Invoice factoring. At industry leading rates.
There are many factoring companies out there. Choose one that works with you, offers flexible terms, and knows the freight transportation industry, truck factoring, and has experience with trucking companies.
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Factoring solutions are not all the same, and factoring companies vary widely in their requirements. Don’t sign on the dotted line until you’ve done your homework and read the fine print. Look for transportation factoring solutions that offer choice and flexibility.
Keep your wheels rolling: Unlock cash flow with invoice factoring for the freight industry
Don’t let cash-flow concerns drive your business to a screeching halt. The name of the game is to keep your wheels turning and the cash flowing in. But in lean times or when facing late payments, not only do you need money to carry on, you need to keep your business moving forward. You need that next load and loads lined up after that. Lack of cash with no access to capital can stall out your efforts in the most fundamental way if you can’t afford the fuel or expenses to accept another load and keep going.
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Business loans are one solution, but any extra debt you carry is a business liability. Plus, have you ever tried to play financial catch-up? You know it’s not fun and extremely stressful. Not to mention the hefty interest rates that can come with a traditional ban, loan. Like with any business, the less debt you take on, the better.
That’s why invoice factoring makes sense for the freight industry. It helps keep you moving forward, in good times and in bad. And it means you can focus on the core of your business and growing it.
Here are some things to watch for as you choose a factoring company:
✓ Does the factoring company require you to commit to a lengthy contract you’re not comfortable with?
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✓ What is the financial penalty if you break a factoring contract?
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✓ Are you required to factor all of your loads?
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✓ How much does it cost?
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✓ Do they offer non-recourse factoring? Non-recourse factoring protects you against risk in the event the broker doesn’t pay the invoice. With non-recourse factoring, you still get paid by the factoring company. This type of invoice factoring ensures you get paid for the work you do and is the best type of factoring for owner-operators and carriers in the freight transportation industry.
You work hard. You have plenty to worry about without worrying about cash flow. Bills, living expenses, and operating expenses keep coming whether or not you’ve been paid. Not only that, but when you decided to become a freight carrier, you probably didn’t sign up to be a bookkeeper, accountant, or an accounts receivable agent. Yet you find yourself trying to tackle these back-office tasks to keep the money coming in. A good transportation factoring solution can take these time-consuming chores off your plate by handling your invoicing process.