Problems funding payroll? As a company owner or general manager in the transportation industry, you know how hard it can be to fund payroll all too well. SO what do you do if all your working capital is tied up in invoices you are waiting for your customers to pay and payday is looming? One option is to turn to freight bill factoring.
Freight bill factoring, also known as truck factoring, can get you the funds you need within hours, to pay for things such as fuel, payroll and maintenance by turning your freight bills into immediate cash and eliminating your collection times. Additionally, many freight bill factoring companies can save you time and money with services that include:
- Fuel cards to help you track your fuel expenses and provide discounts each time you fuel up.
- Accounting services to help with invoicing, processing, postage, collecting and more.
- Software that helps you track and manage your financial paperwork.
How it Works
All you have to do is deliver the load, submit the paperwork to the truck factoring company and they will get you the funds within hours plus they will sometimes handle all the invoicing, processing and collecting on your receivables/loads. They then wait to get paid by your customer and once they do, they will submit the balance of the funds minus their fee to you. It is quick, easy and gets you the funds you need to cover your expenses.