S., there are about 20,000 staffing and recruiting companies, which altogether operate around 39,000 offices. Approximately 55% of companies and 74% of offices are in the temporary and contract staffing sector of the industry.

Staffing companies offer a wide range of employment-related services, predominantly

ï‚§ Temporary and contract staffing
ï‚§ Recruiting and permanent placement
ï‚§ Outsourcing and outplacement
Human resource consultingThe staffing industry in the U.S. - Statistics & Facts

Staffing firms operate within the business services industry, finding workers for client companies. Unlike recruitment companies, staffing companies primarily deal with temporary and contract job positions, although not necessarily exclusively. Staffing firms find temporary employees to fill job positions for client companies which require staff for short term work assignments. These positions, which are usually for lower skilled jobs, have vacancies available for a variety of reasons, such as, maternity leave, short term projects or periods of high demand in the company. Despite the candidate working within a client company, they often remain an employee of the staffing agency. This is not the case in all positions, as the employee may go on to be hired permanently by the client company.

The global staffing industry generated 428 billion U.S. dollars in 2016. In that same year, the United States' staffing and recruiting industry sales reached 150 billion U.S. dollars, 85 percent of which was generated in the temporary and contract employment sector. In the United States, temporary and contract employment totaled 14.5 million in 2016, down from 15.6 million in 2015, the highest employment figure recorded since the year 2000. While employment figures have been sporadic between 2000 and 2016, the average length of temporary and contract assignments have generally risen over the period from 9.7 weeks in 2000 to 11.5 weeks in 2016.

How Staffing Agencies Work

How can businesses and job hunters cut through the red tape of the hiring process? Many use an employment agency to alleviate the process. An employment agency is a firm hired by a company to help with its staffing needs. Employment agencies find people to fill all kinds of jobs, from temporary to full-time, in a number of career fields. Whether a company needs a nurse, an administrative assistant, a manager or a carpenter, an employment agency can find the right employee.

Both public and private employment agencies help place workers. In the United States, one of the major public employment agencies is the U.S. Department of Labor Employment and Training Administration. This agency provides job-seeking services and tools for workers through online resources and a network of offices around the country. It promotes public and private sector jobs by linking to national and state job banks.Private employment agencies also help place workers, particularly in the private sector. These employment agencies tend to specialize in one of three fields:

- personnel placement services
- staffing services, also known as temporary help services
- executive search firms

All told, these staffing companies put millions of people to work every day. In fact, in the temporary and contract industry, over two million people are employed by staffing companies every business day, and staffing companies hire 8.6 million temporary and contract employees every year

So, what do these employment agencies actually do?

Read on to find out why they're an invaluable resource for both employers and employees. For employers, an employment agency can take the grunt work out of human resources. Filling an open position takes time and money. Estimates are that hiring a worker can cost 7 to 20 percent of that position's salary and take 30 to 45 days to fill. That can be pretty taxing to some companies, so it's worth their while to farm out the hiring process to a recruiter at an employment agency.When a business needs a specific person for a job, it'll contract with a personnel placement services firm, also called a recruiter. The recruiter handles the search process and matches up an employee with the job in question, lining up potential candidates who interview with the company.For senior-level management positions, a company may choose to hire an executive search firm, also known as a headhunter. An executive search firm works under a retainer agreement from the hiring company and uses a set code of standards to identify and place workers in these highly visible positions.When a company just needs a vacation fill-in or someone to work for a few months, it uses a staffing agency. Staffing agencies provide skilled employees to work on a temporary or contract basis. Some employers also use staffing agencies as recruiters in positions known as "temp to perm,"meaning the position is temporary, but it could lead to a permanent position if the worker and company are a good fit.

What is a staffing agency?

Also known as employment agencies or recruitment firms, staffing agencies employ recruiters who work on behalf of employers looking to fill positions or workers hoping to find positions. These positions range in levels from entry level to executive level and often require specific skills and knowledge. The staffing company's job is to find qualified candidates on behalf of a company or, in the case of representing workers seeking jobs, appropriate positions for the candidate.Many staffing companies specialize in a particular industry, experience level, or type of work. The work may be temporary, part-time, short-term, or full time.

Medical staffing agency

Since healthcare is a high-demand industry with busy periods and fluctuations in labor, many staffing agencies specialize in filling positions for medical personnel. Medical staffing agencies may further specialize in a particular profession, such as nursing, or type of position, such as temporary or permanent. Others staff a wide range of positions, including registered vocational, and practical nurses; physical, occupational, and speech therapists; OR, ER, CT, and radiation technicians; social workers; home health aids; administrative and office personnel; and many others.Some staffing companies do hire physicians although not as frequently as other medical professions.

