If you own a trucking or transportation company, then you probably know that cash flow issues arise from time to time — in fact it’s part of the business. Whether you’re dealing with a new growth opportunity or perhaps a customer is routinely late in paying their invoices, you don’t always have cash in hand to take care of your overhead. Whether you’re a start up company getting your trucking business off the ground, or you run a decades-old fleet of dozens of trucks, you may be able to get fast funding at a reasonable rate through a process called freight factoring. Freight factoring can give trucking business owners several advantages in today’s precarious economic climate.
Every owner deals with slow-paying customers who take 30, 60 or even 90 days to pay their outstanding invoices. In the past, an owner would simply have to wait for the money to come in and operate with an unpaid invoice — or several unpaid invoices — in the ledger. This often meant that companies continued to incur major expenses such as repairs, utilities, fuel, and payroll while waiting to be paid for a job that is already done.
Freight factoring, on the other hand, gives you instant access to capital because you are essentially selling your unpaid invoices at a discount to a third-party factoring company. This gives you, as a business owner, the working capital you need to cover your necessary expenses, while also handing over the collection responsibilities to another party, thereby freeing up your time.
Freight factoring, also known as invoice factoring, has grown into a sophisticated financial strategy over the years. It is now regarded by a large and growing sector of the trucking and transportation industry as an important financing tactic that helps owners leverage capital, minimize risk, reduce expenditures, and improve collections. According to the factoring experts at Accutrac Capital, a recent industry survey shows that invoice factoring users rate the benefits of factoring significantly higher than non-users. What this means is that business owners who have actual experience working with industry-specific factoring services are embracing access to immediate cash as a viable strategy to help them maintain and grow their businesses. Visit the Accutrac Capital website to learn more about the process, and how those who regard factoring companies as a hurdle to profitability should re-examine the benefits offered by this unique tool.
The right factoring company can help you:
- receive funds within 24 hours of delivery
- choose only credit worthy customers to work for
- significant discounts on fuel across USA and Canada
- earn generous credit terms on your fuel expenses
In the past, factoring companies typically served multiple sectors across many different industries. Today, specialist invoice factoring companies offer dedicated products and services specifically tailored for the trucking industry.
At Accutrac Capital, a factor that works exclusively with trucking companies, you have access to:
- Factoring Lines of Credit
- Flat Fee Factoring
- Flex Factoring
- Unlimited Credit Searches
- Fuel Discount Cards
- Load Advances
- Easy Qualification
- Equipment Financing
- and more
Tapping into the support services of the freight factoring company gives you immediate access to working capital. As everyone knows, the financial strength of liquid cash at your disposal means your fleet operations can go unencumbered and you can continue to grow your business.