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Factoring is a financial transaction whereby a business sells its accounts receivable (i.e., invoices) at a discount. Factoring often misused synonymously with accounts receivable financing.  There are three things that make factoring different than a bank loan. First, factoring is based on the value of the receivables versus the firm's credit worthiness. Second, factoring is a purchase of an asset (the receivable) and is not considered a loan. Thirdly and lastly a loan from a bank involves two parties versus factoring that involves three.
Special Note: In Europe the term Factoring typically mean accounts receivable financing.

The three parties directly involved are: the seller, debtor, and the factor. The seller is owed money (usually for work performed or goods sold) by the second party, the debtor. The seller then sells one or more of its invoices at a discount to the third party, the specialized financial organization (the factor) to obtain cash. The debtor then directly pays the factor the full value of the invoice.

A leader in Freight Factoring is the Phoenix Capital Group based out of Arizona.

The Phoenix Capital Group offers:

• Steady, predictable cash flow - same day funding available
• Pay expenses in a timely manner
• 24 hour set up time for new accounts
• Start-ups welcome - No minimum time required for your company to be in business
• Free online credit checks for all of your current and prospective customers – just log on to our easy to use credit rating system and find out crucial information about your customer before you do any business with them
• Online Account Access - provides real-time, up to the minute account information
• Rates below 1%
• Advances from 70% to 100% of invoice value
• No minimum commitments and no long term contracts

• Instant Cash Flow for the trucking company.
• Haul more loads by granting credit terms to new customers.
• No need to borrow money for fuel, payroll, permits or other expenses.
• Faster funding than a bank.

The other services offered by the Phoenix Capital Group include Fuel Card Services

• Universal acceptance at ALL major truck stops and many independents.
• Free customer service 24/7, 365 days a year.
• View truck stop fuel prices to make the best fueling decisions. Basic service free to PCG cardholders.
• Reporting software with more than 35 customizable reports.
• Discount hotel program. Save 20-40% at more than 4,000 trucker friendly hotels.
• Full menu of regulatory compliance services.
• On-line temporary permit ordering.
• Use the PCG fuel card to give drivers instant access to their pay check or settlement.