The trucking industry requires Factoring and the use of our over all service process because of their constant need for additional working capital brought about by the need to pay gas and drivers’ salary bills immediately. Their cash flow is delayed by their customers taking extended terms to pay.
Jessie of Northbound Logistics, a typical trucking customer came to us in 1999 while he was doing $8,000 per month. His bank had just called up his bank line because his ratios were out of wack and he desperately needed additional liquidity from his main asset – his ARs account receivables. After only 2 and a half years, Jessie was factoring over $300,000 a month and enjoyed a rate far less than originally. He later went on to receiving bank funding at a few points above prime.