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Fuel advances with-in 30 minutes with freight factoring!

By | Factoring

Take your trucking company to the next level with freight factoring. See how in 30 minutes Summar can provide you with a fuel advance.

Fuel for a commercial truck costs on average about $70,000 a year (calculated at 12,000 miles per month with 6 mpg efficiency and $2.8/gallon). In fact, fuel is the number one operating cost for trucking companies, even exceeding drivers’ pay. If you run a trucking company you are familiar with the problematic, so consider how having fuel advances can greatly impact your growth.

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Questions to ask your factor before signing

By | Factoring

While invoice factoring has many advantages, working with factoring companies can be tricky at times. Between the long-term and difficult to get out of contracts, confusing terms and hidden fees, some factoring companies leave too much information open to suggestion to make this an easy and enjoyable experience. Read on if you want to learn how to work with factoring companies and what to look for so that you get a fair deal. Before you make a commitment to an invoice factoring company to work with, make sure you understand how invoice financing works, and how to best decide, which factoring company will serve you best. Here are some questions to have in mind: Read More

Success story: business invoice factoring for a machinery & equipment provider

By | Success Stories

At Summar we offer a business invoice factoring service that is tailored to fit each individual client’s needs, ensuring success and peace of mind.

A client called Summar asking for help fulfilling a purchase order. This particular client provides drilling equipment for oil companies in various countries in Latin America, and has been in business for a couple of years. The client has a successful history of transactions with his customers, which allowed him to gain their trust. He started bidding on larger orders and was lucky enough to obtain a few, which would require additional capital to be able to fulfill. Read More

The benefits of invoice factoring

By | Factoring

Invoice factoring for an immediate cash flow will allow you to continue running your business, pay your bills and grow along the way.

We recently received a call from a friend telling me that this had been her best year in business. Not only did she add three more trucks to the two she was already running, she was also able to hire some help at the office. She told me the story about how scary it had been for them, when they decided that her husband would go out on his own after being a driver for a large trucking company for many years. Read More

Invoice factoring: supply chain finance program

By | News

Summar got a call from a US Based company with a bank loan that wanted to increase their purchasing capacity during specific times of the year. Bank loans are fixed amounts and are usually reset by the lender once a year after presenting closed financials from the previous year. They must also be in compliance with financial institutions as well as any other conditions specific to the loan provider.  Read More

How factoring helped a frozen seafood processor and exporter from Central America

By | Success Stories

Summar received a call from a company that needed cash on hand in Latin America that required two services:

  1. Get funding from their sales invoices from both a US client and a Chinese client
  2. Get cash or an advance twice a year in the middle of their peak seasons to be able to pay local fisherman for the product being delivered to the plant.

The client explained that his business was seasonal and he needed to have sufficient availability of funds to be able to purchase as much product, as it was available to him, when required by the fishermen so that he could in turn process the product and convert it into sales. If he didn’t have the cash available to purchase the product, it would just go to his competitors who will seize the opportunity and purchase the products instead of him. Read More