Freight bill factoring is becoming a more popular and common practice in the trucking community these days. Freight factoring allows the trucking company to cater for their expenses, repairs and their drivers on time without having to worry about the delayed payments from their customers.
In fact, there are thousands of instances, where truckers availed the benefits of freight factoring and expanded their business. These were cases where the concerned truckers give up lucrative contracts, just for want of money to cater for the fuel and the drivers.
In situations where cash flow challenges threaten the trucking business and traditional sources of credit aren’t available, factoring companies provide the necessary funding through factoring your freight bills. When it comes to financing, the specialist at a freight factoring company perform all the necessary credit work on your behalf, even to the point of accessing credit report on your brokers. All transactions are handled by competent and experienced credit professionals using the latest in web based technology. They also undertakes the latest in web based technology to handle your collections, relieving you of the burden of chasing customers for unpaid invoices.
In fact, trucking clients experience a collections process that is well managed and results orientated. In fact, once you sell (Factor) your freight bills – you never have to worry about bad debts and cash flow is instantly enhanced, while drivers and vendors are paid on time. And with custom designed aging reports, clients have 24 hour web access – and reports can be viewed either at home, or on the road.
Other significant benefits of Freight factoring services are:
It is easy to qualify for and is easy to obtain when compared to issuing a loan from the bank.
It enables the trucking company to go forward and take new loads and shipments.
The trucking company no longer has to worry about the collections.
Easy and fast to set up.
Enables steady cash flow.