The trucking and freight business isn’t for the faint of heart. As the trucking experts at GetLoaded.com blog about, the transportation and freight industry is full of challenges from the everyday low profit margins to high fuel expenses and costly truck repairs. So if you’re in the business, you gotta love it to live it. When times get tough and cash flow dries up, you need a reliable but fast way to get your money.
With Transportation Factoring, You Can Get Cash in 24 Hours
Freight factoring companies can help sustain your business through the tough times so you can keep your eyes on the road ahead. With accounts receivables factoring (also called invoice factoring) you can get the money you need within 24 hours to pay your bills, cover payroll, and take on that extra-large load. Rather than relying on a lengthy credit check required by a bank, freight bill factoring has the advantage of relying on the creditworthiness of your customers – basically whether your customers pay their bills on time.
Freight Factoring Comes in Clearly Defined Terms
Depending on factoring company you choose, it pays you up to 96% of the value of your invoices and you pay the remaining percent and fees, which are spelled out clearly and up front in a customer-friendly contract. The accessibility of freight factoring and transportation factoring is another one of their benefits. The people you work with will understand the basics of your business and take the time to answer your questions about freight factoring, its costs, and what you can expect. Banks generally aren’t known for their focus on customer service or expediency.
Transportation Factoring and Freight Factoring Companies understand that 60- or 90-day lags in payment are more the norm than the exception in your industry. They understand your clients will pay within that time but that you can’t wait that long. These professionals routinely do business with similar industries so they speak your language and are easy to work with. Though there are more than a few ways to secure money to sustain your business, the benefits of a freight factoring company or a transportation funding company can’t be ignored.