New to Factoring?

For those who aren't familiar with factoring, it is basically a fast way to get cash to run your business.

Factoring is Not a Loan

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


Factoring Doesn't Require Debt

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

So how do you go about choosing the best factoring company?

Not all of them are created equal. Not all of them will give you the same level of service you need to help grow your business.

Everyone claims they have the simplest rate structure in the industry, no long-term contracts, same day funding, no up-front fees, no monthly minimums or maximums, etc., etc., etc.

We also offer these same benefits, but we GO THE EXTRA MILE FOR YOU that other factoring companies don’t.

Here’s Why We Are The Factoring Company You Need For Your Murrieta Business

No other factoring company matches our level of superior service and offerings.


As you can see, we simply have more to offer you.

Other factoring companies don’t even compare.
Murrieta

And Not All Factoring Companies Can Say This:

More than half of our new business comes through client referrals.

Some of the benefits you receive with factoring are:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Information for the city of Murrieta

Murrieta is a city in southwestern Riverside County, California, United States. The population of Murrieta was 103,466 at the 2010 census. Murrieta experienced a 233.7% population increase between 2000 and 2010, according to the most recent census, making Murrieta one of the fastest growing cities in the state. This population boom in 2010 surpassed the population of the historically larger and more commercial city of Temecula to the south for the first time since the incorporation of either city. Temecula and Murrieta together form the southwestern anchor of the Inland Empire region. The Murrieta Temecula Menifee Urban Area had a population of 441,546 at the 2010 Census.

 

Largely residential in character, Murrieta is typically characterized as a commuter town, with many of its residents commuting to jobs in San Diego County, Orange County, Los Angeles County, Temecula, and Camp Pendleton.Murrieta is bordered by Temecula to the south and the newly incorporated cities of Menifee and Wildomar to the north.According to the city's 2009 Comprehensive Annual Financial Report, the top non military employers in the city are:

 

 

Information for the state of California

The economy of California is large enough to be comparable to that of the largest of countries. FY 2011, the gross state product (GSP) is about $1.96 trillion, the largest in the United States. California is responsible for 13.1 percent of the United States' $14.96 trillion gross domestic product (GDP). California's GDP is larger than that of all but 8 countries in dollar terms (the United States, China, Japan, Germany, France, Brazil, the United Kingdom, and Italy).

 

California's GDP is larger than the GDPs of Russia, India, Canada, Australia, and Spain; in terms of Purchasing Power Parity,[103] it is larger than all but 9 countries (the United States, China, India, Japan, Germany, Russia, Brazil, France, the United Kingdom, Italy), larger than Mexico, South Korea, Spain, Canada, and Turkey. In terms of jobs, the five largest sectors in California are trade, transportation, and utilities; government; professional and business services; education and health services; and leisure and hospitality. In terms of output, the five largest sectors are financial services, followed by trade, transportation, and utilities; education and health services; government; and manufacturing. Agriculture is an important sector in California's economy. Farming-related sales more than quadrupled over the past three decades, from $7.3 billion in 1974 to nearly $31 billion in 2004.[107] This increase has occurred despite a 15 percent decline in acreage devoted to farming during the period, and water supply suffering from chronic instability.

 

Factors contributing to the growth in sales-per-acre include more intensive use of active farmlands and technological improvements in crop production.[107] In 2008, California's 81,500 farms and ranches generated $36.2 billion products revenue.[108] In 2011, that number grew to $43.5 billion products revenue.

 

You no longer have to waste time in collecting on invoices.  

The idea with factoring is that, as your company grows, the funding of your customer invoices will grow with you. -Murrieta Factoring Companies

 

 

THE FACTORING PROGRAM OF YOUR DREAMS  

Murrieta Factoring Companies Articles

"How a Factoring Company Saved This Owner of a Trucking Company Business"

 

Transportation industry plays a vital role in the economic scene. As people's lives become more and more sophisticated as time goes by, making the most out of the limited resources is the concern of all. Say for example the proper use of land to get optimum profit and convenience or what is known as the zoning. It is defined as the process of planning for land use to allocate certain kinds of structures in certain areas. This method separates the manufacturing sites from the sources of its raw materials, the employees and employers to their respective offices. This made the transportation industry play a vital role in the economic scene. It is a primary necessity for businesses of any size and of any type. It does not just transport raw materials to the manufacturers but also bring finished products into our every door.

