It doesn’t matter what time of year it is. If you’re having a hard time collecting from your customers, waiting until next year to set up a new process, may set you even further behind.
When was the last time you looked at your payment process? If it’s been a while, it’s important to spend some time to see if you can make it better.
Here are a few signs to look for when you’re looking to improve your freight payment process.
- Noticeable Increase in Costs: As a new or growing company, you likely have a close eye on your budget. If you notice your costs are going up, then it may be time to restructure your payment process so that your business is never strapped for cash.
- Your Business is Growing: Congratulations! You’ve successfully taken your business to a new level and can see the potential for more growth. You’ll need solid cash flow to support this growth and without the right payment process, you could struggle to get traction.
- You’re Not Taking Advantage of New Tech: The trucking industry is constantly evolving thanks to new and upgraded technology. If you’re not taking advantage of new advancements, you could fall behind in line with your competitors.
Can you identify with any of the above? Here are some resources that can help you improve your freight payment process.
- Invest in a Tracking System: You have a lot going on and getting a tracking system helps you stay on top of the clients who haven’t paid. Without something in place, you can quickly find yourself in the red with your own bills.
- Don’t Wait: Send your invoices immediately. Being prompt in delivery will keep most of your customers in line and help cut down on late payments and cash flow issues.
- Freight Factoring: If you feel that you need some expert guidance, or you simply don’t have the time or cash flow to track down late payments, check out freight bill factoring. A freight factoring company will ensure you’re paid right away and can even give you extra benefits that will help grow your business.
- Keep it Simple: The easier your invoice is to read and complete, the more likely your customers are to pay on time. Don’t complicate things. Keep a simple invoice format and process for your customers.
Use these tips to tweak your freight payment process so that you can take control of your business. Take advantage of all your available resources, like freight factoring from Triumph Business Capital.
FreeFreightSearch.com offers members an exclusive opportunity for help with invoice factoring to keep your cash flow steady.