Invoice factoring for trucking
Convenient and successful trucking with factoring services
How can we help you?
Due to the conflicting payment terms that remain between the shipper and the carrier, cash flow problems are common in the industry — even for freight companies that routinely turn a profit. In general, the shipper seeks payment immediately, but the carrier does not normally collect before delivery.
We can help you manage your cash flow; you can purchase the outstanding in your name through a process called truck factoring. We give small to midsize businesses or operators access to significant company benefits with our loans for truckers. We make sure you never turn down another load because you can not pay fuel or driver costs. Transportation factoring makes growth possible.
What is invoice factoring for trucking?
Invoice factoring refers to the financial transactions that turn invoices into cash immediately. Factoring is a commonly used practice in the transport lending industry, which decreases the lorry companies’ waiting time after their customers are invoiced. The advantage of billing trucking is that you can get the money you raise immediately, which allows you to use the cash to expand your company and take the next step for your business.
Keep your business protected with factoring services
The non-recourse factoring service arrangement covers you if your customers do not compensate for the factoring business. In any event, if the customers do not pay their bills, you will not be held financially liable. In recourse factoring, you should hold the company responsible in a case where your client cannot pay their invoices. We provide the client with credit checks to mitigate the chance of non-payment from your clients.
Although there are many market opportunities, the profit margins for small and medium-sized trucking and transport companies can be slim because of high competition and job protection for the lowest bidder.
This is why many carriers rely on the factoring of freight bills to shore up their cash flow. Within 1 to 2 days, the service helps them get paid and needs significantly less paperwork than a business loan.
Ensure that your payments remain consistent to your employees
Why should you use invoice factoring for trucking?
Invoice factoring is more flexible than a traditional loan. It helps you stabilize your cash flow, cover expenses, and provide fast funding options.
Instant cash flow
When starting a new trucking business, you need cash upfront to pay for fuel and expenses to deliver your load – all before you get paid. New small trucking companies may have a tough time securing bank loans for truckers if they do not have a desirable credit history. Truck factoring helps prevent bank loans, so by having your trucking invoice paid in advance, you can start your company. It is not a loan. It is your hard-earned money made available early.
Easy and convenient funding
Business is all about development and expansion. For recruiting drivers and keeping up with the demands, you need cash flow. Cash must be loaded into your wallet when you most need it for trucking services. Instead of waiting due to long invoice cycles, you can make payments, be it to yourself or your drivers, in advance with the money you receive from the invoice factoring company. It’s a straightforward way to access cash and fulfill your business’s demands.
Avoid being in debt
You don’t have to go into debt when you start a trucking company. Through financing your company the simple way with freight invoice factoring, you can stop company loans. You’re honestly getting paid for your job in advance minus a small fee, and you won’t owe any lender money after the job is completed. The best way to expand your company without going into debt is the freight factoring service.
Expand your freight business
It can be difficult to hire more employees and expand your freight company when you don’t have cash in hand to recruit staff and pay for gas, rigs, and repairs. Use factoring to get your payment upfront when you sell new jobs, so you can complete each job and continue to grow your business.
Help in tracking invoices
It can be a hassle to invoice customers and receive payment after completed work. You might not see your cash accompanying the service for 1-3 months. To keep track of your invoices, save yourself from handling accounts payable or recruiting extra workers by selecting freight factoring. You get paid upfront, and we take care of making sure your client pays. For you, less stress allows more time to embrace and handle the new business.
You need flexible options
The ultimate versatility is provided by freight factoring by allowing you to choose when you use factoring services. Perhaps you don’t need it for every client. That’s okay. When it’s the most convenient for you, use it. Whether you need more cash in your pocket or are interested in expanding your business, the versatility you need is provided by freight factoring.
Advantages of invoice factoring services
Invoice factoring can help you be tension free, as you can avail funds at the time of need. You can stop worrying about not having funds and start thinking of your business’s growth and the opportunities that are coming on your way.
New opportunities and growth
Increasing opportunities with quality services
We have been providing truck factoring services for many years. We have worked with many big suppliers of the trucking industry and respond well to market demands. You can transfer the cargo, and we’re going to make sure that you get paid. Factoring for trucking companies allows you to look forward to new possibilities. You can factor in all or only some of your invoices— the choice is yours.