We have freight factoring solutions for trucking companies of all sizes.
Freight factoring is a financial solution designed to help trucking companies get paid quickly. Instead of waiting for clients to settle their invoices, trucking businesses can sell their outstanding invoices to a factoring company. This process provides immediate cash advances, ensuring that trucking companies have the necessary funds to cover their operational expenses and invest in growth opportunities. By leveraging freight factoring, trucking businesses can maintain a steady cash flow and avoid the financial strain of delayed payments.
How Does Freight Factoring Work?
The process of freight factoring is straightforward and efficient. After a trucking company delivers goods, it sends an invoice to the client. Instead of waiting for the client to pay, the trucking company sells the invoice to a factoring company. The factoring company then advances a significant portion of the invoice amount to the trucking company, providing immediate cash flow. Once the client pays the invoice, the factoring company collects the payment and returns the remaining balance to the trucking company, minus a small factoring fee. This seamless process ensures that trucking companies can access the funds they need without delay, keeping their operations running smoothly.
Always cover payroll on time by contacting EZ Invoice Factoring at 1-855-EZ-FACTOR
Freight Factoring Solutions
Fortunately, there is a solution for trucking companies stuck waiting for cash tied up in unpaid freight bills. Trucking and freight factoring, the sale of unpaid freight invoices for immediate funds, is a way to release the money early so it can be used for vital expenses or company growth.
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The Process of Factoring Freight Invoices
Freight factoring is a simple process where trucking companies convert unpaid receivables to cash. The freight factoring process works like this:
- Trucker completes a delivery of freight
- Immediately after, sends copies of the invoices and valid bills of lading to their factor
- Company receives cash quickly following the verification of the documentation
Bad credit? No credit? No problem! Approval for freight factoring is based on the credit worthiness of your customer or client, not you.
Top Five Reasons for Factoring Freight
There are numerous reasons to begin factoring freight, but here are the top five:
- Cash on hand to cover expenses and grow business
- Virtually unlimited credit line that grows with your sales
- Factor only the invoices you need
- Fastest way to get cash from freight bills
- Fuel advance programs and fuel card programs make life easier for drivers
- Get funding within 24 hours
Start Factoring Freight Today!
What are you waiting for? Contact us today and we will match your company with the best freight factor for your needs.
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