Engineering staffing agencies

As with medical staffing companies, engineering staffing companies specialize in filling positions in a high-demand fieldâ€”in this case, of course, engineering. Staffing agencies may focus on specific niches or types of engineering or cover a range of fields, such as aerospace, agricultural, biomedical, chemical, civil, computer and software, electrical, environmental, industrial, manufacturing, mechanical, nuclear, pharmaceutical, project, solar, structural, systems, and telecommunication, among many other specialties.

Staffing agency vs. temp agency

While many people confuse the two terms, a temp agency is actually a type of staffing agency specializing in temporary work. Temp agencies exclusively find employees to fill short-term positions, many of which arise at a moment's notice because of illnesses, maternity leave, and other absences. Employers may also engage temp agencies to find extra help during busy seasons. For instance, a department store may hire extra workers during the holiday season and use a temp agency to find temporary employees.Meanwhile, a staffing agency may find temporary positions and workers, but employers and professionals may also use one to find longer-term work depending on the needs of the client.

How do staffing agencies work?

Employers

As an employer, you will look for a staffing agency that specializes in or covers your industry. In your initial meeting, you'll share the requirements for the job and any other needs you'd like to specify.The staffing agency will then create a job description based on your input and share it across several channels, including their own website and other job boards. Depending on the nature of the work, representatives may also actively recruit candidates from LinkedIn and other professional channels.Once the staffing agency has located appropriate candidates, the recruiter will perform one or more screening interviews and narrow down the pool further. Again, depending on whether the work is temporary or permanent and other qualifications, you may ask the agency to conduct the entire hiring process, or you may choose to interview the candidates yourself as well. Either way, you will be involved in the hiring process and will have the ultimate say over which candidate is selected.In the case of positions that are temporary or temp-to-hire (the company hires the employee on a temporary basis but will consider hiring her for a more permanent position if it works out), the staffing agency usually handles the entire recruitment and interviewing process. For permanent positions, the staffing agency generally functions like a traditional recruitment agency and finds and screens candidates for the employer to interview.If the position is temporary, the agency will pay the worker directly. If the position is permanent or becomes permanent, the employer will handle or take over payroll for the employee.

"" " """

Who Staffing Factoring Is Right For

About The Staffing Industry

5 Benefits of Using a Staffing Agency to Improve Quality of New Hires

1. Focus

Staffing Industry Statistics

Staffing companies offer a wide range of employment-related services, predominantly

ï‚§ Temporary and contract staffing
ï‚§ Recruiting and permanent placement
ï‚§ Outsourcing and outplacement
Human resource consultingThe staffing industry in the U.S. - Statistics & Facts

How Staffing Agencies Work

- personnel placement services
- staffing services, also known as temporary help services
- executive search firms

So, what do these employment agencies actually do?

Read on to find out why they're an invaluable resource for both employers and employees. For employers, an employment agency can take the grunt work out of human resources. Filling an open position takes time and money. Estimates are that hiring a worker can cost 7 to 20 percent of that position's salary and take 30 to 45 days to fill. That can be pretty taxing to some companies, so it's worth their while to farm out the hiring process to a recruiter at an employment agency.When a business needs a specific person for a job, it'll contract with a personnel placement services firm, also called a recruiter. The recruiter handles the search process and matches up an employee with the job in question, lining up potential candidates who interview with the company.For senior-level management positions, a company may choose to hire an executive search firm, also known as a headhunter. An executive search firm works under a retainer agreement from the hiring company and uses a set code of standards to identify and place workers in these highly visible positions.When a company just needs a vacation fill-in or someone to work for a few months, it uses a staffing agency. Staffing agencies provide skilled employees to work on a temporary or contract basis. Some employers also use staffing agencies as recruiters in positions known as """"temp to perm,"""" meaning the position is temporary, but it could lead to a permanent position if the worker and company are a good fit.

What is a staffing agency?

Medical staffing agency

Engineering staffing agencies

Staffing agency vs. temp agency

How do staffing agencies work?

Employers

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Who Staffing Factoring Is Right For

About The Staffing Industry

Staffing Industry Statistics

How Staffing Agencies Work

So, what do these employment agencies actually do?

What is a staffing agency?

Medical staffing agency

Engineering staffing agencies

Staffing agency vs. temp agency

How do staffing agencies work?

Employers

Who Staffing Factoring Is Right For

About The Staffing Industry

Staffing Industry Statistics

How Staffing Agencies Work

So, what do these employment agencies actually do?

What is a staffing agency?

Medical staffing agency

Engineering staffing agencies

Staffing agency vs. temp agency

How do staffing agencies work?

Employers

Call Us Today at: 1-866-593-2205

Customer
Credit History

Call Us Today at:
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