The Covid-19 pandemic and resulting economic uncertainty has impacted everyone in trucking and related industries differently. We have seen the uncertainty from our clients firsthand. The uncertainty for both their trucking businesses and themselves has been of significant concern during this time. We also know from our conversations with owner-operators and small fleet owners that many in trucking are unaware of how invoice factoring can help their businesses in tough times like we are currently experiencing due to the pandemic.
Check your brokers and shippers credit for no additional cost
One of the most significant benefits of using invoice factoring during these challenging times is that the finance company will check your brokers and shippers credit. During the pandemic, we have been extra diligent with checking our clients brokers and shippers credit. We have encountered brokers and shippers, both large and small, who have had financial struggles impacting payment terms and their ability to pay for loads that have been delivered.
Know when you will be paid
Extended payment times from many brokers and shippers during this pandemic has been problematic for many trucking companies. We have been able to help our clients reduce this worry about the uncertainty of when they will be paid. With invoice factoring, you can count on getting your money within hours of delivering the load because the factoring company pays you right away while waiting to be paid by your brokers and shippers.
Get paid within hours
All the uncertainty around the availability of loads to haul and when you will receive payment makes ensuring you have the funds you need when you need them essential during these challenging times. Invoice factoring takes away the uncertainty around when you will be paid, helping you ensure you have the funds you need when you need them. With invoice factoring, you deliver the load as you normally would and then submit a copy of the freight bill to your factoring company. You then get paid within hours, while the factoring company waits for your broker or shipper to pay.
Fuel discounts to save you money
Ensuring you are taking advantage of the fuel discounts that are available to you is another way to make sure you have funds to cover your expenses regardless of the economic climate. Invoice factoring companies, such as Tetra Capital, can help you save money on fuel. We do this by offering you fuel cards that provide you with fuel savings of up to $0.12 per gallon at over 900 truck stops. Tetra Capital will even load your funds on your fuel card at no cost, saving you time and money.
Have someone handle your back-office tasks for no additional charge
In uncertain times like these, saving time and money is so important. Invoice factoring companies, such as Tetra Capital, can help save you time and money by helping with back-office tasks such as invoicing, processing, postage, collecting, and more. Tetra does all this for our clients at no additional cost.
We pride ourselves on being able to help trucking companies grow their business regardless of the economic conditions. If you are struggling with access to working capital to cover your expenses such as fuel, maintenance, insurance, and more, invoice factoring might be the right solution for your business.