Most trucking company owners have heard of freight bill factoring. However, many don’t know as much about factoring as they do about a bank line of credit. So we have put together a list of 15 things every trucking company owner needs to know about freight bill factoring.
- Factoring will get you immediate funds for your freight bills and eliminate the waiting period between delivering the load and getting paid.
- Tetra Capital offers complete transparency so you will never be hit with a hidden or unexpected fee
- Some fright bill factoring companies will handle your invoicing, processing, postage, collecting and more.
- When you factor your freight bills with Tetra Capital you save time because we fund on scanned or faxed copies and don’t require you to overnight hard copies (unless the shipper requires originals).
- Freight bill factoring will allow you to use your existing untapped collateral (your invoices) without assuming any debt.
- Factoring your freight bills can help you take on new clients and grow your business.
- Freight bill factoring will help you save money on fuel with fuel cards, which you can reinvest in your business.
- Factoring your freight bills is quick and easy and will give you the working capital you need for fuel, maintenance, payroll and more.
- Banks will consider whether your company is financially sound when deciding to approve a loan. Whereas factoring companies looks at the creditworthiness of your clients.
- Almost any transportation company that creates an invoice is a viable candidate for freight bill factoring.
- Freight bill factoring can be set up quickly, helping you to stabilize your financial position and allow you the ability to pay for fuel, repairs and keep your drivers happy.
- Freight bill factoring provides an immediate increase in cash flow, allowing you to negotiate better rates on your loads.
- You get an immediate increase in cash flow while factoring with Tetra Capital, allowing you to handle the unexpected.
- With freight bill factoring your company will be in a secure position to increase your ability to budget, forecast and plan more accurately.
- Transportation companies that haul all types of freight can benefit from freight bill factoring; including refrigerated freight, dry van, flatbed, specialized and other types of freight.
We hope this has given you valuable information about freight bill factoring and shown you several ways in which it can benefit your trucking company. Tetra Capital has had the pleasure of helping hundreds of trucking companies obtain the working capital they need to grow their businesses utilizing freight bill factoring. If your business could benefit from these services I encourage you to consider Tetra Capital.