Each trucker owner-operator and small trucking company is likely to have some things in common, but there are many important distinctions which separate them. Some may be incredibly organized and successful at tracking the progress of different projects. Others will excel at managing driver relationships. However, no matter how organized a company is, some will not account for the difficulties that come with owning a small trucking company before they become painfully evident. With the help of freight bill factoring for truckers your company may never have to face this problem.
Factoring for Truckers Could Save your Company from a Budget Crisis
Financial problems that can impact a small commercial trucking company may include: fuel expenses, tolls, vehicle maintenance, registration and insurance fees, truck repair after accidents and, of course, slow paying or unpaid invoices. If a small trucking company does not carefully budget its business’ income and expenses, regular financial losses like these can add up more quickly than you might realize and result in not being able to fund your company’s next load. By considering factoring for truckers you could possibly take care of a budget crisis before it happens!
Factoring for Truckers Solves Slow Payment Dilemmas
Factoring for truckers can solve the problem of a slow paying invoice by using a solution that provides the equivalent of a quick payment. It works by using a financial intermediary (Freight Bill Factoring Company), who advances funds against your freight bills. They settle the transaction once your client actually pays the bill. One advantage of factoring for truckers is that it provides the equivalent of a quick payment, without requiring your clients to pay faster. This makes it easy to integrate in most organizations and can help ease a budget crunch.
Factoring for Truckers vs. Business Loans
Factoring for truckers has a number of advantages over a traditional business loan for this specific type of problem. An important advantage is that it’s easier to qualify for freight factoring than it is for a business loan. That’s because freight factoring companies look at the credit quality of both you AND your payers when making their decisions. Furthermore, freight factoring is dynamic. Your financing line can be designed to grow in size with freight bill volume, providing a form of financing that firmly supports growth. Factoring for truckers is a flexible solution that should be considered by new and growing transportation companies.
Companies That Provide Factoring for Truckers AreNot All Created Equal
There are many companies to choose from that provide factoring for truckers, but Pay4Freight’s focus is to work directly with small trucking companies and truck owner operators, so they can compete equally in the transportation marketplace. Pay4freight specialists take pride in providing you the best non-recourse freight factoring services in the industry. Call Pay4freight.com today and leave your slow paying invoice problems behind!