A big concern for owners of transportation companies is how they are going to have the funds to pay for the loads they are hauling. One funding option that many transportation company owners might not be aware of is 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 factoring 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.
