Spending long hours on the road, finding loads to haul, making sure that your truck is in good condition, ensuring that you have all of the proper licensing– as an owner-operator or the owner of a small trucking company, you are busy, to say the least. Handling your finances is the last thing that you want to do amidst a week full of driving and coordinating other aspects of your business.
Looking for an alternative method of financing that can help you increase your cash flow? If so, freight factoring is the right choice—freight bill factors know just how to increase your working capital and help your small trucking company expand. The transportation industry and factoring companies have worked together for a long time—probably for far longer than what you would expect!
As you can see from the infographic above, the development of the transportation industry (especially in America) was made possible by factoring companies! The East India and Hudson Bay colonies, the longtime superpowers of global maritime trade, heavily depended on factoring companies in the American colonies and in London in order to guarantee that they had a stable cash flow between jobs. And, as the New World matured, and colonists looked towards westward expansion, factors became vital players in frontier trade.
But let’s go back even farther—traces of factoring can even be found in the Roman and Phoenician empires. Needless to say, factoring and the transportation industry have quite a history. If it worked for the Romans, Phoenicians, British and American pioneers, it can certainly work for your small trucking company! Why wait to start expanding your business? Contact us today and do as the Romans did!