Start-up loans and financing can be hard to come by for trucking owner-operators. So for those looking to start a trucking business the options of where to turn for working capital can be limited. For some owner-operators, trucking factoring, otherwise known as freight bill factoring, can help. Below hear from a refrigerated freight hauler who has been in business for about a year who has had success with trucking factoring from Tetra Capital.
About the New Trucking Company
| FREIGHT HAULED Refrigerated Freight | BUSINESS STARTED 1 year and 11 days ago | BUSINESS SIZE 1 Truck |
Q: When did you start working with Tetra Capital for freight factoring?
A: “I started working with you from day 1 of starting my business.”
Q: What qualities do you look for and expect in a finance partner?
A: “I look for an easy working relationship with one point of contact. Finding that with Tetra has been a great thing.”
Let’s Talk Results
| “Factoring has given me the cash flow to stay in business. I wasn’t able to wait the 15-50 days for the brokers to pay. Slowly I’m growing and able to start invoicing some loads in-house. “ |
Q: What is the biggest difference that partnering with Tetra Capital has made to your business?
A: “Since this is my first time in business, I’m still learning everything about owning a trucking business. While I learn everything, it has been nice that with Tetra I don’t have to worry about the invoicing.”
Q: Would you recommend factoring with Tetra Capital to other transportation companies?
A: “Yes, I would recommend Tetra to other carriers and I have.”
Q: How would you rate the level of service you have received from Tetra Capital? 1 is below average 5 is average and 10 is exceptional
A: “9 – Only because nothing on earth is perfect. But you guys are close.”
When you are starting a trucking company, how can trucking factoring help?
Trucking factoring, which is also called freight bill factoring, can help you get access to the immediate working capital you need when starting a trucking company by eliminating the 30-60+ days it can take to be paid allowing you to haul more loads. It is a good financing option for new trucking companies because factoring companies don’t look at your credit history or time in business. Instead they look at your brokers and shippers credit history and time in business.
With trucking factoring, all you have to do is deliver the load, submit the paperwork to the freight bill factoring company and we will get you the funds within hours. Tetra Capital will handle all the invoicing, processing and collecting on all your receivables/loads which can be really helpful to new trucking owner-operators. We then wait to get paid by your customer. It is quick, easy and with no hidden or unexpected fees, you know what to expect from us every time.
Give us a call today at (801) 676-0182 to learn how trucking factoring from Tetra Capital can help you get the funds you need to start your own trucking company.