 

Investing in a business which plays a vital role in the current economic scene is a thing that every investor should not think twice about. But business does not work that easy. The big question is, how you are going to survive the most challenging phase of establishing a business - the start. Starting a business requires a capital. If you now have enough money for capital, you can now start your business and since you are investing in a very promising type of business, finding customers is not a problem. The problem is, what if you found bad ones. Even if your customers are also managing a business and expecting cashflow, which does not guarantee that they would pay you up to date because some businesses are just ill-managed. For the business to survive, the most important thing that you would be doing is funding your operational cost - make payrolls, fuel, maintenance - it should rely on cashflow, but since things like mentioned above is very common, some business owners would resort for a loan. But that does not solve the problem of getting your receivables paid on time. As a business owner, you cannot afford the time it takes to collect the receivables, while trying to make your business grow.

 

Mr. Paul, an owner of a small trucking company experienced the same kinds of problems and shared how he managed to survive. "I just released my head from the stress of how am I going to get my receivables, and focused on making the business grow"¦"

 

Mr. Paul just got his retirement fee from a big trucking company for almost forty years and was thinking on how to double his money in the shortest time possible. Seeing a small trucking company as a business of great potential and is a business that he knows. When he was still driving a truck, he was fascinated by how much money the company is making. He has also never experienced a delay in his salary. When he decided to invest his retirement fee in establishing a small trucking company, everything was just according to what he expected. He started with a single truck from his home. He started with just a few clients, the ones he knew already and never missed one deadline and kept freight damage as minimal as possible. Because of his outstanding services he started to get referrals and had more work than he can handle. From then, he started to expand, bought more trucks, hired more personnel. Using the knowledge he acquired from the company that he had served for a very long time, and dedication to his work, his little business grew in a rate that he had never imagined. The business is now requiring a more strategic plan and when Mr. Paul thought that everything was going very well, he encountered problems that he failed to foresee.

 

He had customers that made him wait for weeks or even months before paying. Since his little business is rapidly growing, his operational cost is also growing . This is a problem that he never knew and never observed in his entire career as a driver of a trucking company since he was never in an administration role. He was at the verge of breaking down, his business is losing money, growing too fast, not big enough has to rely cashflow to keep up to his fast growing business. He had to make his payroll, pay his suppliers, maintenance and fill his orders. Mr. Paul thought of going to bank and apply for a loan but was denied. "Maybe because I had a bad personal credit...haha"

 

Mr. Paul thought of declaring bankruptcy because of the stress that he never imagined he will be handling. He had to think of how to manage his business and at the same time, how will he keep the business alive by thinking of a solution on how is he going to deal with his receivables.

 

"You know that time, I, I, I just don't know what to do... I felt that as the business kept growing and growing, I become more and more incompetent. Then suddenly, a hero came along... Just at the nick of time. "

 

Then a close friend of his introduced him to a factoring company and everything turned out just fine. So what is this factoring company then? What does it do? How did it save Mr. Paul's business?

 

Well, this is how it works, Mr. Paul sells his invoices or receivables to a factoring company at a discount and not in an amount where he can no longer make a profit. The factoring company will then be the one collecting the invoices of Mr. Paul's business from his customers. Say for example, Paul still has 100 dollars to collect from one of his customers. He then sells it to the factoring company at a lesser price, say 90 dollars. The factoring company will now be the one who is going to get the 100 dollars collectible from Paul's customer.

 

The factoring company immediately gave Mr. Paul the cashflow he needed. He now has instant customer credit checks. He can rest well and likes doing business with companies that pay their bills on time. Save him from the stress of thinking how to deal with his collectibles, thus saving time and money. He can now focus on growing his business and keeping his customers happy. Increase his sales and cashflow.

 

The Factoring Company not just saved Mr. Paul's start-up business but made it a big company now. It has helped Mr. Paul's business, why don't you let it help yours?

 

 

 

You no longer have to waste time in collecting on invoices.

 

 

Murrieta Factoring Companies Articles

Invoice Factoring: Helping Temp Staffing Agencies Grow

 

When a temp agency is experiencing a cash flow problem, they generally have two options: the first option is to apply to a bank or other lender for a business loan, and the second is to use Invoice Factoring. In this article we'll take a look at why Invoice Factoring may be the best option.

 

Many companies who bill their clients have discovered that Invoice Factoring is a very effective way of addressing cash flow issues, and this is also true for temp staffing agencies. Typically, temp agencies don't get paid by their clients until such time as their job vacancy has been filled and the employee hired has actually commenced work, which means that it's very common for temp agencies to experience cash flow problems.

 

Any advertising required to successfully place job candidates is paid for by the temp staffing agency, meaning that they're not able to invoice their client until they've found a suitable candidate and the candidate has actually started work. So, the temp staffing agency must wait to get paid.

