Factoring freight bills can benefit trucking companies in a variety of ways. By providing immediate working capital for outstanding invoices, freight factoring helps trucking companies grow and remain successful. There are many situations that a trucking business can benefit from freight bill factoring. Here are some of the most common:
- Seasonal downturn During the winter, many trucking companies see significantly less business and can struggle to cover the expenses. Factoring can help in times of financial trouble. By factoring, trucking companies can quickly get the working capital to cover their expenses, keeping their wheels rolling.
- Need to expand When business going well and your trucking company is ready to expand its fleet, invoice factoring is a great option. Invoice factoring provides the necessary cash up front, helping trucking companies move forward with their expansion. Factoring freight makes expanding your trucking company easier and helps a thriving trucking company grow even faster.
- Slow paying customers Factoring invoices can free trucking companies from being hurt by slow paying customers. Instead of holding onto outstanding bills and waiting for customers to pay, send the invoices to a freight factoring company and enjoy immediate funding. By providing fast cash, freight factors help trucking companies keep their business running smoothly.
- Compete against bigger carriers As a small trucking company, it can be difficult to fund larger loads because you don’t have the necessary cash flow. Factoring freight bills is a solution for any small trucking company looking to fund a large load. By fronting the value of the invoice, transportation factoring allows trucking companies to haul larger, more lucrative loads and compete against bigger carriers.
- Financial freedom Freight bill factoring is not a loan, it’s an advance on the money you’ve already earned. This means that you are free to use it however you want. Factoring allows you the flexibility to use the money for whatever your company needs at that moment and can change with those needs.
Start Freight Factoring Today!
These are just a few of the many ways freight bill factoring can help your trucking business. Taking out a traditional bank loan can be difficult for trucking companies with little or poor credit. The loan approval process can also be very slow. Receiving funding from factoring is easy and the application process is quick and hassle free. Trucking companies that are factoring invoices will know if they are approved within 3 to 5 business days and can then receive funding immediately. No one knows your company needs better than you, and no one knows factoring better than us. Fill out this form or give us a call to start the factoring process today!