A Quick Update on Apex Capital
Apex Capital, also known as Apex Factoring, is a freight factoring company headquartered in Ft. Worth, Texas. A quick update is in order since the company has been quite busy since our last factoring company review was written.
Apex Capital Provides Freight Factoring Nationwide
Apex Capital provides freight factoring solutions for the transportation industry around the country, offering both recourse and non recourse factoring. Apex typically works with trucking companies, often independent, owner-operated rigs. As such, they compete with other trucking factoring companies including Fleet One Factoring, TAB Bank, OTR Capital and Riviera Finance for business.
Since 1995, Apex Capital has been factoring receivables for small and medium size fleet owners. One such client is Midnight Express, a husband and wife trucking team from Schenectady, New York (not far from Albany). Midnight Express runs a licensed and bonded freight hauling and trucking company. While it only has one single truck, the duo wants to maximize growth potential and keep their net working capital positive.
But doing so often requires additional financing. Getting a traditional bank loan would be trying for a company with a business that’s operated for just a few years (since November 2015 for Midnight Express).1 That is where an accounts receivable factoring company like Apex can provide tremendous benefit.
With invoice factoring, a business sells its outstanding invoices to a third-party, called a factoring company. The factor then typically takes care of the collections, so your business can focus on day-to-day operations.
Discounts and Benefits for Apex Capital Customers
If you decide to start factoring invoices with Apex, they offer many discounts and savings through a variety of partnerships. Their Apex Fuel Card Program is a fuel management system that is accepted at internet truck stops in the United States and Canada including Flying J, Speedway, Roady’s, Petro and TA (the largest full-service travel center company in the United States). This fleet card is designed to keep your trucking company’s operating expenses in check. There is also a discounted Federal Express and tire savings program.
Start Your Own Trucking Company through Apex Capital
If you have that independent streak and want to be in business for yourself, you should consider partnering with Apex Factoring. Specifically, if you’ve wondered how to start a trucking business, then Apex Capital can help with their guide to starting a trucking company. They partnership is invaluable and Apex files most of the paperwork and forms for you.
Apex Capital Offers Plenty of Free Resources
We would suggest anyone in the trucking industry to take a look at the company’s website and social media pages where they provide a variety of information on factoring rates, industry news and even human interest stories on truckers.
This is where we learned about the inspirational story of Charles Ray Bell, a truck driver from Delhi, Kentucky. He reportedly was living a very unhealthy lifestyle, probably stemming from a difficult childhood in and around foster homes.
But Bell wasn’t going to be defeated-he figured out a way to use the dreaded detention downtime into a positive. He started exercising, running to be exact. He even finished the 100-mile Florida Keys ultra-marathon which stretches all the way from Key Largo to Key West.2 Wow!
One thing we love to see is that the company is involved in their community- and gives back. Their participation in Cancer Care Service walks, the Texas Pythian Home and Junior Achievement is a testament to this.
If things continue to go so well we may have to place an addendum to our review for Apex Factoring.