 

Why Invoice Factoring Works Well for Temp Staffing Agencies

 

Temp staffing agencies are typically paid per hour, with the amount due being based on the number of hours their placement has worked. Of course, during this time they still have to pay their own bills, and these might include rent, payroll, advertising costs, utilities, and so on. So, it's easy to see that this can put a big strain on a temp agency's cash flow.

 

Many expenses incurred by a temp staffing agency can't be put off, so the agency must be able to access cash straight away: their employees need to be paid on time, as do their rent and utility bills. All businesses require office supplies, so money must be available to keep the business running smoothly. In addition, temp agencies must have money on hand for advertising job openings. For all of these reasons, it's not either feasible or practical for a temp staffing agency to apply for a business loan, then sit, wait, and hope to be approved.

 

These businesses need money and they need it now; and that's why Invoice Factoring may be the perfect solution to their cash flow problem.

 

Explaining Invoice Factoring

 

When a business makes the decision to use Invoice Factoring in order to generate cash, their cash-flow problem can be resolved almost immediately. In many cases, the business can secure up to 92% of the value of their invoice within 24 hours! A word of caution though: if this is the first time the temp agency has worked with a factor it could take longer - somewhere between four and seven days.

 

Any temp staffing agency that's experiencing a cash flow crisis, or even agencies that only occasionally experience cash flow problems, should do as much research as they can to learn about factoring and how it might help their business grow. With this knowledge they can then consider Invoice Factoring as and when the need arises. Factoring really is the perfect way for a business to access cash money when it's most needed. In many cases, once a relationship has been established with the factor, the money will be delivered within 24 hours.

 

Cash When You Need It!

 

Of course one of the major bonuses of invoice factoring is that temp staffing agencies no longer need to worry about whether they will or won't qualify for a bank loan, because factoring will take care of their cash flow crisis. All they need to do is provide their chosen factor with the invoices they wish to sell, complete with the time-sheets for each employee, and the cash that's due and payable to them can be deposited into their bank account within 24 hours. Now, temp agencies will have no problems meeting their monthly obligations, and best of all, there'll be no need to take on new debt.

 

 

 

 

 

 

Murrieta Factoring Companies Articles

How Medical Staffing Helps The Medical Industry

 

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

 

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

 

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

 

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

 

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

 

The phone rang, she picked it up. "Hello?"

 

"Hi, is this Mrs. Henderson?" a cheery woman's voice asked over the phone."

 

"It is."

 

"Great! My name is Stacy, I'm going to help you today."

 

"Okay great." Mary said.

 

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

 

"Yes," Mary said. "Nurses mostly."

 

"Great," Stacy said. "And if you called me, it means you ran into a snag."

 

"I took a contract to fill five places in an expanding retirement community. I have two people available but needed to hire three more. Unfortunately, we just don't have that kind of money in the books right now. We have a few outstanding invoices yet to be paid, but until they come in, there's nothing I can do."

 

"Do you know how factoring works?" Stacy asked.

 

"Not really," Mary admitted.

 

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

 

"This is the first time it hasn't worked out," Mary said. "And it's hard."

 

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

 

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

 

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

 

Mary was at her desk when he phone rang then. It was Stacy.

 

"Good news," she said as soon as Mary said hello. Mary couldn't help but smile as Stacy went on. "We're going to be able to help you out."

 

"You don't know how great it is to hear you say that," Mary said.

 

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

 

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

 

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

 

"So what's next?" Mary asked.

 

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

 

Mary couldn't help but laugh. "Believe me," she said. "I work plenty of weekends."

 

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

 

 

 

 

 

Murrieta Factoring Companies Articles

Factoring Companies - Benefits

 

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

 

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

 

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

 

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

 

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

 

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

 

 

 

 

 

Murrieta Factoring Companies Articles

Small Business Invoice Factoring: The Clever Choice!

 

Many small businesses are discovering invoice factoring and quickly realizing this was a very smart business choice! Why? Because small business invoice factoring converts receivables into immediate cash!

 

The Ideal Alternative to Traditional Bank Loans

 

Small businesses are discovering that invoice factoring is the perfect, and much easier, alternative to traditional funding sources, like bank loans and cash advances. Any small business who sells to the government or other companies can use invoice factoring to enjoy the many benefits of accessing immediate cash flow. Whether you've applied for traditional funding and been refused or applied and are still waiting to hear if you've been accepted, keep in mind that small business invoice factoring is a very viable option for you.

