If you are like most businesses in the transportation industry, they’ll come a time where your business needs financing. There are many transportation business owners that believe that getting financing is only accomplished through a bank. This is not the case. There are many forms of alternative financing that can help your transportation business get financing—fast.
Why Your Transportation Business Should Use Invoice Factoring Over a Bank
Every year, we see less and less business owners getting financing through a bank. There are many alternative financing options out there, like transportation invoice factoring that will help your business avoid having to go through a bank ever again. Why should you choose an invoice factoring company over a bank? Here’s 3 reasons.
1. Banks are Lending Less and Less
With the ever changing economy, banks are tightening up on business loans. Banks are making it increasingly difficult for small businesses to get funding. There’s endless hoops that you have to jump through in order to get a loan. You’ll encounter long wait times just to see if you were approved, which can completely kill your business’s cash flow.
With transportation invoice factoring, your business will be able to know if you’re approved and get funding in just 24 hours or less. You’ll be able to completely expedite the funding process so that you can get back to doing what you love faster than ever before.
2. You Don’t Need a Large Loan
As a small business owner, there are times when you need funding, but not enough to make it worth it to get financing through a bank. With a loan, you’ll get more money than you need at a higher price. This scares business owners away from getting financing completely, which causes their business to fail.
With alternative financing, such as transportation factoring, you’ll be able to secure the right amount of funds for your business without the hassle of securing a big bank approval. Many factoring companies, like ours, offer spot factoring. This allows small businesses to factor one or a few invoices to ensure that they are getting the exact funding they need—fast.
3. Banks Take a Long Time to Lend
When you get financing through a bank, not only do you have to wait months for approval, but also to receive payment. This can be a major waste of time for your business—especially if you do not get approved.
With transportation invoice factoring, your business will get financing and approval in just 24 hours or less. When you need financing, you can get it with transportation invoice factoring.
How Transportation Invoice Factoring Can Benefit Your Business
When you decide to utilize transportation invoice factoring, you’ll get more benefits than just instant financing. With transportation invoice factoring, you can use your excess cash to stock inventory, set aside funds, and grow larger than ever before. The benefits of invoice factoring are endless.