Trucking factoring for owner-operators helps businesses grow and eliminates the stress of having to worry about unreliable customers and delayed payments. With delayed payments, it may be hard to find the capital to move onto your next load. Instead of letting businesses suffer from a lack of funding, owner-operators can factor freight bills and keep hauling loads without waiting for overdue payments.
Trucking factoring for owner-operators will increase cash flow and eliminate the stress caused by inconsiderate customers by getting trucks back on the road and hauling more freight.
Grow Your Trucking Business with Freight Factoring
Owner-operator trucking factoring keeps trucking businesses moving by providing funding for drivers to pick up more loads even when customers have yet to pay off past freight bills.
Don’t let your trucking company be held back by unpaid invoices.
Start factoring for trucking and boost the overall output of your fleet. With benefits such as fuel cards and up to 50% fuel advances upon load pickup, factoring for trucking is a great financial advantage.
Fuel cards are accepted at all major truck stops and refueling stations throughout the US and Canada, providing discounts at the pump and saving owner-operators from falling victim to rising fuel prices.
Fuel is a major expense for all trucking companies but with trucking factoring, owner-operators are able to fund fuel costs with partial advances on the freight bill at load pickup.
It’s time to start growing your trucking company by taking advantage of the services provided with trucking factoring.
Get Your Free Quote
Flexible Funding for Trucking Companies of All Sizes
Transportation factoring companies are eager to help trucking businesses of all shapes and sizes. Apply today and get partnered with a factoring company that specializes in the specific needs of your business. By pairing with the trucking factoring company that is best suited to your needs, both parties are assured a positive experience and an increase in cash flow. And best of all, approval is based on the credit of your customer, not you.
Unlike a traditional bank loan, bad credit does not stop you from factoring freight invoices. Transportation factoring companies collect payment directly from your customers so you don’t have to worry about your own financial history.
No matter the size of your trucking business, factoring for trucking is quick and easy. There are no required long term contracts, keeping trucking companies safe and flexible. The quote is free and you will receive funding the same day you apply, so your business never has to slow down.
Factoring helps trucking companies grow by providing different funding options. With both recourse and non-recourse trucking factoring programs available, trucking companies are given the flexibility to choose whatever funding options work best.
What are the benefits of factoring for general freight companies?
Factoring offers several benefits for general freight companies. These advantages include:
1. Improved Cash Flow: Factoring allows general freight companies to receive immediate funds for their outstanding invoices. This improved cash flow helps them to cover essential expenses such as fuel, repairs, and employee salaries without having to wait for customers to pay.
2. Increased Capital: By factoring their payments, freight companies can expand their customer base. This not only diversifies their revenue streams but also gives them the opportunity to select higher-paying loads rather than settling for quick payments. This increased capital empowers them to grow their business and invest in new opportunities.
3. Debt-Free Financing: Factoring is a financing option distinct from loans. Unlike borrowing, factoring does not lead to the accrual of heavy debt. Freight companies can access the funds they need without taking on additional financial liabilities.
4. Professional Support: Many new trucking companies require assistance in managing tasks such as invoice billing, communication with customers, and collections. Factoring companies often provide back-office support to help with these administrative responsibilities, relieving freight companies of the burden of these tasks and allowing them to focus on core operations.
What are the costs associated with starting a general freight trucking company?
Starting a general freight trucking company requires budgeting for various expenses. The costs associated with launching such a business typically include purchasing trucks and trailers, obtaining licenses and permits, investing in necessary equipment, acquiring insurance coverage, forming an LLC (Limited Liability Company), implementing marketing strategies, and accounting for miscellaneous costs. These expenses can range between $10,000 and $20,000 depending on the scale and specific requirements of the company.
Blog
-
4 Ways to Maximize Your Trucking Company’s Cash Flow
Every trucking company hopes to be profitable but it can be difficult to sustain profits without sufficient cash flow. It is easy to underestimate the importance of maintaining an ample cash flow and it is not uncommon for trucking companies to lose out on profits because they lack the cash flow to take on new…
-
How to Keep Your Truck Drivers Happy
Making money as a long haul truck driver requires late nights, long hours, and a lot of time away from home. With the added pressure of staying safe while hauling loads within a tight time-frame, it is not surprising that many truck drivers stress, depression, and fatigue. Happy drivers are productive drivers. In order to…
