Do your freight bills take up to 60 days to pay? Do you need money sooner? We can help you. Our factoring program finances slow-paying freight bills and provides you with funds quickly. It helps you handle cash flow problems due to slow-paying shippers and customers. You can use the funds to pay for drivers, fuel, and repairs. More importantly, however, you can use these funds to take on more loads – and grow your business.
Our freight bill factoring plans are simple to use and quick to set up. And once a plan is set up, it provides you with predictable cash flow. Here is how our plans work:
We know that cash flow is important to your business, which is why we do our best to give you the highest possible advance. Our advances range from 70% to 90%, based on your situation. We can provide higher advances to select clients.
But high advances aren't everything. To be successful in the trucking industry, you need to watch your costs as well. Our plans have low costs and are easy to understand. Our rates – start from as low as 2% per month – can be prorated and are based on the size of your trucking company.
We understand that you don't want to be tied to a freight factoring company for any longer than is necessary, so we can structure short-term contracts to meet your needs. We want you to be with us only for as long as we are helping you grow.
We want the chance to earn your trust – and your business.
We can also provide fuel advance factoring to select small and growing trucking companies. This program provides you with an advance that allows you to fuel your trucks and deliver more loads.
Our program works with fuel cards. This flexibility gives you and your drivers an easy way to pay for fuel and maintenance expenses. It also gives you an easy way to control how money is spent.
You must select a factoring company carefully. Make sure that they are the right fit for you and your business. Once you start interviewing companies, consider asking the following questions:
Profit margins in the trucking industry are very tight due to competition. You must partner with a factoring company that will offer the lowest cost. Remember that the rate is only one part of the total package and is only one component of cost. The total cost of factoring is based on:
Keep these four items in mind when negotiating your factoring contract, as they all affect the total cost.
To get the best terms, work with a factor that has experience in your industry. Additionally, show the factor that financing your business is a low risk for them. For example, demonstrate to the factor that you work with reliable shippers and that you keep good records.