Trucking factoring services offer trucking owner-operators, and small fleet owners access to cash flow when they need it. Since it is not uncommon for carriers to face uncertainty when it comes to when you will receive payments from your brokers and shippers for your freight bills, by partnering with a freight factoring company you can eliminate the uncertainty and get paid immediately.
Factoring for trucking companies gives you access to funds when you need it by providing you with immediate payment of your freight bills. It is financing that is easier to acquire than traditional bank financing and can offer many additional benefits. The first step to getting access to the funds from your freight bills immediately is to complete a short application and submit a few supporting documents such as your Accounts Receivable Aging, Articles of Organization and Copy of Operating Authority. It typically only takes a few days to find out if your application has been approved. Once you have been approved all you need to do is deliver the loads for the approved brokers and shippers and submit a copy of the freight bill to the factoring company. You will then receive the funds, minus their fee, within hours.
Trucking factoring services can also include many additional benefits that can save owner-operators and small fleet owners time and money. Benefits can vary by factoring company, and some can be more beneficial than others. Benefits can include funds being directly deposited onto fuel cards, free credit checks on your potential brokers and shippers, fuel advances, enrollment in truckers B2B and free handling of your invoicing, processing, postage, collecting and more.
If you need access to immediate cash flow and want more information on how you can get started with factoring for trucking from Tetra Capital give us a call today at (801) 676-0182.
