When you started your trucking company all you saw were dollar signs… well, now you realize they were more like road signs and with each mile you drove you hoped these would turn back into dollar signs. The reality, however, has been growing your trucking business is hard work, and you live in constant fear your cash flow won’t keep up with your bills.
I would like to introduce you to trucking factoring. Trucking factoring can help you grow your trucking business by increasing your cash flow and providing you with savings on necessary expenses and everyday needs.
Let’s start with how trucking factoring works. Once you have completed the necessary paperwork with the freight bill factoring company, all it takes is three easy steps. First, you deliver the load like you usually do. Second, you submit a copy of the invoice to your freight factoring company. Lastly, you are paid without waiting the 30-60+ days you would have without factoring. It’s really that simple! By having access to the funds so quickly, your cash flow will be more predictable, and you will have the funds when you need them to pay for expenses like fuel and repairs.
One of the great things about working with an outstanding trucking factoring company, such as Tetra Capital, is in addition to getting you paid quickly they can help you save money. One way is through a fuel card program, which can save you up to $.10 off per gallon, plus give you the cash price even when you pay with a credit card. For more information on how Tetra Capital’s fuel card program can save you money read our blog post Trucking Company Fuel Funding FAQs.
Another way some trucking factoring companies, such as Tetra Capital, can help you save money is by providing you with free credit checks on your potential shippers and brokers. This will help to ensure you are only hauling for partners who will pay you for the work you are doing. For more on how our free credit checks can help you grow your trucking company read our blog post Credit Checks Can Protect Your Trucking Business.
A third way you can grow your trucking company by partnering with a trucking factoring company, such as Tetra Capital, is to take advantage of their back office support options. With these services, they will handle your invoicing, processing, collecting and more – all for no additional cost!
These are a few of the ways trucking factoring can help you grow your trucking company. If you would like to receive more information and put Tetra Capital to work for you, please give us a call at (801) 676-0182 today!