Whether you are an owner-operator, fleet owner, or freight broker, now is a good time to look back at the good and the not-so-good parts of the year. Was there anything you would do differently in the new year?
- Did you miss good opportunities because a customer required long payment terms?
- Did your company lose out when a customer didn’t pay for their loads?
- Did you pay full price for fuel and miss out on discounts?
- Did you delay sending out invoices and collecting on them?
- Did you struggle with finding the cash to keep up with expenses?
Your company may have taken some wrong turns, but you have a fresh start to avoid the pitfalls that cost your company money last year. Working with a leading freight bill factoring company can help you address each of these challenges. For instance, when you partner with a factoring company that specializes in the trucking industry, you can take on customers regardless of when they want to pay. The factoring company pays you on pick up and delivery with no more waiting weeks or months to get paid.
A top factoring company will also protect you against delivering loads for customers that aren’t creditworthy. With their in-house credit experts, a factoring company will red-flag questionable customers before you lose money on a load. Another benefit with leading freight factoring company will be a fuel discount cards that saves money at the pump. Trucking company owners can easily track expenses and run reports on fuel usage.
With a factoring company’s ability to send invoices and collect on them in a timely manner, you can ensure that payments won’t be delayed. Plus, when you turn over the chore of collections over to the factoring company, you’ll have more time to focus on what you do best: running your company.
The most pressing problem for many trucking businesses is cash flow: having the money they need to pay bills on time. When you find a funding partner you can trust, you’ll have cash in hand as soon as your loads are delivered. With your factoring company’s instant payment solutions, you can take on customers with long payment terms and expand your company with more equipment, and have the cash you need without incurring debt.
Since 1993, thousands of motor carriers and brokers have chosen Interstate Capital to help them increase their profitability. To learn more about how factoring can improve your cash flow in 2018, speak to one of Interstate Capital’s friendly factoring specialists.