09 Jan Dennis Kaufman, an Oklahoma pioneer in factoring services, …
TBS Factoring Service owner Dennis Kaufman died in his sleep on Jan. 6, the company announced Wednesday.
Kaufman, 78, was described by company officials as an entrepreneur, philanthropist, a friend to many and a loving husband and father.
He had owned the company since 1991.
When Kaufman bought the firm, then named Truckers Bookkeeping Service, it offered over-the-road truck drivers permitting and fuel tax reporting services. His son, Wood Kaufman, joined the company in 1998, and they worked together to change the company’s primary focus.
First, the company expanded services it offered to drivers by adding insurance and compliance reviews and audits.
In 2004, it rebranded to become TBS Factoring Service LLC, which began buying customer truckers’ outstanding invoices for what they were owed by their clients, minus a fee, and then handled collections of those receivables. It also later created a dispatching service designed to help truckers find high-paying loads.
In 2013, it created TBS Capital Funding to offer the same type of factoring service it provides to truckers to other independent contractors or business owners, then took its product digital in 2016, giving its clients the ability to digitally transact their business with TBS using software capable of processing scans or photos.
Kaufman grew up in Oklahoma City and graduated from the University of Oklahoma in 1964 with a bachelor’s degree in business administration.