 

How Does Invoice Factoring Work for Small Businesses

 

One of the major benefits of small business invoice factoring is that it's the credit worthiness of your customers that determines the funding decision. This means that if you're a business who sells to the government or other businesses with good credit, you're the perfect candidate for small business invoice factoring.

 

Applying for invoice factoring is a very simple process, and you certainly won't be forced to wait weeks, even months, for a decision as you would with traditional funding sources.

 

Why Small Businesses Are Choosing Invoice Factoring

 

Many businesses are only just learning about invoice factoring, even though factoring has been around for a long time. Any business owner who has applied for a bank loan knows only too well that, to start with, the application process can take months, and secondly, there's still no guarantee you'll be approved for finance.

 

According to the Small Business Administration, in the first quarter of the year 2015 small business loan approval rates at banks were 22%, and at credit unions it was 43%. The limit on business credit cards is often capped at less than $100,000, which is often not sufficient to cover unexpected expenses or large projects.

 

Invoice Factoring: The Smart Alternative to Traditional Lending

 

Today, small business invoice factoring has become the smart alternative for many business owners because factoring provides an immediate cash advance, with no restrictions placed on the money received. It's also important to note that factoring is not a debt, which means there are no limitations on how you choose to use the funds received.

 

Yes, small businesses can access quick money with a merchant cash advance, but there's always a high cost involved. You'll soon discover that the cash advanced will cost your business more than 70% effective annual interest. Alternatively, cash advance lenders demand daily repayments with full payment due in just a few months. The demand for daily payback can destroy a small business, but sometimes business owners are left with no choice.

 

So, let's take a quick look at just some of the benefits of small business invoice factoring, and once you read through this list we're sure you'll think of more benefits to your own business.

 

With this immediate cash advance you'll be able to -

 

- Employee new staff members

 

- Easily meet payroll

 

- Accept larger orders from bigger customers

 

- Invest in marketing and sales

 

- Expand manufacturing and production

 

- Your business will be able to weather cash flow cycles and seasonal sales periods

 

- Pay down any existing debt

 

- Take advantage of early pay discounts from your suppliers (these discounts often cover your factoring fees)

 

- Extend your customers' payment terms

 

- Provide a smooth cash flow to support daily business operations

 

- Overheads are lowered due to reduced administration expenses

 

- Your business will be self-financed during rapid growth periods, without having to give up equity.

 

As you can see, the benefits of small business invoice factoring are many and varied, so why not contact us today and let's talk business!

 

 

 

 

 

Murrieta Factoring Companies Articles

Growing Your Trucking Company Just Got a Whole Lot Easier

 

There's a lot of hard work and dedication involved in growing a successful trucking business, but perhaps above everything else a disciplined approach to making the right decisions and taking the right actions is required. The aim of this post is to help both small fleet owners and owner-operators accomplish these goals.

 

The three key steps to building your trucking business are to grow your fleet, find profitable shippers and loads, and the successful day-to-day running of your trucking company.

 

The 1st Step: Growing Your Fleet

 

You won't be able to grow your trucking company unless you have the right equipment. But, securing finance to purchase this equipment can be very difficult, and this is where many truckers run into trouble. Today, there are several financing options for owner operators of trucking companies, and even those with less-than-stellar credit are typically able to achieve some sort of financing.

 

There are two more-commonly used financing options - the trucking company either leases a truck or it gets a loan to purchase a truck. There are various ways of structuring leases and loans, and each option has its disadvantages and advantages. Your final decision will be determined by its merits, your objectives, and your available resources.

 

We strongly urge you to consult with a CPA with expertise in trucking when considering financing. It's true that a visit to a CPA could cost around $150, but not only will they help you determine your best option, they could also save you a lot of money in taxes. In fact, it's critical that you seek a CPA's advice if you're planning on growing your fleet. This is not an expense you should try to avoid.

 

The 2nd Step: Finding Profitable Shippers and Loads

 

Possibly the hardest part of running a trucking company is finding quality shippers and loads. Many owner-operators use a loadboard to find loads, and this approach does have its advantages. Perhaps the main advantage is that the loadboard allows you to match your equipment and preferred routes with loads. Unfortunately, though, loadboards are not financially worthwhile for truckers in the long term. To start with, loadboards are highly competitive, particularly for the most popular routes, which means you'll be forced to charge low per-mile rates. Now the trucking company must become very vigilant and ensure the load they're pulling will end up being profitable. The second reason using a loadboard is not viable in the long term is that your company doesn't get to grow relationships with shippers. This means you'll always be working with new customers, which can be a time-consuming process.

