Staying on top of invoicing, collections, and growing a transportation company can become overwhelming in just a few short years. What once worked for one or two trucks, can evolve into a nightmare of sorting through paperwork and keeping on top of expenses. By utilizing software that keeps records not only up-to-date, but consistent with loads, management has more time to expand without the worry of fleet factoring.
What is Freight Bill Factoring?
Cash flow problems occur with almost all transportation firms. When factoring out freight bills, an outside company takes on the responsibility of billing invoices and collecting funds. The amount of time and money saved is an advantage to the transportation industry due to the fast and convenient options that these firms offer.
Options for Fleet Factoring
There is much more to fleet factoring than creating invoices and collecting money. The diversity of credit checks of customers, live monitoring, fast online reports, and important notifications, create an atmosphere that could only be served by physical employees. One of the latest features available, is being able to borrow against receivables. There is no waiting on financial institutions for credit approval, evaluating a company's worth and setting up payment plans. The figures for outstanding receivables prove that a short loan can be paid back and growth is never put off.
Many fleet factoring companies provide incentives to their customers with fuel discount programs and referral programs that pay extra cash. They may even offer equipment leasing and financing to help to grow a trucking business. By taking advantage of programs that have the right contacts, everything can be streamlined and much more efficient.
The trucking industry has evolved into a fast-paced environment that depends on prompt deliveries and on-time payments to drivers and staff. Removing the worry of staying ahead of invoicing and collecting money has become a detail that does not need to exist. The cost of getting started is minor compared to the hassles of paperwork and time constraints. Approval is simple with a good credit standing and the proper insurance and motor carrier authority. With the right fleet factoring company, growing pains will turn into no pains and a bright future.