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Written by Gregg Elberg
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Wednesday, 25 April 2007 |
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Word Count: 892 Accounts Receivable Financing- Fuel Your Growth
“Truckin got my chips cashed in. Keep truckin, like the do-dah man.
Together, more or less in line, just keep truckin on.
Arrows of neon and flashing marquees out on Main Street,
Chicago, New York, Detroit and its all on the same street.
Your typical city involved in a typical daydream
Hang it up and see what tomorrow brings…”- The Grateful Dead lyrics
to their song, Truckin’.
“There is a road, no simple highway, between the dawn and the dark of night, and
if you go, no one may follow, that path is for your steps alone”- Jerry Garcia
quotation.
Many books have been written about the Greateful Dead and about Jerry Garcia. It
has been written that they succeeded “in spite of themselves”. The lyrics of
Truckin’ suggest a meandering of purpose albeit a desire to get somewhere. One
might say that Jerry Garcia was telling us that there is no simple way to
success. You have to find your own way there.
One of the greatest impediments to success in the trucking business is getting
paid on time. What if it takes 30 to 60 days to be paid after you have delivered
the goods to your customer? How do you pay for fuel, insurance, equipment leases
and wages? Accounts receivable financing may be your answer. Once you have a
receipt/bill of lading for delivery and an invoice that can be confirmed, you
can receive an advance of 80% to 95% of the funds due to you. When your client
pays, you receive the remainder due, less applicable finance charges.
Johnny Cash wrote in his song “Further On Up the Road”:
“Now I been out in the desert, just doin’ my time
Searchin’ through the dust, lookin’ for a sign
If there’s a light up ahead well brother I don’t know
But I got this fever burnin’ in my soul
So, Let’s take the good times as they go
And I’ll meet you further on up the road”
If you are “Truckin’” accounts receivable financing may help you get “Further on
Up the Road” to your financial success. Why not just go to your bank for all the
funds you need to grow your business? If you have great credit, two past years
of successful operations, excellent bookkeeping, and no major needs for
substantial growth your bank may be the best choice.
If the bank says “no” to your growing company’s needs because you do not meet
their qualifications, accounts receivable financing can accelerate your cash
flow to pay your payroll, your fuel, insurance and other costs. You can take on
new business opportunities and grow successfully by managing your cash with this
proven method of commercial financing.
Here are some questions to ask yourself: Do you need a back office to help you
with your collections and operations? If you company is a startup, you may want
a commercial finance company to handle one hundred percent of your collections.
If your company is established and you have administrative personnel, you may
not want a third party talking to your customers regarding collections,
especially if you believe these contacts may cost you business. Perhaps you want
something in between regarding collections, where you can be the “good cop” and
the commercial finance company’s collection department can be the “bad cop”.
Do you need credit check on prospective customers? Do you need help with legal
or regulatory compliance issues? Are you in a cash crunch emergency that
requires you to make a decision in a very short time such as one to three days?
Do you have the time to read and compare proposed terms from several commercial
finance companies just as you might if you were getting a loan on your home? Are
you computer literate and will you have online access to your accounts? Lastly,
is the cost of these extra back office services worth the extra expense you may
be charged?
Here are a few legal issues to think about: Are you required to sell all
invoices for a particular shipper or can you pick and choose which invoices you
desire to sell? What does the contract say about choice of law? If you have a
dispute with the commercial finance company and your headquarters is in
California, will the dispute be pursuant to California law and California
courts, or will you be agreeing to settle any dispute in a distant state such as
New York? Can you afford to go to New York? Are you giving up your right to
litigate disputes with a mandatory arbitration clause? Is there an attorney’s
fee clause in the contract so if you have a dispute and win, your attorney will
be paid?
The bottom line: The Grateful Dead and Johnny Cash were right: keep on trucking
further on up the road with accounts receivable financing; and choose your
lender wisely.
Copyright © Gregg Financial Services
www.greggfinancialservices.com
Mr. Gregg Elberg is a licensed attorney and licensed real estate broker. Gregg Financial Services is a full service brokerage for commercial finance companies and banks that fund B2B businesses. Mr. Elberg arranges funding from $25,000 to $50 million per month at competitive pricing. For more information about GFS, please visit our website:
www.greggfinancialservices.com
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