 

The best strategy for owner operators is to only use a loadboard as a starting point, but persist with making sales calls so that eventually you'll start building relationships with direct shippers. Statistics show that trucking companies with shipping relationships are earning approximately $20,000 per truck/per month; whereas trucking companies who rely on loadboards are earning approximately $10,000 per truck/per month. That's a big difference! As you can see from these figures, building good and lasting relationships with shippers can double your revenue. Therefore, the best way to grow your trucking business is to develop solid relationships with shippers.

 

The 3rd Step: The Day-To-Day Running of Your Trucking Company

 

All too often we see small fleet owners and owner-operators struggling with the day-to-day running of their trucking company. There's a lot of paperwork and related coordination that's involved in moving loads and running a trucking office can be very exacting and tedious. But, it's a necessary task and it's an important one.

 

If you're determined to grow your trucking company, it's critical that you employ both time-saving and money-saving processes. Managing a small trucking fleet is entirely different to managing a single truck operation. We strongly suggest you approach experienced truckers for advice and, providing you're not in competition with them, you'll generally find that small fleet owners are more than happy to share their expertise with you.

 

Managing Cash Flow

 

Managing cash flow can be a serious issue for trucking companies. It's fairly common for new truckers to experience cash flow problems when they first get into the trucking business, and the reason for this is very simple. Cash flow problems occur because most shippers settle their accounts in 30 days, 60 days, and some even wait 90 days. In the meantime, however, you've got your drivers to pay, fuel to purchase, machinery to repair, payroll to meet, and other necessities to take care of. The delay in receiving payments due to you can cause serious problems for any business that doesn't have a large cash reserve. Simply speaking, you run out of money, and without money your company will be stuck. Until such time as your shippers pay your invoices there'll be no more loads, no mechanical repairs, no meeting payroll, and so on.

 

How to Resolve Your Cash Flow Problems

 

Fortunately, there's a very simple answer to the question of cash flow problems. Today, many trucking companies are resolving their cash flow issues by factoring their freight bills. Freight factoring has become a popular way of financing new trucking companies because factoring provides trucking companies with an advance on their slow paying invoices. The result - no more cash flow problems! Now, instead of having to wait 30, 60, even 90 days to get paid, you'll be paid by the factoring company once the load has been delivered.

 

Receiving upfront payment on invoices gives trucking companies the money they so desperately need to cover the day-to-day running costs of their business, with money left over to grow their business. You'll also find that fuel advances are often offered by many factoring companies. This is an add-on feature which provides the trucking company with funding when they collect a load. These funds come in very handy for paying fuel costs and other delivery expenses.

 

 

 

 

 

Murrieta Factoring Companies Articles

Factoring

 

Invoice factoring
trucking factoring companies
factoring companiesp> 

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 two pennies to rub together.

 

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, cheques and the like can take some time to actually 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 short in that day. after all, how many businesses have two months revenue just lying there to cover all the losses until they get paid?

 

This is especially true of trucking companies. They tend to deal with lots of invoices which means a significant amount of running around and donkey work for the business owner themselves. Trying to get paid in time can become an incredible hassle and this is why you get specific trucking factoring companies who are happy to help out truckers specifically.

 

As we all know, trucking is an incredibly large industry with many companies out there employing hundreds of drivers. Unfortunately, many of these drivers can spend night in the cold or hungry as they are still waiting for work from six weeks ago to actually pay them. When this is the situation for a trucking company, turning to factoring companies for assistance might be the best choice left.

 

This means that a trucking company can pay the wages of the staff, keep all the vans topped up with fuel and continue to scale, grow and expand without always waiting for the never-never with money which is taking forever to arrive coming in. businesses running without a factoring model put in place are leaving themselves in 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 payday loan firm or somebody who is going to leave you with a huge pile of debt to apy back. Although you are technically borrowing a loan, so long as you only ever give them genuine invoices from work you have already finished you are merely speeding up the payment process.

 

In the United States, where trucking 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 trucking firm a wad of cash that they worked hard to earn.

 

The trucking company will usually need to pick up the invoice and cash it in still, and then make the payments back to the factoring company. Because it's a confidential agreement, and it can look bad for a business to be involved in this type of short-term finance even though it's perfectly legal and a very common practice, it's usually in the hands of the company to get the money for the factor.

 

This is an extremely old business type and has been used for many years by many different types of work - but none more so than truckers. While you may miss out on a small part of the money , something like 15% depending on who you work with, it means that you are getting the money today and can actually start putting some food on the table.

 

After all, an IOU or an invoice is not going to be you fed and washed, is it? For trucking 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 trucking business is having some short-term cash flow issues and you are spending too much time chasing up slow paying clients, why not start considering to use factoring businesses as a way to change your motive and give yourself a more comfortable future in the eyes of your trucking staff and your bank balance?

