The benefits of freight bill factoring for truckers

The benefits of freight bill factoring for truckers

Freight bill factoring presents advance cash option for people into the trucking company business. Besides same day funding, flight bill factoring comes with many other benefits and saves trucking companies a lot of money and time. Read on to discover the advantages of factoring freights.

1. Fast funding.
A company that is into this program can receive cash quickly by selling their invoices. The company dealing with the factoring will collect the invoices, take their fee and advance the remaining value in cash.
Often, the freight billing company verifies your bills for the completed deliveries and gives you, sometimes, up to 95 percent of the values in just 24hours. Did you know that many of these companies accept faxed or scanned documents of your freight bills? This fact means that they save you the mailing costs.

2. Customer credit quality improvement.
The factoring companies help you work with good clients. They do reviews on the credit quality of your potential customers and your current clients. These reviews make it easier for you to see which of them have good payment records, therefore, allow you to work with the best.

3. Supports growth through flexibility.
Growth is necessary for any business. In this program, the financing line and your revenues can grow together. Unlike business loans which are often limited to some amount, freight billing factoring allows the funding line to quickly increase provided the clients satisfy the factoring criteria.

The fact that the business can get most of their cash within the time they need it unlike having to wait for three months means that there is a business boost and consequently growth.

4. Fuel-related benefits.
Factoring fuel cards and fuel advances help trucking companies get loads from their origins and deliver them to their destinations.
A fuel advance is money advance you receive after you pick up a load. Your factoring company releases to you some small percentage of the bill. This cash is supposed to cover all the fuel costs while on the road. On the other hand, fuel cards give discounts at several filling stations.

5. Quick approval.
As a matter of fact, to complete the due diligence, most factoring companies will only need a brief list of necessary documents. As soon as you have your account set up, you can begin factoring. The financing lines are often approved within 24 hours after an application package is received. This speed conducting business makes freight bill factoring very useful in cash flow emergencies.

6. No hidden fees.
To begin with, the factoring program is free for any trucking company to join. So this should mean that there are no setup fees. Also, the factoring fees are always presented to the clients while making the factoring agreement. After the agreement, you can factor assured that there will be no surprise charges.

7. More loads
The basic idea here is that freight bill factoring works to improve your cash flow. This translates to you taking on more loads and getting new clients. You can comfortably pay your expenses and meet your needs. The final result is business growth.

It is also important to note that you can factor freight bills as often as you need. You will work at the frequency that will maintain the cash flow you want for your business. Freight bill factoring is a business solution you should consider.

Things To Look For When Searching For A Freight Factoring Provider

Things To Look For When Searching For A Freight Factoring Provider

home_large_4Many freight factoring providers will offer the same services. These services being able to help freight companies get paid much easier, this is because freight companies do not have to wait long to receive the money from their clients. They just have to hire freight factoring service to get the payments for their jobs immediately, before the shippers have even paid the full amount. This cash advances from freight factoring providers mean that a freight or carrier company will have a steadier and more regular cash flow income that they can rely on. These services have it so that freight companies can effectively use the services of a freight factoring service to grow their business.

 

If you are on the lookout for a freight factoring service provider, you will undoubtedly know the advantages to hiring a freight factoring service provider. You will probably also know how to use the services of a freight factoring service provider too. What you probably do not know is what to look for when you are going to hire the services of a freight factoring company. This article can help teach you to pick the right freight factoring business to use. While all freight factoring services may provide the same services, not all are created equal, and not all freight factoring companies will provide the same quality services.

  1. Experience with the industry – Pick a freight factoring service that has a reputable history and one that has had a lot of experience working with the freighting industry. A more experienced freight factoring company will simply have more in-depth knowledge of how the carrier industry will work. And they will be able to provide more to their customers too. Our company has had many years of experience, which we have spent working with numerous freight companies. If you would like to achieve the same success as those freight companies, we have worked with, contact us and hire our services.
  2. Customer support – One factor that you will have to consider for any business, especially that of a freight factoring business, is their customer support. A freight factoring business should offer 24/7 support to its customers. This is because the freighting business requires numerous working hours, and you, as a client could need the help of customer support at irregular hours and at unusual times. If you encounter any problems at all, you should be able to contact a customer service representative from the freight factoring company. The customer service from a freight-loadingfreight factoring company should also be warm and welcoming; this is to help better assist you with your needs. As a freight factoring company, we promise to provide you with our excellent customer service. Our customer support hotlines are available for you to call all hours of the day, and at any day too.
  3. Fuel Card Support – Fuel cards are an important tool that many truck drivers can use. These fuel cards can be used by carriers and truck drivers to pay for their gasoline when they are refueling. Driving a truck can be costly especially in the use of fuel. So a freight factoring service should offer some fuel card support. Fuel cards can be loaded up by the company with payments from your clients. Using fuel cards enables you to more easily top up your gas tanks without having to worry about expenses because you can utilize cash advances from the freight factoring company.

 

It is important that as a freight company, that you hire a reputable freight factoring company to handle your payments. Not only is receiving payments from your clients necessary, but a freight factoring company can also benefit your carrier company in many ways, and as a freight company, you will need to hire a reliable and trustworthy factoring service to reap all of the benefits of using a freight factoring service.