{"id":11433,"date":"2023-03-02T15:17:30","date_gmt":"2023-03-02T22:17:30","guid":{"rendered":"https:\/\/www.englandlogistics.com\/?p=11433"},"modified":"2023-09-22T12:40:29","modified_gmt":"2023-09-22T18:40:29","slug":"factoring-in-a-changing-economy","status":"publish","type":"post","link":"https:\/\/www.englandlogistics.com\/factoring-in-a-changing-economy\/","title":{"rendered":"Factoring in a Changing Economy"},"content":{"rendered":"<p class=\"firstp\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"1\" id=\"factorblogtrack\" class=\"alignnone size-medium wp-image-12456\" src=\"https:\/\/www.englandlogistics.com\/wp-content\/uploads\/2023\/09\/factorblogbarpixel.jpg\" alt=\"\" \/><\/p>\n<p class=\"western\">Factoring is an excellent resource if you need cash flow sooner than it naturally arrives. That quick income can be vital to keeping your business moving and growing but do you know how the process works? A change in the economy can impact how factoring works for you. Understanding the process can help you select the right factoring company and be prepared for change.<\/p>\n<h4 class=\"western\">How does Factoring Work?<\/h4>\n<p class=\"western\">Once a carrier delivers a load and gets an invoice, they can sell that invoice to a factoring company to get paid immediately. The factor will buy the invoice and take a small percentage in exchange for paying the trucker quickly. Many factoring companies get the money they use to pay truckers from banks. Therefore, the interest rates the factor borrows can impact the amount they will take from the trucker\u2019s invoice in exchange for their services.<\/p>\n<h4 class=\"western\">What Happens When the Economy Changes?<\/h4>\n<p class=\"western\">As interest rates rise, agreements between truckers and factoring companies may change. The Prime Rate has more than <span style=\"color: #0563c1\"><u><a href=\"https:\/\/fred.stlouisfed.org\/series\/PRIME\">doubled<\/a><\/u><\/span> in the last year, and some factoring companies end up pushing that extra cost onto their customers. Due to the changing nature of the economy, interest rates significantly impact how factors interact with their clients. In addition to rising interest rates, carriers who go out of business and brokers who fail to pay invoices can also change how factoring companies operate.<\/p>\n<p class=\"western\">It is essential to research factoring companies before you get started to ensure that your agreement will be the best for your business. Factoring companies will also ask you for some information to determine the risk level they are taking.<\/p>\n<h4 class=\"western\">Left Your Factor, What Now?<\/h4>\n<p class=\"western\">Suppose you were able to leave your factor during favorable market conditions but still want the flexibility that factoring can offer. In that case, many factoring companies can work with carriers on a limited basis. This is called spot factoring and can be a great option if you don\u2019t need every invoice factored but still enjoy the benefits of an immediate cash flow.<\/p>\n<p class=\"western\" align=\"left\">Understanding how factoring works can help you to select the right company to work with and get the most out of your experience. Whatever your needs, there are options available through factoring companies to get you the money you need when you need it.<\/p>\n<p>\u2014<\/p>\n<p><em>The\u00a0<\/em><a href=\"https:\/\/www.englandlogistics.com\/england-carrier-services\/\">England Carrier Services<\/a><em>\u00a0(ECS) division offers various services for carriers ranging from maintenance to support. As ECS members, carriers have access to nationwide discounts on fuel and tires from dedicated team members committed to finding the best price. ECS also provides factoring services with benefits such as same-day funding to a bank account or fuel card. These options allow carriers the freedom to focus on growing their business while saving time and money.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Factoring is an excellent resource if you need cash flow sooner than it naturally arrives. That quick income can be vital to keeping your business moving and growing but do you know how the process works? A change in the economy can impact how factoring works for you. Understanding the process can help you select&#8230;  <a href=\"https:\/\/www.englandlogistics.com\/factoring-in-a-changing-economy\/\" class=\"more-link\" title=\"Read Factoring in a Changing Economy\">Read more &raquo;<\/a><\/p>\n","protected":false},"author":306,"featured_media":11436,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"libsyn-item-id":0,"libsyn-show-id":0,"libsyn-post-error":"","libsyn-post-error_post-type":"","libsyn-post-error_post-permissions":"","libsyn-post-error_api":"","playlist-podcast-url":"","libsyn-episode-thumbnail":"","libsyn-episode-widescreen_image":"","libsyn-episode-blog_image":"","libsyn-episode-background_image":"","libsyn-post-episode-category-selection":"","libsyn-post-episode-player_use_thumbnail":"","libsyn-post-episode-player_use_theme":"","libsyn-post-episode-player_height":"","libsyn-post-episode-player_width":"","libsyn-post-episode-player_placement":"","libsyn-post-episode-player_use_download_link":"","libsyn-post-episode-player_use_download_link_text":"","libsyn-post-episode-player_custom_color":"","libsyn-post-episode-itunes-explicit":"","libsyn-post-episode":"","libsyn-post-episode-update-id3":"","libsyn-post-episode-release-date":"","libsyn-post-episode-simple-download":"","libsyn-release-date":"","libsyn-post-update-release-date":"","libsyn-is_draft":"","libsyn-new-media-media":"","libsyn-post-episode-subtitle":"","libsyn-new-media-image":"","libsyn-post-episode-keywords":"","libsyn-post-itunes":"","libsyn-post-episode-itunes-episode-number":"","libsyn-post-episode-itunes-season-number":"","libsyn-post-episode-itunes-episode-type":"","libsyn-post-episode-itunes-episode-title":"","libsyn-post-episode-itunes-episode-author":"","libsyn-destination-releases":"","libsyn-post-episode-advanced-destination-form-data":"","libsyn-post-episode-advanced-destination-form-data-enabled":"","libsyn-post-episode-advanced-destination-form-data-input-enabled":false,"libsyn-post-episode-premium_state":"","libsyn-episode-shortcode":"","libsyn-episode-embedurl":"","footnotes":""},"categories":[377],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.4 (Yoast SEO v22.7) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Factoring in a Changing Economy | England Logistics<\/title>\n<meta name=\"description\" content=\"Factoring is an excellent resource if you need cash flow sooner. 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