 

 

 

 

 

Murrieta Factoring Companies Articles

Questions You Need to Ask Your Factoring Company

 

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

 

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

 

What Are Your Terms?

 

As a factoring customer, you'll be looking for as much flexibility in your factoring agreement as possible. It may be that you choose a long term contract with your factoring company if it includes flexible rates or a price break. In today's competitive market, many factoring companies are agreeing to adjust their rates based on competitive offers from other factors or increased factoring volume.

 

The majority of factoring agreements are a one year contract, which appears to be industry standard, and this contract will renew automatically unless you provide the factoring company either 60 or 90 days notice.

 

What's Your Fee Structure?

 

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

 

Are You Able to Offer Both Recourse and Non Recourse Factoring?

 

Recourse factoring:

 

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

 

Non recourse factoring:

 

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

 

How Long Has the Factoring Company Been in Business?

 

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

 

Do You Have the Capital to Grow with Me?

 

The fact that there's no limit to the level of financing is the major advantage factoring has over traditional bank lending. As your company continues to grow, so too should the funding of invoices grow with you. Do your research and learn as much as possible about your potential factoring company's client base and their capital structure.

 

Does this factoring company have a limit to the number of debtors it takes on? What's a typical account size? What's the factoring volume of their largest client? You'll probably find that factoring companies who have been serving your industry for many years will have greater capacity to finance your company as it continues to grow.

 

Is There Anything Else You Can Do for Me?

 

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

 

How Do We Start Factoring?

 

Fortunately, factoring companies are not unduly concerned about your balance sheet before they decide to work with you, unlike banks. However, they do have a process to follow when selecting new clients, so be sure you understand what the factoring company is looking for when it's considering you as a client. Are they looking at your credit ratings and/or your customers' payment histories?

 

Are they looking at your personal credit score?

 

In many cases a company will start factoring because it's looking for a quick injection of cash, so you need to know how many days the factoring company will take to review and process your application.

 

 

 

 

 

Murrieta Factoring Companies Articles

Freight Bill Factoring: The Best Way to Achieve Your Business Goals

 

Freight bill factoring is not a secret, but many businesses are still unaware of the benefits available to them by factoring their business invoices.

 

If you're planning on starting your own trucking business, or perhaps you already own a trucking business, you may well have heard of freight bill factoring. Many trucking companies confirm that freight bill factoring has been entirely responsible for helping them achieve their overall business goals. So, let's discuss freight bill factoring and how can it help you grow your business.

 

How Freight Bill Factoring Assists Trucking Companies

 

It was recently reported that freight bill factoring has become the financial backbone of the trucking industry, and that's not a surprising statement because factoring provides financing capital that businesses would not otherwise be able to access. The freight bill factoring process is a very simple one: your Bill of Ladings is purchased by a factoring company at a discounted rate. The trucking company receives immediate funds and, because the money received is not a loan, the trucking company is free to use these funds as they see fit. No more cash flow problems!

 

Is Freight Bill Factoring a New Financing Concept?

 

No, it's not new. In fact, freight bill factoring has been around for a long, long time. Almost every civilization engaged in commerce has used some type of factoring. Businesses actively engaged in factoring during North America's colonial period when they made cash advances against accounts receivables to enable the business to carry on with their commercial operations. Of course, factoring has become quite advanced over the years and is now more focused on financial management, collections, and credit worthiness; however, the basic idea of purchasing accounts receivables remains the same today.

 

Today, factoring companies have a lot more to offer than just funding: they now have factoring specialists who assist their clients by evaluating their customer's credit worthiness, defining credit limits, and managing their accounts receivables collections in a professional manner.

 

Right across North America we're seeing all forms of factoring companies servicing business sectors and industries of all types. It's interesting to note that, today, many large financial corporations have their own in-house factoring divisions; however, factoring companies are typically independently-owned enterprises.

 

Commercial Banks Are No Longer Supportive of Small Business

 

Commercial banks today are operating under very strict regulations with constantly changing lending criteria, thus making it very difficult for business owners to apply for and be accepted for a bank loan. Their inflexibility has left small and medium-sized businesses out on a limb, searching for alternative financing sources. Fortunately, factoring provides these businesses with the financing solutions they're looking for.

 

Freight bill factoring offers a workable solution for these businesses when conventional financing methods are simply not available. And now that banks and other lending institutions have become less friendly to small business owners, factoring as a financing remedy is looking much more attractive.

