Your transportation business is booming. The last thing you need to worry about is your cash flow suffering, but unfortunately, it comes with success. Because of the invoice-based nature of your work, you are constantly waiting for payments from your clients.
When your business rapidly grows, you are bound to face cash flow issues, as you have more outgoing charges than incoming revenue. Thankfully, there’s a way to combat this unavoidable issue.
Why You Should Use Transportation Invoice Factoring To Keep Up With Rapid Growth
While rapid growth is an exciting time for your business, it can also prove to be one of the most stressful. Manage your growth more effectively by using transportation invoice factoring.
With transportation invoice factoring, you can get paid for your outstanding invoices in just 24 hours or less. A factoring company steps in to purchase your outstanding invoices to advance you up to 96% of their totals without the wait.
Transportation invoice factoring is beneficial for your transportation business in many ways. Keep reading to find out why your business should use transportation factoring to keep up with rapid growth.
Flexibility with Invoice Factoring
Many factoring companies, like us, give transportation businesses the flexibility to factor some or all of their invoices. This is accomplished through spot invoice factoring.
In many cases, we find that transportation businesses don’t necessarily need to factor all of their invoices—just some. With spot factoring, we allow you to pick and choose the invoices that you’d like to factor with us.
This is beneficial for businesses that are looking to recover from larger orders that have wiped their cash flow clean. This allows businesses in this position to get paid immediately for their work, without having fully completed the job. This gives them the working capital they need for:
- Purchasing materials
- Effectively managing payroll
- Avoiding project delays, and more
Strengthening Cash Flow with Invoice Factoring
One of the main benefits of using transportation factoring is that you have the ability to get paid instantly for your work. So many businesses in the transportation industry let their cash flow suffer because of the standard 30 day wait period between finishing the project and getting paid for it.
With transportation factoring, you’ll never have to wait for payments again. A factoring company will step in and purchase your outstanding invoices to advance you up to 96% of its amount overnight.
This allows you to strengthen your business’s cash flow. With a strong cash flow, managing the constant changes and charges throughout rapid growth is a breeze.
Risk Free Financing
Some factoring companies, like ours offer transportation companies the advantages non-recourse invoice factoring. This is a completely risk free form of financing.
With non-recourse invoice factoring for businesses, the factoring company takes on 100% of the risk of your clients fail to make payment on their invoices. This allows you to have risk-free, debt-free funding in just 24 hours or less.
With our transportation factoring services, you’ll also never have to be bothered by the collections process again. Because the factoring company purchases your company’s outstanding invoices, they take on the responsibility of collections, freeing your time for more clients.
Or call us anytime 24/7 at 888-852-4982.
Se Habla Español