 

Interesting statistics show that the volume of factoring around the globe has now exceeded the trillion-dollar mark, with factoring companies operating right around the world. In the last four years alone, there's been an increase in factoring transactions by 60%.

 

Factoring companies provide businesses with the working capital they need to operate and grow their businesses and, because factoring is not a loan, there really are no disadvantages to factoring.

 

 

 

 

 

 

Murrieta Factoring Companies Articles

Explaining 'Factoring'

 

A 'Factor' is a third party commercial financial company who purchases the Accounts Receivable from businesses: this transaction is known as 'Factoring'. Factoring exists so that businesses can receive a quick injection of cash, as opposed to waiting the 60 or 90 days for customers to pay their invoices. Factoring is also known as Accounts Receivable Financing, and Invoice Factoring.

 

The majority of factoring companies purchase invoices and advance money to the business within 24 hours; however, the nature and terms of factoring can (and do) differ among financial service providers and industries. Depending on your customers' credit histories, your industry, and other specific criteria, the advance rate on your invoices can range from 80% to as high as 95%. The factoring company not only collects on your invoices; it also offers back office support to your business.Once the factoring company has collected on your customer's invoice,you'll be paid the balance of the invoice - less the factor's fee for assuming the risk. The primary benefit of factoring is that businesses no longer need to wait anywhere between one and three months for a customer to pay their accounts: they now have access to cash in hand so they can operate and grow their business.The Advantages of Factoring

 

There are a few reasons why factoring has become an invaluable financial tool for many businesses, including start ups. As mentioned above, the main benefit is that businesses can now receive a quick boost to their cash flow because factoring companies, in general, will provide cash on accounts receivable within 24 hours. This resolves the problems businesses experience with short term cash flow, and in many ways this injection of cash can help to grow a business. Besides handling your customer collections, factoring companies can also evaluate your customers' payment and credit histories.Other benefits of factoring include:

 

' It can be customized to a business's needs and managed to ensure that capital is available when it's needed;
' It's not based on your own business or credit history: it's based on the quality of your customers' credit;
' It's not based on your company's net worth: it provides a line of credit based on sales;
' There's no limit to the amount of financing, unlike conventional bank loans;
' This financing will not show up as a debt on your balance sheet, because it's not a loan.
Who Uses Factoring?

 

Companies of all different sizes, including start ups, use factoring; and today factoring has become common business practice across many industries. Factoring is now widely used in the transportation industry, including manufacturing, textiles, trucking, oilfield services, wholesale and distribution, and staffing agencies. Interestingly, factoring receivables is practiced in many countries around the world and has a long history of success.

 

Can I Factor? My Company's New, with No Financial History

 

Yes, you can! In fact, factoring has become an excellent tool for start up companies because no company credit history or balance sheet is required. It's not really your company's finances that the factoring company is concerned with; they'll base their financing on your customers' payment histories and credit scores.

 

What Percentage of My Invoices Should I Factor?

 

The answer to this question really depends on the unique needs of your business. Some companies only factor invoices for customers who typically take a long time to pay, while others factor all their invoices. The receivables that a company can factor range anywhere from a few thousand dollars to millions of dollars each and every month.

 

What's the Difference between Factoring and a Bank Loan?

 

' The difference between factoring and a bank loan is that you're not assuming any debt with factoring because it's not a loan;
' With factoring, there's no emphasis on your balance sheet - it's all on your customer's invoices;
' In addition, a bank loan is typically one lump sum, whereas factoring provides a steady flow of funds;
' Factoring companies can also help improve your company's balance sheet by assisting with your credit and collection functions;
' A bank loan adds to your debt, whereas factoring converts receivables (an asset) into cash (another asset);
' And of course, bank loans can be very difficult to get because they're limited by your balance sheet.
How Do You Start the Factoring Process?

 

The factoring process can be very simple to set up. The customer will be asked to complete a short application form, and may be required to follow up with other reports and documents.

 

Recourse and Non Recourse Factoring: What's the Difference?

 

' With Recourse factoring the client is ultimately responsibility for the payment of the invoice; whereas
' With Non Recourse factoring, the factoring company accepts responsibility for the risk of collecting the invoice.It's important to note that some factoring companies over offer both types of factoring - recourse and non recourse.

 

What Are the Contract Terms and Fees Applicable with Factoring?

 

There are different fee structures with different factoring companies: some factors charge an overall factoring fee which is determined by the creditworthiness of your customers and the monthly volume of invoices; while others charge additional fees to cover shipping, money transfers, and other costs associated with doing business. Before signing with any factoring company make sure you understand the fees and terms applicable to your contract. Also note that most factoring contacts are renewed annually.

 

Do I Need Credit Insurance on Debtors?

 

Insurance is not typically required, but in specific circumstances it may be.

 

 

 

 

 

Murrieta Factoring Companies Articles

Oilfield Services Factoring Services

 

Running a company in the oilfield services industry is no easy business, especially with payrolls to meet, equipment to purchase and deadlines that must be met. The sheer complexity of combining the geological research and modeling, imaging and exploration and finally the drilling to see whether oil is really present can take a lot of investment before any payoff can be seen.

 

For those who own a Frac Sand Hauler for example, the efforts that must be put in to start such as business can be considerable. But arguably the biggest challenge is paying the expenses as the invoices come in. A Frac Sand Hauler often has expenses that must be met immediately, but their invoices can take up to 60 days before they see the money.

 

What follows is an interview with Ray McClerand, a man who owns a Frac Sand Hauler business and ran into the same difficulties that many new companies of his type face. How Ray overcome some of the challenges in paying his bills through oil service factoring are explained in the interview.

 

"Welcome Ray, I'd like to know first why you decided to start up a Frac Sand Hauler company and how you prepared for the challenges it created."

 

Ray McClerand (RM): "I've been in the oil business for the past 15 years or so working on different jobs from roughneck to foreman to deskwork for different companies. A few years ago I saw the potential of having a Frac Sand Hauler business in this area and got together with a couple of partners to create a company. We sat down, went over the details and decided that this would be a real good time to build a business that was serving a particular need in this industry."

 

"So, I take it you created a business plan and took out the appropriate loans in order to purchase the equipment and hire the personnel necessary to get your company started?"

 

RM: "Exactly. Because I had been around this business for a while, I understood what was needed in terms of personnel and equipment. Plus, I had some contacts with others in the business that needed the type of services that a Frac Sand Hauler provides, so I felt that there was some real potential to make a profitable business work."

 

"How did it go over the first six months or so?"

 

RM: "At first, we were really thriving as my contacts had lined up some business my way. Our loans covered the first six months or so of operations and we were doing quite well with the business we had. My partners and I were certainly happy and everything was going good when something really strange happened."

 

"Could you elaborate on what you mean by "strange"?

 

RM: "Yes, after the first five months or so I started getting requests to have our company work with several other businesses in the area. This would mean having to expand our company through buying new equipment and hiring more people. But we did not have the cash on hand to make such a move. We were getting invoices from the businesses that we worked with, but it was taking up to 2 full months before we actually got the cash."

 

"So, you were making enough money to expand, but you didn't have it on hand because of the invoice system?"

 

RM: "You got it. Add to that our initial money from the loan was running out and we needed to start paying it back as well. I knew that if we didn't expand and accept the new business that others would step in and we would lose that money. So, we were in a real pickle until I heard about oil service factoring companies."

 

"Tell us a bit about oil service factoring and how it helped you out?"

 

RM: "Well, one of my partners had heard about factoring companies, so we checked it out and decided to go with one that was best suited for our needs. A factoring company buys our invoices with cash so we have money on hand to pay our bills and do what we need accomplished immediately. The factoring company then collects the money from the invoices when they become due. It's really been a win-win for what we do."

 

"That's interesting. I wonder if you could you explain a little further just how factoring has helped your company?"

 

RM: "Sure, instead of having to wait up to 60 days before we could collect on the invoices, we were able to have the cash on hand immediately to purchase some new equipment and hire some more people to expand our business. This meant that we could accept the new offers that other businesses were providing for us and not having to pass. I cannot say enough about how factoring really benefitted us when it came to expanding our business."

 

"So, it seems like factoring really paid off for you. Do you still use factoring today?"

 

RM: "Yes we do. Although for the most part we still cash our own invoices, whenever we need money quickly so we can buy some new equipment or expand our business a little further, we go back to the factoring company and cash in our upcoming invoices. It really has worked wonders for our company."

 

"Tell me, what would have happened if factoring was not an option?"

 

RM: Frankly, I don't know how we could be in the position we are today without factoring. In this business, you have to take advantage of new opportunities quickly because there are other companies out there who will step in if you don't. Basically, I don't think we would be anywhere near the company we are today if it had not been for factoring.

 

There is little doubt that Ray's company would not be where it was without oil service factoring that allowed him to expand his company when he needed. For those in the oil industry, having your invoices cashed immediately by factoring companies allows greater flexibility so you can grow your business a lot more quickly and take advantage of opportunities.

 

 

 

 

You Can Find More Information at  https://carjasez.com
and at Factoring at receivablesfunding.net

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

 

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

 

 


 

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